GLADSTONE INVESTMENT CORPORATIONDE 10-Q

ITEM 1. FINANCIAL STATEMENTS GLADSTONE INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED) June 30, 2026 March 31, 2026 ASSETS Investments at fair value Non-Control/Non-Affiliate investments (Cost of $ 702,741 and $ 711,741 , respectively) $ 944,164 $ 983,959 Affiliate investments (Cost of $ 324,298 and $ 323,698 , respectively) 337,352 324,676 Control investments (Cost of $ 17,409 and $ 17,409 , respectively) 504 613 Cash 1,599 1,132 Cash equivalents 25 25 Restricted cash 1,969 1,228 Interest receivable 7,545 6,823 Due from administrative agent 2,988 2,035 Deferred financing costs, net 3,357 636 Other assets, net 3,513 1,718 TOTAL ASSETS $ 1,303,016 $ 1,322,845 LIABILITIES Borrowings: Line of credit at fair value (Cost of $ 157,600 and $ 23,900 , respectively) $ 157,600 $ 23,946 Notes payable, net of unamortized deferred financing costs of $ 7,815 and $ 8,460 , respectively 413,235 540,528 Total borrowings 570,835 564,474 Accounts payable and accrued expenses 2,205 1,247 Interest payable 5,234 6,388 Fees due to Adviser (A) 75,062 80,507 Fee due to Administrator (A) 897 780 Other liabilities 1,970 1,224 TOTAL LIABILITIES $ 656,203 $ 654,620 Commitments and contingencies (B) NET ASSETS $ 646,813 $ 668,225 ANALYSIS OF NET ASSETS Common stock, $ 0.001 par value per share, 100,000,000 shares authorized, 39,821,967 and 39,821,967 shares issued and outstanding, respectively $ 40 $ 40 Capital in excess of par value 486,414 486,717 Total distributable earnings (C) 160,359 181,468 TOTAL NET ASSETS $ 646,813 $ 668,225 NET ASSET VALUE PER SHARE $ 16.24 $ 16.78 (A) Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. (B) Refer to Note 9 — Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information. (C) Refer to Note 2 — Summary of Significant Accounting Policies in the accompanying Notes to Consolidated Financial Statements for additional information. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 2 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED) Three Months Ended June 30, 2026 2025 INVESTMENT INCOME Interest income Non-Control/Non-Affiliate investments $ 16,324 $ 15,263 Affiliate investments 6,320 6,187 Cash and cash equivalents 31 198 Total interest income 22,675 21,648 Dividend income Non-Control/Non-Affiliate investments — 1,063 Affiliate investments 89 79 Total dividend income 89 1,142 Success fee income Non-Control/Non-Affiliate investments 5,591 447 Affiliate investments — 307 Total success fee income 5,591 754 Total investment income $ 28,355 $ 23,544 EXPENSES Base management fee (A) $ 6,533 $ 5,080 Loan servicing fee (A) 2,962 2,672 Incentive fee (A) ( 5,566 ) ( 209 ) Administration fee (A) 492 433 Interest expense on borrowings 9,856 8,499 Amortization of deferred financing costs and discounts 980 910 Professional fees 317 502 Other general and administrative expenses 946 640 Expenses before credits from Adviser 16,520 18,527 Credits to base management fee – loan servicing fee (A) ( 2,962 ) ( 2,672 ) Credits to fees from Adviser - other (A) ( 1,130 ) ( 1,399 ) Total expenses, net of credits to fees 12,428 14,456 NET INVESTMENT INCOME $ 15,927 $ 9,088 REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss): Non-Control/Non-Affiliate investments $ ( 9,000 ) $ — Total net realized loss ( 9,000 ) — Net unrealized (depreciation) appreciation: Non-Control/Non-Affiliate investments ( 30,795 ) ( 2,154 ) Affiliate investments 12,076 1,082 Control investments ( 109 ) 25 Other 46 ( 269 ) Total net unrealized (depreciation) appreciation ( 18,782 ) ( 1,316 ) 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 income $ 0.40 $ 0.25 Net (decrease) increase in net assets resulting from operations $ ( 0.30 ) $ 0.21 WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING: Basic and diluted 39,821,967 36,908,943 (A) Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 3 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (IN THOUSANDS) (UNAUDITED) 2026 2025 NET ASSETS, MARCH 31 $ 668,225 $ 499,084 OPERATIONS Net investment income 15,927 9,088 Net realized loss on investments ( 9,000 ) — Net unrealized depreciation of investments ( 18,828 ) ( 1,047 ) Net unrealized depreciation (appreciation) of other 46 ( 269 ) Net (decrease) increase in net assets from operations ( 11,855 ) 7,772 DISTRIBUTIONS (A) Distributions to common stockholders from net investment income ( $ 0.24 and $ 0.27 per share, respectively) ( 9,557 ) ( 10,125 ) Distributions to common stockholders from net realized gains ( $ 0.00 and $ 0.51 per share, respectively) — ( 18,663 ) Net decrease in net assets from distributions ( 9,557 ) ( 28,788 ) CAPITAL ACTIVITY Issuance of common stock — 7,331 Discounts, commissions, and offering costs for issuance of common stock — ( 95 ) Net increase in net assets from capital activity — 7,236 NET DECREASE IN NET ASSETS ( 21,412 ) ( 13,780 ) NET ASSETS, JUNE 30 $ 646,813 $ 485,304 (A) Refer to Note 8 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 4 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) Three Months Ended June 30, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net (decrease) increase in net assets resulting from operations $ ( 11,855 ) $ 7,772 Adjustments to reconcile net (decrease) increase in net assets resulting from operations to net cash provided by (used in) operating activities: Purchase of investments ( 600 ) ( 62,842 ) Principal repayments of investments — 4,370 Net proceeds from the sale and recapitalization of investments — — Net realized loss on investments 9,000 — Net unrealized depreciation of investments 18,828 1,047 Net unrealized (depreciation) appreciation of other ( 46 ) 269 Amortization of deferred financing costs and discounts 980 910 Bad debt expense, net of recoveries 85 ( 165 ) Changes in assets and liabilities: Increase in interest receivable ( 722 ) ( 368 ) (Increase) decrease in due from administrative agent ( 953 ) 236 (Increase) decrease in other assets, net ( 1,828 ) 386 Increase in accounts payable and accrued expenses 958 383 (Decrease) increase in interest payable ( 1,154 ) 240 Decrease in fees due to Adviser (A) ( 5,493 ) ( 2,972 ) Increase in fee due to Administrator (A) 117 145 Increase in other liabilities 746 408 Net cash provided by (used in) operating activities 8,063 ( 50,181 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of common stock, net of discounts, commissions, and offering costs — 7,250 Proceeds from line of credit 149,800 77,500 Repayments on line of credit ( 16,100 ) ( 15,500 ) 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 (used in) provided by financing activities ( 6,855 ) 40,382 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 1,208 ( 9,799 ) CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 2,385 15,154 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 3,593 $ 5,355 CASH PAID FOR INTEREST $ 10,601 $ 7,667 (A) Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. Supplemental disclosures of non-cash operating activities: • In 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. 5 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2026 (DOLLAR AMOUNTS IN THOUSANDS) (UNAUDITED) Company and Investment (A)(B)(D)(E) Principal/Shares/ Units (F)(H) Cost Fair Value NON-CONTROL/NON-AFFILIATE INVESTMENTS (L) – 145.9 % Secured First Lien Debt – 57.0 % Aerospace and Defense – 16.7 % Detroit Defense, Inc. (K) – Term Debt (SOFR+ 9.0 %, 13.0 % Cash, Due 12/2029) (J) $ 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 – 5.9 % Dema/Mai Holdings, Inc. – Term Debt (SOFR+ 11.0 %, 14.7 % Cash, Due 7/2027) (J) 38,250 38,250 38,250 Chemicals, Plastics, and Rubber - 5.5 % 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 % Phoenix Door Systems, Inc. – Line of Credit, $ 0 available (SOFR+ 7.0 %, 10.7 % Cash ( 0.3 % Unused Fee), Due 9/2028) (J) 2,950 2,950 2,950 Phoenix Door Systems, Inc. – Term Debt (SOFR+ 11.0 %, 14.7 % Cash, Due 9/2028) (J) 3,200 3,200 3,200 6,150 6,150 Diversified/Conglomerate Services – 5.4 % 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 – 4.6 % Educators Resource, Inc. – Term Debt (SOFR+ 10.5 %, 14.2 % Cash, Due 2/2030) (J) 30,000 30,000 30,000 Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.7 % Brunswick Bowling Products, Inc. – Term Debt (SOFR+ 10.0 %, 13.7 % Cash, Due 3/2029) (J) 17,700 17,700 17,700 Brunswick Bowling Products, Inc. – Term Debt (SOFR+ 10.0 %, 13.7 % Cash, Due 3/2029) (J) 6,850 6,850 6,850 Ginsey Home Solutions, Inc. – Term Debt (SOFR+ 10.0 %, 13.7 % Cash, Due 11/2028) (J) 12,200 12,200 12,200 36,750 36,750 Leisure, Amusement, Motion Pictures, and Entertainment – 2.6 % Schylling, Inc. – Term Debt (SOFR+ 11.0 %, 14.7 % Cash, Due 9/2027) (J) 16,981 16,981 16,981 Oil and Gas – 9.2 % The E3 Company, LLC – Term Debt (SOFR+ 9.0 %, 13.5 % Cash, Due 9/2028) (J) 33,750 33,750 33,750 Rowan Energy Inc. – Term Debt (SOFR+ 9.0 %, 14.5 % Cash, Due 12/2030) (J) 25,790 25,790 25,790 59,540 59,540 Printing and Publishing – 0.5 % Home Concepts Acquisition, Inc. – Term Debt (SOFR+ 9.0 %, 13.0 % Cash, Due 5/2028) (J) 3,000 3,000 3,000 Total Secured First Lien Debt $ 368,906 $ 368,906 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 6 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued) JUNE 30, 2026 (DOLLAR AMOUNTS IN THOUSANDS) (UNAUDITED) Company and Investment (A)(B)(D)(E) Principal/Shares/ Units (F)(H) Cost Fair Value Secured Second Lien Debt – 15.5 % Aerospace and Defense – 4.0 % Galaxy Technologies Holdings, Inc. – Term Debt (SOFR+ 4.1 %, 7.8 % Cash, Due 10/2028) (J) $ 6,900 $ 6,900 $ 6,900 Galaxy Technologies Holdings, Inc. – Term Debt (SOFR+ 7.0 %, 10.7 % Cash, Due 10/2028) (J) 18,796 18,796 18,796 25,696 25,696 Cargo Transport – 0.7 % Diligent Delivery Systems – Term Debt (SOFR+ 9.0 %, 12.7 % Cash, Due 1/2027) (G)(J) 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) (R) 54,644 54,644 54,644 Total Secured Second Lien Debt $ 151,040 $ 100,389 Preferred Equity – 45.5 % Aerospace and Defense – 3.5 % Detroit Defense, Inc. (K) – Preferred Stock (C)(J) 17,388 $ 17,388 $ 1,771 Global GRAB Technologies, Inc. – Preferred Stock (C)(J) 21,100 21,100 21,134 38,488 22,905 Buildings and Real Estate – 4.1 % Dema/Mai Holdings, Inc. – Preferred Stock (C)(J) 21,000 21,000 26,580 Chemicals, Plastics, and Rubber – 1.4 % Smart Chemical Solutions, LLC (K) – Preferred Stock (C)(J) 13,843 13,843 8,929 Diversified/Conglomerate Services – 3.8 % Horizon Facilities Services, Inc. – Preferred Stock (C)(J) 10,080 — — Mason West, LLC – Preferred Stock (C)(J) 11,206 11,206 20,047 Sun State Nursery and Landscaping, LLC – Preferred Stock (C)(J) 3,059 3,059 4,271 14,265 24,318 Healthcare, Education, and Childcare – 1.8 % Educators Resource, Inc. – Preferred Stock (C)(J) 8,560 8,560 11,823 Home and Office Furnishings, Housewares, and Durable Consumer Products – 10.2 % Brunswick Bowling Products, Inc. – Preferred Stock (C)(J) 6,653 6,653 52,374 Ginsey Home Solutions, Inc. – Preferred Stock (C)(J) 19,280 9,583 13,645 16,236 66,019 Leisure, Amusement, Motion Pictures, and Entertainment – 10.8 % Schylling, Inc. – Preferred Stock (C)(J) 4,000 4,000 69,829 Oil and Gas – 9.9 % The E3 Company, LLC – Preferred Stock (C)(J) 11,233 11,233 59,945 Rowan Energy Inc. – Preferred Stock (C)(J) 7,298 7,298 4,065 18,531 64,010 Printing and Publishing – 0.0 % Home Concepts Acquisition, Inc. – Preferred Stock (C)(J) 3,275 3,275 311 Total Preferred Equity $ 138,198 $ 294,724 Common Equity/Equivalents – 27.9 % Aerospace and Defense – 2.0 % Galaxy Technologies Holdings, Inc. – Common Stock (C)(J) 16,957 $ 11,513 $ 12,648 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 7 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued) JUNE 30, 2026 (DOLLAR AMOUNTS IN THOUSANDS) (UNAUDITED) Company and Investment (A)(B)(D)(E) Principal/Shares/ Units (F)(H) Cost Fair Value Cargo Transport – 0.0 % Diligent Delivery Systems – Common Stock Warrants (C)(J) 8 % $ 500 $ — Diversified/Conglomerate Manufacturing – 0.0 % Phoenix Door Systems, Inc. – Common Stock (C)(J) 4,221 1,830 136 Home and Office Furnishings, Housewares, and Durable Consumer Products – 0.0 % Ginsey Home Solutions, Inc. – Common Stock (C)(J) 63,747 8 — Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 25.9 % SFEG Holdings, Inc. – Common Stock (C)(R) 18,721 30,746 167,361 Total Common Equity/Equivalents $ 44,597 $ 180,145 Total Non-Control/Non-Affiliate Investments $ 702,741 $ 944,164 AFFILIATE INVESTMENTS (M) – 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) (J) $ 22,000 $ 22,000 $ 22,000 J.R. Hobbs Co. - Atlanta, LLC – Term Debt (SOFR+ 6.0 %, 10.0 % Cash, Due 9/2030) (J) 20,000 20,000 20,000 The Maids International, LLC – Term Debt (SOFR+ 10.5 %, 14.2 % Cash, Due 3/2028) (J) 28,560 28,560 28,560 70,560 70,560 Electronics – 7.4 % Nielsen-Kellerman Acquisition Corp. (K) – Term Debt (SOFR+ 8.5 %, 13.5 % Cash, Due 12/2029) (J) 48,082 48,082 48,082 Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.9 % Old World Christmas, Inc. – Term Debt (SOFR+ 9.5 %, 13.2 % Cash, Due 12/2028) (J) 38,000 38,000 38,000 Leisure, Amusement, Motion Pictures, and Entertainment – 3.1 % Pyrotek Special Effects, Inc. (P) – Term Debt (SOFR+ 8.0 %, 13.0 % Cash, Due 11/2029) (J) 20,120 20,120 20,120 Mining, Steel, Iron and Non-Precious Metals – 1.7 % UPB Acquisition, Inc. – Term Debt (SOFR+ 10.0 %, 13.7 % Cash, Due 7/2028) (J) 11,000 11,000 11,000 Telecommunications – 1.1 % B+T Group Acquisition, Inc. (K) – Line of Credit, $ 0 available (SOFR+ 2.0 %, 7.0 % Cash, Due 12/2026) (G)(J) 3,080 3,080 3,080 B+T Group Acquisition, Inc. (K) – Line of Credit, $ 0 available (SOFR+ 2.0 %, 7.0 % Cash, Due 12/2026) (G)(J) 1,050 1,050 1,050 B+T Group Acquisition, Inc. (K) – Term Debt (SOFR+ 2.0 %, 7.0 % Cash, Due 12/2026) (G)(J) 14,000 14,000 3,329 18,130 7,459 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) 400 400 400 2,400 2,400 Total Secured Second Lien Debt $ 2,400 $ 2,400 Preferred Equity – 20.9 % Chemicals, Plastics, and Rubber – 0.9 % PSI Molded Plastics, Inc. – Preferred Stock (C)(J) 428,773 $ 46,746 $ 5,510 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 8 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued) JUNE 30, 2026 (DOLLAR AMOUNTS IN THOUSANDS) (UNAUDITED) Company and Investment (A)(B)(D)(E) Principal/Shares/ Units (F)(H) Cost Fair Value Diversified/Conglomerate Services – 7.5 % ImageWorks Display and Marketing Group, Inc. – Preferred Stock (C)(J) 67,490 $ 6,749 $ 33,537 J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock (C)(J) 10,920 10,920 10,183 The Maids International, LLC – Preferred Stock (C)(J) 6,640 6,640 4,899 24,309 48,619 Electronics – 2.3 % Nielsen-Kellerman Acquisition Corp. (K) – Preferred Stock (C)(J) 22,169 22,169 14,886 Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.0 % Old World Christmas, Inc. – Preferred Stock (C)(J) 6,180 — 32,577 Leisure, Amusement, Motion Pictures, and Entertainment – 0.6 % Pyrotek Special Effects, Inc. (P) – Preferred Stock (C)(J) 7,060 7,060 3,620 Mining, Steel, Iron and Non-Precious Metals – 4.6 % UPB Acquisition, Inc. – Preferred Stock (C)(J) 6,000 6,000 29,574 Telecommunications – 0.0 % B+T Group Acquisition, Inc. (K) – Preferred Stock (C)(J) 14,304 4,722 — Total Preferred Equity $ 111,006 $ 134,786 Common Equity/Equivalents – 0.8 % Finance – 0.8 % Gladstone Alternative Income Fund – Common Equity (C)(O) 500,000 $ 5,000 $ 4,945 Telecommunications – 0.0 % B+T Group Acquisition, Inc. (K) – Common Stock Warrants (C)(J) 3.5 % — — Total Common Equity/Equivalents $ 5,000 $ 4,945 Total Affiliate Investments $ 324,298 $ 337,352 CONTROL INVESTMENTS (N) – 0.1 % Secured First Lien Debt – 0.1 % Diversified/Conglomerate Manufacturing – 0.1 % Edge Adhesives Holdings, Inc. (K) – Term Debt (SOFR+ 5.5 %, 9.2 % Cash, Due 8/2026) (G)(J) $ 9,210 $ 9,210 $ 504 Total Secured First Lien Debt $ 9,210 $ 504 Preferred Equity – 0.0 % Diversified/Conglomerate Manufacturing – 0.0 % Edge Adhesives Holdings, Inc. (K) – Preferred Stock (C)(J) 8,199 $ 8,199 $ — Total Preferred Equity $ 8,199 $ — Total Control Investments $ 17,409 $ 504 TOTAL INVESTMENTS – 198.2 % $ 1,044,448 $ 1,282,020 CASH EQUIVALENTS - 0.0 % Dreyfus Treasury Obligations Cash Management Fund ( 3.29 % market yield) (Q) 25 $ 25 $ 25 Total Cash Equivalents $ 25 $ 25 TOTAL INVESTMENTS AND CASH EQUIVALENTS - 198.2 % $ 1,044,473 $ 1,282,045 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 9 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued) JUNE 30, 2026 (DOLLAR AMOUNTS IN THOUSANDS) (UNAUDITED) (A) Certain of the securities listed are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, 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 . Additionally, under Section 55 of the Investment Company Act of 1940, as amended (the "1940 Act"), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70 % of our total assets. As of June 30, 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 2.2 % 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. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or the reference rate plus a spread. Due dates represent the contractual maturity date. (C) Security is non-income producing . (D) Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of June 30, 2026. (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 Measurement" ("ASC 820") fair value hierarchy. Refer to Note 3 — Investments in the accompanying Notes to Consolidated Financial Statements for additional information. (F) Where applicable, aggregates all shares of a class of stock owned without regard to specific series owned within such class (some series of which may or may not be voting shares) or aggregates all warrants to purchase shares of a class of stock owned without regard to specific series of such class of stock such warrants allow us to purchase. (G) Debt security is on non-accrual status. (H) Represents the principal balance, presented in thousands, for debt investments, the cash balance, presented in thousands, for cash equivalents, and the number of shares/units held for equity investments. Warrants are represented as a percentage of ownership, as applicable. (I) Reserved. (J) Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3 — Investments in the accompanying Notes to Consolidated Financial Statements for additional information. (K) One or more of our affiliated funds, Gladstone Capital Corporation and Gladstone Alternative, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission. (L) Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities. (M) Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities. (N) Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. (O) Fair value was based on net asset value provided by the underlying fund as a practical expedient. (P) This portfolio company is headquartered in Ontario, Canada. (Q) 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. 10 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2026 (DOLLAR AMOUNTS IN THOUSANDS) Company and Investment (A)(B)(D)(E) Principal/Shares/ Units (F)(H) Cost Fair Value NON-CONTROL/NON-AFFILIATE INVESTMENTS (L) – 147.2 % Secured First Lien Debt – 56.0 % Aerospace and Defense – 16.1 % 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 % Dema/Mai Holdings, Inc. – Term Debt (SOFR+ 11.0 %, 14.7 % Cash, Due 7/2027) (J) 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 % Phoenix Door Systems, Inc. – Line of Credit, $ 0 available (SOFR+ 7.0 %, 10.7 % Cash ( 0.3 % Unused Fee), Due 9/2026) (J) 2,950 2,950 2,950 Phoenix Door Systems, Inc. – Term Debt (SOFR+ 11.0 %, 14.7 % Cash, Due 9/2026) (J) 3,200 3,200 3,200 6,150 6,150 Diversified/Conglomerate Services – 5.2 % 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 % Educators Resource, Inc. – Term Debt (SOFR+ 10.5 %, 14.2 % Cash, Due 2/2030) (J) 30,000 30,000 30,000 Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.5 % Brunswick Bowling Products, Inc. – Term Debt (SOFR+ 10.0 %, 13.7 % Cash, Due 3/2029) (J) 17,700 17,700 17,700 Brunswick Bowling Products, Inc. – Term Debt (SOFR+ 10.0 %, 13.7 % Cash, Due 3/2029) (J) 6,850 6,850 6,850 Ginsey Home Solutions, Inc. – Term Debt (SOFR+ 10.0 %, 13.7 % Cash, Due 11/2028) (J) 12,200 12,200 12,200 36,750 36,750 Leisure, Amusement, Motion Pictures, and Entertainment – 2.5 % Schylling, Inc. – Term Debt (SOFR+ 11.0 %, 14.7 % Cash, Due 9/2027) (J) 16,981 16,981 16,981 Oil and Gas – 9.0 % The E3 Company, LLC – Term Debt (SOFR+ 9.0 %, 13.5 % Cash, Due 9/2028) (J) 33,750 33,750 33,750 Rowan Energy Inc. – Term Debt (SOFR+ 9.0 %, 14.5 % Cash, Due 12/2030) (J) 25,790 25,790 25,790 59,540 59,540 Printing and Publishing – 1.3 % Home Concepts Acquisition, Inc. – Term Debt (SOFR+ 9.0 %, 13.0 % Cash, Due 5/2028) (J) 12,000 12,000 8,379 Total Secured First Lien Debt $ 377,906 $ 374,285 Secured Second Lien Debt – 14.6 % Aerospace and Defense – 3.8 % Galaxy Technologies Holdings, Inc. – Term Debt (SOFR+ 4.1 %, 7.8 % Cash, Due 10/2028) (J) $ 6,900 $ 6,900 $ 6,900 Galaxy Technologies Holdings, Inc. – Term Debt (SOFR+ 7.0 %, 10.7 % Cash, Due 10/2028) (J) 18,796 18,796 18,796 25,696 25,696 Cargo Transport – 0.1 % Diligent Delivery Systems – Term Debt (SOFR+ 9.0 %, 12.7 % Cash, Due 1/2027) (G)(J) 13,000 13,000 512 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 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 11 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2026 (DOLLAR AMOUNTS IN THOUSANDS) Company and Investment (A)(B)(D)(E) Principal/Shares/ Units (F)(H) 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 % 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 % Dema/Mai Holdings, Inc. – Preferred Stock (C)(J) 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 % Horizon Facilities Services, Inc. – Preferred Stock (C)(J) 10,080 — — Mason West, LLC – Preferred Stock (C)(J) 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 % Educators Resource, Inc. – Preferred Stock (C)(J) 8,560 8,560 11,630 Home and Office Furnishings, Housewares, and Durable Consumer Products – 9.3 % Brunswick Bowling Products, Inc. – Preferred Stock (C)(J) 6,653 6,653 49,815 Ginsey Home Solutions, Inc. – Preferred Stock (C)(J) 19,280 9,583 12,258 16,236 62,073 Leisure, Amusement, Motion Pictures, and Entertainment – 9.9 % Schylling, Inc. – Preferred Stock (C)(J) 4,000 4,000 66,403 Oil and Gas – 9.9 % The E3 Company, LLC – Preferred Stock (C)(J) 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 % Home Concepts Acquisition, Inc. – Preferred Stock (C)(J) 3,275 3,275 — Total Preferred Equity $ 138,198 $ 304,782 