What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-06 compared with 2026-02-03 · 474 added, 462 removed, 1363 unchanged (41% of the section changed)

50 unchanged sentences

(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

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

2025 2024 2025 2024

Three Months Ended June 30,

INVESTMENT INCOME

3 unchanged sentences

Affiliate investments

6,460 5,413 19,148 17,287

Cash and cash equivalents

32 74 322 174

Total interest income

2 unchanged sentences

Non-Control/Non-Affiliate investments

— — 1,063 1,419

Affiliate investments

1,006 — 3,695 —

Total dividend income

1,006 — 4,758 1,419

Success fee income

Non-Control/Non-Affiliate investments

835 407 1,282 1,960

Affiliate investments

386 436 693 586

Total success fee income

1,221 843 1,975 2,546

Total investment income

3 unchanged sentences

Loan servicing fee (A)

3,102 2,405 8,706 6,821

Incentive fee (A)

1 unchanged sentence

Administration fee (A)

497 405 1,450 1,478

Interest expense on borrowings

9,495 6,385 27,625 19,264

Amortization of deferred financing costs and discounts

972 691 2,792 1,951

Professional fees

477 400 1,497 1,211

Other general and administrative expenses

726 955 1,761 3,757

Expenses before credits from Adviser

6 unchanged sentences

12,428 14,456

NET INVESTMENT (LOSS) INCOME

NET INVESTMENT INCOME

$ 15,927 $ 9,088

3 unchanged sentences

$ ( 9,000 ) $ —

Affiliate investments

3,481 — ( 26,457 ) 42,284

Other ( 1,301 ) — ( 1,301 ) —

Total net realized gain (loss)

2,180 — ( 27,758 ) 42,305

Net unrealized appreciation (depreciation):

Total net realized loss

Net unrealized (depreciation) appreciation:

Non-Control/Non-Affiliate investments

1 unchanged sentence

Affiliate investments

19,544 7,149 40,095 ( 31,600 )

Control investments

( 67 ) ( 67 ) 360 ( 2,402 )

( 8 ) — ( 361 ) —

Total net unrealized appreciation (depreciation)

Total net unrealized (depreciation) appreciation

( 18,782 ) ( 1,316 )

Net realized and unrealized gain (loss) 72,407 37,329 95,521 26,580

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

Net realized and unrealized loss ( 27,782 ) ( 1,316 )

NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

$ ( 11,855 ) $ 7,772

BASIC AND DILUTED PER COMMON SHARE:

Net investment (loss) income

Net investment income

$ 0.40 $ 0.25

Net increase in net assets resulting from operations $ 1.66 $ 1.05 $ 2.67 $ 1.29

Net (decrease) increase in net assets resulting from operations $ ( 0.30 ) $ 0.21

WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:

8 unchanged sentences

Net investment income 15,927 9,088

Net realized gain on investments — 2

Net realized loss on investments ( 9,000 ) —

Net unrealized depreciation of investments ( 18,828 ) ( 1,047 )

Net unrealized appreciation of other ( 269 ) —

Net increase (decrease) in net assets from operations

Net unrealized depreciation (appreciation) of other 46 ( 269 )

Net (decrease) increase in net assets from operations

( 11,855 ) 7,772

13 unchanged sentences

$ 646,813 $ 485,304

Net investment income $ 4,279 $ 7,291

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

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

Net unrealized appreciation of other ( 84 ) —

Net increase in net assets from operations

28,709 15,482

DISTRIBUTIONS (A)

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

( 9,289 ) ( 8,805 )

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

Net decrease in net assets from distributions

( 9,289 ) ( 34,487 )

CAPITAL ACTIVITY

Issuance of common stock

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

Net increase in net assets from capital activity

NET INCREASE (DECREASE) IN NET ASSETS

50,539 ( 19,005 )

NET ASSETS, SEPTEMBER 30

$ 535,843 $ 458,375

Net investment (loss) income $ ( 6,509 ) $ 1,161

Net realized gain on investments 3,481 —

Net realized loss on other ( 1,301 ) —

Net unrealized appreciation of investments 70,235 37,329

Net unrealized appreciation of other ( 8 ) —

Net increase in net assets from operations

65,898 38,490

DISTRIBUTIONS (A)

Distributions to common stockholders from net investment income ( $ 0.24 and $ 0.16 per share, respectively)

( 9,528 ) ( 5,870 )

Distributions to common stockholders from net realized gains ( $ 0.00 and $ 0.08 per share, respectively)

Net decrease in net assets from distributions

( 9,528 ) ( 8,817 )

CAPITAL ACTIVITY

Issuance of common stock

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

( 44 ) ( 24 )

Net increase in net assets from capital activity

NET INCREASE IN NET ASSETS

59,565 31,678

NET ASSETS, DECEMBER 31

$ 595,408 $ 490,053

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

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

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

2 unchanged sentences

(IN THOUSANDS)

Nine Months Ended December 31,

Three Months Ended June 30,

CASH FLOWS FROM OPERATING ACTIVITIES

Net increase in net assets resulting from operations

Net (decrease) increase in net assets resulting from operations

$ ( 11,855 ) $ 7,772

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

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

Purchase of investments

1 unchanged sentence

Principal repayments of investments

21,546 33,500

Net proceeds from the sale and recapitalization of investments

Net realized loss (gain) on investments

26,457 ( 42,305 )

Net realized loss on other 1,301 —

Net unrealized (appreciation) depreciation of investments

( 123,640 ) 15,725

Net unrealized appreciation of other

Net realized loss on investments

Net unrealized depreciation of investments

Net unrealized (depreciation) appreciation of other

Amortization of deferred financing costs and discounts

Bad debt expense, net of recoveries

( 228 ) 1,093

Changes in assets and liabilities:

Decrease in interest receivable

Increase in interest receivable

( 722 ) ( 368 )

(Increase) decrease in due from administrative agent

Decrease (increase) in other assets, net

(Decrease) increase in accounts payable and accrued expenses

(Increase) decrease in other assets, net

( 1,828 ) 386

Increase in interest payable

Increase in fees due to Adviser (A)

Decrease in fee due to Administrator (A)

Increase in accounts payable and accrued expenses

(Decrease) increase in interest payable

( 1,154 ) 240

Increase (decrease) in other liabilities

Net cash used in operating activities ( 118,425 ) ( 96,372 )

Decrease in fees due to Adviser (A)

( 5,493 ) ( 2,972 )

Increase in fee due to Administrator (A)

Increase in other liabilities

Net cash provided by (used in) operating activities 8,063 ( 50,181 )

CASH FLOWS FROM FINANCING ACTIVITIES

4 unchanged sentences

( 16,100 ) ( 15,500 )

Repayment of notes payable ( 74,750 ) —

Proceeds from issuance of notes payable 60,000 126,500

Deferred financing costs

Deferred financing costs from line of credit

( 3,060 ) ( 80 )

Repayment of notes payable ( 127,938 ) —

Distributions paid to common stockholders

( 9,557 ) ( 28,788 )

Net cash provided by financing activities

Net cash (used in) provided by financing activities

( 6,855 ) 40,382

NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

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

1,208 ( 9,799 )

6 unchanged sentences

Supplemental disclosures of non-cash operating activities:

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

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

• In June 2026, we restructured our existing secured first lien term loan to Home Concepts Acquisition, Inc., with a cost basis of $ 12.0 million into a new $ 3.0 million first lien term loan, which resulted in a realized loss of $ 9.0 million.

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

1 unchanged sentence

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2025

JUNE 30, 2026

(DOLLAR AMOUNTS IN THOUSANDS)

6 unchanged sentences

Detroit Defense, Inc.

