GLADSTONE INVESTMENT CORPORATION\DE

For the period ended Mar 31, 2026. Filed May 12, 2026.

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FY2026 · Filed May 12, 2026

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

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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 12, 2026	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 12, 2026	By:	/s/ DAVID DULLUM
		David Dullum
		Chief Executive Officer (principal executive officer)
Date: May 12, 2026	By:	/s/ TAYLOR RITCHIE
		Taylor Ritchie
		Chief Financial Officer and Treasurer (principal financial and accounting officer)
Date: May 12, 2026	By:	/s/ DAVID GLADSTONE
		David Gladstone
		Chairman of the Board of Directors
Date: May 12, 2026	By:	/s/ ANTHONY W. PARKER
		Anthony W. Parker
		Director
Date: May 12, 2026	By:	/s/ MICHELA A. ENGLISH
		Michela A. English
		Director
Date: May 12, 2026	By:	/s/ JOHN H. OUTLAND
		John H. Outland
		Director
Date: May 12, 2026	By:	/s/ WALTER H. WILKINSON, JR.
		Walter H. Wilkinson, Jr.
		Director
Date: May 12, 2026	By:	/s/ PAULA NOVARA
		Paula Novara
		Director
Date: May 12, 2026	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, 2025 · Gross Additions(I) · Gross Reductions(J) · Net Unrealized Appreciation (Depreciation) · Value as of March 31, 2026
AFFILIATE INVESTMENTS – 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)	$22,000		$—		$3,671		$22,000		$—		$—		$—		$22,000
J.R. Hobbs Co. - Atlanta, LLC - Line of Credit (N)	—		(2,998)		—		3,036		—		(5,000)		1,964		—
J.R. Hobbs Co. - Atlanta, LLC - Term Debt (N)	—		(9,892)		—		10,019		—		(16,500)		6,481		—
J.R. Hobbs Co. - Atlanta, LLC – Term Debt (SOFR+6.0%, 10.0% Cash, Due 9/2030) (N)	20,000		(15,587)		1,353		15,788		—		(6,000)		10,212		20,000
J.R. Hobbs Co. - Atlanta, LLC – Term Debt (N)	—		(1,461)		—		1,480		—		(2,438)		958		—
The Maids International, LLC – Term Debt (SOFR+10.5%, 14.2% Cash, Due 3/2028)	28,560		—		4,223		28,560		—		—		—		28,560
		(29,938)		9,247		80,883		—		(29,938)		19,615		70,560
Electronics – 7.2%
Nielsen-Kellerman Acquisition Corp.– Line of Credit (M)	—		—		23		1,070		—		(1,070)		—		—
Nielsen-Kellerman Acquisition Corp. – Term Debt (SOFR+8.5%,13.5% Cash, Due 12/2029)	48,082		—		6,581		48,082		—		—		—		48,082
		—		6,604		49,152		—		(1,070)		—		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)	38,000		—		5,618		38,000		—		—		—		38,000
Leisure, Amusement, Motion Pictures, and Entertainment – 3.0%
Pyrotek Special Effects, Inc.– Line of Credit (M)	—		—		68		2,500		—		(2,500)		—		—
Pyrotek Special Effects, Inc. – Term Debt (SOFR+8.0%, 13.0% Cash, Due 11/2029)	20,120		—		2,652		20,120		—		—		—		20,120
		—		2,720		22,620		—		(2,500)		—		20,120

