Gladstone Investment Corporation (NASDAQ:GAIN) Q2 2023 Earnings Conference Call November 2, 2022 8:30 AM ET Company Participants David Gladstone - Chief Executive Officer Michael LiCalsi - General Counsel and Secretary Dave Dullum - President Rachael Easton - Chief Financial Officer Conference Call Participants Mickey Schleien - Ladenburg Thalmann Kyle Joseph - Jefferies Operator Greetings and welcome to the Gladstone Investment Second Quarter Earnings Call. [Operator Instructions] As a reminder, this confe ...

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, 2022 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 - Adjusted net investment income (NII) for Q1 FY2023 was $8.3 million or $0.25 per share, a decrease from $8.7 million or $0.26 per share in the prior quarter [20] - Total assets increased slightly to approximately $743 million from about $740 million at the end of Q4 FY2022 [9] - Net expenses decreased by $0.6 million compared to the prior quarter, primarily due to a decrease in accrued capital gains based incentive fees [24] - Net asset value (NAV) per share remained stable at $13.44, compared to $13.43 in the previous quarter [26] Business Line Data and Key Metrics Changes - The company made a new buyout investment of $21 million and an additional investment of $39.1 million in Dema Plumbing, creating a new portfolio company [10] - An add-on acquisition of $6.4 million was made for an existing portfolio company [11] - The company successfully exited one portfolio company, generating both capital gains and income [11] Market Data and Key Metrics Changes - The company noted that three portfolio companies were on nonaccrual status, with one expected to return to accrual soon [23] - The market for buyouts is competitive, with a noted moderation in buyout values anticipated [15][38] Company Strategy and Development Direction - The company continues to focus on a buyout strategy that generates income for monthly distributions and capital gains for supplemental distributions [13] - The balance sheet remains strong with low leverage and significant liquidity, allowing for support of portfolio companies and new acquisitions [14] - The company aims to remain patient and selective in its due diligence while aggressively seeking new acquisitions [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges such as inflationary costs and supply chain disruptions affecting portfolio companies [8] - There is an expectation of a slowdown in the buyout pipeline, but the company is still working on several promising opportunities [36] - Management expressed confidence in the portfolio's strength and the potential for good earnings and distributions over the next year [18] Other Important Information - Monthly distributions to shareholders were maintained at $0.075 per share, with a supplemental distribution of $0.12 per share paid in June 2022 [12] - The company has a strong liquidity position with no outstanding balance on its credit facility as of June 30, 2022 [14] Q&A Session Summary Question: How is the pipeline developing in the current economic environment? - Management noted a slight slowdown in the buyout pipeline but mentioned ongoing activity with several good companies [36] Question: Are sellers being realistic in their pricing given the current volatility? - Management indicated that sellers are adjusting their expectations, but there remains a wide bid-ask spread due to differing valuations [40][42] Question: How exposed is the portfolio to consumer market weaknesses? - Management acknowledged some exposure to consumer products but stated that the portfolio remains strong and diversified [45] Question: Any updates on IRS refunds for deemed distributions? - Management confirmed that there has been no significant progress on IRS refunds for deemed distributions, with only a few reports of success from specific brokerage firms [52]

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 Commission file number: 814-00704 GLADSTONE INVESTMENT CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 83-0423116 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1521 WESTBRANCH DRIVE, SUITE 100 22102 MCLEAN, VIRGINIA (Zip Code) Fo ...

Gladstone Investment Corporation (NASDAQ:GAIN) Q4 2022 Earnings Conference Call May 12, 2022 8:30 AM ET Company Participants David Gladstone - Chief Executive Officer Michael LiCalsi - General Counsel and Secretary Dave Dullum - President Rachael Easton - Chief Financial Officer Conference Call Participants Mickey Schleien - Ladenburg Thalmann Operator Greetings and welcome to the Gladstone Investment Corporation’s Fourth Quarter ended March 31, 2022 Earnings Call and Webcast. [Operator Instructions] As a r ...

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, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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 2022 Earnings Conference Call February 9, 2022 8:30 AM ET Company Participants David Gladstone - Chairman and Chief Executive Officer Michael LiCalsi - General Counsel and Secretary David Dullum - President Rachael Easton - Chief Financial Officer Conference Call Participants Mickey Schleien - Ladenburg Adrian Day - Adrian Day Asset Management Operator Greetings and welcome to the Gladstone Investment Corporation’s Third Quarter Earnings Conference Call. At ...

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 ...