Company: GAINI
Filing Date: 2025-11-06
Form Type: 424B2
Source: 0001193125-25-269767
Chunk: 72

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-11-06
Form: 424B2
Chunk 72
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The information contained under the caption “Business” in Part I. Item 1 of our most recent Annual Report on Form 10-K is incorporated by reference herein.

<div align='center'>**MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**</div>

The information contained under the captions “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II. Item 7 of our most recent Annual Report on Form 10-K and in Part I. Item 2 of our most recent Quarterly Report on Form 10-Q are incorporated by reference herein.

<div align='center'>**PRICE RANGE OF COMMON STOCK**</div>

The information contained under the caption “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities” in Part II. Item 5 of our most recent Annual Report on Form 10-K is incorporated by reference herein.

<div align='center'>7</div>

PORTFOLIO COMPANIES The following table sets forth certain information as of December 31, 2023, regarding each portfolio company in which we had a debt or equity security as of such date. All such investments have been made in accordance with our investment objectives and strategies and our investment policies and procedures described in this prospectus. Under the 1940 Act, we may not acquire any non-qualifyingassets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of December 31, 2023, our investment in Funko Acquisition Holdings, LLC was considered a non-qualifyingasset under Section 55 of the 1940 Act and represented less than 0.1% of total investments, at fair value.

| Company                                                                              |     | Industry                                                               |                       | Investment                        |     | Percentage of 
    Class Held 
    on a Fully 
 Diluted Basis |       |   |     |                                     Cost |        |     |   Fair 
  Value |        |
|                                                                                      |     |                                                                        |                       |                                   |     |               |       |   |     | -Dollar amounts in thousands) (unaudited |        |     |        |        |
| NON-CONTROL/NON-AFFILIATE INVESTMENTS:                                               |     |                                                                        |                       |                                   |     |               |       |   |     |                                          |        |     |        |        |
| Brunswick Bowling Products, Inc.