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Hobbs Co. - Atlanta, LLC – Term Debt 22025-03-310001321741The Maids International, LLC – Term Debt 2025-04-012026-03-310001321741The Maids International, LLC – Term Debt 2025-03-310001321741gain:DebtSecuritiesSecuredFirstLienDebtMembergain:DiversifiedConglomerateServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-04-012026-03-310001321741Nielsen-Kellerman Acquisition Corp.– Line of Credit2026-03-310001321741Nielsen-Kellerman Acquisition Corp.– Line of Credit2025-04-012026-03-310001321741Nielsen-Kellerman Acquisition Corp.– Line of Credit2025-03-310001321741Nielsen-Kellerman Acquisition Corp. – Term Debt2025-04-012026-03-310001321741Nielsen-Kellerman Acquisition Corp. – Term Debt2025-03-310001321741gain:DebtSecuritiesSecuredFirstLienDebtMembergain:ElectronicsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-04-012026-03-310001321741Old World Christmas, Inc. – Term Debt2025-04-012026-03-310001321741Pyrotek Special Effects, Inc.– Line of Credit2026-03-310001321741Pyrotek Special Effects, Inc.– Line of Credit2025-04-012026-03-310001321741Pyrotek Special Effects, Inc.– Line of Credit2025-03-310001321741Pyrotek Special Effects, Inc. – Term Debt2025-04-012026-03-310001321741Pyrotek Special Effects, Inc. – Term Debt2025-03-310001321741gain:DebtSecuritiesSecuredFirstLienDebtMembergain:LeisureAmusementMotionPicturesAndEntertainmentMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-04-012026-03-310001321741UPB Acquisition, Inc. – Term Debt2025-04-012026-03-310001321741UPB Acquisition, Inc. – Term Debt2025-03-310001321741B+T Group Acquisition, Inc. – Line of Credit 12025-04-012026-03-310001321741B+T Group Acquisition, Inc. – Line of Credit 22025-04-012026-03-310001321741B+T Group Acquisition, Inc. – Term Debt2025-04-012026-03-310001321741B+T Group Acquisition, Inc. – Term Debt2025-03-310001321741gain:DebtSecuritiesSecuredFirstLienDebtMembergain:TelecommunicationsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-04-012026-03-310001321741us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergain:DebtSecuritiesSecuredFirstLienDebtMember2025-04-012026-03-310001321741PSI Molded Plastics, Inc. – Line of Credit2025-04-012026-03-310001321741PSI Molded Plastics, Inc. – Line of Credit2025-03-310001321741PSI Molded Plastics, Inc. – Term Debt 12026-03-310001321741PSI Molded Plastics, Inc. – Term Debt 12025-04-012026-03-310001321741PSI Molded Plastics, Inc. – Term Debt 22026-03-310001321741PSI Molded Plastics, Inc. – Term Debt 22025-04-012026-03-310001321741PSI Molded Plastics, Inc. – Term Debt 22025-03-310001321741gain:DebtSecuritiesSecuredSecondLienDebtMembergain:ChemicalsPlasticsAndRubberMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-04-012026-03-310001321741us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergain:DebtSecuritiesSecuredSecondLienDebtMember2025-04-012026-03-310001321741PSI Molded Plastics, Inc. – Preferred Stock(O)2026-03-310001321741PSI Molded Plastics, Inc. – Preferred Stock(O)2025-04-012026-03-310001321741PSI Molded Plastics, Inc. – Preferred Stock(O)2025-03-310001321741ImageWorks Display and Marketing Group, Inc. – Preferred Stock2025-04-012026-03-310001321741J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock2025-04-012026-03-310001321741The Maids International, LLC - Preferred Stock2026-03-310001321741The Maids International, LLC - Preferred Stock2025-04-012026-03-310001321741The Maids International, LLC - Preferred Stock2025-03-310001321741gain:PreferredEquityMembergain:DiversifiedConglomerateServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-04-012026-03-310001321741Nielsen-Kellerman Acquisition Corp.– Preferred Stock2026-03-310001321741Nielsen-Kellerman Acquisition Corp.