Company: GAINI
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0001321741-25-000005
Chunk: 176

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-02-12
Form: 10-Q
Item: Part I, Item 8
Chunk 176
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 Another of our officers, Mr. LiCalsi (our general counsel and secretary), serves as the Administrator’s president as well as the executive vice president of administration, general counsel, and secretary for the Adviser.Our allocable portion of the Administrator’s expenses is generally derived by multiplying the Administrator’s total expenses by the approximate percentage of time during the current quarter the Administrator’s employees performed services for us in relation to their time spent performing services for all companies serviced by the Administrator. On July 9, 2024, our Board of Directors, including a majority of the directors who are not parties to the Administration Agreement or interested persons of either party, approved the annual renewal of the Administration Agreement through August 31, 2025. Administration fees for the three and nine months ended December 31, 2024 were $0.4 million and $1.5 million, respectively. Administration fees for the three and nine months ended December 31, 2023 were $0.5 million and $1.3 million, respectively.Transactions with Gladstone Securities, LLCGladstone Securities, LLC (“Gladstone Securities”) is a privately held broker dealer registered with the Financial Industry Regulatory Authority and insured by the Securities Investor Protection Corporation. Gladstone Securities is an affiliate of ours, as its parent company is 100% indirectly owned and controlled by David Gladstone, our chairman and chief executive officer. Mr. Gladstone also serves on the board of managers of Gladstone Securities.From time to time, Gladstone Securities provides services, such as investment banking and due diligence services, to certain of our portfolio companies, for which it receives a fee. Any such fees paid by portfolio companies to Gladstone Securities do not impact the fees we pay to the Adviser or the non-contractual, unconditional, and irrevocable credits against the base management fee. During the three and nine months ended December 31, 2024, the fees received by Gladstone Securities from our portfolio companies totaled $1.7 million and $1.9 million, respectively. No fees were received by Gladstone Securities from our portfolio companies during the three months ended December 31, 2023. During the nine months ended December 31, 2023, the fees received by Gladstone Securities from our portfolio companies totaled $0.3 million.

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Investment in Affiliated FundIn December 2024, we invested in Gladstone Alternative, one of our affiliated funds, that is a registered, non-diversified,