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 ...

Financial Data and Key Metrics Changes - Net investment income for the quarter ended December 31, 2022, declined to $8.6 million or $0.26 per share from $11.4 million or $0.34 per share in the prior quarter [11] - Adjusted net investment income increased to $10 million or $0.30 per share, up from $9.7 million or $0.29 per share in the prior quarter [60] - Total investment income rose to $21.6 million, compared to $20.8 million in the prior quarter, primarily due to increased yields on debt investments [61] - NAV per share increased to $13.43 at December 31, 2022, from $13.31 at September 30, 2022 [84] Business Line Data and Key Metrics Changes - The company invested an additional $8.4 million for an add-on acquisition during the quarter [28] - Total investments at fair value increased to $760 million from $738 million at the end of the previous quarter [58] Market Data and Key Metrics Changes - The weighted average yield increased to 13.4% due to rising interest rates, reflecting the impact of LIBOR increases [81][84] - The company noted a decline in valuation multiples across the portfolio, despite increases in EBITDA for many portfolio companies [35] Company Strategy and Development Direction - The company aims to maintain liquidity and flexibility to support and grow its portfolio, with over $150 million available on its credit facility [11] - The strategy includes being selective in acquisitions while actively seeking new buyout opportunities [18] - The company plans to continue funding supplemental distributions from realized capital gains and future exits [59] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the portfolio's credit quality and the potential for good earnings and distributions in the upcoming year [29] - The management acknowledged challenges due to rising interest rates and inflation but noted that portfolio companies are managing these challenges effectively [83] - There is an expectation of stable EBITDA moving forward, with potential for slight increases [16] Other Important Information - The company increased its monthly distribution to $0.08 per share, resulting in an annual run-rate of $0.96 per share, with supplemental distributions also planned [38][59] - The company raised approximately $3 million in net proceeds under its common stock ATM program [84] Q&A Session All Questions and Answers Question: Are there improvements in opportunities available given the current market risks? - Management noted that while the market remains competitive, there are still good companies available, and they expect to pursue several decent deals this year [42] Question: What is the outlook for the company on non-accrual status? - Management indicated that they hope to bring some companies back to accrual status in the next few quarters, but some may remain on non-accrual for a while [44][45] Question: How are portfolio companies adjusting to higher rate environments? - Management stated that overall, portfolio companies are not experiencing significant stress, and most have debt with floors that protect against rising rates [50] Question: What is the rationale behind the recapitalization of Old World Christmas? - The recapitalization was seen as an opportunity to increase investment in a strong company with low leverage, allowing for capital gains and distributions to shareholders [51] Question: How does the company plan to manage supplemental distributions? - Management emphasized that supplemental distributions will depend on the ability to manage exits and capital gains, rather than being on a fixed schedule [89]

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)

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 ...

