<SEC-DOCUMENT>0001171843-20-003642.txt : 20200512
<SEC-HEADER>0001171843-20-003642.hdr.sgml : 20200512
<ACCEPTANCE-DATETIME>20200512161516
ACCESSION NUMBER:		0001171843-20-003642
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200512
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200512
DATE AS OF CHANGE:		20200512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLADSTONE INVESTMENT CORPORATION\DE
		CENTRAL INDEX KEY:			0001321741
		IRS NUMBER:				830423116
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00704
		FILM NUMBER:		20869282

	BUSINESS ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		7032875800

	MAIL ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_051220.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong><br />_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br />_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--May 12, 2020-->May 12, 2020 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>Gladstone Investment Corporation</strong></font><br /><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>Delaware</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>814-00704</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>83-0423116</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. Employer Identification Number)</font></td></tr></table><p><font style="font-size: 10pt;">&#160;</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><td align="center" width="50%"><font style="font-size: 10pt;"><strong>1521 Westbranch Drive, Suite 100, McLean, Virginia 22102</strong><!--UNITED STATES --></font></td></tr><tr valign="top"><td align="center" width="50%"><font style="font-size: 10pt;">(Address of Principal Executive Offices) (Zip Code)</font></td></tr></table><p align="center"><font style="font-size: 10pt;"><strong>(703) 287-5800</strong><br />(Registrant's telephone number, including area code)</font></p><p align="center"><font style="font-size: 10pt;"><strong></strong><br />(Former name or former address, if changed since last report)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td colspan="3"><font style="font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<br /><br /></font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; 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[&#160;&#160; ]</p><p style="font-size: 10pt; margin: 0pt;">&#160;</p><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade" /><p><font style="font-size: 10pt;">  <strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 2.02. Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;">
 <p>On May 12, 2020, Gladstone Investment Corporation issued a press release announcing its financial results for its fourth fiscal quarter and year ended March 31, 2020. The text of the press release is included as an exhibit to this Current Report on Form 8-K. The information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.</p> </font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;">
 <p>&#160; &#160; &#160; (d)&#160; &#160; &#160; &#160; Exhibits.</p>  <table style="border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><strong><u>Exhibit No.</u></strong></font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><strong><u>Description</u></strong></font></td></tr><tr><td class="hugin">&#160;</td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td></tr><tr><td class="hugin"><font style="font-size:10pt;"><font style="font-size:10pt;"><font style="font-size:10pt;"><font style="font-size:10pt;"><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">99.1</a></font></font></font></font></font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td class="hugin"><font style="font-size:10pt;"><font style="font-size:10pt;"><font style="font-size:10pt;"><font style="font-size:10pt;"><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">Press Release issued by Gladstone Investment Corporation, dated May 12, 2020. </a></font></font></font></font> </font></td></tr></table></font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade" /><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>Gladstone Investment Corporation</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: May 12, 2020</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ Julia Ryan&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Julia Ryan</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Chief Financial Officer and Treasurer</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr></table><p /></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>Gladstone Investment Corporation Reports Financial Results for its Fourth Quarter and Fiscal Year Ended March 31, 2020</strong></font></p><p style="text-align: center;"><strong></strong></p><p ></p>
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">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; "><strong>As of:</strong></td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: bottom ; ">Total investments, at fair value</td><td style="vertical-align: bottom ; "><strong>$</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>565,924</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="vertical-align: bottom ; ">$</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">560,836</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; 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vertical-align: bottom ; ">2,261</td><td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; ">&#160;</td><td style="max-width:7%; width:7%; min-width:7%;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">3.8</td><td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; ">%</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: bottom ; ">Total expenses, net<sup>(A)</sup></td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>25,562</strong></td><td style="vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">52,122</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; 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These fees were accrued in accordance with United States generally accepted accounting principles (&#8220;U.S. GAAP&#8221;), where such amounts were not contractually due under the terms of the investment advisory agreement for the respective periods. Also see discussion under <em>Non-GAAP Financial Measure &#8211; Adjusted Net Investment Income</em> below.