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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 September 30, 2024
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 (§232.405 of this chapter) 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 November 6, 2024 was 36,688,667.

Table of Contents
GLADSTONE INVESTMENT CORPORATION
TABLE OF CONTENTS
Consolidated Schedules of Investments as of September 30, 2024 and March 31, 2024

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)

September 30,
2024		March 31,
2024
ASSETS
Investments at fair value
Non-Control/Non-Affiliate investments (Cost of $561,778 and $544,799, respectively)
$627,240 $622,233 
Affiliate investments (Cost of $260,960 and $292,082, respectively)
225,497 295,366 
Control investments (Cost of $17,409 and $17,409, respectively)
570 2,905 
Cash and cash equivalents
2,025 2,460 
Restricted cash and cash equivalents
649 760 
Interest receivable
6,907 7,627 
Due from administrative agent
2,556 3,427 
Deferred financing costs, net
1,359 1,643 
Other assets, net
1,977 1,662 
TOTAL ASSETS
$868,780 $938,083 
LIABILITIES
Borrowings:
Line of credit at fair value (Cost of $8,900 and $67,000, respectively)
$8,900 $67,000 
Notes payable, net
332,135 331,345 
Total borrowings
341,035 398,345 
Accounts payable and accrued expenses
1,772 732 
Interest payable
3,241 3,465 
Fees due to Adviser(A)
37,460 41,344 
Fee due to Administrator(A)
566 727 
Distributions payable25,682 — 
Other liabilities
649 759 
TOTAL LIABILITIES
$410,405 $445,372 
Commitments and contingencies(B)
NET ASSETS
$458,375 $492,711 
ANALYSIS OF NET ASSETS
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 36,688,667 and 36,688,667 shares issued and outstanding, respectively
$37 $37 
Capital in excess of par value
443,900 444,706 
Cumulative net unrealized appreciation of investments
13,160 66,214 
Overdistributed net investment income
(16,660)(19,562)
Accumulated net realized gain in excess of distributions
17,938 1,316 
Total distributable earnings
14,438 47,968 
TOTAL NET ASSETS
$458,375 $492,711 
NET ASSET VALUE PER SHARE
$12.49 $13.43 
(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.
2
Table of Contents
GLADSTONE INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)

Three Months Ended September 30,Six Months Ended September 30,

2024202320242023
INVESTMENT INCOME
Interest income
Non-Control/Non-Affiliate investments
$15,105 $13,626 $29,647 $26,116 
Affiliate investments
5,834 6,318 11,874 11,934 
Cash and cash equivalents
57 333 100 620 
Total interest income
20,996 20,277 41,621 38,670 
Dividend income
Non-Control/Non-Affiliate investments
1,419 — 1,419 — 
Affiliate investments
— — — 1,907 
Total dividend income
1,419 — 1,419 1,907 
Success fee income
Non-Control/Non-Affiliate investments
— — 1,553 — 
Affiliate investments
150 — 150 — 
Total success fee income
150 — 1,703 — 
Total investment income
$22,565 $20,277 $44,743 $40,577 
EXPENSES
Base management fee(A)
$4,447 $4,341 $9,065 $8,272 
Loan servicing fee(A)
2,194 2,325 4,416 4,497 
Incentive fee(A)
2,232 11,540 (1,556)13,734 
Administration fee(A)
567 334 1,073 856 
Interest expense on borrowings
6,399 6,104 12,879 11,078 
Amortization of deferred financing costs and discounts
629 574 1,260 1,119 
Professional fees
481 335 811 619 
Other general and administrative expenses
1,188 828 2,802 1,513 
Expenses before credits from Adviser
18,137 26,381 30,750 41,688 
Credits to base management fee – loan servicing fee(A)
(2,194)(2,325)(4,416)(4,497)
Credits to fees from Adviser - other(A)
(669)(2,049)(1,296)(3,324)
Total expenses, net of credits to fees
15,274 22,007 25,038 33,867 
NET INVESTMENT INCOME (LOSS)
$7,291 $(1,730)$19,705 $6,710 
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain:
Non-Control/Non-Affiliate investments
$19 $289 $21 $289 
Affiliate investments
42,284 — 42,284 273 
Control investments
— — — 882 
Total net realized gain
42,303 289 42,305 1,444 
Net unrealized (depreciation) appreciation:
Non-Control/Non-Affiliate investments
464 46,367 (11,970)49,795 
Affiliate investments
(33,684)2,378 (38,749)(1,777)
Control investments
(892)— (2,335)(93)
Other
— 52 — 63 
Total net unrealized (depreciation) appreciation
(34,112)48,797 (53,054)47,988 
Net realized and unrealized gain (loss)8,191 49,086 (10,749)49,432 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$15,482 $47,356 $8,956 $56,142 
BASIC AND DILUTED PER COMMON SHARE:
Net investment income (loss)
$0.20 $(0.05)$0.54 $0.20 
Net increase in net assets resulting from operations$0.42 $1.40 $0.24 $1.67 
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic and diluted36,688,667 33,817,214 36,688,667 33,704,976 
(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.
3
Table of Contents
GLADSTONE INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(IN THOUSANDS)
(UNAUDITED)

