Company: GAINI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001321741-25-000022
Chunk: 35

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 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.As of September 30, 2025 and March 31, 2025, 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 and six months ended September 30, 2025 and 2024, respectively.

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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