</p>  <p><sup>(B)&#160;</sup>See <em>Non-GAAP Financial Measure &#8212; Adjusted Net Investment Income</em> below for a description of this non-GAAP&#160;measure and a reconciliation from Net investment income to Adjusted net investment income, including on a weighted-average per share basis. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure&#160;is useful to investors as an additional tool to evaluate ongoing results and trends for the Company.</p>  <p><sup>(C)&#160;</sup>Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date.</p>  <p><strong>Highlights for the Quarter:</strong>&#160; During the quarter ended March 31, 2020, the following significant events occurred:</p>  <ul type="disc"><li><strong>Portfolio Activity:</strong> <ul type="circle"><li>Invested $35.9 million through a combination of secured first lien debt and preferred equity into one new portfolio company;</li><li>Invested $14.2 million in existing portfolio companies; and</li><li>Exited one investment, which resulted in a realized loss of $13.0 million.<br >&#160;</li></ul> </li><li><strong>Distributions and Dividends:</strong> <ul type="circle"><li>Paid the following monthly cash distributions to common stockholders and dividends to preferred stockholders for each of January, February, and March 2020: <ul type="square"><li>$0.07 per common share;</li><li>$0.13020833 per share to holders of our 6.25% Series D Cumulative Term Preferred Stock (&#8220;Series D Term Preferred Stock&#8221;);</li><li>$0.13281250 per share to holders of our 6.375% Series E Cumulative Term Preferred Stock (&#8220;Series E Term Preferred Stock&#8221;); and</li></ul> </li><li>Declared a deemed distribution of long-term capital gains to common stockholders as of March 31, 2020 of $38.0 million, or $1.15 per common share, and incurred related federal taxes on behalf of common stockholders of $8.0 million, or $0.24 per common share. <br >&#160;</li></ul> </li><li><strong>At-the-market (&#8220;ATM&#8221;) program activity</strong>: Sold 227,004 shares of our common stock under the ATM program with Wedbush Securities, Inc. at a weighted-average gross price of $13.80 per share and raised approximately $3.1 million of gross proceeds.&#160;The weighted-average net price per share, after deducting commissions and offering costs borne by us, was $13.55 and resulted in total net proceeds of approximately $3.1 million. These sales were above our then current estimated NAV per share.</li></ul>  <p><strong>Fourth Quarter Results</strong><strong>:</strong> Net investment income for the quarters ended March 31, 2020 and December 31, 2019 was $14.8 million, or $0.45 per weighted-average common share, and $6.2 million, or $0.19 per weighted-average common share, respectively. This increase was primarily a result of a decrease in total expenses, net of credits, partially offset by a decrease in total investment income, quarter over quarter.</p>  <p>Total investment income during the quarters ended March 31, 2020 and December 31, 2019 was $12.0 million and $16.0 million, respectively. The quarter over quarter decrease was primarily due to a $3.3 million decrease in other income, as the timing of dividend and success fee income can be variable.</p>  <p>Total expenses, net of credits, during the quarters ended March 31, 2020 and December 31, 2019, were $(2.8) million and $9.8 million, respectively. The quarter over quarter decrease was primarily a result of a $8.4 million reversal of previously accrued capital gains-based incentive fees due to the net impact of realized and unrealized gains and losses in the current quarter compared to $1.4 million of capital gains-based incentive fees in the prior quarter, a $1.5 million decrease in the income-based incentive fee, as well as a $1.0 million increase in credits to expenses.</p>  <p>Net asset value per common share as of March 31, 2020 decreased to $11.17, compared to $12.51 as of December 31, 2019. 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Total expenses, net of credits, were also impacted by a $2.2 million decrease in interest expense and a $0.6 million decrease in the base management fee, partially offset by a $1.1 million decrease in credits to fees from adviser. During the year ended March 31, 2020, capital gains-based incentive fees of $8.1 million were contractually due and paid. See discussion under <em>Non-GAAP Financial Measure &#8211; Adjusted Net Investment Income</em> below.</p>  <p>Net asset value per common share as of March 31, 2020 decreased to $11.17 compared to $12.40 as of March 31, 2019. 