(K) – Term Debt (SOFR+ 9.0 %, 13.0 % Cash, Due 12/2029) (J)(Q)

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

Global GRAB Technologies, Inc.– Line of Credit, $ 4,150 available (SOFR+ 5.0 %, 10.0 % Cash, Due 7/2026) (J)

(K) – Term Debt (SOFR+ 9.0 %, 13.0 % Cash, Due 12/2029) (J)

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

18 unchanged sentences

Diversified/Conglomerate Services – 5.4 %

Horizon Facilities Services, Inc.

– Term Debt (SOFR+ 0.5 %, 6.0 % Cash, Due 6/2028) (J)

57,700 57,700 26,391

Mason West, LLC – Term Debt (SOFR+ 10.0 %, 13.7 % Cash, Due 7/2027) (J)

37 unchanged sentences

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

DECEMBER 31, 2025

JUNE 30, 2026

(DOLLAR AMOUNTS IN THOUSANDS)

14 unchanged sentences

13,000 13,000 4,279

Diversified/Conglomerate Services– 2.4 %

Horizon Facilities Services, Inc.

– Term Debt (SOFR+ 0.5 %, 6.0 % Cash, Due 6/2028) (J)

57,700 57,700 15,770

Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 8.4 %

SFEG Holdings, Inc.

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

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

54,644 54,644 54,644

3 unchanged sentences

Detroit Defense, Inc.

(K) – Preferred Stock (C)(J)(Q)

(K) – Preferred Stock (C)(J)

17,388 $ 17,388 $ 1,771

52 unchanged sentences

16,957 $ 11,513 $ 12,648

Cargo Transport – 0.0 %

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

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

1 unchanged sentence

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

DECEMBER 31, 2025

JUNE 30, 2026

(DOLLAR AMOUNTS IN THOUSANDS)

2 unchanged sentences

Cost Fair Value

Cargo Transport – 0.0 %

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

Diversified/Conglomerate Manufacturing – 0.0 %

7 unchanged sentences

SFEG Holdings, Inc.

– Common Stock (C)(J)

– Common Stock (C)(R)

18,721 30,746 167,361

39 unchanged sentences

Total Secured First Lien Debt $ 205,892 $ 195,221

Secured Second Lien Debt – 0.4 %

Chemicals, Plastics, and Rubber – 0.4 %

PSI Molded Plastics, Inc.

– Line of Credit, $ 0 available (SOFR+ 1.0 % 7.0 % Cash, Due 2/2028) (J)

$ 2,000 $ 2,000 $ 2,000

PSI Molded Plastics, Inc.

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

Total Secured Second Lien Debt $ 2,400 $ 2,400

Preferred Equity – 20.9 %

3 unchanged sentences

428,773 $ 46,746 $ 5,510

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

GLADSTONE INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

JUNE 30, 2026

(DOLLAR AMOUNTS IN THOUSANDS)

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

Principal/Shares/ Units (F)(H)

Cost Fair Value

Diversified/Conglomerate Services – 7.5 %

15 unchanged sentences

6,180 — 32,577

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

GLADSTONE INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

DECEMBER 31, 2025

(DOLLAR AMOUNTS IN THOUSANDS)

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

Principal/Shares/ Units (F)(H)

Cost Fair Value

Leisure, Amusement, Motion Pictures, and Entertainment – 0.6 %

37 unchanged sentences

CASH EQUIVALENTS - 0.0 %

Dreyfus Treasury Obligations Cash Management Fund ( 3.43 % market yield) (R)

Dreyfus Treasury Obligations Cash Management Fund ( 3.29 % market yield) (Q)

Total Cash Equivalents $ 25 $ 25

1 unchanged sentence

$ 1,044,473 $ 1,282,045

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

GLADSTONE INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

JUNE 30, 2026

(DOLLAR AMOUNTS IN THOUSANDS)

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

1 unchanged sentence

Additionally, under Section 55 of the 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 December 31, 2025, our investments in Pyrotek Special Effects, Inc.

As of June 30, 2026, 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 2.5 % of total investments, at fair value, as of December 31, 2025.

(B) Unless indicated otherwise, all cash interest rates are indexed to 30-day Secured Overnight Financing Rate ("SOFR"), which was 3.7 % as of December 31, 2025.

Such non-qualifying assets represent 2.2 % of total investments, at fair value, as of June 30, 2026.

(B) Unless indicated otherwise, all cash interest rates are indexed to 30-day Secured Overnight Financing Rate ("SOFR"), which was 3.7 % as of June 30, 2026.

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

3 unchanged sentences

(D) Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of December 31, 2025.

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

GLADSTONE INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

DECEMBER 31, 2025

(DOLLAR AMOUNTS IN THOUSANDS)

(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.

(D) Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of June 30, 2026.

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

13 unchanged sentences

(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 nine months ended December 31, 2025.

(R) Valued using Level 1 inputs within the FASB ASC 820 fair value hierarchy.

(Q) 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.

(R) Fair value was based on the expected exit.

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

9 unchanged sentences

Aerospace and Defense – 16.1 %

Ricardo Defense, Inc.

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

Detroit Defense, Inc.

(K) – Term Debt (SOFR+ 9.0 %, 13.0 % Cash, Due 12/2029) (J)(Q)

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

Global GRAB Technologies, Inc.

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

46,500 46,500 46,500

107,805 107,805

Buildings and Real Estate – 5.7 %

2 unchanged sentences

38,250 38,250 38,250

Chemicals, Plastics, and Rubber - 5.3 %

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 – 0.9 %

6 unchanged sentences

Diversified/Conglomerate Services – 5.2 %

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 %, 13.7 % Cash, Due 7/2027) (J)

25,250 25,250 25,250

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

9,520 9,520 9,520

34,770 34,770

Healthcare, Education, and Childcare – 4.5 %

20 unchanged sentences

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)

Rowan Energy Inc.

– Term Debt (SOFR+ 9.0 %, 14.5 % Cash, Due 12/2030) (J)

25,790 25,790 25,790

Home Concepts Acquisition, Inc.

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

59,540 59,540

Printing and Publishing – 1.3 %

Home Concepts Acquisition, Inc.

1 unchanged sentence

12,000 12,000 8,379

14,400 11,681

Total Secured First Lien Debt $ 377,906 $ 374,285

9 unchanged sentences

Cargo Transport – 0.1 %

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

Diligent Delivery Systems – Term Debt (SOFR+ 9.0 %, 12.7 % Cash, Due 1/2027) (G)(J)

13,000 13,000 512

Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 10.9 %

SFEG Holdings, Inc.

Diversified/Conglomerate Services – 2.5 %

Horizon Facilities Services, Inc.

– Term Debt (SOFR+ 0.5 %, 6.0 % Cash, Due 6/2028) (J)

57,700 57,700 16,545

Total Secured Second Lien Debt $ 93,340 $ 92,964

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

6 unchanged sentences

Cost Fair Value

Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 8.2 %

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 $ 151,040 $ 97,397

Preferred Equity – 45.6 %

Aerospace and Defense – 5.6 %

Ricardo Defense, Inc.

(K) – Preferred Stock (C)(J)

Detroit Defense, Inc.

(K) – Preferred Stock (C)(J)(Q)

17,388 $ 17,388 $ 12,572

Global GRAB Technologies, Inc.

– Preferred Stock (C)(J)

21,100 21,100 25,022

38,488 37,594

Buildings and Real Estate – 4.6 %

2 unchanged sentences

21,000 21,000 30,737

Chemicals, Plastics, and Rubber – 1.1 %

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

13,843 13,843 7,327

Diversified/Conglomerate Services – 3.5 %

3 unchanged sentences

11,206 11,206 19,235

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

3,059 3,059 3,718

14,265 22,953

Healthcare, Education, and Childcare – 1.7 %

17 unchanged sentences

11,233 11,233 58,570

Rowan Energy Inc.

– Preferred Stock (C)(J)

7,298 7,298 7,495

18,531 66,065

Printing and Publishing – 0.0 %

18 unchanged sentences

– Common Stock (C)(J)

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.

