{"url_path":"/sec/gainz/10-k/2026/item-5","section_key":"item-5","section_title":"Item 5 MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-05-12","source_url":"https://www.sec.gov/Archives/edgar/data/1321741/0001321741-26-000011-index.html","accession_number":"0001321741-26-000011","cik":"0001321741","ticker":"GAINZ","issuer_name":"GLADSTONE INVESTMENT CORPORATION\\DE","edgar_url":"https://www.sec.gov/Archives/edgar/data/1321741/0001321741-26-000011-index.html","primary_entity_key":"0001321741","primary_entity_name":"GLADSTONE INVESTMENT CORPORATION\\DE"},"word_count":3947,"has_tables":true,"body_markdown":"ITEM 5.    MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES\n\nOur common stock is traded on Nasdaq under the symbol “GAIN.” The following table reflects, by quarter, the high and low intraday sales prices per share of our common stock on Nasdaq, the high and low intraday sales prices as a percentage of NAV per share and quarterly distributions declared per common share for each fiscal quarter during the last two completed fiscal years and the current fiscal year through May 11, 2026.\n\nQuarter Ended/Ending\nNAV(A)\n\nSales Prices\n\nPremium /\n\n(Discount) of High to NAV(B)\n\nPremium\n\n(Discount)\n\nof Low to NAV(B)\n\nDeclared\n\nCommon Stock\n\nDistributions\n\nHigh\n\nLow\n\nFiscal Year ended March 31, 2025:\n\n6/30/2024$13.01 $14.55 $13.66 12 %5 %$0.2400 \n\n9/30/2024$12.49 $14.58 $12.46 17 %— %$0.2400 \n\n12/31/2024$13.30 $14.85 $12.81 12 %(4)%$0.9400 \n(C)\n\n3/31/2025$13.55 $14.01 $12.54 3 %(7)%$0.2400 \n\nFiscal Year ended March 31, 2026:\n\n6/30/2025$12.99 $15.34 $11.42 18 %(12)%$0.7800 \n(D)\n\n9/30/2025$13.53 $14.57 $13.66 8 %1 %$0.2400 \n\n12/31/2025$14.95 $14.15 $13.16 (5)%(12)%$0.2400 \n\n3/31/2026$16.78 $14.54 $13.11 (13)%(22)%$0.2400 \n\nFiscal Year ending March 31, 2027:\n\n6/30/2026\n\n(through May 11, 2026)\n    *$17.14 $13.99 **$0.2400 \n\n(A)NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low intraday sales prices. The NAVs per share shown are based on outstanding shares at the end of each period.\n\n(B)The premiums (discounts) set forth in these columns represent the high or low, as applicable, intraday sale prices per share for the relevant quarter minus the NAV per share as of the end of such quarter, and therefore may not reflect the premium (discount) to NAV per share on the date of the high and low intraday sales prices.\n\n(C)Includes a $0.70 per common share supplemental distribution paid in October 2024.\n\n(D)Includes a $0.54 per common share supplemental distribution paid in June 2025.\n\n* Not yet available, as the NAV per share as of the end of this quarter has not yet been finalized.\n\nAs of May 11, 2026, there were 19 record owners of our common stock. This number does not include stockholders for whom shares are held in “street name.”\n\nDistributions\n\nWe generally intend to distribute, in the form of cash distributions, up to 100% of our Investment Company Taxable Income, if any, to our stockholders in the form of monthly distributions. We may retain some or all of our net realized long-term capital gains, if any, and designate them as a deemed distribution to supplement our equity capital and support the growth of our portfolio, but we may also distribute all or a portion of such gains to stockholders in cash. For the years ended March 31, 2026 and 2025, we did not elect to retain long-term capital gains and to treat them as deemed distributions to common stockholders. Our Credit Facility also generally restricts distributions on our common stock to the sum of certain amounts, including our net investment income, plus net capital gains, plus amounts elected by the Company to be considered as having been paid during the prior fiscal year in accordance with Section 855(a) of the Code.\n\nRecent Sales of Unregistered Securities\n\nWe did not sell any unregistered securities during the fiscal year ended March 31, 2026.\n\n45\n\n[Table of Contents](#id4d58da65d414707b3cd9972f3050497_7)\n\nPurchases of Equity Securities\n\nWe did not repurchase any shares of our stock during the fourth quarter ended March 31, 2026.