20242023
NET ASSETS, MARCH 31
$492,711 $439,742 
OPERATIONS
Net investment income12,414 8,440 
Net realized gain on investments2 1,155 
Net unrealized depreciation of investments(18,942)(820)
Net unrealized depreciation of other— 11 
Net (decrease) increase in net assets from operations
(6,526)8,786 
DISTRIBUTIONS(A)
Distributions to common stockholders from net investment income ($0.24 and $0.21 per share, respectively)
(8,805)(7,069)
Distributions to common stockholders from net realized gains ($0.00 and $0.15 per share, respectively)
— (5,024)
Net decrease in net assets from distributions
(8,805)(12,093)
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 IN NET ASSETS
(15,331)(3,307)
NET ASSETS, JUNE 30
$477,380 $436,435 
OPERATIONS
Net investment income (loss)$7,291 $(1,730)
Net realized gain on investments42,303 289 
Net unrealized (depreciation) appreciation of investments(34,112)48,745 
Net unrealized depreciation of other— 52 
Net increase in net assets from operations
15,482 47,356 
DISTRIBUTIONS(A)
Distributions to common stockholders from net investment income ($0.24 and $0.20 per share, respectively)
(8,805)(6,665)
Distributions to common stockholders from net realized gains ($0.70 and $0.16 per share, respectively)(B)
(25,682)(5,519)
Net decrease in net assets from distributions
(34,487)(12,184)
CAPITAL ACTIVITY
Issuance of common stock
— 4,121 
Discounts, commissions, and offering costs for issuance of common stock
— (62)
Net increase in net assets from capital activity
— 4,059 
NET (DECREASE) INCREASE IN NET ASSETS
(19,005)39,231 
NET ASSETS, SEPTEMBER 30
$458,375 $475,666 
(A)Refer to Note 8 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information.
(B)Includes $0.70 per common share of distributions declared and unpaid as of September 30, 2024, as such distribution was a supplemental distribution declared on September 17, 2024 with a record date of October 4, 2024 and a pay date of October 15, 2024.
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)

Six Months Ended September 30,

20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations
$8,956 $56,142 
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Purchase of investments
(20,098)(114,788)
Principal repayments of investments
28,000 — 
Net proceeds from the sale and recapitalization of investments
48,546 1,775 
Net realized gain on investments
(42,305)(1,444)
Net unrealized depreciation (appreciation) of investments
53,054 (47,925)
Net unrealized appreciation of other
— (63)
Amortization of deferred financing costs and discounts
1,260 1,119 
Bad debt expense, net of recoveries
1,045 (111)
Changes in assets and liabilities:
Increase in interest receivable
(109)(1,996)
Decrease in due from administrative agent
871 787 
Increase in other assets, net
(290)(6)
Increase in accounts payable and accrued expenses
1,040 593 
(Decrease) increase in interest payable
(224)1,182 
(Decrease) increase in fees due to Adviser(A)
(3,991)8,264 
Decrease in fee due to Administrator(A)
(161)(327)
(Decrease) increase in other liabilities
(110)213 
Net cash provided by (used in) operating activities75,484 (96,585)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock
— 4,121 
Discounts, commissions, and offering costs for issuance of common stock— (46)
Proceeds from line of credit
47,800 127,000 
Repayments on line of credit
(105,900)(82,900)
Proceeds from issuance of notes payable— 74,750 
Deferred financing and offering costs
(320)(2,729)
Distributions paid to common stockholders
(17,610)(24,277)
Net cash (used in) provided by financing activities
(76,030)95,919 

NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS
(546)(666)

CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD
3,220 3,248 

CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD
$2,674 $2,582 

CASH PAID FOR INTEREST
$12,442 $9,232 
NON-CASH FINANCING ACTIVITY:
Distributions payable$25,682 $— 
(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 SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2024
(DOLLAR AMOUNTS IN THOUSANDS)
(UNAUDITED)

Company and Investment(A)(B)(D)(E)
Principal/Shares/ Units(F)(H)
CostFair Value
NON-CONTROL/NON-AFFILIATE INVESTMENTS(L) – 136.8%
Secured First Lien Debt – 70.4%
Buildings and Real Estate – 8.3%
Dema/Mai Holdings, Inc. – Term Debt (SOFR+11.0%, 15.8% Cash, Due 7/2027)(J)
$38,250 $38,250 $38,250 
Diversified/Conglomerate Manufacturing – 1.1%
Phoenix Door Systems, Inc. – Line of Credit, $200 available (SOFR+7.0%, 11.8% Cash (0.3% Unused Fee), Due 9/2026)(J)
2,750 2,750 2,750 
Phoenix Door Systems, Inc. – Term Debt (SOFR+11.0%, 15.8% Cash, Due 9/2026)(J)
3,200 3,200 2,234 
5,950 4,984 
Diversified/Conglomerate Services – 14.1%
Horizon Facilities Services, Inc. – Term Debt (SOFR+7.5%, 12.3% Cash, Due 6/2026)(J)
57,700 57,700 39,536 
Mason West, LLC – Term Debt (SOFR+10.0%, 14.8% Cash, Due 7/2025)(J)
25,250 25,250 25,250 
82,950 64,786 
Healthcare, Education, and Childcare – 4.4%
Educators Resource, Inc. – Term Debt (SOFR+10.5%, 15.3% Cash, Due 3/2025)(J)
20,000 20,000 20,000 
Home and Office Furnishings, Housewares, and Durable Consumer Products – 8.1%
Brunswick Bowling Products, Inc. – Term Debt (SOFR+10.0%, 14.8% Cash, Due 1/2026)(J)
17,700 17,700 17,700 
Brunswick Bowling Products, Inc. – Term Debt (SOFR+10.0%, 14.8% Cash, Due 1/2026)(J)
6,850 6,850 6,850 
Ginsey Home Solutions, Inc. – Term Debt (SOFR+10.0%, 14.8% Cash, Due 11/2025)(J)
12,200 12,200 12,200 
36,750 36,750 
Hotels, Motels, Inns, and Gaming – 17.8%
Nocturne Luxury Villas, Inc. – Line of Credit, $4,000 available (SOFR+8.0%, 12.8% Cash, Due 6/2025)(J)
2,000 2,000 2,000 
Nocturne Luxury Villas, Inc. – Term Debt (SOFR+10.5%, 14.5% Cash, Due 6/2026)(J)(O)
79,600 79,600 79,600 
81,600 81,600 
Leisure, Amusement, Motion Pictures, and Entertainment – 6.1%
Schylling, Inc. – Term Debt (SOFR+11.0%, 15.8% Cash, Due 9/2027)(J)
27,981 27,981 27,981 
Oil and Gas – 7.6%
The E3 Company, LLC – Line of Credit, $1,000 available (SOFR+5.5%, 10.3% Cash, Due 2/2025)(J)
1,000 1,000 1,000 
The E3 Company, LLC – Term Debt (SOFR+9.0%, 13.8% Cash, Due 9/2028)(J)
33,750 33,750 33,750 
34,750 34,750 
Printing and Publishing – 2.9%
Home Concepts Acquisition, Inc. – Line of Credit, $500 available (SOFR+6.0%, 10.8% Cash, Due 11/2024)(J)
1,500 1,500 1,500 
Home Concepts Acquisition, Inc. – Term Debt (SOFR+9.0%, 13.8% Cash, Due 5/2028)(J)
12,000 12,000 12,000 
13,500 13,500 
Total Secured First Lien Debt$341,731 $322,601 
Secured Second Lien Debt – 20.2%
Aerospace and Defense – 5.6%
Galaxy Technologies Holdings, Inc. – Term Debt (SOFR+4.1%, 8.9% Cash, Due 10/2026)(J)
$6,900 $6,900 $6,900 
Galaxy Technologies Holdings, Inc. – Term Debt (SOFR+7.0%, 11.8% Cash, Due 10/2026)(J)
18,796 18,796 18,796 
25,696 25,696 
Cargo Transport – 2.7%
Diligent Delivery Systems – Term Debt (SOFR+9.0%, 13.8% Cash, Due 10/2024)(G)(I)
13,000 13,000 12,408 
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

