Company: GAINI
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0001321741-25-000005
Chunk: 50

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-02-12
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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 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.

31

Investment in Affiliated FundIn December 2024, we invested in Gladstone Alternative, one of our affiliated funds, that is a registered, non-diversified, closed-end management investment company that operates as an interval fund. The fair value of the investment in Gladstone Alternative will be excluded from the average total assets subject to base management fee for the purposes of calculating the base management fee we pay to the Adviser.Related Party Fees DueAmounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows:As of December 31,As of March 31,20242024Base management and loan servicing fee due to Adviser, net of credits$238 $2,386 Incentive fee due to Adviser(A)43,945 38,936 Other due to Adviser122 22 Total fees due to Adviser44,305 41,344 Fee due to Administrator618 727 Total related party fees due$44,923 $42,071 (A)Includes a capital gains-based incentive fee of $37.2 million and $36.7 million as of December 31, 2024 and March 31, 2024, respectively, recorded in accordance with GAAP requirements, and which was not contractually due under the terms of the Advisory Agreement. Refer to Note 4 — Related Party Transactions — Transactions with the Adviser — Incentive Fee for additional information, including capital gains-based incentive fee payments made.Co-investment expenses as of both December 31, 2024 and March 31, 2024 were $0.1 million. These amounts are generally settled in the quarter subsequent to being incurred and have been included in Other assets