Company: GAINI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001321741-25-000022
Chunk: 154

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 154
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 of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period. There were no transfers in or out of Level 1, 2 and 3 during the three and six months ended September 30, 2025 and 2024, respectively.

21

As of September 30, 2025 and March 31, 2025, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy:Fair Value MeasurementsQuoted Prices in Active Marketsfor Identical Assets(Level 1)SignificantOtherObservable Inputs(Level 2)Significant Unobservable Inputs(Level 3)Fair ValueAs of September 30, 2025:Secured first lien debt$— $— $593,979 $593,979 Secured second lien debt— — 90,633 90,633 Preferred equity— — 365,278 365,278 Common equity/equivalents— — 75,894 75,894 Total$— $— $1,125,784 $1,125,784 Investments measured at NAV (A)— — — 5,075 Total Investments$— $— $1,125,784 $1,130,859 Cash equivalents1,217 — — 1,217 Total Investments and Cash Equivalents as of September 30, 2025$1,217 $— $1,125,784 $1,132,076 Fair Value MeasurementsQuoted Prices in Active Markets for Identical Assets(Level 1)Significant Other Observable Inputs(Level 2)Significant Unobservable Inputs(Level 3)Fair ValueAs of March 31, 2025:Secured first lien debt$— $— $514,334 $514,334 Secured second lien debt— — 103,580 103,580 Preferred equity— — 302,163 302,163 Common equity/equivalents— — 54,268 54,268 Total$— $— $974,345 $974,345 Investments measured at NAV (A)— — — 4,975 Total Investments$— $— $974,345 $979,320 Cash equivalents1,354