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 December 31, 2021 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) DELAWARE 83- ...

Financial Data and Key Metrics Changes - The company reported adjusted net investment income (NII) of $0.23 per share for Q2 FY2022, showing an improvement from $0.20, $0.24, and $0.24 in the previous three quarters [12] - Net asset value (NAV) per share increased from $12.66 at June 30, 2021, to $13.27 at September 30, 2021 [14] - Total assets rose to $746 million from $713 million over the same period [14] Business Line Data and Key Metrics Changes - The company made one new buyout during the quarter and continued to invest in existing portfolio companies for add-on acquisitions, which is a focus area for value building [15] - Investment income increased quarter-over-quarter, primarily due to other income, despite a decline in interest income due to one loan going into non-accrual [21][22] Market Data and Key Metrics Changes - The company noted that the flow of buyout opportunities remains strong, although purchase price expectations are elevated, necessitating a patient and selective approach [18] Company Strategy and Development Direction - The company aims to continue generating income from monthly distributions and capital gains, which supports supplemental distributions [16] - A strong and liquid balance sheet allows the company to support portfolio companies with add-on acquisitions and interim financing [17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges such as supply chain issues and inflation but expressed optimism about the portfolio's performance and recovery from COVID impacts [12][19] - The company expects continued good earnings and distributions for the fiscal year [19] Other Important Information - The company increased its monthly distribution to shareholders by 7%, amounting to $0.075 per share, with an annual run rate of $0.90 per share [14] - A supplemental distribution of $0.09 per share was declared to be paid in December 2021 [14] Q&A Session Summary Question: How are portfolio companies dealing with supply shortages and inflation? - Management indicated that portfolio companies are managing supply chain issues reasonably well, with some able to pass on price increases to customers, although margins may tighten slightly [33][36] Question: What is the situation with J.R. Hobbs and their backlog? - J.R. Hobbs is experiencing a large backlog due to delays in construction projects, but they have not lost business and are expected to work through this backlog positively [39] Question: Was the unrealized appreciation due to valuation multiples or company performance? - Management noted that the unrealized appreciation was a combination of operational improvements and EBITDA increases, with performance upticking outweighing any increase in multiples [42]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ 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) DELAWARE 83 ...

Gladstone Investment (NASDAQ:GAIN) Q1 2021 Earnings Conference Call August 3, 2021 8:30 AM ET Company Participants David Gladstone - CEO Michael LiCalsi - General Counsel and Secretary Dave Dullum - President Julia Ryan - CFO Conference Call Participants Kyle Joseph - Jefferies Mickey Schleien - Lautenberg Thalmann Operator Greetings. Welcome to Gladstone Investment First Quarter Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal pre ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Exact name of registrant as specified in its charter) DELAWARE 83-0423116 (State or other jurisdiction of incorporation or organization) FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ...

Financial Data and Key Metrics Changes - The company reported an adjusted net investment income (NII) of $0.69 per share for the fiscal year ending March 31, 2021, with a recovery trend in the last two quarters showing adjusted NII per share at $0.20 and $0.24 respectively [8] - Net asset value (NAV) per share increased from $11.17 to $11.52, and total assets rose from $576 million to $644 million [9][26] - Monthly distribution was maintained at $0.07 per share, totaling $0.84 annually, with a supplemental dividend of $0.09 per share paid in June 2020 [9] Business Line Data and Key Metrics Changes - The company exited one portfolio company and completed a dividend recapitalization of another, generating other income from exit fees and dividends, along with realized capital gains on equity [10] - Since inception in 2005, the company has invested in 53 buyout portfolio companies, totaling approximately $1.4 billion, with 23 exits generating about $238 million in net realized gains [11] Market Data and Key Metrics Changes - The company noted that the buyout market continues to present challenges with elevated purchase price expectations, requiring rigorous due diligence [15] - The company is engaging in discussions for potential acquisitions, indicating a focus on attractive valuations [15] Company Strategy and Development Direction - The company aims to provide managerial financial support to portfolio companies while actively reviewing potential new acquisitions [15] - The structure of the portfolio is designed to provide consistent monthly distributions, with expectations to maintain the current run rate of $0.84 per share annually [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the state of the portfolio and the strength of the balance sheet, anticipating good earnings and distributions over the next year [16] - The management highlighted that portfolio companies that experienced earnings declines are starting to see improvements, with a strong liquidity position to support temporary needs [14] Other Important Information - The company successfully issued 2026 notes, redeemed Series D term preferred stock, and extended its credit facility, enhancing its financial flexibility [18] - As of March 31, 2021, the company had approximately $158 million available under its credit facility [21] Q&A Session Summary Question: Market spreads and pricing compared to pre-COVID levels - Management indicated that there has not been much change in enterprise value multiples, with good companies still pushing around 7x trailing EBITDA, and some elevated multiples observed [30] Question: Non-accrual investments returning to accrual status - Management noted that the improvement in non-accruals is due to a combination of broader economic recovery and effective management changes within the portfolio companies [32]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2021 OR ☐ 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) Delaware 83-0423116 (Sta ...