Common Equity/Equivalents – 31.0 % Aerospace and Defense – 0.5 % Galaxy Technologies Holdings, Inc. – Common Stock (C)(J) 16,957 $ 11,513 $ 3,447 Cargo Transport – 0.0 % Diligent Delivery Systems – Common Stock Warrants (C)(J) 8 % 500 — Diversified/Conglomerate Manufacturing– 0.0 % Phoenix Door Systems, Inc. – Common Stock (C)(J) 4,221 1,830 — Home and Office Furnishings, Housewares, and Durable Consumer Products – 0.0 % Ginsey Home Solutions, Inc. – Common Stock (C)(J) 63,747 8 — THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 12 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2026 (DOLLAR AMOUNTS IN THOUSANDS) Company and Investment (A)(B)(D)(E) Principal/Shares/ Units (F)(H) 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 % Secured First Lien Debt – 29.4 % Diversified/Conglomerate Services – 10.6 % ImageWorks Display and Marketing Group, Inc. – Term Debt (SOFR+ 11.0 %, 14.7 % Cash, Due 11/2028) (J) $ 22,000 $ 22,000 $ 22,000 J.R. Hobbs Co. - Atlanta, LLC – Term Debt (SOFR+ 6.0 %, 10.0 % Cash, Due 9/2030) (J) 20,000 20,000 20,000 The Maids International, LLC – Term Debt (SOFR+ 10.5 %, 14.2 % Cash, Due 3/2028) (J) 28,560 28,560 28,560 70,560 70,560 Electronics – 7.2 % Nielsen-Kellerman Acquisition Corp. (K) – Term Debt (SOFR+ 8.5 %, 13.5 % Cash, Due 12/2029) (J) 48,082 48,082 48,082 Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.7 % Old World Christmas, Inc. – Term Debt (SOFR+ 9.5 %, 13.2 % Cash, Due 12/2028) (J) 38,000 38,000 38,000 Leisure, Amusement, Motion Pictures, and Entertainment – 3.0 % Pyrotek Special Effects, Inc. (P) – Term Debt (SOFR+ 8.0 %, 13.0 % Cash, Due 11/2029) (J) 20,120 20,120 20,120 Mining, Steel, Iron and Non-Precious Metals – 1.6 % UPB Acquisition, Inc. – Term Debt (SOFR+ 10.0 %, 13.7 % Cash, Due 7/2028) (J) 11,000 11,000 11,000 Telecommunications – 1.3 % B+T Group Acquisition, Inc. (K) – Line of Credit, $ 0 available (SOFR+ 2.0 %, 7.0 % Cash, Due 12/2026) (G)(J) 3,080 3,080 3,080 B+T Group Acquisition, Inc. (K) – Line of Credit, $ 0 available (SOFR+ 2.0 %, 7.0 % Cash, Due 12/2026) (G)(J) 1,050 1,050 1,050 B+T Group Acquisition, Inc. (K) – Term Debt (SOFR+ 2.0 %, 7.0 % Cash, Due 12/2026) (G)(J) 14,000 14,000 3,812 18,130 7,942 Total Secured First Lien Debt $ 205,892 $ 195,704 Secured Second Lien Debt – 0.3 % Chemicals, Plastics, and Rubber – 0.3 % PSI Molded Plastics, Inc. – 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) 400 400 400 Total Secured Second Lien Debt $ 1,800 $ 1,800 Preferred Equity – 18.2 % Chemicals, Plastics, and Rubber – 0.7 % PSI Molded Plastics, Inc. – Preferred Stock (C)(J) 428,773 $ 46,746 $ 4,928 Diversified/Conglomerate Services – 6.6 % ImageWorks Display and Marketing Group, Inc. – Preferred Stock (C)(J) 67,490 6,749 30,453 J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock (C)(J) 10,920 10,920 9,236 The Maids International, LLC – Preferred Stock (C)(J) 6,640 6,640 4,631 24,309 44,320 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 13 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2026 (DOLLAR AMOUNTS IN THOUSANDS) Company and Investment (A)(B)(D)(E) Principal/Shares/ Units (F)(H) 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 % Old World Christmas, Inc. – Preferred Stock (C)(J) 6,180 — 29,730 Leisure, Amusement, Motion Pictures, and Entertainment – 0.3 % Pyrotek Special Effects, Inc. (P) – Preferred Stock (C)(J) 7,060 7,060 1,835 Mining, Steel, Iron and Non-Precious Metals – 4.0 % UPB Acquisition, Inc. - Preferred Stock (C)(J) 6,000 6,000 26,713 Telecommunications – 0.0 % B+T Group Acquisition, Inc. (K) – Preferred Stock (C)(J) 14,304 4,722 — Total Preferred Equity $ 111,006 $ 122,167 Common Equity/Equivalents – 0.7 % Finance – 0.7 % Gladstone Alternative Income Fund – Common Equity (C)(O) 500,000 $ 5,000 $ 5,005 Telecommunications – 0.0 % B+T Group Acquisition, Inc. (K) – Common Stock Warrants (C)(J) 3.5 % — — Total Common Equity/Equivalents $ 5,000 $ 5,005 Total Affiliate Investments $ 323,698 $ 324,676 CONTROL INVESTMENTS (N) – 0.1 % Secured First Lien Debt – 0.1 % Diversified/Conglomerate Manufacturing – 0.1 % Edge Adhesives Holdings, Inc. (K) – Term Debt (SOFR+ 5.5 %, 9.2 % Cash, Due 8/2026) (G)(J) $ 9,210 $ 9,210 $ 613 Total Secured First Lien Debt $ 9,210 $ 613 Preferred Equity – 0.0 % Diversified/Conglomerate Manufacturing – 0.0 % Edge Adhesives Holdings, Inc. (K) – Preferred Stock (C)(J) 8,199 $ 8,199 $ — Total Preferred Equity $ 8,199 $ — Total Control Investments $ 17,409 $ 613 TOTAL INVESTMENTS – 195.9 % (R) $ 1,052,848 $ 1,309,248 CASH EQUIVALENTS - 0.0 % Dreyfus Treasury Obligations Cash Management Fund ( 3.30 % market yield) (S) 25 $ 25 $ 25 Total Cash Equivalents $ 25 $ 25 TOTAL INVESTMENTS AND CASH EQUIVALENTS - 195.9 % $ 1,052,873 $ 1,309,273 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 14 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2026 (DOLLAR AMOUNTS IN THOUSANDS) (A) Certain of the securities listed are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $ 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. As of March 31, 2026, our investments in Pyrotek and Gladstone Alternative are considered non-qualifying assets under Section 55 of the 1940 Act. Such non-qualifying assets represent 2.1 % of total investments, at fair value, as of March 31, 2026. (B) Unless indicated otherwise, all cash interest rates are indexed to 30-day SOFR, which was 3.7 % as of March 31, 2026. If applicable, paid-in-kind interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or the reference rate plus a spread. Due dates represent the contractual maturity date. (C) Security is non-income producing. (D) Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of March 31, 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) Debt security is on non-accrual status. (H) Represents the principal balance, presented in thousands, for debt investments, the cash balance, presented in thousands, for cash equivalents, and the number of shares/units held for equity investments. Warrants are represented as a percentage of ownership, as applicable. (I) Reserved. (J) Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3 — Investments in the accompanying Notes to Consolidated Financial Statements for additional information. (K) One or more of our affiliated funds, Gladstone Capital Corporation and Gladstone Alternative, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission. (L) Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities. (M) Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities. (N) Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. (O) Fair value was based on net asset value provided by the underlying fund as a practical expedient. (P) This portfolio company is headquartered in Ontario, Canada. (Q) The portfolio company changed its name from Ricardo Defense, Inc. to Detroit Defense, Inc. during the 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 $ 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. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 15 Table of Contents GLADSTONE INVESTMENT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2026 (DOLLAR AMOUNTS IN TABLES IN THOUSANDS, EXCEPT PER SHARE DATA AND AS OTHERWISE INDICATED) (UNAUDITED) NOTE 1. ORGANIZATION Gladstone Investment Corporation (“Gladstone Investment”) was incorporated under the General Corporation Law of the State of Delaware on February 18, 2005, and completed an initial public offering on June 22, 2005. The terms “the Company,” “we,” “our” and “us” all refer to Gladstone Investment and its consolidated subsidiary. We are an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and are applying the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies” (“ASC 946”). In addition, we have elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). We were established for the purpose of investing in debt and equity securities of established private businesses in the United States (“U.S.”). Debt investments primarily take the form of two types of loans: secured first lien loans and secured second lien loans. Equity investments primarily take the form of preferred or common equity (or warrants or options to acquire the foregoing), often in connection with buyouts and other recapitalizations. Our investment objectives are to: (i) achieve and grow current income by investing in debt securities of established businesses that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness and make distributions to stockholders that grow over time, and (ii) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities of established businesses, generally in combination with the aforementioned debt securities, that we believe can grow over time to permit us to sell our equity investments for capital gains. We intend that our investment portfolio over time will consist of approximately 70 % in debt investments and 30 % 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. The financial statements of Business Investment are consolidated with those of Gladstone Investment. We are externally managed by Gladstone Management Corporation (the “Adviser”), an affiliate of ours and a U.S. Securities and Exchange Commission (“SEC”) registered investment adviser, pursuant to an investment advisory and management agreement (the “Advisory Agreement”). Administrative services are provided by Gladstone Administration, LLC (the “Administrator”), an affiliate of ours and the Adviser, pursuant to an administration agreement (the “Administration Agreement”). Refer to Note 4 — Related Party Transactions for more information regarding these arrangements. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Unaudited Interim Financial Statements and Basis of Presentation We prepare our interim financial statements in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of SEC Regulation S-X. Accordingly, we have not included in this quarterly report all of the information and notes required by GAAP for annual financial statements. The accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. In accordance with Article 6 of Regulation S-X, we do not consolidate portfolio company investments. Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. In our opinion, all adjustments, consisting solely of normal recurring accruals, necessary for the fair statement of financial statements for the interim periods have been included. The results of operations for the three months ended June 30, 2026 are not necessarily indicative of results that ultimately may be achieved for the fiscal year ending March 31, 16 Table of Contents 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. Use of Estimates Preparing financial statements requires management to make estimates and assumptions that affect the amounts reported in our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements . Actual results may differ from those estimates. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation in the Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements . Reclassifications did not impact net increase (decrease) in net assets resulting from operations, total assets, total liabilities or total net assets, or Consolidated Statements of Changes in Net Assets and Consolidated Statements of Cash Flows classifications. Cash and Cash Equivalents We consider all short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value. We place our cash with financial institutions, and at times, cash 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 June 30, 2026 As of March 31, 2026 Cash $ 1,599 $ 1,132 Cash equivalents 25 25 Restricted cash 1,969 1,228 Total cash, cash equivalents and restricted cash $ 3,593 $ 2,385 Investment Valuation Policy Accounting Recognition 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. Realized gains or losses are generally measured by the difference between the net proceeds from the repayment or sale and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Unrealized appreciation or depreciation primarily reflects the change in investment fair values, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Board Responsibility Our board of directors (the “Board of Directors”) has approved investment valuation policies and procedures pursuant to Rule 2a-5 under the 1940 Act (the “Policy”) and designated the Adviser to serve as the Board of Directors’ valuation designee ("Valuation Designee") under the 1940 Act. In accordance with the 1940 Act, our Board of Directors has the ultimate responsibility for reviewing the good faith fair value determination of our investments for which market quotations are not readily available based on our Policy and for overseeing the Valuation Designee. Such review and oversight includes receiving written fair value determinations and supporting materials provided by the Valuation Designee and with the oversight by the Company's chief valuation officer 17 Table of Contents (collectively, the “Valuation Team”). The Valuation Committee of our Board of Directors (comprised entirely of independent directors) meets to review the valuation determinations and supporting materials, discusses the information provided by the Valuation Team, determines whether the Valuation Team has followed the Policy, and reviews other facts and circumstances, including current valuation risks, conflicts of interest, material valuation matters, appropriateness of valuation methodologies, back-testing results, price challenges/overrides, and ongoing monitoring and oversight of pricing services. After the Valuation Committee concludes its meeting, it and the chief valuation officer, representing the Valuation Designee, present the Valuation Committee’s findings on the Valuation Designee's determinations to the entire Board of Directors so that the full Board of Directors may review the Valuation Designee's determined fair values of such investments in accordance with the Policy. There is no single standard for determining fair value (especially for privately-held businesses), as fair value depends upon the specific facts and circumstances of each individual investment. In determining the fair value of our investments, the Valuation Team, led by the chief valuation officer, uses the Policy, and each quarter the Valuation Committee and Board of Directors review the Policy to determine if changes thereto are advisable and whether the Valuation Team has applied the Policy consistently. Use of Third-Party Valuation Firms The Valuation Team engages third-party valuation firms to provide independent assessments of fair value of certain of our investments. A third-party valuation firm generally provides estimates of fair value on our debt investments. The Valuation Team generally assigns the third-party valuation firm’s estimates of fair value to our debt investments where we do not have the ability to effectuate a sale of the applicable portfolio company. The Valuation Team corroborates the third-party valuation firm’s estimates of fair value using one or more of the valuation techniques discussed below. The Valuation Team’s estimate of value on a specific debt investment may significantly differ from the third-party valuation firm’s. When this occurs, our Valuation Committee and Board of Directors review whether the Valuation Team has followed the Policy and the Valuation Committee reviews whether the Valuation Designee’s determined fair value is reasonable in light of the Policy and other relevant facts and circumstances. We may engage other independent valuation firms to provide earnings multiple ranges, as well as other information, and evaluate such information for incorporation into the total enterprise value (“TEV”) of certain of our investments. Generally, at least once per year, we engage an independent valuation firm to value or review the valuation of each of our significant equity investments, which includes providing the information noted above. The Valuation Team evaluates such information for incorporation into our TEV, including review of all inputs provided by the independent valuation firm. The Valuation Team then presents a determination to our Valuation Committee as to the fair value. Our Valuation Committee reviews the determined fair value and whether it is reasonable in light of the Policy and other relevant facts and circumstances. Valuation Techniques In accordance with ASC 820, the Valuation Team uses the following techniques when valuing our investment portfolio: • Total Enterprise Value — In determining the fair value using a TEV, the Valuation Team first calculates the TEV of the portfolio company by incorporating some or all of the following factors: the portfolio company’s ability to make payments and other specific portfolio company attributes; the earnings of the portfolio company (the trailing or projected twelve month revenue or earnings before interest, taxes, depreciation and amortization (“EBITDA”)); EBITDA multiples obtained from our indexing methodology whereby the original transaction EBITDA multiple at the time of our closing is indexed to a general subset of comparable disclosed transactions and EBITDA multiples from recent sales to third parties of similar securities in similar industries; a comparison to publicly traded securities in similar industries; and other pertinent factors. The Valuation Team generally reviews industry statistics and may use outside experts when gathering this information. Once the TEV is determined for a portfolio company, the Valuation Team generally allocates the TEV to the portfolio company’s securities based on the facts and circumstances of the securities, which typically results in the allocation of fair value to securities based on the order of their relative priority in the capital structure. Generally, the Valuation Team uses TEV to value our equity investments and, in the circumstances where we have the ability to effectuate a sale of a portfolio company, our debt investments. When there is equity value or sufficient TEV to cover the principal balance of our debt securities, the fair value of our senior secured debt generally equals or approximates cost. 18 Table of Contents TEV is primarily calculated using EBITDA and EBITDA multiples; however, TEV may also be calculated using revenue and revenue multiples or a discounted cash flow (“DCF”) analysis whereby future expected cash flows of the portfolio company are discounted to determine a net present value using estimated risk-adjusted discount rates, which incorporate adjustments for nonperformance and liquidity risks. • Yield Analysis — The Valuation Team generally determines the fair value of our debt investments for which we do not have the ability to effectuate a sale of the applicable portfolio company using the yield analysis, which includes a DCF calculation and assumptions that the Valuation Team believes market participants would use, including: estimated remaining life, current market yield, current leverage, and interest rate spreads. This technique develops a modified discount rate that incorporates risk premiums including, among other things, increased probability of default, increased loss upon default, and increased liquidity risk. Generally, the Valuation Team uses the yield analysis to corroborate both estimates of value provided by a third-party valuation firm and market quotes. • Market Quotes — For our investments for which a limited market exists, we generally base fair value on readily available and reliable market quotations, which are corroborated by the Valuation Team (generally by using the yield analysis described above). In addition, the Valuation Team assesses trading activity for similar investments and evaluates variances in quotations and other market insights to determine if any available quoted prices are reliable. Typically, the Valuation Team uses the lower indicative bid price in the bid-to-ask price range obtained from the respective originating syndication agent’s trading desk on or near the valuation date. The Valuation Team may take further steps to consider additional information to validate that price in accordance with the Policy. For securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date. For restricted securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date less a discount for the restriction, which includes consideration of the nature and term to expiration of the restriction and the lack of marketability of the security. • Investments in Funds — For equity investments in other funds for which we cannot effectuate a sale of the fund, the Valuation Team generally determines the fair value of our invested capital at the net asset value (“NAV”) provided by the fund. ASC 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. In addition to the valuation techniques listed above, the Valuation Team may also consider other factors when determining the fair value of our investments, including: the nature and realizable value of the collateral, including external parties’ guaranties, any relevant offers or letters of intent to acquire the portfolio company, timing of expected loan repayments, and the markets in which the portfolio company operates. Fair value measurements of our investments may involve subjective judgments and estimates and, due to the uncertainty inherent in valuing these securities, the determinations of fair value may fluctuate from period to period and may differ materially from the values that could be obtained if a ready market for these securities existed. Our NAV could be materially affected if the determinations regarding the fair value of our investments are materially different from the values that we ultimately realize upon our disposal of such securities. Additionally, changes in the market environment and other events that may occur over the life of the investment may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which it is recorded. Refer to Note 3 — Investments for additional information regarding fair value measurements and our application of ASC 820. Revenue Recognition Interest Income Recognition Interest income, adjusted for amortization of premiums, amendment fees and acquisition costs and the accretion of discounts, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when a 19 Table of Contents loan becomes 90 days or more past due, or if our qualitative assessment indicates that the debtor is unable to service its debt or other obligations, we will place the loan on non-accrual status and cease recognizing interest income on that loan until the borrower has demonstrated the ability and intent to pay contractual amounts due. However, we remain contractually entitled to this interest. Interest payments received on non-accrual loans may be recognized as income or applied to the cost basis, depending upon management’s judgment. Generally, non-accrual loans are restored to accrual status when past-due principal and interest are paid and, in management’s judgment, are likely to remain current, or, due to a restructuring, the interest income is deemed to be collectible. As of 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, 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 June 30, 2026 and March 31, 2026, we did not have any loans with a PIK interest component. Success Fee Income Recognition We record success fees as income when earned, which often occurs upon receipt of cash. Success fees are generally contractually due upon a change of control in a portfolio company, typically resulting from an exit or sale, and are non-recurring. Dividend Income Recognition We accrue dividend income on preferred and common equity securities to the extent that such amounts are expected to be collected and if we have the option to collect such amounts in cash or other consideration. Related Party Fees We are party to the Advisory Agreement with the Adviser, which is indirectly owned by our chairman. 