GLADSTONE INVESTMENT CORPORATION\DE

For the period ended Mar 31, 2025. Filed May 13, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed May 13, 2025

GAIN$15.01-0.5%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Operations for the years ended and

(DOLLAR AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

	Year Ended March 31,
	2025	2024	2023
INVESTMENT INCOME
Interest income:
Non-Control/Non-Affiliate investments	$59,762	$56,424	$41,872
Affiliate investments	23,605	24,578	18,323
Cash and cash equivalents	245	792	81
Total interest income	83,612	81,794	60,276
Dividend income:
Non-Control/Non-Affiliate investments	3,254	—	4,847
Affiliate investments	26	1,907	6,018
Total dividend income	3,280	1,907	10,865
Success fee income:
Non-Control/Non-Affiliate investments	5,934	2,285	9,801
Affiliate investments	836	1,320	601
Total success fee income	6,770	3,605	10,402
Total investment income	93,662	87,306	81,543
EXPENSES
Base management fee(A)	19,105	17,500	14,798
Loan servicing fee(A)	9,636	9,118	7,880
Incentive fee(A)	12,265	21,047	8,880
Administration fee(A)	1,914	1,789	1,811
Interest expense on borrowings	28,246	24,121	15,877
Amortization of deferred financing costs and discounts	2,852	2,305	1,802
Professional fees	1,593	1,382	1,916
Other general and administrative expenses	4,701	2,981	3,270
Expenses before credits from Adviser	80,312	80,243	56,234
Credits to base management fee – loan servicing fee(A)	(9,636)	(9,118)	(7,880)
Credits to fees from Adviser - other(A)	(5,109)	(5,596)	(3,811)
Total expenses, net of credits to fees	65,567	65,529	44,543
NET INVESTMENT INCOME	$28,095	$21,777	$37,000
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss):
Non-Control/Non-Affiliate investments	$19,811	$43,749	$7,561
Affiliate investments	43,373	275	3,469
Control investments	—	(13,768)	(277)
Total net realized gain	63,184	30,256	10,753
Net unrealized appreciation (depreciation):
Non-Control/Non-Affiliate investments	8,786	9,864	14,218
Affiliate investments	(32,184)	10,317	(23,792)
Control investments	(2,562)	13,120	(2,661)
Other	—	(29)	29
Total net unrealized (depreciation) appreciation	(25,960)	33,272	(12,206)
Net realized and unrealized gain (loss)	37,224	63,528	(1,453)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$65,319	$85,305	$35,547
BASIC AND DILUTED PER COMMON SHARE:
Net investment income	$0.76	$0.63	$1.11
Net increase in net assets resulting from operations	$1.78	$2.47	$1.07
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic and diluted	36,735,218	34,466,724	33,311,785

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.