6 unchanged sentences

Cost Fair Value

Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 30.5 %

SFEG Holdings, Inc.

– Common Stock (C)(J)

18,721 $ 30,746 $ 204,048

Total Common Equity/Equivalents $ 44,597 $ 207,495

Total Non-Control/Non-Affiliate Investments $ 711,741 $ 983,959

AFFILIATE INVESTMENTS (M) – 48.6 %

4 unchanged sentences

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

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

5,000 5,000 3,036

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

16,500 16,500 10,019

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

26,000 26,000 15,788

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

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

20,000 20,000 20,000

4 unchanged sentences

Nielsen-Kellerman Acquisition Corp.

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

1,070 1,070 1,070

Nielsen-Kellerman Acquisition Corp.

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

48,082 48,082 48,082

49,152 49,152

Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.7 %

4 unchanged sentences

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 %

Mining, Steel, Iron and Non-Precious Metals – 1.6 %

UPB Acquisition, Inc.

7 unchanged sentences

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

1,050 1,050 1,050

B+T Group Acquisition, Inc.

5 unchanged sentences

PSI Molded Plastics, Inc.

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

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

$ 1,400 $ 1,400 $ 1,400

PSI Molded Plastics, Inc.

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

Total Secured Second Lien Debt

14 unchanged sentences

24,309 44,320

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.

6 unchanged sentences

Cost Fair Value

Electronics – 2.2 %

Nielsen-Kellerman Acquisition Corp.

(K) – Preferred Stock (C)(J)

22,169 $ 22,169 $ 14,641

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

38 unchanged sentences

Total Control Investments $ 17,409 $ 613

TOTAL INVESTMENTS – 196.2 % (Q)

TOTAL INVESTMENTS – 195.9 % (R)

$ 1,052,848 $ 1,309,248

CASH EQUIVALENTS - 0.0 %

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

1,354 $ 1,354 $ 1,354

Dreyfus Treasury Obligations Cash Management Fund ( 3.30 % market yield) (S)

Total Cash Equivalents $ 25 $ 25

7 unchanged sentences

(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 .

The majority of the securities listed, 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 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.

4 unchanged sentences

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.

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

Due dates represent the contractual maturity date.

1 unchanged sentence

(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 FASB ASC 820 fair value hierarchy.

(E) Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the ASC 820 fair value hierarchy.

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

3 unchanged sentences

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

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

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

(I) Reserved.

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

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

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

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

Securities and Exchange Commission.

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

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

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

to Detroit Defense, Inc.

during the year ended March 31, 2026.

(R) Cumulative gross unrealized appreciation for federal income tax purposes is $ 428.5 million;

cumulative gross unrealized depreciation for federal income tax purposes is $ 173.7 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.

Cumulative net unrealized appreciation is $ 254.8 million, based on a tax cost of $ 1.1 billion.

(S) 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2025

JUNE 30, 2026

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

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We intend that our investment portfolio over time will consist of approximately 70 % in debt investments and 30 % in equity investments, at cost.

As of December 31, 2025, our investment portfolio was comprised of 71.0 % in debt investments and 29.0 % in equity investments, at cost.

As of June 30, 2026, our investment portfolio was comprised of 70.6 % in debt investments and 29.4 % 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.

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

The results of operations for the three and nine months ended December 31, 2025 are not necessarily indicative of results that ultimately may be achieved for the fiscal year

ending March 31, 2026 or any future interim period.

The results of operations for the three months ended June 30, 2026 are not necessarily indicative of results that ultimately may be achieved for the fiscal year ending March 31,

2027 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, 2026, as filed with the SEC on May 12, 2026.

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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 place our cash with financial institutions, and at times, cash and restricted cash deposits held at financial institutions 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 December 31, 2025

As of June 30, 2026

As of March 31, 2026

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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.

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

Investment transactions are recorded on the trade date.

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

Such review and oversight includes receiving written fair value determinations and

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

Such review and oversight includes receiving written fair value determinations and supporting materials provided by the Valuation Designee and with the oversight by the Company's chief valuation officer

(collectively, the “Valuation Team”).

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

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

As of December 31, 2025, our loans to B+T Group Acquisition, Inc.

As of June 30, 2026, 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 $ 12.2 million, or 1.8 % of the fair value of all debt investments in our portfolio.

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

– Atlanta, LLC (“J.R.

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

As of March 31, 2026, our loans to B+T, Diligent and Edge were on non-accrual status, with an aggregate debt cost basis of $ 40.3 million, or 5.4 % of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $ 9.1 million, or 1.4 % of the fair value of all debt investments in our portfolio.

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

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

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

As of June 30, 2026 and March 31, 2026, we did not have any loans with a PIK interest component.

Success Fee Income Recognition

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Related Party Fees

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

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

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.

We are also party to the Administration Agreement with the Administrator, which is indirectly owned and controlled by our chairman, whereby we pay separately for administrative services.

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

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Recent Accounting Pronouncements

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

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

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

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

In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270):

Narrow-Scope Improvements” ("ASU 2025-11"), which improves the navigability of required interim disclosures and clarifies when that guidance is applicable.

Additionally, ASU 2025-11 provides additional guidance on what disclosures should be provided in interim reporting periods.

ASU 2025-11 is effective for interim reporting periods within annual periods beginning after December 15, 2027.

The Company is currently assessing the impact of this guidance;

however, the Company does not expect a material impact on our consolidated financial statements.

In December 2025, the FASB issued ASU 2025-12, “Codification Improvements” ("ASU 2025-12"), which facilitates codification updates for a broad range of topics arising from technical corrections, unintended application of the codification, clarifications, and other minor improvements.

ASU 2025-12 is effective for fiscal years beginning after December 15, 2026.

The Company is currently assessing the impact of this guidance;

however, the Company does not expect a material impact on our consolidated financial statements.

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.

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Investments in funds measured using NAV as a practical expedient are not categorized within the fair value hierarchy.

As of December 31, 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.

As of June 30, 2026 and March 31, 2026, 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 nine months ended December 31, 2025 and 2024, respectively.

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

There were no transfers in or out of Level 1, 2 and 3 during the three months ended June 30, 2026 and 2025.

As of June 30, 2026 and March 31, 2026, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy:

Fair Value Measurements

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Observable Inputs

As of December 31, 2025:

As of June 30, 2026:

Secured first lien debt

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Cash equivalents 25 — — 25

Total Investments and Cash Equivalents as of December 31, 2025

Total Investments and Cash Equivalents as of June 30, 2026

$ 25 $ — $ 1,277,075 $ 1,282,045

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$ 25 $ — $ 1,304,243 $ 1,309,273

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

(A) Includes our investment in Gladstone Alternative as of June 30, 2026 and March 31, 2026.

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

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

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

The following table presents our investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy, and carried at fair value as of June 30, 2026 and March 31, 2026, by caption on our accompanying Consolidated Statements of Assets and Liabilities, and by security type:

Total Recurring Fair Value Measurements

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Valued Using Level 3 Inputs

December 31, 2025 March 31, 2025

June 30, 2026 March 31, 2026

Non-Control/Non-Affiliate Investments

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Total investments at fair value using Level 3 inputs $ 1,277,075 $ 1,304,243

(A) Excludes our investment in Gladstone Alternative as of December 31, 2025 and March 31, 2025 with a fair value of $ 5.1 million and $ 5.0 million, respectively, which was valued using NAV as a practical expedient.

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

(A) Excludes our investment in Gladstone Alternative as of June 30, 2026 and March 31, 2026 with a fair value of $ 4.9 million and $ 5.0 million, respectively, which was valued using NAV as a practical expedient.

In accordance with ASC 820, the following table provides quantitative information about our investments valued using Level 3 fair value measurements as of June 30, 2026 and March 31, 2026.

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.

Significant level 3 inputs were weighted by the relative fair value of the investments.