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, whereby we pay separately for administrative services. Refer to Note 4 — Related Party Transactions for additional information regarding these related party fees and agreements. Segment Reporting In November 2023, the FASB issued Accounting Standards Update 2023-07, “Segment Reporting - Improvements to Reportable Segment Disclosures” ("ASU 2023-07") to improve reportable segments disclosure requirements. ASU 2023-07 requires existing annual segment disclosures to also be disclosed on an interim basis and also requires additional disclosures around significant segment expenses and disclosures to identify the title and position of the chief operating decision maker (“CODM”). The standard is effective for fiscal years beginning after December 15, 2023, and interim periods thereafter. We adopted ASU 2023-07 as of March 31, 2025. Our current business strategy includes one reporting segment which derives investment income from our portfolio companies. Our CODM is our Chief Executive Officer. The CODM assesses performance based on net investment income, net realized and unrealized gains (losses) and net increase (decrease) in net assets resulting from operations, which are reported on the Consolidated Statement of Operations . The expense categories included on the Consolidated Statement of Operations reflect our significant expense categories and are provided to the CODM on a regular basis. 20 Table of Contents Recent Accounting Pronouncements In December 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. NOTE 3. INVESTMENTS Fair Value In accordance with ASC 820, the fair value of our investments is determined to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between willing market participants on the measurement date. This fair value definition focuses on exit price in the principal, or most advantageous, market and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. ASC 820 also establishes the following three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of a financial instrument as of the measurement date. • Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical financial instruments in active markets; • Level 2 — inputs to the valuation methodology include quoted prices for similar financial instruments in active or inactive markets, and inputs that are observable for the financial instrument, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists, or instances where prices vary substantially over time or among brokered market makers; and • Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs are those inputs that reflect assumptions that market participants would use when pricing the financial instrument and can include the Valuation Team’s assumptions based upon the best available information. When a determination is made to classify our investments within Level 3 of the valuation hierarchy, such determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable, or Level 3, inputs, observable inputs (or components that are actively quoted and can be validated to external sources). The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. Investments in funds measured using NAV as a practical expedient are not categorized within the fair value hierarchy. 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 months ended June 30, 2026 and 2025. 21 Table of Contents 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 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value As of June 30, 2026: Secured first lien debt $ — $ — $ 564,631 $ 564,631 Secured second lien debt — — 102,789 102,789 Preferred equity — — 429,510 429,510 Common equity/equivalents — — 180,145 180,145 Total $ — $ — $ 1,277,075 $ 1,277,075 Investments measured at NAV (A) — — — 4,945 Total Investments $ — $ — $ 1,277,075 $ 1,282,020 Cash equivalents 25 — — 25 Total Investments and Cash Equivalents as of June 30, 2026 $ 25 $ — $ 1,277,075 $ 1,282,045 Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value As of March 31, 2026: Secured first lien debt $ — $ — $ 570,602 $ 570,602 Secured second lien debt — — 99,197 99,197 Preferred equity — — 426,949 426,949 Common equity/equivalents — — 207,495 207,495 Total $ — $ — $ 1,304,243 $ 1,304,243 Investments measured at NAV (A) — — — 5,005 Total Investments $ — $ — $ 1,304,243 $ 1,309,248 Cash equivalents 25 — — 25 Total Investments and Cash Equivalents as of March 31, 2026 $ 25 $ — $ 1,304,243 $ 1,309,273 (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. 22 Table of Contents The following table presents our investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy, and carried at fair value as of 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 Reported in Consolidated Statements of Assets and Liabilities Valued Using Level 3 Inputs June 30, 2026 March 31, 2026 Non-Control/Non-Affiliate Investments Secured first lien debt $ 368,906 $ 374,285 Secured second lien debt 100,389 97,397 Preferred equity 294,724 304,782 Common equity/equivalents 180,145 207,495 Total Non-Control/Non-Affiliate Investments 944,164 983,959 Affiliate Investments Secured first lien debt 195,221 195,704 Secured second lien debt 2,400 1,800 Preferred equity 134,786 122,167 Common equity/equivalents (A) — — Total Affiliate Investments 332,407 319,671 Control Investments Secured first lien debt 504 613 Secured second lien debt — — Preferred equity — — Common equity/equivalents — — Total Control Investments 504 613 Total investments at fair value using Level 3 inputs $ 1,277,075 $ 1,304,243 (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. 23 Table of Contents In accordance with ASC 820, the following table provides quantitative information about our investments valued using Level 3 fair value measurements as of 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. Significant level 3 inputs were weighted by the relative fair value of the investments. Quantitative Information about Level 3 Fair Value Measurements Fair Value as of Valuation Technique/ Methodology Unobservable Input Range / Weighted-Average as of June 30, 2026 March 31, 2026 June 30, 2026 March 31, 2026 Secured first lien debt $ 564,631 $ 570,602 TEV EBITDA multiple 3.8 x – 9.0 x / 6.5 x 3.6 x – 8.7 x / 6.4 x EBITDA $ 367 – $ 39,298 / $ 11,867 $ 430 – $ 28,973 / $ 11,991 Revenue multiple 0.4 x – 0.6 x / 0.4 x 0.3 x – 0.6 x / 0.5 x Revenue $ 20,670 – $ 92,487 / $ 72,978 $ 21,768 – $ 99,974 / $ 62,789 Secured second lien debt 102,789 99,197 TEV EBITDA multiple 5.2 x – 9.2 x / 7.9 x 5.0 x – 10.3 x / 7.6 x EBITDA $ 3,177 – $ 51,487 / $ 30,610 $ 3,000 – $ 44,315 / $ 19,510 Preferred equity 429,510 426,949 TEV EBITDA multiple 3.8 x – 9.0 x / 6.2 x 3.6 x – 8.7 x / 6.4 x EBITDA $ 367 – $ 39,298 / $ 18,946 $ 430 – $ 28,973 / $ 9,870 Revenue multiple 0.4 x – 0.6 x / 0.4 x 0.3 x – 0.6 x / 0.4 x Revenue $ 20,670 – $ 92,487 / $ 92,487 $ 21,768 – $ 99,974 / $ 76,364 Common equity/ equivalents 180,145 207,495 TEV EBITDA multiple 5.0 x – 9.2 x / 9.0 x 5.0 x – 10.3 x / 9.0 x EBITDA $ 1,647 – $ 51,487 / $ 48,426 $ 1,210 – $ 44,315 / $ 32,353 Total $ 1,277,075 $ 1,304,243 Fair value measurements can be sensitive to changes in one or more of the valuation inputs. Changes in discount rates, EBITDA or EBITDA multiples (or revenue or revenue multiples), each in isolation, may change the fair value of certain of our investments. Generally, an increase/(decrease) in market yields or discount rates or a (decrease)/increase in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a (decrease)/increase in the fair value of certain of our investments. 24 Table of Contents Changes in Level 3 Fair Value Measurements of Investments The following tables provide our portfolio’s changes in fair value, broken out by security type, during the three 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) Secured First Lien Debt Secured Second Lien Debt Preferred Equity Common Equity/ Equivalents Total Three Months Ended June 30, 2026: Fair value as of March 31, 2026 $ 570,602 $ 99,197 $ 426,949 $ 207,495 $ 1,304,243 Total gain (loss): Net realized gain (loss) (A) ( 9,000 ) — — — ( 9,000 ) Net unrealized (depreciation) appreciation (B) ( 592 ) 2,992 2,561 ( 27,350 ) ( 22,389 ) Reversal of previously recorded depreciation upon realization (B) 3,621 — — — 3,621 New investments, repayments and settlements (C): Issuances / originations — 600 — — 600 Settlements / repayments — — — — — Sales — — — — — Transfers — — — — — Fair value as of June 30, 2026 $ 564,631 $ 102,789 $ 429,510 $ 180,145 $ 1,277,075 Change in unrealized (depreciation) appreciation attributable to investments still held at June 30, 2026 $ ( 592 ) $ 2,992 $ 2,561 $ ( 27,350 ) $ ( 22,389 ) Secured First Lien Debt Secured Second Lien Debt Preferred Equity Common Equity/ Equivalents Total Three Months Ended June 30, 2025: Fair value as of March 31, 2025 $ 514,334 $ 103,580 $ 302,163 $ 54,268 $ 974,345 Total gain (loss): Net realized gain (loss) (A) — — — — — Net unrealized (depreciation) appreciation (B) 1,152 376 ( 3,683 ) 1,073 ( 1,082 ) Reversal of previously recorded (appreciation) depreciation upon realization (B) — — — — — New investments, repayments and settlements (C) : Issuances / originations 45,941 — 16,901 — 62,842 Settlements / repayments ( 4,370 ) — — — ( 4,370 ) Sales — — — — — Transfers (D) — ( 10,616 ) 10,616 — — Fair value as of June 30, 2025 $ 557,057 $ 93,340 $ 325,997 $ 55,341 $ 1,031,735 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 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) 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. 