Gladstone Investment Corporation is a business development company that invests in debt and equity securities of established private businesses in the United States, targeting lower-middle-market companies with stable cash flows and experienced management teams. The company seeks to generate current income through debt investments (typically secured first and second lien loans with success fees) and long-term capital appreciation through equity holdings, maintaining an approximate 70/30 debt-to-equity portfolio mix. The company is externally managed, operates as a closed-end fund, and returns substantially all its taxable income to shareholders through regular monthly distributions and periodic supplemental distributions.