Quantitative Information about Level 3 Fair Value Measurements

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Input Range / Weighted-Average as of

December 31, 2025 March 31, 2025 December 31, 2025 March 31, 2025

June 30, 2026 March 31, 2026 June 30, 2026 March 31, 2026

Secured first

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$ 3,000 – $ 44,315 / $ 19,510

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

equity 429,510 426,949 TEV EBITDA multiple 3.8 x – 9.0 x /

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Changes in Level 3 Fair Value Measurements of Investments

The following tables provide our portfolio’s changes in fair value, broken out by security type, during the three and nine months ended December 31, 2025 and 2024 for all investments for which the Adviser determines fair value using unobservable (Level 3) inputs.

The following tables provide our portfolio’s changes in fair value, broken out by security type, during the three months ended June 30, 2026 and 2025 for all investments for which the Adviser determines fair value using unobservable (Level 3) inputs.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

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Equivalents Total

Three Months Ended December 31, 2025:

Fair value as of September 30, 2025

Three Months Ended June 30, 2026:

Fair value as of March 31, 2026

$ 570,602 $ 99,197 $ 426,949 $ 207,495 $ 1,304,243

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Reversal of previously recorded depreciation upon realization (B)

New investments, repayments and settlements (C):

Issuances / originations

3,621 — — — 3,621

Settlements / repayments

( 15,740 ) — — — ( 15,740 )

— — ( 3,481 ) — ( 3,481 )

Fair value as of December 31, 2025

$ 604,516 $ 90,273 $ 429,702 $ 93,226 $ 1,217,717

Debt Preferred

Equivalents Total

Nine Months Ended December 31, 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 ) — 3,481 — ( 26,457 )

Net unrealized appreciation (depreciation) (B)

( 3,454 ) ( 2,691 ) 71,623 38,958 104,436

Reversal of previously recorded depreciation upon realization (B)

19,104 — — — 19,104

New investments, repayments and settlements (C):

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Settlements / repayments

( 21,546 ) — — — ( 21,546 )

— — ( 3,481 ) — ( 3,481 )

Transfers (E)

Fair value as of June 30, 2026

$ 564,631 $ 102,789 $ 429,510 $ 180,145 $ 1,277,075

Fair value as of December 31, 2025

Change in unrealized (depreciation) appreciation attributable to investments still held at June 30, 2026

$ ( 592 ) $ 2,992 $ 2,561 $ ( 27,350 ) $ ( 22,389 )

Three Months Ended December 31, 2024:

Fair value as of September 30, 2024

Three Months Ended June 30, 2025:

Fair value as of March 31, 2025

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

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( 4,370 ) — — — ( 4,370 )

Fair value as of December 31, 2024

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

Nine Months Ended December 31, 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)

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

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

— — — ( 38,028 ) ( 38,028 )

New investments, repayments and settlements (C) :

Issuances / originations

155,575 — 46,617 — 202,192

Settlements / repayments

Transfers (D)

— ( 10,616 ) 10,616 — —

Fair value as of June 30, 2025

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

Fair value as of December 31, 2024

Change in unrealized appreciation (depreciation) attributable to investments still held at June 30, 2025

$ 1,152 $ 376 $ ( 3,683 ) $ 1,073 $ ( 1,082 )

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

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

(A) Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the respective three months ended June 30, 2026 and 2025.

(B) Included in net unrealized (depreciation) appreciation of investments on our accompanying Consolidated Statements of Operations for the respective three months ended June 30, 2026 and 2025.

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

(D) The three and nine months ended December 31, 2025 includes $ 3.5 million of proceeds from the equity distribution recognized as realized gain from Old World Christmas, Inc.

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

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

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

Investment Activity

During the nine months ended December 31, 2025, the following significant transactions occurred:

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

Smart Chemical, headquartered in Midland, Texas, is a 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.

• In December 2025, we invested $ 33.1 million in a new portfolio company, Rowan Energy Inc.

(“Rowan”), in the form of $ 25.8 million of secured first lien debt and $ 7.3 million of preferred equity.

Rowan, headquartered in Oklahoma, specializes in advanced frac sand filtration, completion-equipment deployment and field-operations support.

Investment Concentrations

As of December 31, 2025, our investment portfolio consisted of investments in 29 portfolio companies located in 20 states and Canada across 16 different industries with an aggregate fair value of approximately $ 1.2 billion.

Our investments in SFEG Holdings, Inc., The E3 Company, LLC, Schylling, Inc., Global GRAB Technologies, Inc., and Detroit Defense, Inc., represented our five largest portfolio investments at fair value and collectively comprised $ 463.9 million, or 37.9 %, of our total investment portfolio at fair value as of December 31, 2025.

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

December 31, 2025 March 31, 2025

As of June 30, 2026, our investment portfolio consisted of investments in 29 portfolio companies located in 20 states and Canada across 16 different industries with an aggregate fair value of approximately $ 1.3 billion.

Our investments in SFEG Holdings, Inc.

("SFEG"), The E3 Company, LLC, Schylling, Inc., Brunswick Bowling Products, Inc.

and Old World Christmas, Inc., represented our five largest portfolio investments at fair value and collectively comprised $ 550.0 million, or 42.9 %, of our total investment portfolio at fair value as of June 30, 2026.

The following table summarizes our investments by security type as of June 30, 2026 and March 31, 2026:

June 30, 2026 March 31, 2026

Cost Fair Value Cost Fair Value

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$ 1,044,448 100.0 % $ 1,282,020 100.0 % $ 1,052,848 100.0 % $ 1,309,248 100.0 %

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

December 31, 2025 March 31, 2025

Investments at fair value consisted of the following industry classifications as of June 30, 2026 and March 31, 2026:

June 30, 2026 March 31, 2026

Fair Value Percentage of

Total Investments Fair Value Percentage of Total Investments

Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) $ 222,005 17.3 % $ 258,692 19.8 %

Diversified/Conglomerate Services 194,037 15.1 % 189,148 14.4 %

Aerospace and Defense 177,420 14.5 % 107,869 10.9 %

Home and Office Furnishings, Housewares, and Durable Consumer Products 173,346 13.5 % 166,553 12.7 %

Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) 144,712 11.9 % 105,432 10.8 %

Aerospace and Defense 169,054 13.2 % 174,542 13.4 %

Oil and Gas 123,550 9.6 % 125,605 9.6 %

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Mining, Steel, Iron and Non-Precious Metals 40,574 3.2 % 37,713 2.9 %

Cargo Transport 9,933 0.8 % 12,624 1.3 %

Telecommunications 7,459 0.6 % 7,942 0.6 %

Printing and Publishing 7,873 0.6 % 11,681 1.2 %

Other < 2.0% 19,325 1.5 % 20,659 1.5 %

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

and Canada as of December 31, 2025 and March 31, 2025:

December 31, 2025 March 31, 2025

and Canada as of June 30, 2026 and March 31, 2026:

June 30, 2026 March 31, 2026

Location Fair Value Percentage of

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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.

A portfolio company may have additional business locations or investments in other geographic regions.

Investment Principal Repayments

The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of December 31, 2025:

For the remaining three months ending March 31, 2026

The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of June 30, 2026:

For the remaining nine months ending March 31, 2027

For the fiscal years ending March 31:

Thereafter 137,470

Total contractual repayments $ 737,448

Investments in equity securities 307,000

Total cost basis of investments held as of December 31, 2025:

Total cost basis of investments held as of June 30, 2026:

Receivables from Portfolio Companies

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

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

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

As of June 30, 2026 and March 31, 2026, we had gross receivables from portfolio companies of $ 4.3 million and $ 2.6 million, respectively.

As of June 30, 2026 and March 31, 2026, the allowance for uncollectible receivables was $ 1.5 million and $ 1.4 million, respectively.

RELATED PARTY TRANSACTIONS

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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 December 31, 2025, is 100 % indirectly owned by Mr.