Financial Data and Key Metrics Changes - The company generated adjusted net investment income of $0.24 per share for the quarter ended December 31, 2020, compared to $0.15 per share for the quarter ended September 30, 2020 [9] - Total portfolio income improved quarter-over-quarter, driven by an increase in other income, which includes dividend income and exit fees from portfolio companies [10] - Net investment income for the current quarter was $6.3 million, up from $4.4 million in the prior quarter [18] - The net asset value (NAV) increased to $11.11 per common share, primarily due to net realized gains [22] Business Line Data and Key Metrics Changes - Interest income remained consistent quarter-over-quarter, while other income increased significantly due to investment transactions [18] - The company completed several investment transactions resulting in net realized gains of $9.1 million [21] Market Data and Key Metrics Changes - The company noted a competitive environment with high valuations in the buyout market, indicating a tightness in new deal activity [15][39] - There are signs of increased deal activity, with some opportunities currently in the due diligence phase [15] Company Strategy and Development Direction - The company aims to maintain close involvement with portfolio companies and pursue new acquisitions while managing existing investments [16] - The focus remains on preserving cash flow and working capital needs of portfolio companies, especially in light of the ongoing pandemic [11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the recovery of portfolio companies affected by COVID-19, noting that many have begun to stabilize [12][44] - The company is monitoring the liquidity of its borrowers and believes that most have managed to navigate through the pandemic effectively [47] Other Important Information - The company maintained its monthly distribution to shareholders at $0.84 per common share, representing a current yield of around 8% [22] - There is approximately $14 million of undistributed income available for distribution, providing a cushion for future payouts [34] Q&A Session Summary Question: Thoughts on the cadence of other income going forward - Management indicated that other income can be inconsistent and is primarily driven by dividends from portfolio companies and exit fees [29][32] Question: Current level of spillover and thoughts on special distribution - The company has roughly $14 million of undistributed income available for distribution and is monitoring the portfolio for potential supplemental distributions [34][35] Question: Impact of tightness in new deals on portfolio earnings - Management does not foresee a decrease in income from the existing portfolio but acknowledges the challenge of adding new assets due to competition [39] Question: Borrowers' liquidity and ability to navigate the pandemic - Management feels that portfolio companies have managed well through the pandemic and do not currently require additional funding [47] Question: Prospects for bringing nonaccruals back on accrual basis - Management is optimistic about bringing some nonaccruals back to accrual status by the end of the fiscal year [50]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2020 OR ☐ 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) DELAWARE 83-0423116 (State or ...

Financial Data and Key Metrics Changes - Adjusted net investment income for the quarter ended September 30, 2020, was $0.15 per share, an increase from $0.11 per share for the quarter ended June 30, 2020 [10] - Total portfolio income improved due to the resumption of interest on certain portfolio company debt securities, returning to pre-COVID levels in some cases [10] - Net investment income (NII) for the quarter was $4.4 million, slightly higher than $4.2 million in the prior quarter [23] - Net expenses totaled $7.5 million in the current quarter compared to $6.5 million in the prior quarter [24] Business Line Data and Key Metrics Changes - The company made one acquisition, Mason West Industries, which included a new interest-bearing debt security, contributing to the income stream [11] - The focus remains on monitoring portfolio companies' cash flow and working capital dynamics, with minimal additional financial support needed [12] Market Data and Key Metrics Changes - The buyout industry has seen a significant slowdown, with new deal activity down approximately 40% from Q1 2020 and about 22% year-over-year [20] - However, there are signs of deal activity picking up, with the company actively pursuing new investment opportunities [22] Company Strategy and Development Direction - The company aims to maintain monthly distributions to shareholders at current levels and evaluate supplemental distributions from capital gains [31] - The management team is focused on rebuilding the portfolio after significant exit activity last year and is looking for new acquisitions [13][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of portfolio companies and the potential for improvements in non-accrual investments over the next three to six months [44] - The company is confident in its ability to manage exits strategically, taking advantage of favorable market conditions when appropriate [53] Other Important Information - The net asset value (NAV) for the quarter was $10.86 per share, consistent with the prior quarter [14] - The company amended its credit facility to improve flexibility in response to potential COVID-related disruptions [27] Q&A Session Summary Question: What drove the decline in other income this quarter? - Management explained that the decline was due to a cautious approach in collecting fees from portfolio companies during the pandemic, with no change in policy expected moving forward [38][39] Question: What is the outlook for non-accrual investments? - Management confirmed that they are working with non-accrual companies and expect improvements in the next three to six months, although specific timelines cannot be guaranteed [44] Question: How has deal activity improved quarter-to-quarter? - Management noted a pickup in activity, with some team members traveling to meet potential acquisition targets, indicating a more optimistic outlook for future deals [47] Question: Is the current leverage level the maximum the company is willing to operate at? - Management indicated comfort with the current leverage level but remains open to increasing it if necessary, emphasizing a cautious investment strategy [55] Question: Can you provide details on the Mason West investment and subsequent repayment? - Management clarified that the repayment was anticipated and involved bringing in a partner for part of the investment, rather than a direct repayment from the company [57] Question: What changes were made to interest rates on previously affected deals? - Management explained that they adjusted interest rates back to pre-COVID levels after providing temporary relief during the pandemic [59]