– Preferred Stock2025-04-012026-03-310001321741Nielsen-Kellerman Acquisition Corp.– Preferred Stock2025-03-310001321741Old World Christmas, Inc. – Preferred Stock2025-04-012026-03-310001321741Pyrotek Special Effects, Inc. – Preferred Stock2026-03-310001321741Pyrotek Special Effects, Inc. – Preferred Stock2025-04-012026-03-310001321741Pyrotek Special Effects, Inc. – Preferred Stock2025-03-310001321741UPB Acquisition, Inc. - Preferred Stock2026-03-310001321741UPB Acquisition, Inc. - Preferred Stock2025-04-012026-03-310001321741UPB Acquisition, Inc. - Preferred Stock2025-03-310001321741B+T Group Acquisition, Inc. – Preferred Stock2026-03-310001321741B+T Group Acquisition, Inc. – Preferred Stock2025-04-012026-03-310001321741us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergain:PreferredEquityMember2025-04-012026-03-310001321741Gladstone Alternative Income Fund – Common Equity2025-04-012026-03-310001321741Gladstone Alternative Income Fund – Common Equity2025-03-310001321741B+T Group Acquisition, Inc. - Common Stock Warrants2026-03-310001321741B+T Group Acquisition, Inc. - Common Stock Warrants2025-04-012026-03-310001321741B+T Group Acquisition, Inc. - Common Stock Warrants2025-03-310001321741us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergain:CommonEquityEquivalentsMember2025-04-012026-03-310001321741Edge Adhesives Holdings, Inc. – Term Debt 2025-04-012026-03-310001321741Edge Adhesives Holdings, Inc. – Term Debt 2025-03-310001321741us-gaap:InvestmentAffiliatedIssuerControlledMembergain:DebtSecuritiesSecuredFirstLienDebtMember2025-04-012026-03-310001321741Edge Adhesives Holdings, Inc. – Preferred Stock2025-04-012026-03-310001321741us-gaap:InvestmentAffiliatedIssuerControlledMembergain:PreferredEquityMember2025-04-012026-03-310001321741gain:InvestmentAffiliateAndControlMember2025-04-012026-03-310001321741gain:InvestmentAffiliateAndControlMember2025-03-310001321741gain:InvestmentAffiliateAndControlMember2026-03-31\n\n[Table of Contents](#id4d58da65d414707b3cd9972f3050497_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\n_________________________\n\nFORM 10-K\n\n(Mark One)\n\nxANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended March 31, 2026\n\nOR\n\noTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from                to\n\nCommission file number 814-00704\n\n_________________________\n\nGLADSTONE INVESTMENT CORPORATION\n\n(Exact name of registrant as specified in its charter)\n\nDelaware83-0423116\n\n(State or other jurisdiction of\nincorporation or organization)(I.R.S. Employer\nIdentification No.)\n\n1521 WESTBRANCH DRIVE, SUITE 100\n22102\n\nMCLEAN, VA\n(Zip Code)\n\n(Address of principal executive offices)\n\n(703) 287-5800\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered\n\nCommon Stock, $0.001 par value per shareGAINThe Nasdaq Stock Market LLC\n\n4.875% Notes due 2028GAINZThe Nasdaq Stock Market LLC\n\n7.875% Notes due 2030GAINIThe Nasdaq Stock Market LLC\n\n7.125% Notes due 2031GAINGThe Nasdaq Stock Market LLC\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o  No x\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o  No x\n\nIndicate 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\n\nIndicate 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\n\nIndicate 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. \n\nLarge accelerated filer\no\nAccelerated filer\no\n\nNon-accelerated filer\nx\nSmaller reporting company\no\n\nEmerging growth company\no\n\nIf 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.