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

On July 14, 2026, 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 through August 31, 2027.

David Gladstone (our chairman) serves as chairman, chief executive officer and president of the Adviser, which, as of June 30, 2026, is 100 % indirectly owned by Mr.

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

Erika Highland and Christopher Lee, both of whom are executive vice presidents, also serve as senior managing directors 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.

John Sateri, our chief investment officer, also serves in the same role for the Adviser.

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

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

2025 2024 2025 2024

Three Months Ended June 30,

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

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Multiplied by prorated annual base management fee of 2.0 %

0.5 % 0.5 % 1.5 % 1.5 %

Base management fee (C)

5,920 4,872 16,457 13,937

Credits to fees from Adviser - other (C)

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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 nine months ended December 31, 2025, these credits totaled $ 0.1 million and $ 0.4 million, respectively.

For the three and nine months ended December 31, 2024, these credits totaled $ 0.2 million and $ 0.3 million, respectively.

of the Adviser, primarily related to the valuation of portfolio companies.

For the three months ended June 30, 2026 and 2025, these credits totaled $ 0.1 million .

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.

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 prepayment of the base management fee under the Advisory Agreement.

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

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

As of December 31, 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.

As of June 30, 2026, no capital gains-based incentive fees were contractually due to the Adviser.

For the year ended March 31, 2026, no capital gains-based incentive fees were contractually due and paid to the Adviser.

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

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

During the three and nine months ended December 31, 2025, we recorded an accrual of capital gains-based incentive fees of $ 14.7 million and $ 19.4 million, respectively.

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

As of December 31, 2025 and March 31, 2025, we had accrued capital gains-based incentive fees of $ 58.8 million and $ 39.3 million, respectively.

During the three months ended June 30, 2026 and 2025, we recorded a reversal of capital gains-based incentive fees of $ 5.6 million and $ 0.2 million, respectively.

As of June 30, 2026 and March 31, 2026, we had accrued capital gains-based incentive fees of $ 71.7 million and $ 77.3 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, chief administrative 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.

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

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

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On July 14, 2026, 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, 2027.

Administration fees for the three and nine months ended December 31, 2025 were $ 0.5 million and $ 1.5 million, respectively.

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

Administration fees for the three months ended June 30, 2026 and 2025 were $ 0.5 million and $ 0.4 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.

Gladstone Securities is an affiliate of ours, as its parent company is 100 % indirectly owned and controlled by David Gladstone, our chairman.

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

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

During the three and nine months ended December 31, 2025, the fees received by Gladstone Securities from our portfolio companies totaled $ 0.3 million and $ 1.6 million, respectively.

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

No fees were received by Gladstone Securities from our portfolio companies during the three months ended June 30, 2026.

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

Investment in Affiliated Fund

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

As of December 31,

As of June 30,

As of March 31,

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Total related party fees due $ 75,959 $ 81,287

(A) Includes a capital gains-based incentive fee of $ 58.8 million and $ 39.3 million as of December 31, 2025 and March 31, 2025, respectively, recorded in accordance with GAAP requirements, and which was not contractually due under the terms of the Advisory Agreement.

(A) Includes a capital gains-based incentive fee of $ 71.7 million and $ 77.3 million as of June 30, 2026 and March 31, 2026, respectively, recorded in accordance with GAAP requirements, and which was not contractually due under the terms of the Advisory Agreement.

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

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

Co-investment expenses as of both June 30, 2026 and March 31, 2026 were $ 0.1 million.

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

Revolving Line of Credit

We, through our wholly-owned subsidiary, Business Investment, have entered into the Credit Facility with KeyBank, as administrative agent, joint lead arranger and lender, Fifth Third Bank as managing agent, joint lead arranger and lender, City National Bank, as lender, the Adviser, as servicer, and certain other lenders party thereto.

As of December 31, 2025, the maximum size of the facility was $ 300.0 million.

We, through our wholly-owned subsidiary, Business Investment, have entered into the Credit Facility with KeyBank, as administrative agent, joint lead arranger and lender, Fifth Third Bank as managing agent, joint lead arranger and lender, City National Bank, as joint lead arranger and lender, the Adviser, as servicer, and certain other lenders party thereto.

As of June 30, 2026, the Credit Facility had a total commitment amount of $ 405.0 million with an "accordion" feature that permits us to increase the size of the facility to $ 500.0 million.

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

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 a revolving period end date of June 8, 2029 and a final maturity date of June 8, 2031 (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 %, plus a margin of 2.85 % per annum until June 8, 2029, with the margin then increasing to 3.10 % for the period from June 8, 2029 to June 8, 2030, and increasing further to 3.35 % thereafter.

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

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

As of December 31, 2025

As of June 30, 2026

As of March 31, 2026

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$ 247,400 $ 276,100

For the Three Months Ended December 31,

For the Nine Months Ended December 31,

2025 2024 2025 2024

For the Three Months Ended June 30,

Weighted-average borrowings outstanding $ 116,727 $ 36,318

Weighted-average interest rate (B)

9.7 % 11.8 % 10.0 % 11.1 %

Unused commitment fees incurred

$ 457 $ 406 $ 1,377 $ 1,067

(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 $ 171.4 million and $ 270.0 million as of December 31, 2025 and March 31, 2025, respectively.

(A) Availability is subject to various constraints, characteristics and applicable advance rates based on collateral quality under our Credit Facility, which equated to an adjusted availability of $ 163.2 million and $ 276.1 million as of June 30, 2026 and March 31, 2026, 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 $ 426.6 million as of December 31, 2025;

(i) a minimum net worth of the greater of $ 500.0 million or $ 500.0 million plus 50 % of all equity and subordinated debt raised, minus 50 % of any equity or subordinated debt redeemed or retired after June 10, 2026, which equated to $ 0 as of June 30, 2026;

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

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

As of December 31, 2025, and as defined in the performance guaranty of our Credit Facility, we had a net worth of $ 1.0 billion, asset coverage on our senior securities representing indebtedness of 201.1 %, calculated in compliance with the requirements of Sections 18 and 61 of the 1940 Act, and an active status as a BDC and RIC.

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

As of June 30, 2026, and as defined in the performance guaranty of our Credit Facility, we had a net worth of $ 1.1 billion, asset coverage on our senior securities representing indebtedness of 208.8 %, calculated in compliance with the requirements of Sections 18 and 61 of the 1940 Act, and an active status as a BDC and RIC.

As of June 30, 2026, we were in compliance with all covenants under our Credit Facility.

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

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

As of December 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 2.90 % per annum, plus an unused commitment fee of 0.75 %.

As of June 30, 2026, 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 2.85 % per annum, plus an unused commitment fee of 0.75 %.

As of March 31, 2026, the discount rate used to determine the fair value of our Credit Facility was 30-day Term SOFR, with a 0.35 % floor, plus a margin of 2.90 % per annum, plus an unused commitment fee of 1.0 %.

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 December 31, 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 December 31, 2025 and March 31, 2025 and for the three and nine months ended December 31, 2025 and 2024, as required by ASC 820:

As of each of June 30, 2026 and March 31, 2026, our Credit Facility was valued using Level 3 inputs and any changes in its fair value are recorded in Net unrealized appreciation (depreciation) of other on our accompanying Consolidated Statements of Operations.