25 Table of Contents Investment Concentrations 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 Secured first lien debt $ 584,008 55.9 % $ 564,631 44.0 % $ 593,008 56.3 % $ 570,602 43.6 % Secured second lien debt 153,440 14.7 % 102,789 8.1 % 152,840 14.5 % 99,197 7.6 % Total debt 737,448 70.6 % 667,420 52.1 % 745,848 70.8 % 669,799 51.2 % Preferred equity 257,403 24.7 % 429,510 33.5 % 257,403 24.5 % 426,949 32.6 % Common equity/equivalents 49,597 4.7 % 185,090 14.4 % 49,597 4.7 % 212,500 16.2 % Total equity/equivalents 307,000 29.4 % 614,600 47.9 % 307,000 29.2 % 639,449 48.8 % Total investments $ 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 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 % Home and Office Furnishings, Housewares, and Durable Consumer Products 173,346 13.5 % 166,553 12.7 % Aerospace and Defense 169,054 13.2 % 174,542 13.4 % Oil and Gas 123,550 9.6 % 125,605 9.6 % Leisure, Amusement, Motion Pictures, and Entertainment 110,550 8.6 % 105,339 8.0 % Buildings and Real Estate 64,830 5.1 % 68,987 5.3 % Electronics 62,968 4.9 % 62,723 4.8 % Chemicals, Plastics, and Rubber 52,499 4.1 % 49,715 3.8 % Healthcare, Education, and Childcare 41,823 3.3 % 41,630 3.2 % Mining, Steel, Iron and Non-Precious Metals 40,574 3.2 % 37,713 2.9 % Telecommunications 7,459 0.6 % 7,942 0.6 % Other < 2.0% 19,325 1.5 % 20,659 1.5 % Total investments $ 1,282,020 100.0 % $ 1,309,248 100.0 % 26 Table of Contents Investments at fair value were included in the following geographic regions of the U.S. and Canada as of June 30, 2026 and March 31, 2026: June 30, 2026 March 31, 2026 Location Fair Value Percentage of Total Investments Fair Value Percentage of Total Investments United States South $ 616,300 48.1 % $ 649,436 49.6 % West 224,589 17.5 % 227,294 17.3 % Midwest 218,088 17.0 % 216,726 16.6 % Northeast 199,303 15.5 % 193,837 14.8 % Canada 23,740 1.9 % 21,955 1.7 % Total investments $ 1,282,020 100.0 % $ 1,309,248 100.0 % The geographic region indicates the location of the headquarters for our portfolio companies. 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 June 30, 2026: Amount For the remaining nine months ending March 31, 2027 $ 40,340 For the fiscal years ending March 31: 2028 111,442 2029 288,690 2030 159,506 2031 137,470 Thereafter — Total contractual repayments $ 737,448 Investments in equity securities 307,000 Total cost basis of investments held as of June 30, 2026: $ 1,044,448 Receivables from Portfolio Companies Receivables from portfolio companies represent non-recurring costs that we incurred on behalf of portfolio companies. Such receivables, net of any allowance for uncollectible receivables, are included in Other assets, net on our accompanying Consolidated Statements of Assets and Liabilities . We generally maintain an allowance for uncollectible receivables from portfolio companies when the receivable balance becomes 90 days or more past due or if it is determined, based upon management’s judgment, that the portfolio company is unable to pay its obligations. We write off accounts receivable when we have exhausted collection efforts and have deemed the receivables uncollectible. As of 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. NOTE 4. RELATED PARTY TRANSACTIONS Transactions with the Adviser We pay the Adviser certain fees as compensation for its services under the Advisory Agreement, consisting of a base management fee and an incentive fee, and a loan servicing fee for the Adviser’s role as servicer pursuant to our Credit Facility, all as described below. 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. 27 Table of Contents 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. Gladstone. 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 June 30, 2026 2025 Average total assets subject to base management fee (A)(B) $ 1,306,600 $ 1,016,000 Multiplied by prorated annual base management fee of 2.0 % 0.5 % 0.5 % Base management fee (C) 6,533 5,080 Credits to fees from Adviser - other (C) ( 1,130 ) ( 1,399 ) Net base management fee $ 5,403 $ 3,681 Loan servicing fee (C) $ 2,962 $ 2,672 Credits to base management fee - loan servicing fee (C) ( 2,962 ) ( 2,672 ) Net loan servicing fee $ — $ — Incentive fee – income-based $ — $ — Incentive fee – capital gains-based (D) ( 5,566 ) ( 209 ) Total incentive fee (C) $ ( 5,566 ) $ ( 209 ) Credits to fees from Adviser - other (C) — — Net total incentive fee $ ( 5,566 ) $ ( 209 ) (A) Average total assets subject to the base management fee is defined in the Advisory Agreement as total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective periods and adjusted appropriately for any share issuances or repurchases during the periods. (B) Excludes our investment in Gladstone Alternative valued at the end of the applicable quarters within the respective periods. (C) Reflected as a line item on our accompanying Consolidated Statements of Operations . (D) The capital gains-based incentive fees are recorded in accordance with GAAP and do not necessarily reflect amounts contractually due under the terms of the Advisory Agreement. Base Management Fee The base management fee is payable quarterly to the Adviser pursuant to our Advisory Agreement and is assessed at an annual rate of 2.0 %, computed on the basis of the value of our average gross assets at the end of the two most recently completed quarters (inclusive of the current quarter), which are total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective period and adjusted appropriately for any share issuances or repurchases during the period. Additionally, pursuant to the requirements of the 1940 Act, the Adviser makes available significant managerial assistance to our portfolio companies. The Adviser may also provide other services to our portfolio companies under certain agreements and may receive fees for services other than managerial assistance. Such services may include: (i) assistance obtaining, sourcing or structuring credit facilities, long term loans or additional equity from unaffiliated third parties; (ii) negotiating important contractual financial relationships; (iii) consulting services regarding restructuring of the portfolio company and financial modeling as it relates to raising additional debt and equity capital from unaffiliated third parties; and (iv) taking a primary role in interviewing, vetting and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members. The Adviser non-contractually, unconditionally, and irrevocably credits 100 % of any fees received for such services against the base management fee that we would otherwise be required to pay to the Adviser; however, pursuant to the terms of the Advisory Agreement, a small percentage of certain of such fees was retained by the Adviser in the form of reimbursement, at cost, for tasks completed by personnel 28 Table of Contents 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 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. Incentive Fee The incentive fee payable to the Adviser under our Advisory Agreement consists of two parts: an income-based incentive fee and a capital gains-based incentive fee. The income-based incentive fee rewards the Adviser if our quarterly net investment income (before giving effect to any incentive fee) exceeds 1.75 % of our net assets, which we define as total assets less indebtedness and before taking into account any incentive fees payable or contractually due but not payable during the period, at the end of the immediately preceding calendar quarter, adjusted appropriately for any share issuances or repurchases during the period (the “Hurdle Rate”). The income-based incentive fee with respect to our pre-incentive fee net investment income is payable quarterly to the Adviser and is computed as follows: • No incentive fee in any calendar quarter in which our pre-incentive fee net investment income does not exceed the Hurdle Rate; • 100.0 % of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 2.1875 % of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter; and • 20.0 % of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.1875 % of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter. The second part of the incentive fee is a capital gains-based incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), and equals 20.0 % of our realized capital gains, less any realized capital losses and unrealized depreciation, calculated as of the end of the preceding calendar year. The capital gains-based incentive fee payable to the Adviser is calculated based on (i) cumulative aggregate realized capital gains since our inception, less (ii) cumulative aggregate realized capital losses since our inception, less (iii) the entire portfolio’s aggregate unrealized capital depreciation, if any, as of the date of the calculation. If this number is positive at the applicable calculation date, then the capital gains-based incentive fee for such year equals 20.0 % of such amount, less the aggregate amount of any capital gains-based incentive fees paid in respect of our portfolio in all prior years. For calculation purposes, cumulative aggregate realized capital gains, if any, equals the sum of the excess between the net sales price of each investment, when sold, and the original cost of such investment since our inception. Cumulative aggregate realized capital losses equals the sum of the deficit between the net sales price of each investment, when sold, and the original cost of such investment since our inception. The entire portfolio’s aggregate unrealized capital depreciation, if any, equals the sum of the deficit between the fair value of each investment security as of the applicable calculation date and the original cost of such investment security. As of 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. 29 Table of Contents In accordance with GAAP, accrual of the capital gains-based incentive fee is determined as if our investments had been liquidated at their fair values as of the end of the reporting period. Therefore, GAAP requires that the capital gains-based incentive fee accrual consider the aggregate unrealized capital appreciation in the calculation, as a capital gains-based incentive fee would be payable if such unrealized capital appreciation were realized. There can be no assurance that any such unrealized capital appreciation will be realized in the future. Accordingly, a GAAP accrual is calculated at the end of the reporting period based on (i) cumulative aggregate realized capital gains since our inception, plus (ii) the entire portfolio’s aggregate unrealized capital appreciation, if any, less (iii) cumulative aggregate realized capital losses since our inception, less (iv) the entire portfolio’s aggregate unrealized capital depreciation, if any. If such amount is positive at the end of a reporting period, a capital gains-based incentive fee equal to 20.0 % of such amount, less the aggregate amount of capital gains-based incentive fees accrued in all prior years, is recorded, regardless of whether such amount is contractually due under the terms of the Advisory Agreement. If such amount is negative, then there is no accrual for such period and prior period accruals are reversed, as appropriate. During the three 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. 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. Gladstone. 