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GLADSTONE INVESTMENT CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
SEPTEMBER 30, 2024
(DOLLAR AMOUNTS IN THOUSANDS)
(UNAUDITED)
Company and Investment(A)(B)(D)(E)
Principal/Shares/ Units(F)(H)
CostFair Value
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 11.9%
SFEG Holdings, Inc. – Term Debt (SOFR+7.0%, 12.5% Cash, Due 10/2028)(J)
54,644 54,644 54,644 
Total Secured Second Lien Debt$93,340 $92,748 
Preferred Equity – 36.6%
Buildings and Real Estate – 5.1%
Dema/Mai Holdings, Inc. - Preferred Stock(C)(J)
21,000 $21,000 $23,499 
Diversified/Conglomerate Services – 2.4%
Horizon Facilities Services, Inc. – Preferred Stock(C)(J)
10,080 — — 
Mason West, LLC – Preferred Stock(C)(J)
11,206 11,206 11,145 
11,206 11,145 
Healthcare, Education, and Childcare – 6.6%
Educators Resource, Inc. – Preferred Stock(C)(J)
8,560 8,560 30,140 
Home and Office Furnishings, Housewares, and Durable Consumer Products – 10.9%
Brunswick Bowling Products, Inc. – Preferred Stock(C)(J)
6,653 6,653 46,594 
Ginsey Home Solutions, Inc. – Preferred Stock(C)(J)
19,280 9,583 3,277 
16,236 49,871 
Hotels, Motels, Inns, and Gaming – 3.8%
Nocturne Luxury Villas, Inc. – Preferred Stock(C)(J)
6,600 6,600 17,252 
Leisure, Amusement, Motion Pictures, and Entertainment – 3.1%
Schylling, Inc. – Preferred Stock(C)(J)
4,000 4,000 14,400 
Oil and Gas – 4.7%
The E3 Company, LLC – Preferred Stock(C)(J)
11,233 11,233 21,629 
Printing and Publishing – 0.0%
Home Concepts Acquisition, Inc. – Preferred Stock(C)(J)
3,275 3,275 — 
Total Preferred Equity
$82,110 $167,936 
Common Equity/Equivalents – 9.6%
Aerospace and Defense – 1.3%
Galaxy Technologies Holdings, Inc. – Common Stock(C)(J)
16,957 $11,513 $6,125 
Cargo Transport – 0.0%
Diligent Delivery Systems – Common Stock Warrants(C)(J)
8 %

