GLADSTONE INVESTMENT CORPORATION\DE

For the period ended Mar 31, 2025. Filed May 13, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed May 13, 2025

GAIN$15.09+1.5%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	GLADSTONE INVESTMENT CORPORATION
Date: May 13, 2025	By:	/s/ TAYLOR RITCHIE
		Taylor Ritchie
		Chief Financial Officer and Treasurer

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

Date: May 13, 2025	By:	/s/ DAVID GLADSTONE
		David Gladstone
		Chief Executive Officer and Chairman of the Board of Directors (principal executive officer)
Date: May 13, 2025	By:	/s/ TAYLOR RITCHIE
		Taylor Ritchie
		Chief Financial Officer and Treasurer (principal financial and accounting officer)
Date: May 13, 2025	By:	/s/ ANTHONY W. PARKER
		Anthony W. Parker
		Director
Date: May 13, 2025	By:	/s/ MICHELA A. ENGLISH
		Michela A. English
		Director
Date: May 13, 2025	By:	/s/ JOHN H. OUTLAND
		John H. Outland
		Director
Date: May 13, 2025	By:	/s/ WALTER H. WILKINSON, JR.
		Walter H. Wilkinson, Jr.
		Director
Date: May 13, 2025	By:	/s/ PAULA NOVARA
		Paula Novara
		Director
Date: May 13, 2025	By:	/s/ KATHARINE C. GORKA
		Katharine C. Gorka
		Director

SCHEDULE 12-14

INVESTMENTS IN AND ADVANCES TO AFFILIATES

Company and Investment(A)(B)(C)(D)(E) · Principal/Shares/Units(F)(G) · Net Realized Gain (Loss) for Period(P) · Amount of Investment Income(H) · Value as of March 31, 2024 · Gross Additions(I) · Gross Reductions(J) · Net Unrealized Appreciation (Depreciation) · Value as of March 31, 2025
AFFILIATE INVESTMENTS – 66.1%
Secured First Lien Debt – 42.7%
Diversified/Conglomerate Services – 16.2%
ImageWorks Display and Marketing Group, Inc. – Term Debt (SOFR +11.0%, 15.3% Cash, Due 11/2028)	$22,000		$—		$3,799		$22,000		$—		$—		$—		$22,000
J.R. Hobbs Co. - Atlanta, LLC - Line of Credit, $0 available (SOFR + 6.0%, 10.3% Cash, Due 6/2025) (K)	5,000		—		—		2,682		—		—		354		3,036
J.R. Hobbs Co. - Atlanta, LLC - Term Debt (SOFR+6.0%, 10.3% Cash, Due 6/2025) (K)	16,500		—		—		8,852		—		—		1,167		10,019
J.R. Hobbs Co. - Atlanta, LLC – Term Debt (SOFR+10.3%, 14.6% Cash, Due 6/2025) (K)	26,000		—		—		13,949		—		—		1,839		15,788
J.R. Hobbs Co. - Atlanta, LLC – Term Debt (SOFR+6.0%, 10.3% Cash, Due 6/2025) (K)	2,438		—		—		1,308		—		—		172		1,480
The Maids International, LLC – Term Debt (SOFR+10.5%, 14.8% Cash, Due 3/2028)	28,560		—		4,462		28,560		—		—		—		28,560
		—		8,261		77,351		—		—		3,532		80,883
Electronics – 9.9%
Nielsen-Kellerman Acquisition Corp.– Line of Credit, $2,820 available (SOFR+5.0%, 10.0% Cash, Due 12/2025) (L)	1,070		—		31		—		1,070		—		—		1,070
Nielsen-Kellerman Acquisition Corp. – Term Debt (SOFR+8.5%,13.5% Cash, Due 12/2029) (L)	48,082		—		1,857		—		48,082		—		—		48,082
		—		1,888		—		49,152		—		—		49,152
Home and Office Furnishings, Housewares, and Durable Consumer Products – 7.6%
Old World Christmas, Inc. – Term Debt (SOFR+9.5%, 13.8% Cash, Due 12/2028)	38,000		—		6,530		43,000		—		(5,000)		—		38,000
Leisure, Amusement, Motion Pictures, and Entertainment – 4.5%
Pyrotek Special Effects, Inc.– Line of Credit, $500 available (SOFR+5.0%, 10.0% Cash, Due 11/2026) (L)	2,500		—		94		—		3,000		(500)		—		2,500
Pyrotek Special Effects, Inc. – Term Debt (SOFR+8.0%, 13.0% Cash, Due 11/2029) (L)	20,120		—		853		—		20,120		—		—		20,120
		—		947		—		23,120		(500)		—		22,620

