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]

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, 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 ...

Financial Data and Key Metrics Changes - The company reported adjusted net investment income (NII) of $0.11 per share for the quarter ended June 30, 2020, down from $0.19 per share for the quarter ended March 31, 2020, reflecting the impact of COVID-19 [12][30]. - Total portfolio income remained relatively stable quarter-to-quarter, indicating a solid foundation of the assets owned [13]. - The net asset value (NAV) per share decreased to $10.87 as of June 30, 2020, from $11.17 at March 31, 2020, a decline of $0.30 per share due to the impact of COVID-19 on portfolio company valuations [20]. Business Line Data and Key Metrics Changes - The company has not needed to provide significant additional financial support to its portfolio companies, indicating strong liquidity and management of cash flow [16]. - A new buyout investment of approximately $47 million was made in July, which included a combination of equity and debt, contributing to future interest income [18]. Market Data and Key Metrics Changes - The aggregate portfolio values depreciated about 8% from December 31, 2019, to March 31, 2020, primarily due to the pandemic, but only a 1% decline was observed from March 31 to June 30, 2020, suggesting stabilization [23]. - The company noted that the performance of portfolio companies varied based on their sector and geographic location, with some companies exceeding expectations despite the pandemic [15]. Company Strategy and Development Direction - The company is focused on closely monitoring portfolio companies and ensuring cash flow management during the pandemic [14]. - There is an ongoing effort to review potential new acquisitions, with a focus on quality due diligence and maintaining expected returns [26]. - The company aims to maintain its distribution levels while being cautious about the economic environment and potential impacts on portfolio companies [71]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of portfolio companies as the economy stabilizes and businesses adapt to the pandemic [48]. - The company is prepared for potential further devaluation of individual portfolio companies but remains focused on preserving value and supporting management teams [24]. - The outlook remains cautious, with management emphasizing the importance of liquidity and the ability to support portfolio companies through challenging times [66]. Other Important Information - The company raised approximately $2.3 million in net proceeds under a new series of equity and about $1.7 million under a common stock ATM, both above NAV [33]. - The board maintained a current monthly distribution run rate of $0.84 per year, representing a yield of about 8.4%, excluding supplemental distributions [34]. Q&A Session Summary Question: What are the terms received on Mason West? - The company focuses on total return on assets, with expected yields on debt portions around 12% and aggregate yields in the high 9% to 10% range [44]. Question: What is the status of Horizon facilities on non-accrual? - Horizon is travel-dependent and has been significantly affected by COVID-19, leading to its non-accrual status, but management remains optimistic about its recovery [48][49]. Question: What is the outlook for liquidity of borrowers? - On average, portfolio companies are in good shape, with management actively working on liquidity through cash flow management [66]. Question: Is there an expectation for another semi-annual supplemental dividend this year? - The company will evaluate the potential for a supplemental dividend based on liquidity and portfolio performance as the year progresses [70]. Question: How does the company plan to bridge the shortfall in net interest income? - The company is focusing on potential recoveries from non-accrual investments, new deals, and expense management to improve net interest income [95].

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 June 30, 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 83-0423 ...

Gladstone Investment Corp (NASDAQ:GAIN) Q4 2019 Earnings Conference Call May 13, 2020 8:30 AM ET Company Participants David Gladstone - Chairman & CEO Michael LiCalsi - President, General Counsel & Secretary David Dullum - President Julia Ryan - CFO & Treasurer Conference Call Participants Ryan Carr - Jefferies Bryce Rowe - National Securities Corporation Mickey Schleien - Ladenburg Thalmann & Co. Operator Ladies and gentlemen, thank you for standing by, and welcome to the Gladstone Investment Corporation's ...

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, 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 (Sta ...

Gladstone Investment Corporation (NASDAQ:GAIN) Q3 2019 Earnings Conference Call February 5, 2020 8:30 AM ET Company Participants David Gladstone - Chairman & Chief Executive Officer Michael LiCalsi - General Counsel & Secretary David Dullum - President Julia Ryan - Chief Financial Officer Conference Call Participants Mickey Schleien - Ladenburg Operator Ladies and gentlemen, thank you for standing by and welcome to the Gladstone Investment Corporation Third Quarter's Earning Ending December 31st, 2019 Earni ...