Gladstone Investment (GAIN): what its 10-K says it depends on

Customers

SFEG Holdings, Inc.

concentrated in · $582.6 million, or 44.5%named as a risk

As of March 31, 2026, we had investments in 29 portfolio companies, the five largest of which included SFEG, E3, Schylling, Brunswick and Detroit Defense and comprised $582.6 million, or 44.5%, of our total investment portfolio, at fair value.Risk factors (Item 1A)

The E3 Company, LLC

concentrated in · $582.6 million, or 44.5%named as a risk

As of March 31, 2026, we had investments in 29 portfolio companies, the five largest of which included SFEG, E3, Schylling, Brunswick and Detroit Defense and comprised $582.6 million, or 44.5%, of our total investment portfolio, at fair value.Risk factors (Item 1A)

Schylling, Inc.

concentrated in · $582.6 million, or 44.5%named as a risk

As of March 31, 2026, we had investments in 29 portfolio companies, the five largest of which included SFEG, E3, Schylling, Brunswick and Detroit Defense and comprised $582.6 million, or 44.5%, of our total investment portfolio, at fair value.Risk factors (Item 1A)

Brunswick Bowling Products, Inc.

concentrated in · $582.6 million, or 44.5%named as a risk

As of March 31, 2026, we had investments in 29 portfolio companies, the five largest of which included SFEG, E3, Schylling, Brunswick and Detroit Defense and comprised $582.6 million, or 44.5%, of our total investment portfolio, at fair value.Risk factors (Item 1A)

Detroit Defense, Inc.

concentrated in · $582.6 million, or 44.5%named as a risk

As of March 31, 2026, we had investments in 29 portfolio companies, the five largest of which included SFEG, E3, Schylling, Brunswick and Detroit Defense and comprised $582.6 million, or 44.5%, of our total investment portfolio, at fair value.Risk factors (Item 1A)

Partners and platforms

Fifth Amended and Restated Credit Agreement (Credit Facility)

depends on · $23.9 million outstandingnamed as a risk

As of March 31, 2026, we, through our wholly-owned subsidiary, Business Investment, had $23.9 million outstanding under our Credit Facility, which provides for maximum borrowings of $300.0 million, with a revolving period end date of October 30, 2026 (the “Revolving Period End Date”).Risk factors (Item 1A)

Also named by GVA

Gladstone Management Corporation (the Adviser)

depends on · annual rate of 2.0%named as a risk

We have no separate facilities and are completely reliant on the Adviser, which has significant discretion as to the implementation and execution of our business strategies and risk management practices.Risk factors (Item 1A)

Gladstone Administration, LLC

depends on · $2.0 million

For the years ended March 31, 2026, 2025 and 2024, administration fees were $2.0 million, $1.9 million and $1.8 million, respectively.Business (Item 1)

Gladstone Securities, LLC

depends on

As a result, we rely on our officers, the Adviser and its employees, Gladstone Securities and consultants to perform due diligence investigations of these portfolio companies, their operations, and their prospects.Risk factors (Item 1A)

Other companies

Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) industry

concentrated in · 19.8%named as a risk

As of March 31, 2026, our largest industry concentration was in Machinery (Non-Agriculture, Non-Construction, and Non-Electronic), representing 19.8% of our total investments, at fair value.Risk factors (Item 1A)

Aerospace and Defense industry

concentrated in · 13.4%

Aerospace and Defense 174,542 13.4% 107,869 10.9%Business (Item 1)

Places

Canada

operates in · 1.7%

Canada 21,955 1.7% 29,880 3.0%Business (Item 1)

Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more

Southern United States

concentrated in · 49.6%

South $ 649,436 49.6% $ 317,294 32.4%Business (Item 1)

Also named by ASO, DG

Middle East

named as a risk

These businesses provide services to oil and gas companies and are indirectly impacted by the prices of, and demand for, oil and natural gas, which have from time to time experienced volatility, including recent rapid and significant changes in prices resulting from geopolitical conflict in the Middle East, and such volatility could continue or increase in the future.Risk factors (Item 1A)

Also named by BKR, CAG, CINF, CPB, CTAS, FLS, J, JPM and 10 more

Commodities and inputs

SOFR

exposed to its price · 100.0% variable rate loans with floorsnamed as a risk

As of March 31, 2026, all of our debt investments have variable interest rates that reset periodically and are generally based on SOFR.Risk factors (Item 1A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Oil and natural gas

exposed to its price · approximately $125.6 million, or 9.6%named as a risk

Our portfolio includes companies related to the oil and gas industry with the fair value of these investments representing approximately $125.6 million, or 9.6% of our total portfolio at fair value, as of March 31, 2026.Risk factors (Item 1A)

Also named by APO, ARES, BX, FDUS, HON, MMM, RF, SOLV and 3 more

Laws and programs

Investment Company Act of 1940

subject to · 213.8%named as a risk

As of March 31, 2026, our asset coverage on our senior securities representing indebtedness was 213.8%.Business (Item 1)

Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more

Subchapter M of the Internal Revenue Code (RIC status)

subject to · at least 90%named as a risk

If we fail to qualify as a RIC as of a calendar quarter or annually for any reason and become fully subject to U.S. federal corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution, and the actual amount distributed.Risk factors (Item 1A)

Also named by CGBD, FSK, GBDC, MAIN, TRIN, TSLX

Tariffs

subject tonamed as a risk

Among other effects, tariffs or threat of tariffs could increase the cost of production for certain of our portfolio companies or reduce demand for their products or create uncertainty about either of the foregoing, which could affect their results of operations.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

SEC Co-Investment Order

subject to

We believe the Co-Investment Order has enhanced and will continue to enhance our ability to further our investment objectives and strategies.Business (Item 1)