\n\nStock Performance Graph\n\nThe following graph shows the total stockholder return on an investment of $100 in cash on March 31, 2021 for (i) our common stock, (ii) the Nasdaq’s 100 Total Return index (“Nasdaq 100 TR”), (iii) the Russell 1000 Total Return index (“Russell 1000 TR”) and (iv) the Standard and Poor’s BDC index (“S&P BDC”). The graph and other information furnished under the heading “Stock Performance Graph” shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that we specifically incorporate it by reference and shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C under, or to the liabilities of Section 18 of, the Exchange Act.\n\nThe returns on each investment assume reinvestment of dividends. This stock performance graph and the related textual information are not necessarily indicative of future performance.\n\nGAINNasdaq 100 TRRussell 1000 TRS&P BDC\n\n3/31/2021$100.00 $100.00 $100.00 $100.00 \n\n3/31/2022$142.40 $114.14 $113.27 $120.73 \n\n3/31/2023$119.74 $102.32 $103.76 $111.22 \n\n3/31/2024$162.84 $142.89 $134.75 $142.92 \n\n3/31/2025$172.05 $152.09 $145.29 $158.61 \n\n3/31/2026$203.26 $188.59 $171.07 $136.45 \n\n46\n\n[Table of Contents](#id4d58da65d414707b3cd9972f3050497_7)\n\nFees and Expenses\n\nThe following table is intended to assist stockholders in understanding the costs and expenses that common stockholders will bear directly or indirectly. The percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this Annual Report contains a reference to fees or expenses paid by “us” or the “Company,” or that “we” will pay fees or expenses, common stockholders will indirectly bear such fees or expenses as investors in the Company. The following annualized percentages were calculated based on actual expenses, except with respect to capital gains-based incentive fees as discussed below, incurred in the quarter ended March 31, 2026 and average net assets for the quarter ended March 31, 2026. The table and examples below include all fees and expenses of our consolidated subsidiaries.\n\nStockholder Transaction Expenses:\n\nSales load or other commission (as a percentage of offering price)(1)\n— %\n\nOffering expenses (as a percentage of offering price)(1)\n— %\n\nDividend reinvestment plan expenses (per sales transaction fee)(2)\nUp to $25 Transaction fee\n\nTotal stockholder transaction expenses (as a percentage of offering price)(1)\n—%\n\nAnnual expenses (as a percentage of net assets attributable to common stock)(3):\n\nBase management fee(4)\n4.11 %\n\nLoan servicing fee(5)\n2.01 %\n\nIncentive fees(6)\n11.97 %\n\nInterest payments on borrowed funds(7)\n6.85 %\n\nOther expenses(8)\n0.92 %\n\nTotal annual expenses(9)\n25.86 %\n\n(1)The amounts set forth in the table above do not reflect the impact of any sales load or other commission or offering expenses borne by the Company and its common stockholders. If applicable, the prospectus or prospectus supplement relating to an offering of our common stock will disclose the offering price and the estimated offering expenses and total stockholder transaction expenses borne by the Company and its common stockholders as a percentage of the offering price. In the event that shares of our common stock are sold to or through underwriters, the applicable prospectus or prospectus supplement will also disclose the applicable sales load or other commission.\n\n(2)The expenses of the dividend reinvestment plan, if any, are included in stock record expenses, a component of “Other expenses.” If a participant elects by written notice to the plan agent prior to termination of his or her account to have the plan agent sell part or all of the shares held by the plan agent in the participant’s account and remit the proceeds to the participant, the plan agent is authorized to deduct a transaction fee, plus per share brokerage commissions, from the proceeds. The participants in the dividend reinvestment plan will also bear a transaction fee, plus per share brokerage commissions incurred with respect to open market purchases, if any. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Distributions and Dividends to Stockholders—Dividend Reinvestment Plan” for information on the dividend reinvestment plan.\n\n(3)The percentages presented in this table are gross of credits to any fees.