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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
OR
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to
Commission file number: 814-00704
GLADSTONE INVESTMENT CORPORATION
(Exact name of registrant as specified in its charter)
Delaware83-0423116
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1521 WESTBRANCH DRIVE, SUITE 100
22102
MCLEAN, VA
(Zip Code)
(Address of principal executive offices)
(703) 287-5800
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.001 par value per shareGAINThe Nasdaq Stock Market LLC
5.00% Notes due 2026GAINNThe Nasdaq Stock Market LLC
4.875% Notes due 2028GAINZThe Nasdaq Stock Market LLC
8.00% Notes due 2028GAINLThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer
x
Smaller reporting company
o
Emerging growth company
o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
The number of shares of the issuer’s Common Stock, $0.001 par value per share, outstanding as of August 1, 2023 was 33,895,675.


Table of Contents
GLADSTONE INVESTMENT CORPORATION
TABLE OF CONTENTS


Table of Contents
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GLADSTONE INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)

June 30,
2023
March 31,
2023
ASSETS
Investments at fair value
Non-Control/Non-Affiliate investments (Cost of $444,780 and $429,305, respectively)
$515,778 $496,875 
Affiliate investments (Cost of $308,555 and $276,055, respectively)
284,300 255,955 
Control investments (Cost of $14,650 and $15,270, respectively)
 713 
Cash and cash equivalents
37,099 2,683 
Restricted cash and cash equivalents
653 565 
Interest receivable
3,826 3,038 
Due from administrative agent
2,736 3,899 
Deferred financing costs, net
372 431 
Other assets, net
2,359 1,485 
TOTAL ASSETS
$847,123 $765,644 
LIABILITIES
Borrowings:
Line of credit at fair value (Cost of $46,200 and $35,200, respectively)
$46,160 $35,171 
Notes payable, net
329,999 257,436 
Total borrowings
376,159 292,607 
Accounts payable and accrued expenses
1,650 786 
Interest payable
2,923 2,309 
Fees due to Adviser(A)
28,418 28,919 
Fee due to Administrator(A)
885 716 
Other liabilities
653 565 
TOTAL LIABILITIES
$410,688 $325,902 
Commitments and contingencies(B)
NET ASSETS
$436,435 $439,742 
ANALYSIS OF NET ASSETS
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 33,591,505 and 33,591,505 shares issued and outstanding, respectively
$34 $34 
Capital in excess of par value
402,405 401,798 
Cumulative net unrealized appreciation of investments
32,093 32,913 
Cumulative net unrealized depreciation of other40 29 
Overdistributed net investment income
(3,880)(5,527)
Accumulated net realized gain in excess of distributions
5,743 10,495 
Total distributable earnings
33,996 37,910 
TOTAL NET ASSETS
$436,435 $439,742 
NET ASSET VALUE PER SHARE
$12.99 $13.09 
(A)Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.
(B)Refer to Note 9 — Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
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GLADSTONE INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)

Three Months Ended June 30,

20232022
INVESTMENT INCOME
Interest income
Non-Control/Non-Affiliate investments
$12,490 $8,728 
Affiliate investments
5,616 4,010 
Cash and cash equivalents
287 3 
Total interest income
18,393 12,741 
Dividend income
Non-Control/Non-Affiliate investments
 4 
Affiliate investments
1,907 1,552 
Total dividend income
1,907 1,556 
Success fee income
Non-Control/Non-Affiliate investments
 5,000 
Total success fee income
 5,000 
Total investment income
$20,300 $19,297 
EXPENSES
Base management fee(A)
$3,931 $3,563 
Loan servicing fee(A)
2,172 1,758 
Incentive fee(A)
2,194 3,009 
Administration fee(A)
522 380 
Interest expense on borrowings
4,974 3,784 
Amortization of deferred financing costs and discounts
545 448 
Professional fees
284 295 
Other general and administrative expenses
685 1,197 
Expenses before credits from Adviser
15,307 14,434 
Credits to base management fee – loan servicing fee(A)
(2,172)(1,758)
Credits to fees from Adviser - other(A)
(1,275)(750)
Total expenses, net of credits to fees
11,860 11,926 
NET INVESTMENT INCOME
$8,440 $7,371 
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss):
Non-Control/Non-Affiliate investments
$ $4,729 
Affiliate investments
273  
Control investments
882 (277)
Total net realized gain
1,155 4,452 
Net unrealized appreciation (depreciation):
Non-Control/Non-Affiliate investments
3,428 14,989 
Affiliate investments
(4,155)(14,777)
Control investments
(93) 
Other
11  
Total net unrealized (depreciation) appreciation
(809)212 
Net realized and unrealized gain346 4,664 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$8,786 $12,035 
BASIC AND DILUTED PER COMMON SHARE:
Net investment income
$0.25 $0.22 
Net increase in net assets resulting from operations$0.26 $0.36 
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic and diluted33,591,505 33,205,023 
(A)Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
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GLADSTONE INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(IN THOUSANDS)
(UNAUDITED)

20232022
NET ASSETS, MARCH 31
$439,742 $445,830 
OPERATIONS
Net investment income8,440 7,371 
Net realized gain on investments1,155 4,452 
Net unrealized (depreciation) appreciation of investments(820)212 
Net unrealized depreciation of other11  
Net increase in net assets from operations
8,786 12,035 
DISTRIBUTIONS(A)
Distributions to common stockholders from net investment income ($0.21 and $0.10 per share, respectively)
(7,069)(3,188)
Distributions to common stockholders from net realized gains ($0.15 and $0.25 per share, respectively)
(5,024)(8,268)
Net decrease in net assets from distributions
(12,093)(11,456)
CAPITAL ACTIVITY
Issuance of common stock
  
Discounts, commissions, and offering costs for issuance of common stock
  
Net increase in net assets from capital activity
  
NET (DECREASE) INCREASE IN NET ASSETS
(3,307)579 
NET ASSETS, JUNE 30
$436,435 $446,409 
(A)Refer to Note 8 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
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GLADSTONE INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)

Three Months Ended June 30,

20232022
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations
$8,786 $12,035 
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Purchase of investments
(47,975)(27,800)
Principal repayments of investments