The following tables provide relevant information and disclosures about our Credit Facility as of June 30, 2026 and March 31, 2026 and for the three months ended June 30, 2026 and 2025, as required by ASC 820:

Level 3 – Borrowings

2 unchanged sentences

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

December 31, 2025 March 31, 2025

June 30, 2026 March 31, 2026

Credit Facility $ 157,600 $ 23,946

2 unchanged sentences

Credit Facility

Three Months Ended December 31, 2025:

Fair value at September 30, 2025

Borrowings 125,300

Repayments ( 94,400 )

Unrealized appreciation 8

Fair value at December 31, 2025

Nine Months Ended December 31, 2025

Three Months Ended June 30, 2026:

Fair value at March 31, 2026

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Repayments ( 16,100 )

Unrealized appreciation 361

Fair value at December 31, 2025

Unrealized depreciation ( 46 )

Fair value at June 30, 2026

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

1 unchanged sentence

Credit Facility

Three Months Ended December 31, 2024:

Fair value at September 30, 2024

Borrowings 144,200

Repayments ( 61,600 )

Fair value at December 31, 2024

Nine Months Ended December 31, 2024

Three Months Ended June 30, 2025:

Fair value at March 31, 2025

1 unchanged sentence

Repayments ( 15,500 )

Fair value at December 31, 2024

The fair value of the collateral under our Credit Facility was $ 1.1 billion and $ 764.7 million as of December 31, 2025 and March 31, 2025, respectively.

Unrealized appreciation 269

Fair value at June 30, 2025

The fair value of the collateral under our Credit Facility was $ 1.1 billion and $ 1.2 billion as of June 30, 2026 and March 31, 2026, respectively.

Notes Payable

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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.

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.

On May 1, 2026, we repaid the 5.00 % 2026 Notes with an aggregate principal amount outstanding of $ 127.9 million at maturity.

4.875 % Notes due 2028

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7.875 % Notes due 2030

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.

On December 16, 2025, we voluntarily redeemed 100 % of the issued and outstanding 8.00 % 2028 Notes.

The 8.00 % 2028 Notes would have otherwise matured on August 1, 2028.

We incurred a loss on extinguishment of debt of $ 1.3 million, which was recorded in Realized loss on other in our accompanying Consolidated Statements of Operations and which was primarily comprised of unamortized deferred offering costs at the time of redemption.

7.875 % Notes due 2030

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

12 unchanged sentences

Total underwriting discounts, commissions, and offering costs related to this offering were $ 1.2 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.

The following tables summarize our 5.00 % 2026 Notes, 4.875 % 2028 Notes, 6.875 % 2028 Notes, 8.00 % 2028 Notes and 7.875 % 2030 Notes as of December 31, 2025 and March 31, 2025:

As of December 31, 2025:

7.125 % Notes due 2031

In February 2026 , we completed a public offering of 7.125 % Notes due 2031 with an aggregate principal amount of $ 100.0 million (the " 7.125 % 2031 Notes"), which resulted in net proceeds of approximately $ 96.9 million after deducting underwriting discounts, commissions and offering costs borne by us.

The 7.125 % 2031 Notes are traded under the ticker symbol “GAING” on Nasdaq.

The 7.125 % 2031 Notes will mature on May 1, 2031 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 May 1, 2028.

The 7.125 % 2031 Notes bear interest at a rate of 7.125 % per year , payable quarterly in arrears.

The indenture relating to the 7.125 % 2031 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 7.125 % 2031 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements.

The 7.125 % 2031 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 $ 3.1 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, 2031, the maturity date.

The following tables summarize our 5.00 % 2026 Notes, 4.875 % 2028 Notes, 6.875 % 2028 Notes, 7.875 % 2030 Notes and 7.125 % 2031 Notes as of June 30, 2026 and March 31, 2026:

As of June 30, 2026:

Description Ticker

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4.875 % 2028 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

3 unchanged sentences

N/A November 10, 2025 November 1, 2028 6.875 % 60,000 $ 1,000.00 60,000

7.125 % 2031 Notes

GAING February 18, 2026 May 1, 2031 7.125 % 4,000,000 $ 25.00 100,000

Notes payable, gross (B)

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7.875 % 2030 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

6.875 % 2028 Notes

N/A November 10, 2025 November 1, 2028 6.875 % 60,000 $ 1,000.00 60,000

7.125 % 2031 Notes

GAING February 18, 2026 May 1, 2031 7.125 % 4,000,000 $ 25.00 100,000

Notes payable, gross (B)

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Notes payable, net (C)

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

(A) The 4.875 % 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.

The 6.875 % 2028 Notes can be redeemed at our option at any time prior to August 1, 2028 at par plus a "make-whole" premium and thereafter at par plus accrued and unpaid interest thereon to the redemption date.

(B) As of December 31, 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 201.1 % and 204.4 %, respectively.

The 7.125 % 2031 Notes can be redeemed at our option at any time on or after May 1, 2028.

(B) As of June 30, 2026 and March 31, 2026, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 208.8 % and 213.8 %, respectively.

The fair value, based on the last reported closing prices, of the 5.00 % 2026 Notes, 4.875 % 2028 Notes and 7.875 % 2030 Notes as of December 31, 2025 was $ 128.7 million, $ 128.4 million and $ 129.7 million, respectively.

The fair value, based on the last reported closing prices, of the 4.875 % 2028 Notes, 7.875 % 2030 Notes and the 7.125 % 2031 Notes as of June 30, 2026 was $ 128.0 million, $ 128.9 million and $ 99.7 million, respectively.

The fair value, based on the last reported closing prices, of the 5.00 % 2026 Notes, 4.875 % 2028 Notes, 7.875 % 2030 Notes and 7.125 % 2031 Notes as of March 31, 2026 was $ 129.0 million , $ 127.8 million , $ 128.2 million and $ 101.3 million , respectively.

We consider the closing prices of the 5.00 % 2026 Notes, 4.875 % 2028 Notes, 7.875 % 2030 Notes and 7.125 % 2031 Notes to be Level 1 inputs within the ASC 820 hierarchy.

The fair value, based on a DCF analysis, of the 6.875 % 2028 Notes as of December 31, 2025 was $ 60.0 million.

Based on a DCF analysis, the fair value of the 6.875 % 2028 Notes as of

June 30, 2026 and March 31, 2026 was $ 59.4 million and $ 59.7 million, respectively, and the discount rate used to determine the fair value of the 6.875 % 2028 Notes was 7.350 % and 7.075 %, respectively.

We consider the 6.875 % 2028 Notes to be Level 3 within the ASC 820 fair value hierarchy.

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

As of December 31, 2025, we have the ability to issue up to an additional $ 219.3 million of the securities registered under the registration statement.

As of June 30, 2026, we have the ability to issue up to an additional $ 119.3 million of the securities registered under the registration statement.

Common Equity Offerings

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as a Sales Agent for the Common Stock ATM Program.

As of December 31, 2025, we had remaining capacity to sell up to an additional $ 30.8 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.

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 nine months ended December 31, 2024.

During the three months ended December 31, 2025, we sold 230,930 shares of our common stock under the 2024 Common Stock ATM Program, with a weighted-average gross price of $ 14.03 per share and a weighted-average net price of $ 13.83 per share after deducting commissions and offering costs borne by us, raising approximately $ 3.2 million and $ 3.2 million of gross and net proceeds, respectively.

These sales were above our then current NAV per share.

During the nine months ended December 31, 2025, we sold 2,984,586 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 $ 13.92 per share after deducting commissions and offering costs borne by us, raising approximately $ 42.1 million and $ 41.5 million of gross and net proceeds, respectively.

These sales were above our then current NAV per share.

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

As of June 30, 2026, we had remaining capacity to sell up to an additional $ 30.8 million of common stock under the Common Stock ATM Program.

During the three months ended June 30, 2026, we did no t sell any shares under the Common Stock ATM Program.

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

These sales were above our then current NAV per share.

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

The following table sets forth the computation of basic and diluted net increase in net assets resulting from operations per weighted-average common share for the three and nine months ended December 31, 2025 and 2024:

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

2025 2024 2025 2024

net increase in net assets resulting from operations

The following table sets forth the computation of basic and diluted net increase in net assets resulting from operations per weighted-average common share for the three months ended June 30, 2026 and 2025:

Three Months Ended June 30,

net (decrease) increase in net assets resulting from operations

$ ( 11,855 ) $ 7,772

1 unchanged sentence

39,821,967 36,908,943

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

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

$ ( 0.30 ) $ 0.21

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The tax characterization of cash distributions paid to common stockholders during the calendar year ended December 31, 2025 was 51.3 % from ordinary income and 48.7 % from capital gains.