\n\n(4)The base management fee is payable quarterly to the Adviser pursuant to our Advisory Agreement and is assessed at an annual rate of 2% computed on the basis of the value of our average gross assets at the end of the two most recently completed quarters (inclusive of the current quarter), which are total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective period and adjusted appropriately for any share issuances or repurchases during the period. In accordance with the requirements of the SEC, the table above shows our base management fee as a percentage of average net assets attributable to common stockholders. For purposes of the table, the annualized base management fee has been converted to 4.11% of the average net assets for the quarter ended March 31, 2026 by dividing the total annualized amount of the base management fee by our average net assets for the quarter ended March 31, 2026. The base management fee for the quarter ended March 31, 2026 before application of any credits was $6.4 million.\n\nPursuant to the requirements of the 1940 Act, the Adviser makes available significant managerial assistance to our portfolio companies. The Adviser may also provide other services to our portfolio companies under certain agreements and may receive fees for services other than managerial assistance. Such services may include: (i) assistance obtaining,\n\n47\n\n[Table of Contents](#id4d58da65d414707b3cd9972f3050497_7)\n\nsourcing or structuring credit facilities, long term loans or additional equity from unaffiliated third parties; (ii) negotiating important contractual financial relationships; (iii) consulting services regarding restructuring of the portfolio company and financial modeling as it relates to raising additional debt and equity capital from unaffiliated third parties; and (iv) primary role in interviewing, vetting, and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members. The Adviser non-contractually, unconditionally, and irrevocably credits 100% of any fees received for such services against the base management fee that we would otherwise be required to pay to the Adviser; however, pursuant to the terms of the Advisory Agreement, a small percentage of certain of such fees is retained by the Adviser in the form of reimbursement, at cost, for tasks completed by personnel of the Adviser and primarily related to the valuation of portfolio companies. For the quarter ended March 31, 2026, $1.1 million of these fees were non-contractually, unconditionally and irrevocably credited against the base management fee. See “Item 1. Business — Transactions with Related Parties — Investment Advisory and Management Agreement” for additional information.\n\n(5)The Adviser services the loans held by Business Investment in return for which the Adviser receives a 2.0% annual loan servicing fee based on the monthly aggregate balance of loans pledged under the Credit Facility. Since Business Investment is a consolidated subsidiary of ours, coupled with the fact that the total base management fee paid to the Adviser pursuant to the Advisory Agreement cannot exceed 2.0% of total assets (less any uninvested cash or cash equivalents resulting from borrowings) during any given calendar year, we treat payment of the loan servicing fee pursuant to the Credit Facility as a pre-payment of the base management fee under the Advisory Agreement. Accordingly, these loan servicing fees are 100% non-contractually, unconditionally and irrevocably credited back to us by the Adviser. The loan servicing fee for the three months ended March 31, 2026 was $3.1 million. See “Item 1. Business—Transactions with Related Parties—Loan Servicing Fee Pursuant to Credit Facility” and footnote 4 above for additional information.