GLADSTONE INVESTMENT CORPORATION\DE
For the period ended Mar 31, 2026. Filed May 12, 2026.
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FY2026 · Filed May 12, 2026
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Consolidated Statements of Cash Flows for the years ended
(IN THOUSANDS)
| Year Ended March 31, | |||
|---|---|---|---|
| 2026 | 2025 | 2024 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net increase in net assets resulting from operations | $184,753 | $65,319 | $85,305 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities: | |||
| Purchase of investments | (173,616) | (221,217) | (183,924) |
| Principal repayments of investments | 29,896 | 123,600 | 28,000 |
| Net proceeds from the sale and recapitalization of investments | 3,644 | 76,025 | 52,228 |
| Net realized loss (gain) on investments | 26,294 | (63,184) | (30,256) |
| Net realized loss on other | 1,301 | — | — |
| Net unrealized (appreciation) depreciation of investments | (216,146) | 25,960 | (33,301) |
| Net unrealized appreciation of other | 46 | — | 29 |
| Amortization of deferred financing costs and discounts | 3,881 | 2,852 | 2,305 |
| Bad debt expense, net of recoveries | (202) | 1,601 | 1 |
| Changes in assets and liabilities: | |||
| (Increase) decrease in interest receivable | (1,305) | 761 | (4,589) |
| Decrease in due from administrative agent | 856 | 536 | 472 |
| Decrease (increase) in other assets, net | 559 | (436) | (181) |
| (Decrease) increase in accounts payable and accrued expenses | (44) | 559 | (54) |
| Increase in interest payable | 1,509 | 1,414 | 1,156 |
| Increase in fees due to Adviser(A) | 36,586 | 2,380 | 12,375 |
| Increase in fee due to Administrator(A) | 13 | 40 | 11 |
| Increase in other liabilities | 367 | 98 | 485 |
| Net cash (used in) provided by operating activities | (101,608) | 16,308 | (69,938) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from issuance of common stock, net of discounts, commissions and offering costs | 41,637 | 2,005 | 43,899 |
| Proceeds from line of credit | 295,400 | 214,100 | 242,300 |
| Repayments on line of credit | (271,500) | (281,100) | (210,500) |
| Deferred financing costs from line of credit | (333) | (763) | (1,906) |
| Repayment of notes payable | (74,750) | — | — |
| Proceeds from issuance of notes payable, net of deferred offering costs | 155,547 | 122,335 | 72,178 |
| Distributions paid to common stockholders | (57,162) | (60,951) | (76,061) |
| Net cash provided by (used in) financing activities | 88,839 | (4,374) | 69,910 |
| NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (12,769) | 11,934 | (28) |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR | 15,154 | 3,220 | 3,248 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR | $2,385 | $15,154 | $3,220 |
| CASH PAID FOR INTEREST | $33,769 | $25,431 | $21,978 |
Supplemental disclosures of non-cash operating activities:
For the year ended March 31, 2026:
In September 2025, we restructured our existing first lien term loans and line of credit to J.R. Hobbs Co. – Atlanta, LLC with an aggregate total cost basis of $49.9 million into a new $20.0 million first lien term loan, which resulted in a realized loss of $29.9 million.
For the year ended March 31, 2024:
In March 2024, we recognized a $14.7 million realized loss on our preferred and common equity investments and related first and second lien debt investments in The Mountain Corporation upon its liquidation and dissolution.
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