Company: GAINI
Filing Date: 2025-05-13
Form Type: 10-K
Source: 0001321741-25-000010
Chunk: 66

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-05-13
Form: 10-K
Item: Item 1
Chunk 66
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 in 19 states or countries across 16 different industries with an aggregate fair value of $979.3 million. Our investments in SFEG Holdings, Inc. ("SFEG"), Ricardo Defense, Inc. ("Ricardo"), Brunswick Bowling Products, Inc. ("Brunswick"), Nielsen-Kellerman Acquisition Corp. ("Nielsen-Kellerman") and The E3 Company, LLC ("E3") represented our five largest portfolio investments at fair value and collectively comprised $401.7 million, or 41.0%, of our total investment portfolio at fair value as of March 31, 2025. 

5

The following table summarizes our investments by security type as of March 31, 2025 and 2024:

March 31, 2025March 31, 2024CostFair ValueCostFair ValueSecured first lien debt$584,026 62.2 %$514,334 52.5 %$513,425 60.1 %$474,856 51.6 %Secured second lien debt103,956 11.1 %103,580 10.6 %144,958 16.9 %138,703 15.0 %Total debt687,982 73.3 %617,914 63.1 %658,383 77.0 %613,559 66.6 %Preferred equity201,487 21.5 %302,163 30.9 %145,070 17.0 %213,480 23.2 %Common equity/equivalents49,597 5.2 %59,243 6.0 %50,837 6.0 %93,465 10.2 %Total equity/equivalents251,084 26.7 %361,406 36.9 %195,907 23.0 %306,945 33.4 %Total investments$939,066 100.0 %$979,320 100.0 %$854,290 100.0 %$920,504 100.0 %

Our investments at fair value consisted of the following industry classifications as of March 31, 2025 and 2024:

March 31, 2025March 31, 2024Fair ValuePercentage ofTotal InvestmentsFair ValuePercentage of Total InvestmentsDiversified/C