\n\n(6)The incentive fee payable to the Adviser under the Advisory Agreement consists of two parts: an income-based fee and a capital gains-based fee. The income-based incentive fee is payable quarterly in arrears, and equals 20% of the excess, if any, of our pre-incentive fee net investment income that exceeds a 1.75% quarterly hurdle rate of our net assets, which we define as total assets less indebtedness and before taking into account any incentive fees payable or contractually due but not payable during the period, at the end of the immediately preceding calendar quarter, adjusted appropriately for any share issuances or repurchases during the period, subject to a “catch-up” provision measured as of the end of each calendar quarter. The “catch-up” provision requires us to pay 100% of our pre-incentive fee net investment income with respect to that portion of such income, if any, that exceeds the hurdle rate but is less than 125% of the quarterly hurdle rate (or 2.1875%) in any calendar quarter. The catch-up provision is meant to provide our Adviser with 20% of our pre-incentive fee net investment income as if a hurdle rate did not apply when our pre-incentive fee net investment income exceeds 125% of the quarterly hurdle rate in any calendar quarter. There was no income-based incentive fee for the three months ended March 31, 2026.\n\nThe capital gains-based incentive fee equals 20% of our net realized capital gains in excess of unrealized depreciation since our inception, if any, computed as all realized capital gains net of all realized capital losses and unrealized depreciation since our inception, less any prior payments, measured at the end of each calendar year and payable at the end of each fiscal year. During the three months ended March 31, 2026, we recorded capital gains-based incentive fees of $18.5 million in accordance with GAAP, which were not contractually due under the terms of the Advisory Agreement.\n\nNo credits were applied to incentive fees for the three months ended March 31, 2026; however, the Adviser may credit such fees in the future.\n\nExamples of how the incentive fee would be calculated are as follows:\n\n•Assuming pre-incentive fee net investment income of 0.55%, there would be no income-based incentive fee because such income would not exceed the hurdle rate of 1.75%.\n\n•Assuming pre-incentive fee net investment income of 2.00%, the income-based incentive fee would be as follows:\n\n= 100.0% × (2.00% - 1.75%)\n\n= 0.25%\n\n•Assuming pre-incentive fee net investment income of 2.30%, the income-based incentive fee would be as follows:\n\n= (100.0% × (“catch-up”: 2.1875% - 1.75%)) + (20.0% × (2.30% - 2.1875%))\n\n= (100.0% × 0.4375%) + (20.0% × 0.1125%)\n\n= 0.4375% + 0.0225%\n\n48\n\n[Table of Contents](#id4d58da65d414707b3cd9972f3050497_7)\n\n= 0.46%\n\n•Assuming net realized capital gains of 6% and realized capital losses and unrealized capital depreciation of 1%, the capital gains-based incentive fee would be as follows:\n\n= 20.0% × (6.0% - 1.0%)\n\n= 20.0% × 5.0%\n\n= 1.0%\n\nFor a more detailed discussion of the calculation of the two-part incentive fee, including the capital gains-based incentive fee calculation under GAAP, see “Item 1. Business — Transactions with Related Parties — Investment Advisory and Management Agreement.”\n\n(7)Includes amortization of deferred financing costs. As of March 31, 2026, we had $23.9 million of borrowings outstanding under our Credit Facility, $127.9 million of 5.00% 2026 Notes, at cost, $134.6 million of 4.875% 2028 Notes, at cost, $60.0 million of 6.875% 2028 Notes, at cost, $126.5 million of 7.875% 2030 Notes, at cost, and $100.0 million of 7.125% 2031 Notes, at cost. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Revolving Line of Credit” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Notes Payable” for additional information regarding our Credit Facility, our 5.00% 2026 Notes, our 4.875% 2028 Notes, our 6.875% 2028 Notes, our 7.875% 2030 Notes and our 7.125% 2031 Notes.\n\n(8)Includes our overhead expenses, including payments under the Administration Agreement based on our projected allocable portion of overhead and other expenses estimated to be incurred by our Administrator for the current fiscal year. See “Item 1. Business—Transactions with Related Parties—Administration Agreement” for additional information.\n\n(9)Total annualized gross expenses, based on actual amounts incurred for the three months ended March 31, 2026 (except as set forth in footnote 8), would be $160.2 million. After all non-contractual, unconditional, and irrevocable credits described in footnote 4 and footnote 5 above are applied to the base management fee and the loan servicing fee, total annualized expenses after fee credits, based on actual amounts incurred for the three months ended March 31, 2026, would be $143.2 million or 23.13% as a percentage of average net assets.