Klaus Vedfelt Gladstone Investment (NASDAQ:GAIN) is an Equity-focused business development company that has considerable potential for net asset value growth in a growing economy. Furthermore, Gladstone Investment has paid a boatload of special dividends in the present financial year in order to distribute portfolio excess income and the company's $0.08 per share monthly dividend has consistently been covered by its adjusted net investment income. Given the unique composition of Gladstone Investment's portf ...

“The rent is too damn high!” That was the campaign slogan of New York City mayoral candidate Jimmy McMillan in 2010. At the time, the average rent in the city was $1,216 per month, 27% higher than the $955 a month national average.Some 13 years later, the situation dramatically deteriorated. Median rents in Manhattan at the end of last year was $4,457 per month, a 366% increase in 13 years! That works out to  a 10.5% compounded annual growth rate (CAGR). Nationally, median rent is $1,317 per month, a 2.5% C ...

imaginima Rising rates have impacted asset classes across the board, ushering in an unprecedented era of investing. A rapidly rising Federal Funds rate impacted income-producing investments across the board as valuation pressure proved inescapable. However, one sector remained insulated. In fact, rising rates served as a significant tailwind for these lenders in general. The past two years have put a spotlight on business development companies, or BDCs. BDCs are specialty finance companies that act as capit ...

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, 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) Delaware 83- ...

```markdown [PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Gladstone Investment Corporation's unaudited consolidated financial statements, including assets, operations, cash flows, and investment schedules, for the periods ended September 30, 2023 [Consolidated Statements of Assets and Liabilities](index=4&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) Total assets increased to $928.3 million by September 30, 2023, from $765.6 million, with net assets rising to $475.7 million and NAV per share to $14.03 Consolidated Statements of Assets and Liabilities (in thousands, except per share amounts) | Metric | September 30, 2023 | March 31, 2023 | | :--- | :--- | :--- | | **Total Investments at Fair Value** | $915,636 | $753,543 | | **Total Assets** | $928,349 | $765,644 | | **Total Borrowings** | $409,672 | $292,607 | | **Total Liabilities** | $452,683 | $325,902 | | **Net Assets** | $475,666 | $439,742 | | **Net Asset Value Per Share** | $14.03 | $13.09 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended September 30, 2023, the company reported a net investment loss of $1.7 million, while a $49.1 million gain led to a $47.4 million net increase in net assets, or $1.40 per share Key Operational Data (in thousands, except per share amounts) | Metric | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Six Months Ended Sep 30, 2023 | Six Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Total Investment Income | $20,277 | $20,795 | $40,577 | $40,092 | | Total Expenses, net | $22,007 | $9,379 | $33,867 | $21,305 | | Net Investment (Loss) Income | $(1,730) | $11,416 | $6,710 | $18,787 | | Net Realized and Unrealized Gain (Loss) | $49,086 | $(8,341) | $49,432 | $(3,677) | | **Net Increase in Net Assets** | **$47,356** | **$3,075** | **$56,142** | **$15,110** | | **Net Increase in Net Assets per Share** | **$1.40** | **$0.09** | **$1.67** | **$0.45** | [Consolidated Statements of Changes in Net Assets](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) Net assets increased from $439.7 million to $475.7 million by September 30, 2023, driven by a $56.1 million net increase from operations and $4.1 million from stock issuance, offset by distributions Changes in Net Assets for the Six Months Ended September 30, 2023 (in thousands) | Description | Amount | | :--- | :--- | | Net Assets, March 31, 2023 | $439,742 | | Net Increase from Operations | $56,142 | | Net Decrease from Distributions | $(24,277) | | Net Increase from Capital Activity | $4,059 | | **Net Assets, September 30, 2023** | **$475,666** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $96.6 million for the six months ended September 30, 2023, offset by $95.9 million from financing activities, resulting in a $0.7 million net decrease in cash Cash Flow Summary for the Six Months Ended September 