Company and Investment(A)(B)(C)(D)(E) · Principal/Shares/Units(F)(G) · Net Realized Gain (Loss) for Period(P) · Amount of Investment Income(H) · Value as of March 31, 2024 · Gross Additions(I) · Gross Reductions(J) · Net Unrealized Appreciation (Depreciation) · Value as of March 31, 2025
Mining, Steel, Iron and Non-Precious Metals Total – 3.0%
UPB Acquisition, Inc. (SOFR+10.0%, 14.3% Cash, Due 7/2026)	$15,000		$—		$2,688		$18,250		$—		$(3,250)		$—		$15,000
Telecommunications – 1.5%
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, $120 available (SOFR+2.0%, 7.0% Cash, Due 6/2025) (K)	930		—		57		656		274		—		—		930
B+T Group Acquisition, Inc. – Term Debt (SOFR+2.0%, 7.0% Cash, Due 12/2026) (K)	14,000		—		13		5,266		—		—		(1,691)		3,575
		—		70		9,002		274		—		(1,691)		7,585
Total Secured First Lien Debt		$—		$20,384		$147,603		$72,546		$(8,750)		$1,841		$213,240
Secured Second Lien Debt – 2.1%
Chemicals, Plastics, and Rubber – 2.1%
PSI Molded Plastics, Inc. – Term Debt (SOFR +1.0%, 7.0% Cash, Due 1/2028)(O)	$10,616		$—		$2,342		$20,363		$400		$(16,400)		$6,253		$10,616
Diversified/Conglomerate Services – 0.0%
Nth Degree, Inc. – Term Debt (M)	—		—		1,715		25,000		—		(25,000)		—		—
Total Secured Second Lien Debt		$—		$4,057		$45,363		$400		$(41,400)		$6,253		$10,616
Preferred Equity – 20.3%
Chemicals, Plastics, and Rubber – 0.2%
PSI Molded Plastics, Inc. – Preferred Stock(O)	322,598		$—		$—		$—		$16,400		$—		$(15,404)		$996
Diversified/Conglomerate Services – 4.3%
ImageWorks Display and Marketing Group, Inc. – Preferred Stock	67,490		—		—		2,607		—		—		10,314		12,921
J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock	10,920		—		—		—		—		—		—		—
The Maids International, LLC - Preferred Stock	6,640		—		—		5,426		—		—		2,984		8,410
		—		—		8,033		—		—		13,298		21,331
Electronics – 4.5%
Nielsen-Kellerman Acquisition Corp.– Preferred Stock (L)	22,169		—		—		—		22,169		—		252		22,421
Home and Office Furnishings, Housewares, and Durable Consumer Products – 4.7%
Old World Christmas, Inc. – Preferred Stock	6,180		—		—		30,638		—		—		(7,099)		23,539

