<SEC-DOCUMENT>0001193125-25-133533.txt : 20250603
<SEC-HEADER>0001193125-25-133533.hdr.sgml : 20250603
<ACCEPTANCE-DATETIME>20250602190854
ACCESSION NUMBER:		0001193125-25-133533
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250603
DATE AS OF CHANGE:		20250602

FILER:

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

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-277452
		FILM NUMBER:		251016695

	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>424B3
<SEQUENCE>1
<FILENAME>d52036d424b3.htm
<DESCRIPTION>424B3
<TEXT>
<HTML><HEAD>
<TITLE>424B3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed pursuant to Rule 424(b)(3) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-277452</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Supplement dated June&nbsp;2, 2025 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>To Prospectus
Supplement dated May&nbsp;14, 2024 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(To Prospectus Dated April&nbsp;18, 2024) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g52036g0530212600493.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Up to $75,000,000 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Common Stock </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This supplement is being filed to update, amend and supplement information in that certain prospectus supplement, dated May&nbsp;14, 2024,
relating to the offer and sale of shares of our common stock, par value $0.001 per share, from time to time through the sales agent named therein. Sales of our common stock, if any, pursuant to this supplement, the prospectus supplement and the
accompanying prospectus, dated April&nbsp;18, 2024, will be made in sales deemed to be &#147;at the market offerings&#148; as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. This supplement should be read in conjunction with
the prospectus supplement and the accompanying prospectus. Capitalized terms used and not defined herein shall have the meanings ascribed to such terms in the prospectus supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This supplement is being filed to reflect that we have entered into a sales agreement (the &#147;M&amp;T Sales Agreement&#148;) with M&amp;T
Securities, Inc. (&#147;M&amp;T Securities&#148;) and have amended our sales agreements with each of Oppenheimer&nbsp;&amp; Co. Inc., B. Riley Securities, Inc. and Virtu Americas LLC in order to add M&amp;T Securities (as amended, the &#147;Existing
Sales Agreements&#148;) as an additional sales agent, effective as of the date hereof. Accordingly, each reference to the term &#147;sales agents&#148; in the prospectus supplement are hereby amended to include M&amp;T Securities and each reference
to &#147;Sales Agreements&#148; is hereby amended to collectively refer to the M&amp;T Sales Agreement and the Existing Sales Agreements. As of the date of this supplement, we have sold 148,714 shares of our common stock under the Sales Agreement
for gross proceeds of approximately $2.0&nbsp;million, leaving approximately $73.0&nbsp;million available to be offered by this supplement, the prospectus supplement and the accompanying prospectus. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman"><B>Shares of <FONT STYLE="white-space:nowrap">closed-end</FONT> investment companies, including BDCs, frequently trade at a discount to their
NAV. If our shares trade at a discount to our NAV, it will likely increase the risk of loss for purchasers in this offering. Investing in shares of our common stock involves a high degree of risk. Before investing, you should read the material risks
described in the &#147;</B><B><I><U>Risk</U></I></B><B></B><B><I><U></U></I></B><B></B><B><I><U>&nbsp;Factors</U></I></B><B>&#148; section on page <FONT STYLE="white-space:nowrap">S-11</FONT> of the prospectus supplement, on page&nbsp;5 of the
accompanying prospectus and in any reports and information that we file from time to time with the Securities and Exchange Commission (the &#147;SEC&#148;), which are incorporated by reference into the prospectus supplement and the accompanying
prospectus. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:14pt" ALIGN="center">


<TR>

<TD WIDTH="27%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="24%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="25%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="21%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-size:14pt"><B>Oppenheimer&nbsp;&amp; Co.</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-size:14pt"><B>B. Riley Securities</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-size:14pt"><B>M&amp;T Securities</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">


<IMG SRC="g52036g0530212601020.jpg" ALT="LOGO">
</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The date of this supplement is June&nbsp;2, 2025 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the prospectus supplement is hereby amended to add the following sentence at the end of the section titled &#147;Plan of Distribution&#148;. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The principal business address of M&amp;T Securities is 1 Light Street, Baltimore, MD 21202. </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