30 (in thousands) | Cash Flow Category | 2023 | 2022 | | :--- | :--- | :--- | | Net Cash (Used in) Provided by Operating Activities | $(96,585) | $(9,445) | | Net Cash Provided by (Used in) Financing Activities | $95,919 | $(2,147) | | **Net (Decrease) Increase in Cash** | **$(666)** | **$(11,592)** | [Consolidated Schedules of Investments](index=8&type=section&id=Consolidated%20Schedules%20of%20Investments) Total investments at fair value reached $915.6 million by September 30, 2023, with the portfolio comprising 66.7% debt and 33.3% equity, diversified across 16 industries and 26 companies Investment Portfolio Composition by Security Type (at Fair Value) | Security Type | September 30, 2023 | March 31, 2023 | | :--- | :--- | :--- | | Secured first lien debt | 55.5% | 58.1% | | Secured second lien debt | 11.2% | 10.1% | | **Total debt** | **66.7%** | **68.2%** | | Preferred equity | 29.3% | 29.5% | | Common equity/equivalents | 4.0% | 2.3% | | **Total equity/equivalents** | **33.3%** | **31.8%** | | **Total investments (in millions)** | **$915.6** | **$753.5** | - The top five portfolio investments (Nocturne, Counsel Press, Inc., Old World, Brunswick Bowling Products, Inc. and Horizon Facilities Services, Inc.) represented **39.9%** of the total investment portfolio at fair value as of September 30, 2023 [Notes to Consolidated Financial Statements](index=19&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, investment valuation, revenue recognition, related-party transactions, credit facilities, equity offerings, and significant subsequent events - The company is a Business Development Company (BDC) and a Regulated Investment Company (RIC), investing in debt (approx. **75%** at cost) and equity (approx. **25%** at cost) of established private U.S. businesses[44](index=44&type=chunk) - As of September 30, 2023, loans to Edge Adhesives, J.R. Hobbs, and The Mountain were on non-accrual status, representing **10.3%** of the cost basis of all debt investments[63](index=63&type=chunk) - Subsequent to the quarter end, in October 2023, the company exited its investment in Counsel Press, Inc., resulting in success fee income of **$1.4 million** and a realized gain of **$43.5 million** It also amended its credit facility, extending the revolving period to October 2026 and reducing the facility size to **$135.0 million**[152](index=152&type=chunk)[153](index=153&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=46&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and operational results, covering business overview, portfolio activity, capital raising, regulatory compliance, liquidity, and critical accounting estimates [Overview](index=47&type=section&id=Overview) The company operates as a BDC and RIC, targeting a 75% debt and 25% equity investment mix at cost, maintaining a strong asset coverage ratio of 211.5% as of September 30, 2023 - The company's investment objective is to achieve current income from debt securities and long-term capital appreciation from equity securities in established U.S. private businesses[160](index=160&type=chunk) - As of September 30, 2023, the company had unrecognized, contractual success fees of **$59.8 million**, or **$1.76** per common share, which are not recorded on the balance sheet[166](index=166&type=chunk) - The company's asset coverage ratio for senior securities was **211.5%** as of September 30, 2023, exceeding the required minimum of **150%**[172](index=172&type=chunk) [Results of Operations](index=51&type=section&id=Results%20of%20Operations) For the three months ended September 30, 2023, a $1.7 million net investment loss was offset by $48.7 million in unrealized appreciation, leading to a $47.4 million net increase in net assets Comparison of Operations for the Three Months Ended September 30 | Metric (in thousands) | 2023 | 2022 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Investment Income | $20,277 | $20,795 | $(518) | (2.5)% | | Total Expenses, net | $22,007 | $9,379 | $12,628 | 134.6% | | Net Investment (Loss) Income | $(1,730) | $11,416 | $(13,146) | (115.2)% | | Net Realized/Unrealized Gain (Loss) | $49,086 | $(8,341) | $57,427 | NM | | **Net Increase in Net Assets** | **$47,356** | **$3,075** | **$44,281** | **NM** | Comparison of Operations for the Six Months Ended September 30 | Metric (in thousands) | 2023 | 2022 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Investment Income | $40,577 | $40,092 | $485 | 1.2% | | Total Expenses, net | $33,867 | $21,305 | $12,562 | 59.0% | | Net Investment Income | $6,710 | $18,787 | $(12,077) | (64.3)% | | Net Realized/Unrealized Gain (Loss) | $49,432 | $(3,677) | $53,109 | NM | | **Net Increase in Net Assets** | **$56,142** | **$15,110** | **$41,032** | **271.6%** | - The significant increase in expenses for the three and six-month periods was primarily driven by higher capital gains-based incentive fees, which are accrued based on net realized gains and unrealized appreciation in the portfolio[186](index=186&type=chunk)[206](index=206&type=chunk) [Liquidity and Capital Resources](index=62&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is sourced from operations, its credit facility, and debt/equity issuance, with $100.7 million available on its credit facility and total contractual obligations of $513.3 million - Net cash used in operating activities was **$96.6 million** for the six months ended Sep 30, 2023, mainly due to **$114.8 million** in investment purchases[218](index=218&type=chunk)[219](index=219&type=chunk) - Financing activities provided **$95.9 million** in cash, primarily from a **$74.8 million** issuance of **8.00%** Notes due 2028 and net borrowings on the credit facility[222](index=222&type=chunk) Contractual Obligations as of September 30, 2023 (in thousands) | Contractual Obligations | Total | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years | | :--- | :--- | :--- | :--- | :--- | :--- | | Credit Facility | $79,300 | $— | $79,300 | $— | $— | | Notes payable | $337,238 | $— | $127,938 | $74,750 | $134,550 | | Interest payments on obligations | $96,716 | $26,382 | $45,705 | $24,082 | $547 | | **Total** | **$513,254** | **$26,382** | **$252,943** | **$98,832** | **$135,097** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=69&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, with 100% of its debt portfolio consisting of variable-rate loans with an interest rate floor as of September 30, 2023 - The company's primary market risk exposure is to interest rate fluctuations, which affects the spread between its borrowing costs and investment income[258](index=258&type=chunk) - As of September 30, 2023, **100%** of the company's debt investment portfolio consisted of variable-rate loans with an interest rate floor[259](index=259&type=chunk) [Item 4. Controls and Procedures](index=69&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal control over financial reporting identified - Management concluded that disclosure controls and procedures were effective as of September 30, 2023[260](index=260&type=chunk) - There were no changes in internal controls during the three months ended September 30, 2023, that materially affected, or are reasonably likely to materially affect, internal control over financial reporting[261](index=261&type=chunk) [PART II. OTHER INFORMATION](index=70&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=70&type=section&id=Item%201.%20Legal%20Proceedings) The company may be involved in ordinary course legal proceedings but does not expect any current matters to materially affect its financial condition or results of operations - The company is not currently party to any legal proceeding that involves a claim for damages exceeding **10%** of its consolidated current assets[262](index=262&type=chunk) [Item 1A. Risk Factors](index=70&type=section&id=Item%201A.%20Risk%20Factors) The company states there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the fiscal year ended March 31, 2023 - For a discussion of risks, the company refers to the "Risk Factors" section in its Annual Report on Form 10-K for the fiscal year ended March 31, 2023[263](index=263&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=70&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for the reporting period - Not applicable[264](index=264&type=chunk) [Item 5. Other Information](index=70&type=section&id=Item%205.%20Other%20Information) No officers or directors adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements during the third quarter of 2023 - No officers or directors adopted or terminated any contract, instruction, or written plan for the purchase or sale of the company's securities intended to satisfy Rule 10b5-1(c) conditions during the quarter[267](index=267&type=chunk) ```

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q GLADSTONE INVESTMENT CORPORATION (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 | Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Wh ...

