Company: GAINI
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0001321741-25-000005
Chunk: 35

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-02-12
Form: 10-Q
Item: Part I, Item 1
Chunk 35
---
 of shares of Funko, Inc. (our units in Funko could be converted into common shares of Funko, Inc.) at the reporting date less a discount for lack of marketability, as our investment was subject to certain restrictions.

21

The following table presents our investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy, and carried at fair value as of December 31, 2024 and March 31, 2024, by caption on our accompanying Consolidated Statements of Assets and Liabilities, and by security type:Total Recurring Fair Value MeasurementsReported in Consolidated Statementsof Assets and LiabilitiesValued Using Level 3 InputsDecember 31, 2024March 31, 2024Non-Control/Non-Affiliate InvestmentsSecured first lien debt$386,753 $324,348 Secured second lien debt92,854 93,340 Preferred equity210,624 162,522 Common equity/equivalents(A)50,350 42,005 Total Non-Control/Non-Affiliate Investments740,581 622,215 Affiliate InvestmentsSecured first lien debt212,654 147,603 Secured second lien debt15,889 45,363 Preferred equity97,602 50,958 Common equity/equivalents(B)— 51,442 Total Affiliate Investments326,145 295,366 Control InvestmentsSecured first lien debt504 2,905 Secured second lien debt— — Preferred equity— — Common equity/equivalents— — Total Control Investments504 2,905 Total investments at fair value using Level 3 inputs$1,067,230 $920,486 (A)Excludes our investment in Funko as of March 31, 2024 with a fair value of $18 thousand, which was valued using Level 2 inputs.(B)Excludes our investment in Gladstone Alternative as of December 31, 2024 with a fair value of $5.0 million, which was valued using NAV as a practical expedient.

22

In accordance with ASC 820, the following table provides quantitative information about our investments valued using Level 3 fair value measurements as of December 31, 2024 and March 31, 2024. The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to