Investment Portfolio - As of March 31, 2022, the investment portfolio consisted of 26 portfolio companies with an aggregate fair value of $714.4 million[30]. - The five largest portfolio investments represented $272.7 million, or 38.1% of the total investment portfolio at fair value[30]. - The investment portfolio was comprised of 76.3% in debt securities and 23.7% in equity securities at cost as of March 31, 2022[20]. - Secured first lien debt securities accounted for 64.2% of the total fair value of investments as of March 31, 2022[30]. - The company has invested in 55 companies from its initial public offering in 2005 through March 31, 2022[25]. - As of March 31, 2022, total investments at fair value reached $714.396 million, an increase from $633.829 million in 2021, representing a growth of 12.7%[32]. - The largest sector by fair value in 2022 was Diversified/Conglomerate Services, accounting for 43.0% of total investments, up from 41.3% in 2021[32]. - The Midwest region saw a significant increase in fair value, rising to $172.711 million (24.2% of total investments) from $126.781 million (20.0%) in 2021, marking a growth of 36.3%[32]. - The Home and Office Furnishings sector also grew, with fair value increasing to $125.440 million (17.6% of total investments) from $94.663 million (15.0%), a growth of 32.5%[32]. - Telecommunications investments increased to $32.467 million (4.6% of total investments) from $15.582 million (2.5%), showing a growth of 108.5%[32]. Investment Strategy - The company focuses on lower middle market private businesses with annual EBITDA of $3 million to $20 million[21]. - The company aims to achieve a high level of current income and capital gains through investments in secured debt securities and equity[29]. - The investment strategy includes a target of approximately 75% in debt securities and 25% in equity securities over time[20]. - The company emphasizes a disciplined, value- and income-oriented investment philosophy, focusing on minimizing capital loss while seeking capital appreciation[45]. - The investment committee, composed of experienced professionals, plays a crucial role in evaluating and approving investment opportunities[42]. - The company aims to invest in established companies with positive cash flow and strong competitive positions, avoiding speculative business plans[36]. - The investment process includes extensive due diligence, including financial analysis, management interviews, and market research[36]. - The company maintains ongoing management of investments, continuously monitoring financial performance and collaborating with portfolio company management[50]. Fees and Incentives - The base management fee is assessed at an annual rate of 2.0% based on the average gross assets value at the end of the two most recently completed quarters[58]. - The income-based incentive fee rewards the Adviser if quarterly net investment income exceeds 1.75% of net assets, with a tiered structure for additional income[61]. - As of March 31, 2022, capital gains-based incentive fees of $5.3 million were contractually due and paid to the Adviser, while no fees were due for the previous year[63]. - The Adviser provides significant managerial assistance to portfolio companies, including sourcing credit facilities and negotiating financial relationships[59]. - Loan servicing fees of 2.0% are based on the monthly aggregate outstanding balance of loans under the Credit Facility, credited back to the company[65]. - The capital gains-based incentive fee accrual considers unrealized capital appreciation, with recorded fees of $18.3 million and $5.0 million for the years ended March 31, 2022, and 2021, respectively[64]. - The Adviser non-contractually credits 100% of fees received for certain services against the base management fee, with a small percentage retained for reimbursement[59]. Tax and Regulatory Compliance - The company must distribute at least 90% of its taxable ordinary income to qualify as a RIC[70]. - At least 90% of the company's gross income for each taxable year must come from specific sources, including dividends and interest[71]. - The company is subject to a 4% nondeductible federal excise tax if it does not distribute at least 98% of its ordinary income for the calendar year[73]. - The company must maintain its status as a Business Development Company (BDC) to qualify for certain tax treatments[71]. - The company has a capital loss carryforward of $0 as of March 31, 2022[73]. - The company may retain some or all of its net long-term capital gains and designate the retained amount as a "deemed distribution" to stockholders[79]. - The company must maintain an asset coverage of at least 150% for its senior securities representing indebtedness to pay dividends or distributions[93]. - The company is required to distribute at least 90% of its Investment Company Taxable Income annually to maintain its RIC status[158]. Risks and Challenges - The company faces significant risks from global economic and political conditions, which could negatively impact its business and financial condition[104]. - The COVID-19 pandemic has adversely affected global commercial activity and may continue to impact the company's portfolio companies[108]. - The company may experience fluctuations in quarterly and annual results due to inflation affecting its portfolio companies[107]. - The ability to raise capital may be hindered by volatility in the capital markets, which could adversely affect investment valuations[106]. - Changes in interest rates and credit spreads may negatively impact the company's investments and financial condition[104]. - The company may face challenges in renewing or replacing its Credit Facility, which could impact liquidity and investment funding[95]. - Rising interest rates could negatively impact the operating performance of portfolio companies due to increased debt service obligations[115]. - The company operates in a highly competitive market, facing competition from larger entities with greater financial resources[129]. - Investments in Lower Middle Market portfolio companies are subject to significant risks, particularly during economic downturns[130]. - The transition from LIBOR to alternative reference rates, such as SOFR, poses uncertainty and potential risks for the company's debt investments[127]. - The company may face increased borrowing costs as market interest rates rise, potentially decreasing funds available for distribution[114]. - The company’s ability to make new investments may be affected by rising interest rates, which could impact its overall investment strategy[115]. Financial Condition - As of March 31, 2022, the company had a net worth of $701.2 million and asset coverage of 252.9% for senior securities representing indebtedness[153]. - The Credit Facility allows for maximum borrowings of $180.0 million, with a revolving period end date of February 29, 2024[153]. - The company had no borrowings outstanding under the Credit Facility as of March 31, 2022, and total assets were $740.4 million[163]. - The effective annual cash interest rate on outstanding indebtedness was 5.0% as of March 31, 2022, requiring an annual return of at least 1.9% to cover interest payments[163]. - The company may face risks related to unrealized depreciation in its investment portfolio, which could lead to realized losses and affect distributions to stockholders[154]. - The company must maintain compliance with various covenants under the Credit Facility, including maintaining a minimum net worth of $210.0 million plus 50% of equity raised[153]. - If unable to renew or replace the Credit Facility, the company may face liquidity issues and be forced to sell assets at disadvantageous terms[155]. - The company is exposed to risks associated with leverage, which can magnify potential gains or losses on investments[161]. Management and Governance - The company does not currently have any employees and relies on the Adviser and Administrator for necessary services[99]. - As of March 31, 2022, the Adviser and Administrator collectively had 69 full-time employees, with 37 in investment management and portfolio management[100]. - The company's success is heavily dependent on the Adviser and its key management personnel, including David Gladstone and David Dullum[176]. - The Adviser can resign with 60 days' notice, which may disrupt operations and adversely affect financial condition if a suitable replacement is not found[178]. - The management compensation structure may incentivize the Adviser to make high-risk investments, potentially increasing risk to the investment portfolio[182]. - The company may be obligated to pay the Adviser incentive compensation even if there is a net decrease in net assets, which could lead to financial strain[183]. - Conflicts of interest may arise due to overlapping responsibilities of the company's executives and those of the Adviser, potentially impacting investment returns[187]. - As of March 31, 2022, the Board of Directors has approved transactions involving investments in portfolio companies where affiliates have investments, subject to regulatory restrictions[188]. Distribution Policies - The company intends to distribute up to 100% of its Investment Company Taxable Income to stockholders through monthly distributions, although it may retain some net realized long-term capital gains[196]. - Distributions to common stockholders may include a return of capital, which could affect tax liabilities and reduce the asset base[198]. - The company's common stock has traded at times significantly below its net asset value (NAV), impacting the ability to raise capital through stock issuance[200]. Debt and Notes - The Notes issued by the company are unsecured and effectively subordinated to any secured indebtedness, ranking pari passu with all outstanding unsecured debt[204]. - The indenture for the Notes offers limited protection, allowing the company to incur additional debt and engage in various corporate transactions without restrictions[208]. - The company is dependent on informal relationships with investment bankers and brokers for deal flow, which is crucial for portfolio growth[194]. - The company may face challenges in satisfying obligations related to the Notes due to potential recapitalization and additional debt incurred[212]. - Future debt issued by the company could include more protections for holders, potentially affecting the market and trading levels of the Notes[213]. - An active trading market for the Notes may not exist, limiting the ability to sell and affecting market prices[214]. - If an active trading market does not develop, liquidity and trading prices for the Notes may be negatively impacted[214]. - Holders of the Notes may face financial risks for an indefinite period if trading conditions do not improve[214].

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 ...