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). Mr. Hellmold, our co-general counsel and co-secretary, also serves in the same roles for the Administrator. Our allocable portion of the Administrator’s expenses is generally derived by multiplying the Administrator’s total expenses by the approximate percentage of time during the current quarter the Administrator’s employees performed services for us in relation to their time spent performing services for all companies serviced by the Administrator. On July 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 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. Mr. Gladstone also serves on the board of managers of Gladstone Securities. From time to time, Gladstone Securities provides services, such as investment banking and due diligence services, to certain of our portfolio companies, for which it receives a fee. Any such fees paid by portfolio companies to Gladstone Securities do not impact the fees we pay to the Adviser or the non-contractual, unconditional, and irrevocable credits against the base management fee. 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 In December 2024, we invested in Gladstone Alternative, one of our affiliated funds, that is a registered, non-diversified, closed-end management investment company that operates as an interval fund. The fair value of the investment in Gladstone Alternative is excluded from the average total assets subject to base management fee for the purposes of calculating the base management fee we pay to the Adviser. 30 Table of Contents Related Party Fees Due Amounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows: As of June 30, As of March 31, 2026 2026 Base management and loan servicing fee due to Adviser, net of credits $ 3,123 $ 2,919 Incentive fee due to Adviser (A) 71,729 77,295 Other due to Adviser 210 293 Total fees due to Adviser 75,062 80,507 Fee due to Administrator 897 780 Total related party fees due $ 75,959 $ 81,287 (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 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. NOTE 5. BORROWINGS 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 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 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. 31 Table of Contents The following tables summarize noteworthy information related to our Credit Facility: As of June 30, 2026 As of March 31, 2026 Commitment amount $ 405,000 $ 300,000 Borrowings outstanding at cost $ 157,600 $ 23,900 Availability (A) $ 247,400 $ 276,100 For the Three Months Ended June 30, 2026 2025 Weighted-average borrowings outstanding $ 116,727 $ 36,318 Weighted-average interest rate (B) 8.2 % 14.0 % Unused commitment fees incurred $ 409 $ 592 (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 $ 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 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. Fair Value We elected to apply the fair value option of ASC Topic 825, “ Financial Instruments ,” to the Credit Facility, which was consistent with our application of ASC 820 to our investments. Generally, the fair value of our Credit Facility is determined using a yield analysis, which includes a DCF calculation and also takes into account the assumptions the Valuation Team believes market participants would use, including the estimated remaining life, counterparty credit risk, current market yield and interest rate spreads of similar securities as of the measurement date. As of 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 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 Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) June 30, 2026 March 31, 2026 Credit Facility $ 157,600 $ 23,946 32 Table of Contents Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities Credit Facility Three Months Ended June 30, 2026: Fair value at March 31, 2026 $ 23,946 Borrowings 149,800 Repayments ( 16,100 ) Unrealized depreciation ( 46 ) Fair value at June 30, 2026 $ 157,600 Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities Credit Facility Three Months Ended June 30, 2025: Fair value at March 31, 2025 $ — Borrowings 77,500 Repayments ( 15,500 ) Unrealized appreciation 269 Fair value at June 30, 2025 $ 62,269 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 5.00 % Notes due 2026 In March 2021, we completed a public offering of 5.00 % Notes due 2026 with an aggregate principal amount of $ 127.9 million (the “ 5.00 % 2026 Notes”), which resulted in net proceeds of approximately $ 123.8 million after deducting underwriting discounts, commissions and offering costs borne by us. 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 In August 2021, we completed a public offering of 4.875 % Notes due 2028 with an aggregate principal amount of $ 134.6 million (the “ 4.875 % 2028 Notes”), which resulted in net proceeds of approximately $ 131.3 million after deducting underwriting discounts, commissions and offering costs borne by us. The 4.875 % 2028 Notes are traded under the ticker symbol “GAINZ” on Nasdaq. The 4.875 % 2028 Notes will mature on November 1, 2028 and may be redeemed in whole or in part at any time or from time to time at the Company’s option. The 4.875 % 2028 Notes bear interest at a rate of 4.875 % per year, which is payable quarterly in arrears. The indenture relating to the 4.875 % 2028 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 4.875 % 2028 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 4.875 % 2028 Notes are recorded at the aggregate principal amount, less underwriting discounts, commissions, and offering costs, on our accompanying Consolidated Statements of Assets and Liabilities . Total underwriting discounts, commissions, and offering costs related to this offering were $ 3.3 million, which have been recorded as discounts to the aggregate principal amount on our accompanying Consolidated Statements of Assets and Liabilities and are being amortized over the period ending November 1, 2028, the maturity date. 33 Table of Contents 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. The 7.875 % 2030 Notes are traded under the ticker symbol “GAINI” on Nasdaq. The 7.875 % 2030 Notes will mature on February 1, 2030 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after February 1, 2027. The 7.875 % 2030 Notes bear interest at a rate of 7.875 % per year , payable quarterly in arrears. The indenture relating to the 7.875 % 2030 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 7.875 % 2030 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 7.875 % 2030 Notes are recorded at the aggregate principal amount, less underwriting discounts, commissions, and offering costs, on our accompanying Consolidated Statements of Assets and Liabilities . Total underwriting discounts, commissions, and offering costs related to this offering were $ 4.1 million, which have been recorded as discounts to the aggregate principal amount on our accompanying Consolidated Statements of Assets and Liabilities and are being amortized over the period ending February 1, 2030, the maturity date. 6.875 % Notes due 2028 In November 2025 , we completed an offering of 6.875 % Notes due 2028 with an aggregate principal amount of $ 60.0 million (the " 6.875 % 2028 Notes"), which resulted in net proceeds of approximately $ 58.8 million after deducting underwriting discounts, commissions and offering costs borne by us. The 6.875 % 2028 Notes will mature on November 1, 2028 and may be redeemed in whole or in part 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. The 6.875 % 2028 Notes bear interest at a rate of 6.875 % per year , payable semi-annually in arrears. The indenture relating to the 6.875 % 2028 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 6.875 % 2028 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 6.875 % 2028 Notes are recorded at the aggregate principal amount, less underwriting discounts, commissions, and offering costs, on our accompanying Consolidated Statements of Assets and Liabilities . Total underwriting discounts, commissions, and offering costs related to this offering were $ 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. 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. 34 Table of Contents 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 Symbol Date Issued Maturity Date (A) Interest Rate Notes Outstanding Principal Amount per Note Aggregate Principal Amount 4.875 % 2028 Notes GAINZ August 18, 2021 November 1, 2028 4.875 % 5,382,000 $ 25.00 $ 134,550 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) 14,502,000 421,050 Less: Unamortized deferred financing costs ( 7,815 ) Notes payable, net (C) $ 413,235 As of March 31, 2026: Description Ticker Symbol Date Issued Maturity Date (A) Interest Rate Notes Outstanding Principal Amount per Note Aggregate Principal Amount 5.00 % 2026 Notes GAINN March 2, 2021 May 1, 2026 5.00 % 5,117,500 $ 25.00 $ 127,938 4.875 % 2028 Notes GAINZ August 18, 2021 November 1, 2028 4.875 % 5,382,000 $ 25.00 134,550 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) 19,619,500 548,988 Less: Unamortized deferred financing costs ( 8,460 ) Notes payable, net (C) $ 540,528 (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. 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. (C) Reflected as a line item on our accompanying Consolidated Statements of Assets and Liabilities . The fair value, based on the last reported closing prices, of the 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. Based on a DCF analysis, the fair value of the 6.875 % 2028 Notes as of 35 Table of Contents 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. NOTE 6. REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS Registration Statement On February 28, 2024, we filed a registration statement on Form N-2 (File No. 333-277452), which the SEC declared effective on April 18, 2024. The registration statement permits us to issue, through one or more transactions, up to an aggregate of $ 450.0 million in securities, consisting of common stock, preferred stock, subscription rights, debt securities, and warrants to purchase common stock, preferred stock, or debt securities, including through concurrent, separate offerings of such securities. As of 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 In May 2024, we entered into equity distribution agreements with Oppenheimer & Co., B. Riley Securities, Inc. and Virtu Americas LLC (collectively, the "Sales Agents"), under which we have the ability to issue and sell shares of our common stock, from time to time, through the Sales Agents, having an aggregate offering price of up to $ 75.0 million in what is commonly referred to as an “at-the-market” program (the “Common Stock ATM Program”). In June 2025, we entered into an equity distribution agreement with M&T Securities, Inc. and entered into amendments to the agreements with Oppenheimer & Co. Inc., B. Riley Securities, Inc. and Virtu Americas LLC to add M&T Securities, Inc. as a Sales Agent for the Common Stock ATM Program. 