Company: GAINI
Filing Date: 2025-11-06
Form Type: 424B2
Source: 0001193125-25-269767
Chunk: 84

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-11-06
Form: 424B2
Chunk 84
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 other than managerial assistance as discussed in “ Business — Ongoing Management of Investments and Portfolio Company Relationships — Managerial Assistance and Services”in Part I, Item 1 of our most recent Annual Report on Form 10-K. Portfolio Manager Compensation The Portfolio Managers receive compensation from our Adviser in the form of a base salary plus a bonus. Each Portfolio Manager’s base salary is determined by a review of salary surveys for persons with comparable 19

experience who are serving in comparable capacities in the industry. Each Portfolio Manager’s base salary is set and reviewed yearly. Like all employees of the Adviser, a Portfolio Manager’s bonus is tied to the post-taxperformance of the Adviser and the entities that it advises. A Portfolio Manager’s bonus increases or decreases when the Adviser’s income increases or decreases. The Adviser’s income, in turn, is directly tied to the management and incentive fees earned in managing its investment funds, including Gladstone Investment. Pursuant to the Advisory Agreement, the Adviser receives a base management fee and an incentive fee based on net investment income in excess of the hurdle rates and capital gains as set out in the Advisory Agreement. During the fiscal years ended March 31, 2023, 2022 and 2021, we incurred net fees of approximately $20.2 million, $21.0 million and $17.9 million, respectively, to our Adviser under the Advisory Agreement. See “ Business — Transactions with Related Parties – Investment Advisory and Management Agreement” in Part I, Item 1 of our most recent Annual Report on Form 10-Kfor a full discussion of how such fees are computed and paid. A discussion regarding the basis for the Board of Directors approving the Advisory Agreement is available in our Annual Report on Form 10-Kfor the fiscal year ended March 31, 2023. Portfolio Manager Beneficial Ownership The following table sets forth, as of December 31, 2023, the dollar range of equity securities that are beneficially owned by each of our Portfolio Managers.

| Name               |     | Dollar Range of Equity Securities of 
 the Company Owned by                 
 Directors(1)(2)                      |
| David Gladstone    |     | Over $1,000,000                      |
| Terry Lee Brubaker |     | Over $1,000,000                      |
| David A.R. Dullum  |     | Over $1,000,000                      |

| (1) | Ownership is calculated in accordance with Rule 16-1(a)(2