\n\nExample\n\nThe following example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set forth in the table above. The amounts set forth below do not reflect the impact of sales load or offering expenses to be borne by the Company or its stockholders. In the prospectus supplement relating to an offering of securities pursuant to the applicable prospectus, the examples below will be restated to reflect the impact of the estimated offering expenses borne by the Company and its stockholders and, if applicable, the impact of the applicable sales load. The example below and the expenses in the table above should not be considered a representation of our future expenses, and actual expenses may be greater or less than those shown. While the example assumes, as required by the SEC, a 5.0% annual return, our performance will vary and may result in a return greater or less than 5.0%. Dollar amounts in the table below are not in thousands.\n\n1 Year3 Years5 Years10 Years\n\nCommon stockholders would pay the following expenses on a $1,000 investment:\n\nassuming a 5% annual return consisting entirely of ordinary income(1)(2)\n$146$397$603$966\n\nassuming a 5% annual return consisting entirely of capital gains(2)(3)\n$155$417$627$988\n\n(1)For purposes of this example, we have assumed that the entire amount of the assumed 5.0% annual return would constitute ordinary income. Because the assumed 5.0% annual return is significantly below the hurdle rate of 7.0% (annualized) that we must achieve under the Advisory Agreement to trigger the payment of an income-based incentive fee, we have assumed, for purposes of this example, that no income-based incentive fee would be payable if we realized a 5.0% annual return.\n\n(2)While the example assumes reinvestment of all distributions at NAV per share, participants in the dividend reinvestment plan will receive a number of shares of our common stock determined by dividing the total dollar amount\n\n49\n\n[Table of Contents](#id4d58da65d414707b3cd9972f3050497_7)\n\nof the distribution payable to a participant by the market price per share of our common stock at the close of trading on the valuation date for the distribution, and this price per share may differ from NAV per share. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Distributions and Dividends to Stockholders—Dividend Reinvestment Plan” for additional information regarding our dividend reinvestment plan.\n\n(3)For purposes of this example, we have assumed that the entire amount of the assumed 5.0% annual return would constitute capital gains and that no accumulated capital losses or unrealized depreciation would have to be overcome first before a capital gains-based incentive fee is payable.\n\nSenior Securities\n\nInformation about our senior securities is shown in the following table. The information as of and for the years ended March 31, 2026, 2025 2024, 2023 and 2022 is derived from our consolidated financial statements, which have been audited by PricewaterhouseCoopers LLP, our independent registered public accounting firm, as stated in their report which is included herein.\n\nClass and YearTotal Amount\nOutstanding \nExclusive of Treasury \nSecurities (1)Asset Coverage Per Unit (2)Involuntary\nLiquidating\nPreference Per\nUnit (3)Average Market Value\nPer Unit (4)\n\n6.75% Series B Cumulative Term Preferred Stock(5)\n\nMarch 31, 2018$41,400,000 $2,373 $25.00 $25.20 \n\nMarch 31, 2017$41,400,000 $2,356 $25.00 $26.00 \n\n6.50% Series C Cumulative Term Preferred Stock due 2022(6)\n\nMarch 31, 2018$40,250,000 $2,373 $25.00 $25.33 \n\nMarch 31, 2017$40,250,000 $2,356 $25.00 $25.64 \n\n6.25% Series D Cumulative Term Preferred Stock due 2023(7)\n\nMarch 31, 2020$57,500,000 $2,938 $25.00 $20.46 \n\nMarch 31, 2019$57,500,000 $3,091 $25.00 $25.38 \n\nMarch 31, 2018$57,500,000 $2,373 $25.00 $25.22 \n\nMarch 31, 2017$57,500,000 $2,356 $25.00 $25.43 \n\n6.375% Series E Cumulative Term Preferred Stock due 2025(8)\n\nMarch 31, 2021$94,371,325 $2,486 $25.00 $25.44 \n\nMarch 31, 2020$74,750,000 $2,938 $25.00 $19.52 \n\nMarch 31, 2019$74,750,000 $3,091 $25.00 $25.55 \n\nRevolving credit facilities\n\nMarch 31, 2026$23,900,000 $2,138 — N/A\n\nMarch 31, 2025$— $2,044 — N/A\n\nMarch 31, 