\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES   NO \n\nThe aggregate market value of the voting stock held by non-affiliates of the Registrant on September 30, 2025, based on the closing price on that date of $13.82 on the Nasdaq Global Select Market, was $534,159,363. For the purposes of calculating this amount only, all directors and executive officers of the Registrant have been treated as affiliates. There were 39,821,967 shares of the Registrant’s Common Stock, $0.001 par value, outstanding as of May 11, 2026.\n\nDocuments Incorporated by Reference. Portions of the Registrant’s definitive proxy statement relating to the Registrant’s 2026 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A are incorporated by reference into Part III of this Annual Report on Form 10-K as indicated herein. Such proxy statement will be filed with the Securities and Exchange Commission no later than 120 days following the end of the Registrant’s fiscal year ended March 31, 2026.\n\n[Table of Contents](#id4d58da65d414707b3cd9972f3050497_7)\n\nGLADSTONE INVESTMENT CORPORATION\n\nFORM 10-K FOR THE FISCAL YEAR ENDED\n\nMARCH 31, 2026\n\nTABLE OF CONTENTS\n\n[PART I](#id4d58da65d414707b3cd9972f3050497_13)\n\n[ITEM 1](#id4d58da65d414707b3cd9972f3050497_16)\n\n[Business](#id4d58da65d414707b3cd9972f3050497_16)\n\n[3](#id4d58da65d414707b3cd9972f3050497_16)\n\n[ITEM 1A](#id4d58da65d414707b3cd9972f3050497_64)\n\n[Risk Factors](#id4d58da65d414707b3cd9972f3050497_64)\n\n[22](#id4d58da65d414707b3cd9972f3050497_64)\n\n[ITEM 1B](#id4d58da65d414707b3cd9972f3050497_94)\n\n[Unresolved Staff Comments](#id4d58da65d414707b3cd9972f3050497_94)\n\n[42](#id4d58da65d414707b3cd9972f3050497_94)\n\n[ITEM 1C](#id4d58da65d414707b3cd9972f3050497_97)\n\n[Cybersecurity](#id4d58da65d414707b3cd9972f3050497_97)\n\n[42](#id4d58da65d414707b3cd9972f3050497_97)\n\n[ITEM 2](#id4d58da65d414707b3cd9972f3050497_100)\n\n[Properties](#id4d58da65d414707b3cd9972f3050497_100)\n\n[43](#id4d58da65d414707b3cd9972f3050497_100)\n\n[ITEM 3](#id4d58da65d414707b3cd9972f3050497_103)\n\n[Legal Proceedings](#id4d58da65d414707b3cd9972f3050497_103)\n\n[44](#id4d58da65d414707b3cd9972f3050497_103)\n\n[ITEM ](#id4d58da65d414707b3cd9972f3050497_106)4\n\n[Mine Safety Disclosures](#id4d58da65d414707b3cd9972f3050497_106)\n\n[44](#id4d58da65d414707b3cd9972f3050497_106)\n\n[PART II](#id4d58da65d414707b3cd9972f3050497_109)\n\n[ITEM 5](#id4d58da65d414707b3cd9972f3050497_112)\n\n[Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#id4d58da65d414707b3cd9972f3050497_112)\n\n[45](#id4d58da65d414707b3cd9972f3050497_112)\n\n[ITEM 6](#id4d58da65d414707b3cd9972f3050497_139)\n\n[Reserved](#id4d58da65d414707b3cd9972f3050497_139)\n\n[52](#id4d58da65d414707b3cd9972f3050497_139)\n\n[ITEM 7](#id4d58da65d414707b3cd9972f3050497_142)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#id4d58da65d414707b3cd9972f3050497_142)\n\n[53](#id4d58da65d414707b3cd9972f3050497_142)\n\n[ITEM 7A](#id4d58da65d414707b3cd9972f3050497_235)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#id4d58da65d414707b3cd9972f3050497_235)\n\n[70](#id4d58da65d414707b3cd9972f3050497_235)\n\n[ITEM 8](#id4d58da65d414707b3cd9972f3050497_238)\n\n[Financial Statements and Supplementary Data](#id4d58da65d414707b3cd9972f3050497_238)\n\n[72](#id4d58da65d414707b3cd9972f3050497_238)\n\n[ITEM 9](#id4d58da65d414707b3cd9972f3050497_436)\n\n[Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](#id4d58da65d414707b3cd9972f3050497_436)\n\n[122](#id4d58da65d414707b3cd9972f3050497_436)\n\n[ITEM 9A](#id4d58da65d414707b3cd9972f3050497_439)\n\n[Controls and Procedures](#id4d58da65d414707b3cd9972f3050497_439)\n\n[122](#id4d58da65d414707b3cd9972f3050497_439)\n\n[ITEM 9B](#id4d58da65d414707b3cd9972f3050497_442)\n\n[Other Information](#id4d58da65d414707b3cd9972f3050497_442)\n\n[122](#id4d58da65d414707b3cd9972f3050497_442)"}