Gladstone Investment (NASDAQ:GAIN) Q4 2023 Earnings Conference Call May 11, 2023 8:30 AM ET Company Participants David Gladstone - CEO Michael LiCalsi - General Counsel Dave Dullum - President Rachael Easton - CFO Conference Call Participants Kyle Joseph - Jefferies Bryce Rowe - B. Riley Operator Greetings and welcome to the Gladstone Investment Corporation Fourth Quarter and Year End Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce ...

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

Gladstone Investment Corporation (NASDAQ:GAIN) Q3 2023 Earnings Conference Call February 2, 2023 8:30 AM ET Company Participants David Gladstone - Chief Executive Officer Eric Purple - Investor Relations Dave Dullum - President Rachael Easton - Chief Financial Officer Conference Call Participants Mickey Schleien - Ladenburg Kyle Joseph - Jefferies Bryce Rowe - B. Riley Operator Greetings and welcome to the Gladstone Investment Third Quarter Earnings Call. [Operator Instructions] As a reminder, this conferen ...

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company presents its unaudited consolidated financial statements for the periods ended December 31, 2022 [Consolidated Statements of Assets and Liabilities](index=4&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) Total assets grew to $771.6 million while NAV per share remained stable at $13.43 as of December 31, 2022 | Metric | December 31, 2022 ($ in thousands) | March 31, 2022 ($ in thousands) | | :--- | :--- | :--- | | **Total Investments at fair value** | $760,463 | $714,396 | | **Total Assets** | $771,564 | $740,412 | | **Total Liabilities** | $322,373 | $294,582 | | **Net Assets** | $449,191 | $445,830 | | **NAV Per Share** | $13.43 | $13.43 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Net investment income for the nine-month period grew significantly to $27.4 million, despite a drop in net assets from operations | Metric ($ in thousands) | Nine Months Ended Dec 31, 2022 | Nine Months Ended Dec 31, 2021 | | :--- | :--- | :--- | | Total investment income | $61,686 | $53,306 | | Total expenses, net of credits | $34,330 | $45,046 | | **Net Investment Income** | **$27,356** | **$8,260** | | Net realized and unrealized gain | $3,533 | $77,360 | | **Net Increase in Net Assets** | **$30,889** | **$85,620** | | Net Investment Income per Share | $0.82 | $0.25 | | Net Increase in Net Assets per Share | $0.93 | $2.58 | [Consolidated Statements of Changes in Net Assets](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) Net assets increased by $3.4 million to $449.2 million, with growth from operations offset by stockholder distributions - Net assets grew from **$445.8 million** at March 31, 2022, to **$449.2 million** at December 31, 2022[14](index=14&type=chunk) - The increase was primarily due to **$30.9 million from operations**, which was largely offset by **$30.9 million in distributions** to common stockholders during the nine-month period[14](index=14&type=chunk)[16](index=16&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $13.4 million, a significant shift from cash provided in the prior year | Cash Flow Activity ($ in thousands) | Nine Months Ended Dec 31, 2022 | Nine Months Ended Dec 31, 2021 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(13,405) | $39,293 | | Net cash provided by (used in) financing activities | $1,757 | $(13,047) | | **Net (Decrease) Increase in Cash** | **$(11,648)** | **$26,246** | [Consolidated Schedules of Investments](index=8&type=section&id=Consolidated%20Schedules%20of%20Investments) Total investments at fair value grew to $760.5 million, with high concentration in Diversified/Conglomerate Services Investment Portfolio Composition by Security Type (Fair Value) | Security Type | Dec 31, 2022 (%) | Mar 31, 2022 (%) | | :--- | :--- | :--- | | Secured first lien debt | 58.8% | 59.5% | | Secured second lien debt | 10.0% | 9.5% | | Preferred equity | 29.2% | 30.5% | | Common equity/equivalents | 2.0% | 0.5% | - The top five portfolio investments (Old World, Horizon, Dema/Mai, Brunswick Bowling, and Nocturne) collectively comprised **43.2% of the total investment portfolio** at fair value as of December 31, 2022[83](index=83&type=chunk) [Notes to Consolidated Financial Statements](index=18&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's accounting policies, investment valuation process, and related-party fee structures - The company's investment objective is a portfolio mix of approximately **75% debt and 25% equity investments**, at cost; as of December 31, 2022, the mix was **77.2% debt