Gladstone Investment Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

INVESTMENTS - Fair Value Measurement Inputs and Valuation Techniques (Details)

INVESTMENTS - Fair Value Measurement Inputs and Valuation Techniques (Details)
$ in Thousands

Mar. 31, 2023

USD ($)

Mar. 31, 2022

USD ($)

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 753,543

^[1]

$ 714,396

^[2]

Investments at fair value

753,543

714,396

Secured First Lien Debt

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments at fair value

437,517

425,087

Secured Second Lien Debt

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments at fair value

75,734

67,958

Preferred Equity

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments at fair value

222,585

217,599

Common Equity/ Equivalents

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments at fair value

17,707

3,752

Significant Unobservable Inputs (Level 3)

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

753,516

714,322

Investments at fair value

753,516

714,322

Significant Unobservable Inputs (Level 3) | Secured First Lien Debt

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments at fair value

437,517

425,087

Significant Unobservable Inputs (Level 3) | Secured Second Lien Debt

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments at fair value

75,734

67,958

Significant Unobservable Inputs (Level 3) | Preferred Equity

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments at fair value

222,585

217,599

Significant Unobservable Inputs (Level 3) | Common Equity/ Equivalents

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments at fair value

17,680

3,678

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Secured First Lien Debt

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

432,126

411,023

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Secured Second Lien Debt

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

62,750

39,637

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Preferred Equity

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

222,585

217,599

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Common Equity/ Equivalents

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 17,680

$ 3,678

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured First Lien Debt | Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

4.4

3.4

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured First Lien Debt | Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

7.7

9.3

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured First Lien Debt | Weighted Average

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

6.4

7.0

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured Second Lien Debt | Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

5.4

5.6

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured Second Lien Debt | Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

6.6

6.8

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured Second Lien Debt | Weighted Average

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

6.2

6.0

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Preferred Equity | Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

4.4

3.4

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Preferred Equity | Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

7.7

9.3

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Preferred Equity | Weighted Average

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

5.9

6.8

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Common Equity/ Equivalents | Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

4.7

4.8

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Common Equity/ Equivalents | Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

7.2

8.4

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Common Equity/ Equivalents | Weighted Average

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

6.4

5.8

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured First Lien Debt | Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 4,251

$ 3,990

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured First Lien Debt | Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

19,083

13,707

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured First Lien Debt | Weighted Average

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

10,764

8,221

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured Second Lien Debt | Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

4,112

3,953

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured Second Lien Debt | Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

6,379

5,488

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured Second Lien Debt | Weighted Average

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

5,501

4,959

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Preferred Equity | Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

4,251

1,210

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Preferred Equity | Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

19,083

13,707

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Preferred Equity | Weighted Average

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

9,486

6,926

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Common Equity/ Equivalents | Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

1,105

829

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Common Equity/ Equivalents | Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

30,833

13,707

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Common Equity/ Equivalents | Weighted Average

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 6,273

$ 5,709

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured First Lien Debt | Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

0.3

0.7

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured First Lien Debt | Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

0.6

0.7

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured First Lien Debt | Weighted Average

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

0.3

0.7

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured Second Lien Debt | Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

0.7

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured Second Lien Debt | Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

0.7

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured Second Lien Debt | Weighted Average

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

0.7

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Preferred Equity | Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

0.3

0.7

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Preferred Equity | Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

0.6

0.7

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Preferred Equity | Weighted Average

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

0.4

0.7

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Common Equity/ Equivalents | Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

0.7

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Common Equity/ Equivalents | Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

0.7

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Common Equity/ Equivalents | Weighted Average

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

0.7

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Secured First Lien Debt | Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 15,483

$ 14,072

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Secured First Lien Debt | Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

109,615

14,072

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Secured First Lien Debt | Weighted Average

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

94,957

14,072

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Secured Second Lien Debt | Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

14,072

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Secured Second Lien Debt | Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

14,072

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Secured Second Lien Debt | Weighted Average

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

14,072

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Preferred Equity | Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

15,483

14,072

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Preferred Equity | Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

109,615

14,072

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Preferred Equity | Weighted Average

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

69,247

14,072

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Common Equity/ Equivalents | Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

14,072

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Common Equity/ Equivalents | Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

14,072

Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Common Equity/ Equivalents | Weighted Average

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

14,072

Significant Unobservable Inputs (Level 3) | Yield Analysis | Secured First Lien Debt

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

5,391

14,064

Significant Unobservable Inputs (Level 3) | Yield Analysis | Secured Second Lien Debt

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 12,984

$ 28,321

Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured First Lien Debt | Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

0.194

0.113

Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured First Lien Debt | Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

0.199

0.152

Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured First Lien Debt | Weighted Average

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

0.197

0.146

Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured Second Lien Debt | Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

0.140

0.100

Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured Second Lien Debt | Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

0.140

0.122

Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured Second Lien Debt | Weighted Average

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value, measurement input

0.140

0.116

Significant Other Observable Inputs (Level 2)

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments at fair value

$ 27

$ 74

Significant Other Observable Inputs (Level 2) | Secured First Lien Debt

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments at fair value

0

0

Significant Other Observable Inputs (Level 2) | Secured Second Lien Debt

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments at fair value

0

0

Significant Other Observable Inputs (Level 2) | Preferred Equity

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments at fair value

0

0

Significant Other Observable Inputs (Level 2) | Common Equity/ Equivalents

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments at fair value

27

74

Significant Other Observable Inputs (Level 2) | Common Equity/ Equivalents | Funko Acquisition Holdings, LLC

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments at fair value

$ 27

$ 74

[1]	Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million.
[2]	Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million.