500 — 
Diversified/Conglomerate Manufacturing – 0.0%
Phoenix Door Systems, Inc. – Common Stock(C)(J)
4,221 1,830 — 
Home and Office Furnishings, Housewares, and Durable Consumer Products – 0.0%
Ginsey Home Solutions, Inc. – Common Stock(C)(J)
63,747 8 — 
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 8.3%
SFEG Holdings, Inc. – Common Stock(C)(J)
18,721 30,746 37,830 
Total Common Equity/Equivalents$44,597 $43,955 
Total Non-Control/Non-Affiliate Investments$561,778 $627,240 
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

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GLADSTONE INVESTMENT CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
SEPTEMBER 30, 2024
(DOLLAR AMOUNTS IN THOUSANDS)
(UNAUDITED)
Company and Investment(A)(B)(D)(E)
Principal/Shares/ Units(F)(H)
CostFair Value
AFFILIATE INVESTMENTS(M) – 49.3%
Secured First Lien Debt – 32.0%
Diversified/Conglomerate Services – 17.1%
ImageWorks Display and Marketing Group, Inc. – Term Debt (SOFR+11.0%, 15.8% Cash, Due 11/2025)(J)
22,000 22,000 22,000 
J.R. Hobbs Co. - Atlanta, LLC – Line of Credit, $0 available (SOFR+6.0%, 10.8% Cash, Due 6/2025)(G)(J)
5,000 5,000 2,818 
J.R. Hobbs Co. - Atlanta, LLC - Term Debt (SOFR+6.0%, 10.8% Cash, Due 6/2025)(G)(J)
16,500 16,500 9,298 
J.R. Hobbs Co. - Atlanta, LLC – Term Debt (SOFR+10.3%, 15.1% Cash, Due 6/2025)(G)(J)
26,000 26,000 14,651 
J.R. Hobbs Co. - Atlanta, LLC – Term Debt (SOFR+6.0%, 10.8% Cash, Due 6/2025)(G)(J)
2,438 2,438 1,375 
The Maids International, LLC – Term Debt (SOFR+10.5%, 15.3% Cash, Due 3/2025)(J)
28,560 28,560 28,560 
100,498 78,702 
Home and Office Furnishings, Housewares, and Durable Consumer Products – 9.4%
Old World Christmas, Inc. – Term Debt (SOFR+9.5%, 14.3% Cash, Due 12/2025)(J)
43,000 43,000 43,000 
Mining, Steel, Iron and Non-Precious Metals – 4.0%
UPB Acquisition, Inc. – Term Debt (SOFR+10.0%, 14.8% Cash, Due 7/2026)(J)
18,250 18,250 18,250 
Telecommunications – 1.5%
B+T Group Acquisition, Inc.(K) – Line of Credit, $0 available (SOFR+2.0%, 7.0% Cash, Due 12/2026)(G)(J)
3,080 3,080 3,080 
B+T Group Acquisition, Inc.(K) – Line of Credit, $297 available (SOFR+2.0%, 7.0% Cash, Due 6/2025)(G)(J)
753 753 753 
B+T Group Acquisition, Inc.(K) – Term Debt (SOFR+2.0%, 7.0% Cash, Due 12/2026)(G)(J)
14,000 14,000 2,524 
17,833 6,357 
Total Secured First Lien Debt$179,581 $146,309 
Secured Second Lien Debt – 4.1%
Chemicals, Plastics, and Rubber – 4.1%
PSI Molded Plastics, Inc. – Term Debt (SOFR+5.5%, 10.3% Cash, Due 1/2026)(J)
$26,618 $26,618 $18,596 
Total Secured Second Lien Debt
$26,618 $18,596 
Preferred Equity – 13.2%
Chemicals, Plastics, and Rubber – 0.0%
PSI Molded Plastics, Inc. – Preferred Stock(C)(J)
158,598 $19,730 $— 
Diversified/Conglomerate Services – 2.2%
ImageWorks Display and Marketing Group, Inc. – Preferred Stock(C)(J)
67,490 6,749 3,269 
J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock(C)(J)
10,920 10,920 — 
The Maids International, LLC – Preferred Stock(C)(J)
6,640 6,640 6,677 
24,309 9,946 
Home and Office Furnishings, Housewares, and Durable Consumer Products – 7.7%