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. NOTE 7. NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE The following table sets forth the computation of basic and diluted net increase in net assets resulting from operations per weighted-average common share for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 2025 Numerator: net (decrease) increase in net assets resulting from operations $ ( 11,855 ) $ 7,772 Denominator: basic and diluted weighted-average common shares 39,821,967 36,908,943 Basic and diluted net (decrease) increase in net assets resulting from operations per weighted-average common share $ ( 0.30 ) $ 0.21 NOTE 8. DISTRIBUTIONS TO COMMON STOCKHOLDERS To qualify to be taxed as a RIC under Subchapter M of the Code, we must generally distribute to our stockholders, for each taxable year, at least 90% of our taxable ordinary income plus the excess of our net short-term capital gains over net long-term capital losses (“Investment Company Taxable Income”). The amount to be paid out as distributions to our stockholders is determined by our Board of Directors and is based upon management’s estimate of Investment Company Taxable Income and net long-term capital gains, as well as amounts to be distributed in accordance with Section 855(a) of the Code. Based on that estimate, our Board of Directors declares monthly distributions, and supplemental distributions, as appropriate, to stockholders each quarter and deemed distributions of long-term capital gains annually as of the end of the fiscal year, as applicable. 36 Table of Contents The U.S. federal income tax characteristics of cash distributions paid to our common stockholders generally are reported to stockholders on IRS Form 1099 after the end of each calendar year. Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of cash distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date. 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. 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 Record Date Payment Date Distribution per Common Share April 14, 2026 April 24, 2026 April 30, 2026 $ 0.08 April 14, 2026 May 20, 2026 May 29, 2026 0.08 April 14, 2026 June 23, 2026 June 30, 2026 0.08 Three Months Ended June 30, 2026 $ 0.24 For the Three Months Ended June 30, 2025 : Declaration Date Record Date Payment Date Distribution per Common Share April 8, 2025 April 21, 2025 April 30, 2025 $ 0.08 April 8, 2025 May 21, 2025 May 30, 2025 0.08 April 8, 2025 June 4, 2025 June 13, 2025 0.54 (A) April 8, 2025 June 20, 2025 June 30, 2025 0.08 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 $ 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, 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. federal corporate-level income tax rate on the amount retained, and designate the retained amount as a “deemed distribution.” If we elect to retain net long-term capital gains and deem them distributed, each U.S. common stockholder will be treated as if they received a distribution of their pro-rata share of the retained net long-term capital gain and the U.S. federal income tax paid. As a result, each U.S. common stockholder will (i) be required to report their pro rata share of the retained gain on their tax return as long-term capital gain, (ii) receive a refundable tax credit for their pro-rata share of federal income tax paid by us on the retained gain, and (iii) increase the tax basis of their shares of common stock by an amount equal to the deemed distribution less the tax credit. To use the deemed distribution approach, we must provide written notice to our common stockholders prior to the expiration of 60 days after the close of the relevant taxable year. For the year ended March 31, 2026, we did not elect to retain long-term capital gains and to treat them as deemed distributions to common stockholders. 37 Table of Contents NOTE 9. COMMITMENTS AND CONTINGENCIES Legal Proceedings We are party to certain legal proceedings incidental to the normal course of our business. We are required to establish reserves for litigation matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves. Based on current knowledge, we do not believe that loss contingencies, if any, arising from pending investigations, litigation or regulatory matters will have a material adverse effect on our financial condition, results of 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 June 30, 2026 and March 31, 2026, we had no established reserves for such loss contingencies. Escrow Holdbacks From time to time, we enter into arrangements relating to exits of certain investments whereby specific amounts of the proceeds are held in escrow to be used to satisfy potential obligations, as stipulated in the sales agreements. We record escrow amounts in Restricted cash and cash equivalents and Other liabilities, if received in cash but subject to potential obligations or other contractual restrictions, or as escrow receivables in Other assets, net, if not yet received in cash, on our accompanying Consolidated Statements of Assets and Liabilities . We establish reserves and holdbacks against escrow amounts if we determine that it is probable and estimable that a portion of the escrow amounts will not ultimately be released or received at the end of the escrow period. Reserves and holdbacks against escrow amounts were $ 1.0 million as of June 30, 2026 and March 31, 2026. Financial Commitments and Obligations We may have line of credit commitments to certain of our portfolio companies that have not been fully drawn. Since these line of credit commitments have expiration dates and we expect many will never be fully drawn, the total line of credit commitment amounts do not necessarily represent future cash requirements. We estimate the fair value of the combined unused line of credit commitments as of 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 $ — $ 600 Total $ — $ 600 38 Table of Contents NOTE 10. FINANCIAL HIGHLIGHTS Three Months Ended June 30, 2026 2025 Per Common Share Data: Net asset value at beginning of period (A) $ 16.78 $ 13.55 Income (loss) from investment operations (B) Net investment income 0.40 0.25 Net realized loss ( 0.23 ) — Net unrealized depreciation ( 0.47 ) ( 0.04 ) Total from investment operations ( 0.30 ) 0.21 Effect of equity capital activity (B) Cash distributions to common stockholders from net investment income (C) ( 0.24 ) ( 0.27 ) Cash distributions to common stockholders from net realized gains (C) — ( 0.51 ) Net accretive effect of equity offering (D) — 0.01 Total from equity capital activity ( 0.24 ) ( 0.77 ) Other, net (B)(E) — — Net asset value at end of period (A) $ 16.24 $ 12.99 Per common share market value at beginning of period $ 14.20 $ 13.36 Per common share market value at end of period $ 15.46 $ 14.27 Total investment return (F) 10.52 % 12.76 % Common stock outstanding at end of period (A) 39,821,967 37,352,676 Weighted-average shares of common stock outstanding 39,821,967 36,908,943 Statement of Assets and Liabilities Data : Net assets at end of period $ 646,813 $ 485,304 Average net assets (G) $ 659,681 $ 493,569 Senior Securities Data : Total borrowings, at cost at end of period $ 578,650 $ 525,738 Ratios/Supplemental Data: Ratio of net expenses to average net assets – annualized (H) 7.54 % 11.72 % Ratio of net investment income to average net assets – annualized (I) 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. (B) Based on weighted-average basic common share data for the corresponding period. (C) The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP. For further information on the estimated character of our distributions to common stockholders, including changes in estimates, as applicable, refer to Note 8 — Distributions to Common Stockholders . (D) During the 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. (F) Total investment return equals the change in the market value of our common stock from the beginning of the period, taking into account dividends reinvested in accordance with the terms of our dividend reinvestment plan. Total return does not take into account distributions that may be characterized as a return of capital. For further information on the estimated character of our distributions to common stockholders, including changes in estimates, as applicable, refer to Note 8 — Distributions to Common Stockholders . (G) Calculated using the average balance of net assets at the end of each month of the reporting period. (H) Ratio of net expenses to average net assets is computed using total expenses, net of any non-contractual, unconditional, and irrevocable credits of fees from the Adviser. Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of expenses to average net assets - annualized would have been 10.02 % and 15.01 % for the three months ended June 30, 2026 and 2025, respectively. 39 Table of Contents (I) Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of net investment income to average net assets - annualized would have been 7.18 % and 4.07 % for the three months ended June 30, 2026 and 2025, respectively. NOTE 11. UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES In accordance with the SEC’s Regulation S-X, we do not consolidate portfolio company investments. Further, in accordance with ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. We did not have any unconsolidated subsidiaries that met any of the significance conditions under Rule 1-02(w)(2) of the SEC’s Regulation S-X as of or during the three months ended June 30, 2026 and 2025. NOTE 12. 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 July 2026, our Board of Directors declared the following monthly cash distributions to common stockholders: Record Date Payment Date Distribution per Common Share 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: $ 0.24 40 Table of Contents SCHEDULE 12-14 GLADSTONE INVESTMENT CORPORATION INVESTMENTS IN AND ADVANCES TO AFFILIATES (AMOUNTS IN THOUSANDS) (UNAUDITED) Company and Investment (A)(B)(C)(D)(E) Principal/ Shares/Units (F)(G) Net Realized Gain (Loss) for Period Amount of Investment Income (H) Value as of March 31, 2026 Gross Additions (I) Gross Reductions (J) Net Unrealized Appreciation (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 J.R. Hobbs Co. - 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 41 Table of Contents Company and Investment (A)(B)(C)(D)(E) Principal/ Shares/Units (F)(G) Net Realized Gain (Loss) for Period Amount of Investment Income (H) Value as of March 31, 2026 Gross Additions (I) Gross Reductions (J) Net Unrealized Appreciation (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 J.R. Hobbs Co. – 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 42 Table of Contents Company and Investment (A)(B)(C)(D)(E) Principal/ Shares/Units (F)(G) Net Realized Gain (Loss) for Period Amount of Investment Income (H) Value as of March 31, 2026 Gross Additions (I) Gross Reductions (J) Net Unrealized Appreciation (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 . 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. (B) Common stock, warrants, options and, in some cases, preferred stock are generally non-income-producing and restricted. (C) Unless indicated otherwise, all cash interest rates are indexed to 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. 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. 43 Table of Contents (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. 44 Table of Contents