and 22.8% equity**[42](index=42&type=chunk) - All investments were valued using **Level 3 inputs**, except for one investment (Funko) valued with Level 2 inputs[70](index=70&type=chunk) - The company has a **$180 million revolving line of credit** and two series of notes payable totaling **$262.5 million** in aggregate principal[104](index=104&type=chunk)[122](index=122&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, portfolio activity, and capital resources for the reporting period [Overview](index=46&type=section&id=Overview) The company operates as a BDC focused on U.S. Lower Middle Market companies with a strong asset coverage ratio - The company focuses on U.S. Lower Middle Market private businesses, generally defined as companies with annual **EBITDA of $3 million to $20 million**[157](index=157&type=chunk) - As of December 31, 2022, the company had unrecognized, contractual success fees of **$53.1 million**, or **$1.59 per common share**, which are not yet recorded as income[162](index=162&type=chunk) - The company's asset coverage ratio on senior securities was **250.5%** as of December 31, 2022, comfortably exceeding the **150% regulatory minimum**[169](index=169&type=chunk) [Results of Operations](index=50&type=section&id=Results%20of%20Operations) Net investment income grew 231.2% year-to-date, driven by higher income and lower incentive fees Q3 Performance (Three Months Ended Dec 31) | Metric ($ in thousands) | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Total investment income | $21,594 | $16,742 | 29.0% | | Net Investment Income | $8,569 | $8,399 | 2.0% | | Net Increase in Net Assets | $15,779 | $10,346 | 52.5% | Year-to-Date Performance (Nine Months Ended Dec 31) | Metric ($ in thousands) | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Total investment income | $61,686 | $53,306 | 15.7% | | Net Investment Income | $27,356 | $8,260 | 231.2% | | Net Increase in Net Assets | $30,889 | $85,620 | (63.9)% | [Liquidity and Capital Resources](index=60&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains liquidity through its $180 million credit facility, unsecured notes, and an active ATM program - As of December 31, 2022, the company had **$150.4 million of availability** under its **$180 million Credit Facility**[239](index=239&type=chunk) - The company has two outstanding series of notes: **$127.9 million of 5.00% Notes due 2026** and **$134.6 million of 4.875% Notes due 2028**[240](index=240&type=chunk)[243](index=243&type=chunk) - During the nine months ended December 31, 2022, the company sold 241,978 shares of common stock under its ATM program, raising approximately **$3.4 million in net proceeds**[227](index=227&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=68&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuation, mitigated by a variable-rate loan portfolio - The primary market risk is **interest rate risk**, as net investment income depends on the spread between borrowing rates and investment yields[257](index=257&type=chunk) - As of December 31, 2022, **100% of the company's debt investment portfolio** consisted of variable-rate loans with a floor, which helps protect income in a changing rate environment[258](index=258&type=chunk) [Item 4. Controls and Procedures](index=68&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes during the quarter - Management concluded that **disclosure controls and procedures were effective** as of the end of the reporting period[259](index=259&type=chunk) - **No changes in internal controls** that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting were identified during the quarter[260](index=260&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=69&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings outside the ordinary course of business - The company is **not currently involved in any material legal proceedings**[261](index=261&type=chunk) [Item 1A. Risk Factors](index=69&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported, referencing the company's latest Annual Report on Form 10-K - There are **no material changes** from the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended March 31, 2022[262](index=262&type=chunk) [Other Part II Items](index=69&type=section&id=Other%20Part%20II%20Items) Items 2, 3, 4, and 5 are not applicable for this reporting period, while Item 6 lists filed exhibits - Items 2, 3, 4, and 5 of Part II are **not applicable** for this reporting period[263](index=263&type=chunk)[264](index=264&type=chunk)[265](index=265&type=chunk)[266](index=266&type=chunk)