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vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">June 30, 2020</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.07</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.13020833</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.13281250</td></tr><tr><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>Total for the Quarter:</strong></td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="2" style="border-bottom: double black 3pt ; vertical-align: bottom ; "><strong>$</strong></td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>0.30</strong></td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="2" style="border-bottom: double black 3pt ; vertical-align: bottom ; "><strong>$</strong></td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>0.39062499</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; "><strong>$</strong></td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>0.39843750</strong></td></tr></table> <p><sup>(A)</sup>&#160;Represents a supplemental distribution to common stockholders.</p>  <ul><li><strong>COVID-19 Impact:</strong> We continue to closely monitor and work with our portfolio companies to navigate the significant challenges created by the COVID-19 pandemic and are focused on ensuring the safety of the Adviser&#8217;s and Administrator&#8217;s personnel and of the employees of our portfolio companies, while also managing our ongoing business activities. While we are closely monitoring all of our portfolio companies, our portfolio continues to be diverse from a geographic and industry perspective. Through proactive measures and continued diligence, the management teams of our portfolio companies continue to demonstrate their ability to respond effectively and efficiently to the challenges posed by COVID-19 and related orders imposed by state and local governments. We believe&#160;we have sufficient levels of liquidity to support our existing portfolio companies, as necessary, and selectively deploy capital in new investment opportunities.&#160;</li></ul>  <p><strong>Non-GAAP Financial Measure &#8212; Adjusted Net Investment Income:</strong> On a supplemental basis, the Company discloses Adjusted net investment income, including on a per share basis, which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with U.S. GAAP (&#8220;non-GAAP&#8221;).&#160;Adjusted net investment income represents net investment income, excluding capital gains-based incentive fees.&#160;The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company. The Company&#8217;s investment advisory agreement provides that a capital gains-based incentive fee is determined and paid annually with respect to realized capital gains (but not unrealized appreciation) to the extent such realized capital gains exceed realized capital losses and unrealized depreciation on investments for such year. However, under U.S. GAAP, a capital gains-based incentive fee is accrued if realized capital gains and unrealized appreciation of investments exceed realized capital losses and unrealized depreciation of investments. Refer to Note 4 &#8211; <em>Related Party Transactions</em> in our Annual Report on Form 10-K for further discussion. The Company believes that Adjusted net investment income is a useful indicator of operations exclusive of any capital gains-based incentive fees, as net investment income does not include realized or unrealized investment activity associated with the capital gains-based incentive fee.</p>  <p>The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to Adjusted net investment income for the periods presented (<em>dollars in thousands, except per share amounts; unaudited)</em>:</p> <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="11" style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>For the quarter ended</strong></td></tr><tr><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="5" style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>March 31, 2020</strong></td><td style="border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="5" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>December 31, 2019</strong></td></tr><tr><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>Amount</strong></td><td style="border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="2" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>Per Share <br >Amount</strong></td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>Amount</strong></td><td style="border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="2" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>Per Share&#160;<br ></strong><strong>Amount</strong></td></tr><tr><td style="max-width:57%; width:57%; min-width:57%;;vertical-align: bottom ; ">Net investment income</td><td style="max-width:2%; width:2%; min-width:2%;;border-top: solid black 1pt ; vertical-align: bottom ; ">$</td><td style="max-width:8%; width:8%; min-width:8%;;border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">14,766</td><td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; ">&#160;</td><td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; ">$</td><td style="max-width:8%; width:8%; min-width:8%;;border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.45</td><td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; ">&#160;</td><td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; ">$</td><td style="max-width:8%; width:8%; min-width:8%;;border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">6,158</td><td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; ">&#160;</td><td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; ">$</td><td style="max-width:8%; width:8%; min-width:8%;;border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.19</td></tr><tr><td style="vertical-align: bottom ; ">Capital gains-based incentive fee</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(8,422</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(0.26</td><td style="vertical-align: bottom ; ">)</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,358</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.04</td></tr><tr><td style="vertical-align: bottom ; ">Adjusted net investment income</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">6,344</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.19</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">7,516</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.23</td></tr></table> <p><br ></p> <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="11" style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>For the year ended</strong></td></tr><tr><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="5" style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>March 31, 2020</strong></td><td style="border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="5" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>March 31, 2019</strong></td></tr><tr><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>Amount</strong></td><td style="border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="2" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>Per Share <br >Amount</strong></td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>Amount</strong></td><td style="border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="2" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>Per Share&#160;<br ></strong><strong>Amount</strong></td></tr><tr><td style="max-width:57%; width:57%; min-width:57%;;vertical-align: bottom ; ">Net investment income</td><td style="max-width:2%; width:2%; min-width:2%;;border-top: solid black 1pt ; vertical-align: bottom ; ">$</td><td style="max-width:8%; width:8%; min-width:8%;;border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">36,362</td><td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; ">&#160;</td><td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; ">$</td><td style="max-width:8%; width:8%; min-width:8%;;border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1.11</td><td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; ">&#160;</td><td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; ">$</td><td style="max-width:8%; width:8%; min-width:8%;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">7,541</td><td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; ">&#160;</td><td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; ">$</td><td style="max-width:8%; width:8%; min-width:8%;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.23</td></tr><tr><td style="vertical-align: bottom ; ">Capital gains-based incentive fee</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(6,718</td><td style="vertical-align: bottom ; ">)</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(0.21</td><td style="vertical-align: bottom ; ">)</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">17,835</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.54</td></tr><tr><td style="vertical-align: bottom ; ">Adjusted net investment income</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">29,644</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.90</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">25,376</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">0.77</td></tr></table> <p>Adjusted net investment income may not be comparable to similar measures presented by other companies, as it is a non-GAAP financial measure that is not based on a comprehensive set of accounting rules or principles and therefore may be defined differently by other companies.&#160;In addition, Adjusted net investment income should be considered in addition to, not as a substitute for, or superior to, financial measures determined in accordance with U.S. GAAP.&#160;</p>  <p><strong>Conference Call:&#160; </strong>The Company will hold its earnings release conference call on Wednesday, May 13, 2020, at 8:30 a.m. EDT. Please call (855) 376-7516 to enter the conference. An operator will monitor the call and set a queue for any questions. A replay of the conference call will be available through May 20, 2020. To hear the replay, please dial (855) 859-2056 and use the playback conference number 6295650. The replay will be available beginning approximately one hour after the call concludes. The live audio broadcast of the Company&#8217;s quarterly conference call will also be available online at <em>www.gladstoneinvestment.com</em>. The event will be archived and available for replay on the Company&#8217;s website through July 13, 2020.</p>  <p><strong>About </strong><strong>Gladstone Investment Corporation</strong><strong>:</strong>&#160; <u>Gladstone Investment Corporation</u> is a publicly traded business development company that seeks to make secured debt and equity investments in lower middle market businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Information on the business activities of all the Gladstone funds can be found at <u>www.gladstonecompanies.com</u>.</p>  <p>To obtain a paper copy of our Annual Report on Form 10-K filed today with the SEC, please contact the Company at 1521 Westbranch Drive, Suite 100, McLean, VA 22102, ATTN: Investor Relations. The financial information above is not comprehensive and is without notes, so readers should obtain and carefully review the Company&#8217;s Form 10-K for the year ended March 31, 2020, including the notes to the consolidated financial statements contained therein.</p>  <p>Source: Gladstone Investment Corporation</p>  <p align="justify"><strong>Investor Relations Inquiries</strong>: Please visit <u>ir.gladstoneinvestment.com</u>. or +1-703-287-5893.</p>  <p> </p><p ></p></body></html>
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