Company: GAINI
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0001321741-25-000005
Chunk: 116

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-02-12
Form: 10-Q
Item: Part I, Item 2
Chunk 116
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 Agreement. The New Advisory Agreement and the Advisory Agreement are collectively referred to herein as the Advisory Agreement.

Revolving Line of Credit

On February 10, 2025, we, through our wholly-owned subsidiary Gladstone Business Investment, LLC (“Business Investment”), entered into Amendment No. 10 to the Credit Facility with KeyBank National Association (“KeyBank”), as administrative agent, joint lead arranger and lender, Fifth Third Bank as managing agent, joint lead arranger and lender, the Adviser, as servicer, and certain other lenders party thereto. The Credit Facility was amended to increase the size from $200.0 million to $250.0 million and update certain existing terms. The Credit Facility continues to include customary terms, covenants, events of default and constraints on borrowing availability based on collateral tests for a credit facility of its size and nature.

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RESULTS OF OPERATIONS

Comparison of the Three Months Ended December 31, 2024 to the Three Months Ended December 31, 2023

For the Three Months Ended December 31,20242023$ Change% ChangeINVESTMENT INCOMEInterest income$20,528 $21,699 $(1,171)(5.4)%Dividend and success fee income843 1,382 (539)(39.0)%Total investment income21,371 23,081 (1,710)(7.4)%EXPENSESBase management fee4,872 4,602 270 5.9 %Loan servicing fee2,405 2,332 73 3.1 %Incentive fee9,353 1,667 7,686 461.1 %Administration fee405 450 (45)(10.0)%Interest expense6,385 6,520 (135)(2.1)%Amortization of deferred financing costs and discounts691 589 102 17.3 %Other1,355 1,302 53 4.1 %Expenses before credits from Adviser25,466 17,462 8,004 45.8 %Credits to fees from Adviser(5,256)(4,125)(1,131)27.4 %Total expenses, net of credits to fees20,210 13,337 6,873 51.5 %NET INVESTMENT INCOME1,161 9,744 (8,583)(88.1)%