Company: GAINI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001321741-25-000018
Chunk: 132

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 132
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 $— $1,031,735 $1,036,745 

21

Fair Value MeasurementsQuoted Prices in Active Markets for Identical Assets(Level 1)Significant Other Observable Inputs(Level 2)Significant Unobservable Inputs(Level 3)Fair ValueAs of March 31, 2025:Secured first lien debt$— $— $514,334 $514,334 Secured second lien debt— — 103,580 103,580 Preferred equity— — 302,163 302,163 Common equity/equivalents— — 54,268 54,268 Total$— $— $974,345 $974,345 Investments measured at NAV (A)— — — 4,975 Total Investments as of March 31, 2025$— $— $974,345 $979,320 (A)Includes our investment in Gladstone Alternative as of June 30, 2025 and March 31, 2025. Investments that are measured at fair value using NAV as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented elsewhere in this Quarterly Report.

The following table presents our investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy, and carried at fair value as of June 30, 2025 and March 31, 2025, by caption on our accompanying Consolidated Statements of Assets and Liabilities, and by security type:Total Recurring Fair Value MeasurementsReported in Consolidated Statementsof Assets and LiabilitiesValued Using Level 3 InputsJune 30, 2025March 31, 2025Non-Control/Non-Affiliate InvestmentsSecured first lien debt$346,601 $300,751 Secured second lien debt93,340 92,964 Preferred equity213,075 200,606 Common equity/equivalents55,341 54,268 Total Non-Control/Non-Affiliate Investments708,357 648,589 Affiliate InvestmentsSecured first lien debt210,088 213,240 Secured second lien debt— 10,616 Preferred equity112,922 101,557 Common equity/equivalents— — Total Affiliate Investments323,010