Company: GAINI
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0001321741-25-000005
Chunk: 41

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-02-12
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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 interval fund.•In December 2024, we invested $71.3 million in a new portfolio company, Nielsen-Kellerman, Inc. ("Nielsen-Kellerman"), in the form of $49.1 million of secured first lien debt and $22.2 million of preferred equity. Nielsen-Kellerman, headquartered in Boothwyn, Pennsylvania, designs, manufactures, and distributes a wide range of rugged, waterproof environmental measurement and sports performance instruments.•In December 2024, we invested $78.7 million in a new portfolio company, Ricardo Defense, Inc. ("Ricardo"), in the form of $61.3 million of secured first lien debt and $17.4 million of preferred equity. Ricardo, headquartered in Troy, Michigan, with operations in California, Texas and Alabama and overseas, develops engineering and product solutions for U.S. Army vehicle and logistics programs.

Investment ConcentrationsAs of December 31, 2024, our investment portfolio consisted of investments in 26 portfolio companies located in 20 states or countries across 17 different industries with an aggregate fair value of $1.1 billion. Our investments in Nocturne, SFEG, Ricardo, Old World and Brunswick Bowling Products, Inc. represented our five largest portfolio investments at fair value and collectively comprised $443.5 million, or 41.4%, of our total investment portfolio at fair value as of December 31, 2024.The following table summarizes our investments by security type as of December 31, 2024 and March 31, 2024:December 31, 2024March 31, 2024CostFair ValueCostFair ValueSecured first lien debt$660,499 64.6 %$599,911 55.9 %$513,425 60.1 %$474,856 51.6 %Secured second lien debt119,958 11.7 %108,743 10.1 %144,958 16.9 %138,703 15.0 %Total debt780,457 76.3 %708,654 66.0 %658,383 77.0 %613,559 66.6 %Preferred equity191,687 18.8 %308,226 28.8 %145,070 17.0 %213,480 23.2 %Common equity/e