10-Q 1 gain-20231231.htm 10-Q gain-20231231
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Stock2023-12-310001321741gain:PreferredEquityMembergain:OilAndGas1Memberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001321741The E3 Company, LLC – Preferred Stock2023-12-310001321741gain:PreferredEquityMembergain:PrintingAndPublishingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001321741Home Concepts Acquisition, Inc.- Preferred Stock2023-12-310001321741gain:CommonEquityEquivalentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001321741gain:AerospaceAndDefenseMembergain:CommonEquityEquivalentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001321741Galaxy Technologies Holdings, Inc. – Common Stock2023-12-310001321741gain:CargoTransportMembergain:CommonEquityEquivalentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001321741Diligent Delivery Systems – Common Stock Warrants2023-12-310001321741Phoenix Door Systems, Inc. – Common 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Marketing Group, Inc. – Term Debt2023-12-310001321741J.R. Hobbs Co. - Atlanta, LLC – Line of Credit2023-12-310001321741J.R. Hobbs Co. - Atlanta, LLC - Term Debt 12023-12-310001321741J.R. Hobbs Co. - Atlanta, LLC – Term Debt 22023-12-310001321741J.R. Hobbs Co. - Atlanta, LLC – Term Debt 32023-12-310001321741The Maids International, LLC – Term Debt 2023-12-310001321741gain:DebtSecuritiesSecuredFirstLienDebtMembergain:HomeAndOfficeFurnishingsHousewaresAndDurableConsumerProductsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001321741Old World Christmas, Inc. – Secured First Lien Term Loan2023-12-310001321741gain:DebtSecuritiesSecuredFirstLienDebtMembergain:MiningSteelIronAndNonPreciousMetalsTotalMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001321741Utah Pacific Bridge & Steel, Ltd., 22023-12-310001321741gain:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergain:TelecommunicationsMember2023-12-310001321741B+T Group Acquisition, Inc. – Line of Credit2023-12-310001321741B+T Group Acquisition, Inc. – Term Debt 12023-12-310001321741gain:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001321741gain:ChemicalsPlasticsAndRubberMembergain:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001321741PSI Molded Plastics, Inc. – Term Debt2023-12-310001321741gain:DebtSecuritiesSecuredSecondLienDebtMembergain:DiversifiedConglomerateServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001321741Nth Degree, Inc. – Term Debt 2023-12-310001321741gain:PreferredEquityMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001321741gain:PreferredEquityMembergain:ChemicalsPlasticsAndRubberMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001321741PSI Molded Plastics, Inc. – Preferred Stock2023-12-310001321741gain:PreferredEquityMembergain:DiversifiedConglomerateServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001321741ImageWorks Display and Marketing Group, Inc. – Preferred Stock2023-12-310001321741J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock2023-12-310001321741The Maids International, LLC – Preferred Stock2023-12-310001321741gain:PreferredEquityMembergain:HomeAndOfficeFurnishingsHousewaresAndDurableConsumerProductsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001321741Old World Christmas, Inc. – Preferred Stock2023-12-310001321741gain:PreferredEquityMembergain:MiningSteelIronAndNonPreciousMetalsTotalMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001321741Utah Pacific Bridge & Steel, Ltd. - Preferred Stock2023-12-310001321741gain:PreferredEquityMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergain:TelecommunicationsMember2023-12-310001321741B+T Group Acquisition, Inc.– Preferred 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2023-12-310001321741gain:PreferredEquityMembergain:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001321741The Mountain Corporation – Preferred Stock2023-12-310001321741gain:CommonEquityEquivalentsMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001321741gain:PersonalAndNonDurableConsumerProductsManufacturingOnlyMembergain:CommonEquityEquivalentsMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001321741The Mountain Corporation – Common Stock2023-12-310001321741us-gaap:CollateralPledgedMember2023-12-310001321741gain:FunkoAcquisitionHoldingsLLCMember2023-12-310001321741gain:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-03-310001321741gain:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMembergain:BuildingsAndRealEstateMember2023-03-310001321741Dema/Mai Holdings, Inc. – Term Debt 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Stock2023-03-310001321741Ginsey Home Solutions, Inc. – Preferred Stock2023-03-310001321741gain:PreferredEquityMembergain:HotelsMotelsInnsAndGamingTotalMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-03-310001321741Nocturne Luxury Villas, Inc. – Preferred Stock 2023-03-310001321741gain:PreferredEquityMembergain:LeisureAmusementMotionPicturesAndEntertainmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-03-310001321741Schylling, Inc. – Preferred Stock2023-03-310001321741gain:PreferredEquityMembergain:MachineryNonAgricultureNonConstructionAndNonElectronicMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-03-310001321741SFEG Holdings, Inc. – Preferred Stock2023-03-310001321741gain:CommonEquityEquivalentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-03-310001321741gain:AerospaceAndDefenseMembergain:CommonEquityEquivalentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2023-03-310001321741Galaxy Technologies Holdings, Inc. – Common 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2023
OR
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to
Commission file number: 814-00704
GLADSTONE INVESTMENT CORPORATION
(Exact name of registrant as specified in its charter)
Delaware83-0423116
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1521 WESTBRANCH DRIVE, SUITE 100
22102
MCLEAN, VA
(Zip Code)
(Address of principal executive offices)
(703) 287-5800
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.001 par value per shareGAINThe Nasdaq Stock Market LLC
5.00% Notes due 2026GAINNThe Nasdaq Stock Market LLC
4.875% Notes due 2028GAINZThe Nasdaq Stock Market LLC
8.00% Notes due 2028GAINLThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer
x
Smaller reporting company
o
Emerging growth company
o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
The number of shares of the issuer’s Common Stock, $0.001 par value per share, outstanding as of February 5, 2024 was 35,890,160.


