Company: GAINI
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0001321741-25-000005
Chunk: 37

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-02-12
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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50,350 93,447 TEVEBITDA multiple5.5x – 8.1x / 6.6x5.0x – 15.0x / 6.4xEBITDA$969 – $23,258 / $17,987$1,154 – $63,269 / $23,615Total$1,067,230 $920,486 (A)Fair value as of December 31, 2024 excludes our investment in Gladstone Alternative with a fair value of $5.0 million, which was valued using NAV as a practical expedient.(B)Fair value as of March 31, 2024 excludes our investment in Funko with a fair value of $18 thousand, which was valued using Level 2 inputs.Fair value measurements can be sensitive to changes in one or more of the valuation inputs. Changes in discount rates, EBITDA or EBITDA multiples (or revenue or revenue multiples), each in isolation, may change the fair value of certain of our investments. Generally, an increase/(decrease) in market yields, discount rates or a (decrease)/increase in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a (decrease)/increase in the fair value of certain of our investments.

23

Changes in Level 3 Fair Value Measurements of InvestmentsThe following tables provide our portfolio’s changes in fair value, broken out by security type, during the three and nine months ended December 31, 2024 and 2023 for all investments for which the Adviser determines fair value using unobservable (Level 3) inputs. Fair Value Measurements Using Significant Unobservable Inputs (Level 3)Secured First LienDebtSecuredSecond LienDebtPreferredEquityCommonEquity/EquivalentsTotalThree Months ended December 31, 2024:Fair value as of September 30, 2024$469,480 $111,344 $228,528 $43,955 $853,307 Total gain (loss):Net realized gain (loss)(A)— — — — — Net unrealized appreciation (depreciation)(B)454 (2,601)33,081 6,395 37,329 Reversal of previously recorded (appreciation) depreciation upon realization(B)— — — — — New investments, repayments and settlements(C