Company: GAINI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001321741-25-000022
Chunk: 42

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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29.9 million.

Investment ConcentrationsAs of September 30, 2025, our investment portfolio consisted of investments in 28 portfolio companies located in 20 states and Canada across 16 different industries with an aggregate fair value of approximately $1.1 billion. Our investments in SFEG Holdings, Inc., The E3 Company, LLC, Detroit Defense, Inc., Dema/Mai Holdings, Inc. and Brunswick Bowling Products, Inc. represented our five largest portfolio investments at fair value and collectively comprised $437.4 million, or 38.7%, of our total investment portfolio at fair value as of September 30, 2025.The following table summarizes our investments by security type as of September 30, 2025 and March 31, 2025:September 30, 2025March 31, 2025CostFair ValueCostFair ValueSecured first lien debt$644,158 62.1 %$593,979 52.5 %$584,026 62.2 %$514,334 52.5 %Secured second lien debt93,340 9.0 %90,633 8.0 %103,956 11.1 %103,580 10.6 %Total debt737,498 71.1 %684,612 60.5 %687,982 73.3 %617,914 63.1 %Preferred equity250,105 24.1 %365,278 32.3 %201,487 21.5 %302,163 30.9 %Common equity/equivalents49,597 4.8 %80,969 7.2 %49,597 5.2 %59,243 6.0 %Total equity/equivalents299,702 28.9 %446,247 39.5 %251,084 26.7 %361,406 36.9 %Total investments$1,037,200 100.0 %$1,130,859 100.0 %$939,066 100.0 %$979,320 100.0 %

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Investments at fair value consisted of the following industry classifications as of September 30, 2025 and March 31, 2025:September 30, 202