Company and Investment(A)(B)(C)(D)(E) · Principal/Shares/Units(F)(G) · Net Realized Gain (Loss) for Period(P) · Amount of Investment Income(H) · Value as of March 31, 2024 · Gross Additions(I) · Gross Reductions(J) · Net Unrealized Appreciation (Depreciation) · Value as of March 31, 2025
Leisure, Amusement, Motion Pictures, and Entertainment – 1.4%
Pyrotek Special Effects, Inc. – Preferred Stock (L)	7,060		$—		$—		$—		$7,060		$—		$200		$7,260
Mining, Steel, Iron and Non-Precious Metals - 5.2%
UPB Acquisition, Inc. - Preferred Stock	6,000		—		—		12,287		—		—		13,723		26,010
Telecommunications – 0.0%
B+T Group Acquisition, Inc. – Preferred Stock	14,304		—		—		—		—		—		—		—
Total Preferred Equity		$—		$—		$50,958		$45,629		$—		$4,970		$101,557
Common Equity/Equivalents – 1.0%
Diversified/Conglomerate Services - 0.0%
Nth Degree Investment Group, LLC – Common Stock (M)(N)	—		$43,373		$—		$51,442		$—		$(6,219)		$(45,223)		$—
Finance – 1.0%
Gladstone Alternative Income Fund – Common Equity (L)	500,000		—		26		—		5,000		—		(25)		4,975
Telecommunications - 0.0%
B+T Group Acquisition, Inc. - Common Stock Warrants	3.5%		—		—		—		—		—		—		—
Total Common Equity/Equivalents		$43,373		$26		$51,442		$5,000		$(6,219)		$(45,248)		$4,975
TOTAL AFFILIATE INVESTMENTS		$43,373		$24,467		$295,366		$123,575		$(56,369)		$(32,184)		$330,388
CONTROL INVESTMENTS – 0.1%
Secured First Lien Debt – 0.1%
Diversified/Conglomerate Manufacturing – 0.1%
Edge Adhesives Holdings, Inc. – Term Debt (SOFR+5.5%, 9.8% Cash, Due 8/2026)(K)	$9,210		$—		$—		$2,905		$—		$—		$(2,562)		$343
Total Secured First Lien Debt		$—		$—		$2,905		$—		$—		$(2,562)		$343

Company and Investment(A)(B)(C)(D)(E) · Principal/Shares/Units(F)(G) · Net Realized Gain (Loss) for Period(P) · Amount of Investment Income(H) · Value as of March 31, 2024 · Gross Additions(I) · Gross Reductions(J) · Net Unrealized Appreciation (Depreciation) · Value as of March 31, 2025
Preferred Equity – 0.0%
Diversified/Conglomerate Manufacturing – 0.0%
Edge Adhesives Holdings, Inc. – Preferred Stock	8,199		$—		$—		$—		$—		$—		$—		$—
Total Preferred Equity		$—		$—		$—		$—		$—		$—		$—
TOTAL CONTROL INVESTMENTS		$—		$—		$2,905		$—		$—		$(2,562)		$343
TOTAL AFFILIATE AND CONTROL INVESTMENTS		$43,373		$24,467		$298,271		$123,575		$(56,369)		$(34,746)		$330,731

(A)Certain of the listed securities are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, together with certain non-control and non-affiliate investments, totaling $764.7 million at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5—Borrowings in the accompanying Notes to Consolidated Financial Statements. 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.

(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 30-day Secured Overnight Financing Rate ("SOFR"), which was 4.3% as of March 31, 2025. If applicable, paid-in-kind interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or reference rate plus a spread. Due dates represent the contractual maturity date.

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

(E)Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the Financial Accounting Standards Board Accounting Standard Codification Topic 820, “Fair Value Measurements and Disclosures” fair value hierarchy. Refer to Note 3 —Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(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 March 31, 2025. Warrants are represented as a percentage of ownership, as applicable, as of March 31, 2025.

(H)Represents the total amount of interest, dividend, success fee, or other investment income credited to income for the portion of the year ended March 31, 2025 an investment was an affiliate investment or control investment and on accrual status, as appropriate.

(I)Gross additions include increases in investments resulting from new portfolio investments, the amortization of discounts and fees, and the exchange of one or more existing securities for one or more new securities during the year ended March 31, 2025.

(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 year ended March 31, 2025.

(K)Debt security is on non-accrual status as of March 31, 2025.

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

(M)Investment was exited/paid off during the year ended March 31, 2025.

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

(O)During the year ended March 31, 2025, we restructured our investments in PSI Molded Plastics, Inc., which resulted in $16.4 million being converted from second lien debt to preferred equity.

(P)Net realized gain (loss) excludes amounts related to portfolio companies no longer in the portfolio for the periods presented.

**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.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.