2024$67,000,000 $2,190 — N/A\n\nMarch 31, 2023$35,200,000 $2,447 — N/A\n\nMarch 31, 2022$— $2,529 — N/A\n\nMarch 31, 2021$22,400,000 $3,980 — N/A\n\nMarch 31, 2020$49,200,000 $9,935 — N/A\n\nMarch 31, 2019$53,000,000 $9,976 — N/A\n\nMarch 31, 2018$107,000,000 $5,257 — N/A\n\nMarch 31, 2017$69,700,000 $6,613 — N/A\n\n5.00% 2026 Notes(9)\n\nMarch 31, 2026$127,937,500 $2,138 $25.00 $25.15 \n\nMarch 31, 2025$127,937,500 $2,044 $25.00 $24.93 \n\nMarch 31, 2024$127,937,500 $2,190 $25.00 $24.16 \n\nMarch 31, 2023$127,937,500 $2,447 $25.00 $23.47 \n\nMarch 31, 2022$127,937,500 $2,529 $25.00 $25.13 \n\nMarch 31, 2021$127,937,500 $3,980 $25.00 $25.85 \n\n50\n\n[Table of Contents](#id4d58da65d414707b3cd9972f3050497_7)\n\nClass and YearTotal Amount\nOutstanding \nExclusive of Treasury \nSecurities (1)Asset Coverage Per Unit (2)Involuntary\nLiquidating\nPreference Per\nUnit (3)Average Market Value\nPer Unit (4)\n\n4.875% 2028 Notes(10)\n\nMarch 31, 2026$134,550,000 $2,138 $25.00 $23.96 \n\nMarch 31, 2025$134,550,000 $2,044 $25.00 $23.33 \n\nMarch 31, 2024$134,550,000 $2,190 $25.00 $22.95 \n\nMarch 31, 2023$134,550,000 $2,447 $25.00 $23.00 \n\nMarch 31, 2022$134,550,000 $2,529 $25.00 $25.07 \n\n8.00% 2028 Notes(11)\n\nMarch 31, 2025$74,750,000 $2,044 $25.00 $25.86 \n\nMarch 31, 2024$74,750,000 $2,190 $25.00 $25.86 \n\n6.875% 2028 Notes(12)\n\nMarch 31, 2026$60,000,000 $2,138 $1,000.00 N/A\n\n7.875% 2030 Notes(13)\n\nMarch 31, 2026$126,500,000 $2,138 $25.00 $25.45 \n\nMarch 31, 2025$126,500,000 $2,044 $25.00 $25.38 \n\n7.125% 2031 Notes(14)\n\nMarch 31, 2026$100,000,000 $2,138 $25.00 $25.31 \n\nSecured borrowings(15)\n\nMarch 31, 2022$5,095,785 $2,529 — N/A\n\nMarch 31, 2021$5,095,785 $3,980 — N/A\n\nMarch 31, 2020$5,095,785 $9,935 — N/A\n\nMarch 31, 2019$5,095,785 $9,976 — N/A\n\nMarch 31, 2018$5,095,785 $5,257 — N/A\n\nMarch 31, 2017$5,095,785 $6,613 — N/A\n\n(1)Total amount of each class of senior securities outstanding as of the dates presented.\n\n(2)Asset coverage is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness (including interest payable and guaranties). Asset coverage per unit is the asset coverage ratio expressed in terms of dollar amounts per one thousand dollars of indebtedness.\n\n(3)The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it.\n\n(4)Only applicable to our Term Preferred Stock and the Notes, except for our 6.875% 2028 Notes which are not listed, because the other senior securities are not registered for public trading. Average market value per unit is the average of the closing price of the shares on Nasdaq during the last 10 trading days of the period.\n\n(5)Our Series B Term Preferred Stock was issued in November 2014 and redeemed in August 2018.\n\n(6)Our Series C Term Preferred Stock was issued in May 2015 and redeemed in August 2018.\n\n(7)Our Series D Term Preferred Stock was issued in September 2016 and redeemed in March 2021.\n\n(8)Our Series E Term Preferred Stock was issued in August 2018 and redeemed in August 2021.\n\n(9)Our 5.00% 2026 Notes were issued in March 2021 and repaid on May 1, 2026.\n\n(10)Our 4.875% 2028 Notes were issued in August 2021.\n\n(11)Our 8.00% 2028 Notes were issued in May 2023 and redeemed on December 16, 2025.\n\n(12)Our 6.875% 2028 Notes were issued in November 2025.\n\n(13)Our 7.875% 2030 Notes were issued in December 2024.\n\n(14)Our 7.125% 2031 Notes were issued in February 2026.\n\n(15)In August 2012, we entered into a participation agreement with a third-party related to $5.0 million of our secured second lien term debt investment in Ginsey Home Solutions, Inc. (“Ginsey”). In May 2014, we amended the agreement with the third-party to include an additional $0.1 million. Accounting Standards Codification Topic 860, “Transfers and Servicing” requires us to treat the participation as a financing-type transaction. Specifically, the third-party has a senior claim to our remaining investment in the event of default by Ginsey which, in part, resulted in the loan participation bearing a rate of interest lower than the contractual rate established at origination. In conjunction with the August 2022 refinancing at Ginsey, the $5.1 million secured borrowing liability was extinguished.\n\n51\n\n[Table of Contents](#id4d58da65d414707b3cd9972f3050497_7)"}