Company: GAINI
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0001321741-25-000005
Chunk: 34

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-02-12
Form: 10-Q
Item: Part I, Item 1
Chunk 34
---
 Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in Funko, which was valued using Level 2 inputs. 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 nine months ended December 31, 2024 and 2023, respectively.

20

As of December 31, 2024 and March 31, 2024, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy:Fair Value MeasurementsFair ValueQuoted Prices in Active Marketsfor Identical Assets(Level 1)SignificantOtherObservable Inputs(Level 2)Significant Unobservable Inputs(Level 3)As of December 31, 2024:Secured first lien debt$599,911 $— $— $599,911 Secured second lien debt108,743 — — 108,743 Preferred equity308,226 — — 308,226 Common equity/equivalents (A)50,350 — — 50,350 Total Investments as of December 31, 2024$1,067,230 $— $— $1,067,230 Fair Value MeasurementsFair ValueQuoted Prices in Active Markets for Identical Assets(Level 1)Significant Other Observable Inputs(Level 2)Significant Unobservable Inputs(Level 3)As of March 31, 2024:Secured first lien debt$474,856 $— $— $474,856 Secured second lien debt138,703 — — 138,703 Preferred equity213,480 — — 213,480 Common equity/equivalents93,465 — 18 (B)93,447 Total Investments as of March 31, 2024$920,504 $— $18 $920,486 (A)Excludes our investment in Gladstone Alternative with a fair value of $5.0 million as of December 31, 2024. Gladstone Alternative was valued using NAV as a practical expedient.(B)Fair value was determined based on the closing market price