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

We paid the following cash distributions to our common stockholders for the nine months ended December 31, 2025 and 2024:

For the Nine Months Ended December 31, 2025 :

We paid the following cash distributions to our common stockholders for the three months ended June 30, 2026 and 2025:

For the Three Months Ended June 30, 2026 :

Declaration Date

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April 14, 2026 May 20, 2026 May 29, 2026 0.08

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

April 14, 2026 June 23, 2026 June 30, 2026 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

October 14, 2025 October 24, 2025 October 31, 2025 0.08

October 14, 2025 November 17, 2025 November 26, 2025 0.08

October 14, 2025 December 22, 2025 December 31, 2025 0.08

Nine Months Ended December 31, 2025 $ 1.26

For the Nine Months Ended December 31, 2024 :

Three Months Ended June 30, 2026 $ 0.24

For the Three Months Ended June 30, 2025 :

Declaration Date

2 unchanged sentences

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

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

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

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

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

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

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

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

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

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

Nine Months Ended December 31, 2024 $ 1.42

Three Months Ended June 30, 2025 $ 0.78

(A) Represents a supplemental distribution to common stockholders.

Aggregate cash distributions to our common stockholders declared and paid were $ 47.6 million and $ 52.1 million for the nine months ended December 31, 2025 and 2024, respectively.

Aggregate cash distributions to our common stockholders declared and paid were $ 9.6 million and $ 28.8 million for the three months ended June 30, 2026 and 2025, respectively .

For the fiscal year ended March 31, 2026, Investment Company Taxable Income exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $ 21.3 million of the first distributions paid subsequent to fiscal year-end, as having been paid in the prior year.

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

For the three months ended December 31, 2025, we recorded $ 82 thousand of net adjustments for estimated permanent book-tax differences to reflect tax character, which increased Total distributable earnings and decreased Capital in excess of par value on our accompanying Consolidated Statements of Assets and Liabilities .

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

For the nine months ended December 31, 2025, we recorded $ 0.4 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which increased Total distributable earnings and decreased Capital in excess of par value on our accompanying Consolidated Statements of Assets and Liabilities .

For the nine months ended December 31, 2024, we recorded $ 1.2 million of net adjustments for estimated permanent book-tax differences to reflect tax character,

which decreased Capital in excess of par value and increased Total distributable earnings on our accompanying Consolidated Statements of Assets and Liabilities .

In addition, in the fiscal year ending March 31, 2027, the net capital loss carryforward balance was $ 17.3 million and no distributions paid will be treated as having been paid in the fiscal year ended March 31, 2026.

For the three months ended June 30, 2026, we recorded $ 0.3 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which increased Total distributable earnings and decreased Capital in excess of par value on our accompanying Consolidated Statements of Assets and Liabilities .

For the three months ended June 30, 2025, we recorded $ 0.3 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which increased Total distributable earnings and decreased 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.

12 unchanged sentences

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

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

Additionally, based on our current knowledge, we do not believe such loss contingencies are both probable and estimable and, therefore, as of June 30, 2026 and March 31, 2026, we had no established reserves for such loss contingencies.

Escrow Holdbacks

2 unchanged sentences

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 $ 1.1 million and $ 1.0 million as of December 31, 2025 and March 31, 2025, respectively.

Reserves and holdbacks against escrow amounts were $ 1.0 million as of June 30, 2026 and March 31, 2026.

Financial Commitments and Obligations

1 unchanged sentence

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 December 31, 2025 and March 31, 2025 to be insignificant.

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

December 31, 2025 March 31, 2025

We estimate the fair value of the combined unused line of credit commitments as of June 30, 2026 and March 31, 2026 to be insignificant.

The following table summarizes the principal balances of unused line of credit as of June 30, 2026 and March 31, 2026, which are not reflected as liabilities in the accompanying Consolidated Statements of Assets and Liabilities:

June 30, 2026 March 31, 2026

Unused line of credit commitments

$ 4,150 $ 3,440

FINANCIAL HIGHLIGHTS

Nine Months Ended December 31,

Three Months Ended June 30,

Per Common Share Data:

3 unchanged sentences

Net investment income

Net realized (loss) gain

( 0.72 ) 1.15

Net unrealized appreciation (depreciation) 3.21 ( 0.43 )

Net realized loss

Net unrealized depreciation ( 0.47 ) ( 0.04 )

Total from investment operations

( 0.30 ) 0.21

Effect of equity capital activity (B)

2 unchanged sentences

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

( 0.51 ) ( 0.78 )

Discounts, commissions and offering costs

( 0.02 ) 0.00

Net accretive effect of equity offering (D)

26 unchanged sentences

9.66 % 7.37 %

Portfolio turnover ratio — % — %

(A) B ased on actual shares of common stock outstanding at the beginning or end of the corresponding period, as appropriate.

2 unchanged sentences

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

(D) During the nine months ended December 31, 2025, the accretive effect is a result of issuing common stock at a price above the then current NAV per share.

(D) During the three months ended June 30, 2025, the accretive effect is a result of issuing common 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.

4 unchanged sentences

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

Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of expenses to average net assets - annualized would have been 20.44 % and 23.77 % for the nine months ended December 31, 2025 and 2024, respectively.

(I) Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of net investment income to average net assets - annualized would have been ( 1.57 )% and 4.18 % for the nine months ended December 31, 2025 and 2024, respectively.

Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of expenses to average net assets - annualized would have been 10.02 % and 15.01 % for the three months ended June 30, 2026 and 2025, respectively.

(I) Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of net investment income to average net assets - annualized would have been 7.18 % and 4.07 % for the three months ended June 30, 2026 and 2025, respectively.

UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES

1 unchanged sentence

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

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

We did not have any unconsolidated subsidiaries that met any of the significance conditions under Rule 1-02(w)(2) of the SEC’s Regulation S-X as of or during the three months ended June 30, 2026 and 2025.

SUBSEQUENT EVENTS

Investment Activity

• In July 2026, we invested $ 56.5 million in a new portfolio company, DHE Computer Systems Acquisition, Inc.

("DHE"), in the form of $ 40.3 million of secured first lien debt and $ 16.1 million of preferred equity.

DHE, headquartered in Centennial, Colorado, is a full-service technology solutions provider serving the education, state and local government, and commercial markets.

• In July 2026, we invested an additional $ 5.1 million, in the form of $ 1.5 million of secured first lien debt and $ 3.6 million of preferred equity, in Global GRAB Technologies, Inc.

to fund an add-on acquisition.

• In July 2026, our portfolio company SFEG Holdings, Inc.

(“SFEG”) agreed to the sale of its subsidiary Specialized Fabrication Equipment Group LLC, which is expected to close in the third or fourth quarter of the calendar year.

Distributions and Dividends

• In January 2026, our Board of Directors declared the following monthly distributions to common stockholders:

• In July 2026, our Board of Directors declared the following monthly cash distributions to common stockholders:

Payment Date Distribution per Common Share

January 23, 2026 January 30, 2026 $ 0.08

February 18, 2026 February 27, 2026 0.08

March 23, 2026 March 31, 2026 0.08

July 24, 2026 July 31, 2026 $ 0.08

August 18, 2026 August 31, 2026 0.08

September 21, 2026 September 30, 2026 0.08

Total for the Quarter:

SCHEDULE 12-14

GLADSTONE INVESTMENT CORPORATION

INVESTMENTS IN AND ADVANCES TO AFFILIATES

(AMOUNTS IN THOUSANDS)

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

Shares/Units (F)(G)

March 31, 2026

Additions (I)

Reductions (J)

Net Unrealized

(Depreciation) Value as of

June 30, 2026

AFFILIATE INVESTMENTS – 52.2 %

Secured First Lien Debt – 30.1 %

Diversified/Conglomerate Services – 10.9 %

ImageWorks Display and Marketing Group, Inc.