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, 2025 · Gross Additions(I) · Gross Reductions(J) · Net Unrealized Appreciation (Depreciation) · Value as of March 31, 2026
Mining, Steel, Iron and Non-Precious Metals Total – 1.6%
UPB Acquisition, Inc. (SOFR+10.0%, 13.7% Cash, Due 7/2028)	$11,000		$—		$2,376		$15,000		$—		$(4,000)		$—		$11,000
Telecommunications – 1.3%
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		—		—		930		120		—		—		1,050
B+T Group Acquisition, Inc. – Term Debt (SOFR+2.0%, 7.0% Cash, Due 12/2026) (K)	14,000		—		—		3,575		—		—		237		3,812
		—		—		7,585		120		—		237		7,942
Total Secured First Lien Debt		$(29,938)		$26,565		$213,240		$120		$(37,508)		$19,852		$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)	$1,400		$—		$10		$—		$1,400		$—		$—		$1,400
PSI Molded Plastics, Inc. – Term Debt (SOFR+1.0%,7.0% Cash, Due 2/2028)	400		—		3		—		400		—		—		400
PSI Molded Plastics, Inc. – Term Debt (O)	—		—		—		10,616		—		(10,616)			—
		—		13		10,616		1,800		(10,616)		—		1,800
Total Secured Second Lien Debt		$—		$13		$10,616		$1,800		$(10,616)		$—		$1,800
Preferred Equity – 18.2%
Chemicals, Plastics, and Rubber – 0.7%
PSI Molded Plastics, Inc. – Preferred Stock(O)	428,773		$—		$—		$996		$10,616		$—		$(6,684)		$4,928
Diversified/Conglomerate Services – 6.6%
ImageWorks Display and Marketing Group, Inc. – Preferred Stock	67,490		—		1,386		12,921		—		—		17,532		30,453
J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock	10,920		—		—		—		—		—		9,236		9,236
The Maids International, LLC - Preferred Stock	6,640		—		—		8,410		—		—		(3,779)		4,631
		—		1,386		21,331		—		—		22,989		44,320
Electronics – 2.2%
Nielsen-Kellerman Acquisition Corp.– Preferred Stock	22,169		—		—		22,421		—		—		(7,780)		14,641
Home and Office Furnishings, Housewares, and Durable Consumer Products – 4.4%
Old World Christmas, Inc. – Preferred Stock	6,180		3,481		917		23,539		—		—		6,191		29,730

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, 2025 · Gross Additions(I) · Gross Reductions(J) · Net Unrealized Appreciation (Depreciation) · Value as of March 31, 2026
Leisure, Amusement, Motion Pictures, and Entertainment – 0.3%
Pyrotek Special Effects, Inc. – Preferred Stock	7,060		$—		$—		$7,260		$—		$—		$(5,425)		$1,835
Mining, Steel, Iron and Non-Precious Metals - 4.0%
UPB Acquisition, Inc. - Preferred Stock	6,000		—		2,402		26,010		—		—		703		26,713
Telecommunications – 0.0%
B+T Group Acquisition, Inc. – Preferred Stock	14,304		—		—		—		—		—		—		—
Total Preferred Equity		$3,481		$4,705		$101,557		$10,616		$—		$9,994		$122,167
Common Equity/Equivalents – 0.7%
Diversified/Conglomerate Services – 0.7%
Gladstone Alternative Income Fund – Common Equity	500,000		$—		$344		$4,975		$—		$—		$30		$5,005
Telecommunications - 0.0%
B+T Group Acquisition, Inc. - Common Stock Warrants	3.5%		—		—		—		—		—		—		—
Total Common Equity/Equivalents		$—		$344		$4,975		$—		$—		$30		$5,005
TOTAL AFFILIATE INVESTMENTS		$(26,457)		$31,627		$330,388		$12,536		$(48,124)		$29,876		$324,676
CONTROL INVESTMENTS – 0.1%
Secured First Lien Debt – 0.1%
Diversified/Conglomerate Manufacturing – 0.1%
Edge Adhesives Holdings, Inc. – Term Debt (SOFR+5.5%, 9.2% Cash, Due 8/2026)(K)	$9,210		$—		$—		$343		$—		$—		$270		$613
Total Secured First Lien Debt		$—		$—		$343		$—		$—		$270		$613
Preferred Equity – 0.0%
Diversified/Conglomerate Manufacturing – 0.0%
Edge Adhesives Holdings, Inc. – Preferred Stock	8,199		$—		$—		$—		$—		$—		$—		$—
Total Preferred Equity		$—		$—		$—		$—		$—		$—		$—
TOTAL CONTROL INVESTMENTS		$—		$—		$343		$—		$—		$270		$613
TOTAL AFFILIATE AND CONTROL INVESTMENTS		$(26,457)		$31,627		$330,731		$12,536		$(48,124)		$30,146		$325,289

(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 $1.2 billion at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5—Borrowings in the accompanying Notes to Consolidated Financial Statements. Additionally, under Section 55 of the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets.

(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 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 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, 2026.

(E)Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the Financial Accounting Standards Board Accounting Standard Codification Topic 820, “Fair Value Measurement” 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, 2026. Warrants are represented as a percentage of ownership, as applicable, as of March 31, 2026.

(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, 2026 an investment was an affiliate investment or control investment and on accrual status, as appropriate.

(I)Gross additions include increases in investments resulting from new portfolio investments, the amortization of discounts and fees, and the exchange of one or more existing securities for one or more new securities during the year ended March 31, 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 year ended March 31, 2026.

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

(L)Reserved.

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

(N)During the year ended March 31, 2026, we recognized a realized loss of $29.9 million on J.R. Hobbs Co. - Atlanta, LLC by restructuring our previously outstanding first lien term loans and line of credit into new first lien loan.

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

(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.

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