Company: GAINI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001321741-25-000022
Chunk: 15

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.

(M)Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.

(N)Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities.

(O)Fair value was based on net asset value provided by the underlying fund as a practical expedient.

(P)This portfolio company is headquartered in Ontario, Canada.

(Q)The portfolio company changed its name from Ricardo Defense, Inc. to Detroit Defense, Inc during the six months ended September 30, 2025.

(R)Valued using Level 1 inputs within the FASB ASC 820 fair value hierarchy. Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.10

Table of ContentsGLADSTONE INVESTMENT CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSMARCH 31, 2025(DOLLAR AMOUNTS IN THOUSANDS)

Company and Investment(A)(B)(D)(E)Principal/Shares/Units(F)(H)CostFair ValueNON-CONTROL/NON-AFFILIATE INVESTMENTS(L) – 130.0%Secured First Lien Debt – 60.3%Aerospace and Defense – 12.3%Ricardo Defense, Inc.(K) – Term Debt (SOFR+9.0%, 13.3% Cash, Due 12/2029)(J)$61,305 $61,305 $61,305 Buildings and Real Estate – 7.7%Dema/Mai Holdings, Inc. – Term Debt (SOFR+11.0%, 15.3% Cash, Due 7/2027)(J)38,250 38,250 38,250 Diversified