GLADSTONE INVESTMENT CORPORATION
TABLE OF CONTENTS
Consolidated Schedules of Investments as of December 31, 2023 and March 31, 2023


PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GLADSTONE INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)

December 31,
2023
March 31,
2023
ASSETS
Investments at fair value
Non-Control/Non-Affiliate investments (Cost of $545,299 and $429,305, respectively)
$620,338 $496,875 
Affiliate investments (Cost of $291,146 and $276,055, respectively)
278,226 255,955 
Control investments (Cost of $32,059 and $15,270, respectively)
4,244 713 
Cash and cash equivalents
2,819 2,683 
Restricted cash and cash equivalents
766 565 
Interest receivable
6,575 3,038 
Due from administrative agent
2,151 3,899 
Deferred financing costs, net
1,069 431 
Other assets, net
1,436 1,485 
TOTAL ASSETS
$917,624 $765,644 
LIABILITIES
Borrowings:
Line of credit at fair value (Cost of $82,600 and $35,200, respectively)
$82,600 $35,171 
Notes payable, net
330,904 257,436 
Total borrowings
413,504 292,607 
Accounts payable and accrued expenses
1,596 786 
Interest payable
3,545 2,309 
Fees due to Adviser(A)
37,693 28,919 
Fee due to Administrator(A)
575 716 
Other liabilities
770 565 
TOTAL LIABILITIES
$457,683 $325,902 
Commitments and contingencies(B)
NET ASSETS
$459,941 $439,742 
ANALYSIS OF NET ASSETS
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 35,351,954 and 33,591,505 shares issued and outstanding, respectively
$35 $34 
Capital in excess of par value
426,302 401,798 
Cumulative net unrealized appreciation of investments
34,304 32,913 
Cumulative net unrealized depreciation of other 29 
Overdistributed net investment income
(16,666)(5,527)
Accumulated net realized gain in excess of distributions
15,966 10,495 
Total distributable earnings
33,604 37,910 
TOTAL NET ASSETS
$459,941 $439,742 
NET ASSET VALUE PER SHARE
$13.01 $13.09 
(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.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
2

GLADSTONE INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)

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

2023202220232022
INVESTMENT INCOME
Interest income
Non-Control/Non-Affiliate investments
$15,237 $11,357 $41,353 $30,007 
Affiliate investments
6,351 4,689 18,285 12,985 
Cash and cash equivalents
111 21 731 53 
Total interest income
21,699 16,067 60,369 43,045 
Dividend income
Non-Control/Non-Affiliate investments
   4,829 
Affiliate investments
 4,466 1,907 6,018 
Total dividend income
 4,466 1,907 10,847 
Success fee income
Non-Control/Non-Affiliate investments
1,382 1,061 1,382 7,794 
Total success fee income
1,382 1,061 1,382 7,794 
Total investment income
$23,081 $21,594 $63,658 $61,686 
EXPENSES
Base management fee(A)
$4,602 $3,789 $12,874 $10,965 
Loan servicing fee(A)
2,332 2,080 6,829 5,754 
Incentive fee(A)
1,667 3,945 15,401 7,722 
Administration fee(A)
450 410 1,306 1,352 
Interest expense on borrowings
6,520 4,074 17,598 11,715 
Amortization of deferred financing costs and discounts