– Term Debt (SOFR+ 11.0 %, 14.7 % Cash, Due 11/2028)

$ 22,000 $ — $ 814 $ 22,000 $ — $ — $ — $ 22,000

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

20,000 — 506 20,000 — — — 20,000

The Maids International, LLC – Term Debt (SOFR+ 10.5 %, 14.2 % Cash, Due 3/2028)

28,560 — 1,021 28,560 — — — 28,560

— 2,341 70,560 — — — 70,560

Electronics – 7.4 %

Nielsen-Kellerman Acquisition Corp.

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

48,082 — 1,641 48,082 — — — 48,082

Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.9 %

Old World Christmas, Inc.

– Term Debt (SOFR+ 9.5 %, 13.2 % Cash, Due 12/2028)

38,000 — 1,263 38,000 — — — 38,000

Leisure, Amusement, Motion Pictures, and Entertainment – 3.1 %

Pyrotek Special Effects, Inc.

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

20,120 — 661 20,120 — — — 20,120

Mining, Steel, Iron and Non-Precious Metals Total – 1.7 %

UPB Acquisition, Inc.

– Term Debt (SOFR+ 10.0 %, 13.7 % Cash, Due 7/2028)

11,000 — 379 11,000 — — — 11,000

Telecommunications – 1.1 %

B+T Group Acquisition, Inc.

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

3,080 — — 3,080 — — — 3,080

B+T Group Acquisition, Inc.

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

1,050 — — 1,050 — — — 1,050

B+T Group Acquisition, Inc.– Term Debt (SOFR+ 2.0 %, 7.0 % Cash, Due 12/2026) (K)

14,000 — — 3,812 — — ( 483 ) 3,329

— — 7,942 — — ( 483 ) 7,459

Total Secured First Lien Debt

$ — $ 6,285 $ 195,704 $ — $ — $ ( 483 ) $ 195,221

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

Shares/Units (F)(G)

March 31, 2026

Additions (I)

Reductions (J)

Net Unrealized

(Depreciation) Value as of

June 30, 2026

Secured Second Lien Debt – 0.4 %

Chemicals, Plastics, and Rubber – 0.4 %

PSI Molded Plastics, Inc.

– Line of Credit, $ 0 available (SOFR+ 1.0 % 7.0 % Cash, Due 2/2028)

$ 2,000 $ — $ 28 $ 1,400 $ 600 $ — $ — $ 2,000

PSI Molded Plastics, Inc.

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

400 — 7 400 — — — 400

— 35 1,800 600 — — 2,400

Total Secured Second Lien Debt

$ — $ 35 $ 1,800 $ 600 $ — $ — $ 2,400

Preferred Equity – 20.9 %

Chemicals, Plastics, and Rubber – 0.9 %

PSI Molded Plastics, Inc.

– Preferred Stock 428,773 $ — $ — $ 4,928 $ — $ — $ 582 $ 5,510

Diversified/Conglomerate Services – 7.5 %

ImageWorks Display and Marketing Group, Inc.

– Preferred Stock 67,490 — — 30,453 — — 3,084 33,537

– Atlanta, LLC – Preferred Stock 10,920 — — 9,236 — — 947 10,183

The Maids International, LLC – Preferred Stock 6,640 — — 4,631 — — 268 4,899

— — 44,320 — — 4,299 48,619

Electronics – 2.3 %

Nielsen-Kellerman Acquisition Corp.– Preferred Stock 22,169 — — 14,641 — — 245 14,886

Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.0 %

Old World Christmas, Inc.

– Preferred Stock

6,180 — — 29,730 — — 2,847 32,577

Leisure, Amusement, Motion Pictures, and Entertainment – 0.6 %

Pyrotek Special Effects, Inc.

– Preferred Stock

7,060 — — 1,835 — — 1,785 3,620

Mining, Steel, Iron and Non-Precious Metals - 4.6 %

UPB Acquisition, Inc.

- Preferred Stock 6,000 — — 26,713 — — 2,861 29,574

Telecommunications – 0.0 %

B+T Group Acquisition, Inc.

– Preferred Stock

14,304 — — — — — — —

Total Preferred Equity

$ — $ — $ 122,167 $ — $ — $ 12,619 $ 134,786

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

Shares/Units (F)(G)

March 31, 2026

Additions (I)

Reductions (J)

Net Unrealized

(Depreciation) Value as of

June 30, 2026

Common Equity/Equivalents – 0.8 %

Diversified/Conglomerate Services – 0.8 %

Gladstone Alternative Income Fund – Common Equity 500,000 $ — $ 89 $ 5,005 $ — $ — $ ( 60 ) $ 4,945

Telecommunications - 0.0 %

B+T Group Acquisition, Inc.

- Common Stock Warrants

3.5 % — — — — — — —

Total Common Equity/Equivalents

$ — $ 89 $ 5,005 $ — $ — $ ( 60 ) $ 4,945

TOTAL AFFILIATE INVESTMENTS $ — $ 6,409 $ 324,676 $ 600 $ — $ 12,076 $ 337,352

CONTROL INVESTMENTS – 0.1 %

Secured First Lien Debt – 0.1 %

Diversified/Conglomerate Manufacturing – 0.1 %

Edge Adhesives Holdings, Inc.

– Term Debt Term Debt (SOFR+ 5.5 %, 9.2 % Cash, Due 8/2026) (K)

$ 9,210 $ — $ — $ 613 $ — $ — $ ( 109 ) $ 504

Total Secured First Lien Debt $ — $ — $ 613 $ — $ — $ ( 109 ) $ 504

Preferred Equity – 0.0 %

Diversified/Conglomerate Manufacturing – 0.0 %

Edge Adhesives Holdings, Inc.

– Preferred Stock

8,199 $ — $ — $ — $ — $ — $ — $ —

Total Preferred Equity $ — $ — $ — $ — $ — $ — $ —

TOTAL CONTROL INVESTMENTS $ — $ — $ 613 $ — $ — $ ( 109 ) $ 504

TOTAL AFFILIATE AND CONTROL INVESTMENTS

$ — $ 6,409 $ 325,289 $ 600 $ — $ 11,967 $ 337,856

(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 $ 1.1 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 .

(B) Common stock, warrants, options and, in some cases, preferred stock are generally non-income-producing and restricted.

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.

(D) Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of June 30, 2026.

(E) Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the 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) Represents the principal balance, presented in thousands, for debt investments and the number of shares/units held for equity investments as of June 30, 2026.

Warrants are represented as a percentage of ownership, as applicable, as of June 30, 2026.

(H) Represents the total amount of interest, dividend, success fee, or other investment income credited to income for the portion of the three months ended June 30, 2026 an investment was an affiliate investment or control investment and on accrual status, as appropriate.

(I) Gross additions include increases in investments resulting from new portfolio investments, the amortization of discounts and fees, and the exchange of one or more existing securities for one or more new securities during the three months ended June 30, 2026.

(J) Gross reductions include decreases in investments resulting from principal collections related to investment repayments or sales, the amortization of premiums and acquisition costs, and the exchange of one or more existing securities for one or more new securities during the three months ended June 30, 2026.

(K) Debt security is on non-accrual status as of June 30, 2026.

** Information related to the amount of equity in the net profit and loss for the period for the investments listed has not been included in this schedule.

This information is not considered to be meaningful due to the complex capital structures of the portfolio companies, with different classes of equity securities outstanding with different preferences in liquidation.

These investments are not consolidated, nor are they accounted for under the equity method of accounting.

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

What changed 10-Q

Item 1. Financial Statements