Company: GAINI
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0001321741-25-000005
Chunk: 218

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-02-12
Form: 10-Q
Item: Part I, Item 8
Chunk 218
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 the nine months ended December 31, 2024. As of December 31, 2024, the fair value of our investment portfolio was more than the cost basis by $50.5 million, as compared to March 31, 2024, when the fair value of our investment portfolio was more than the cost basis by $66.2 million, representing net unrealized depreciation of $15.7 million for the nine months ended December 31, 2024. Our entire portfolio had a fair value of 104.9% of cost as of December 31, 2024.

58

LIQUIDITY AND CAPITAL RESOURCES

Operating Activities

Net cash used in operating activities for the nine months ended December 31, 2024 was $96.4 million compared to net cash used in operating activities of $75.7 million for the nine months ended December 31, 2023. This change was primarily due to an increase in purchases of investments.

Purchases of investments were $207.2 million during the nine months ended December 31, 2024, compared to $183.0 million during the nine months ended December 31, 2023. Aggregate net proceeds from the sale and recapitalization of investments and principal repayments of investments totaled $82.0 million during the nine months ended December 31, 2024, compared to $79.7 million during the nine months ended December 31, 2023.

As of December 31, 2024, we had equity investments in and/or loans to 26 portfolio companies with an aggregate cost basis of $1.0 billion. As of December 31, 2023, we had equity investments in and/or loans to 25 portfolio companies with an aggregate cost basis of $868.5 million. 

The following table summarizes our total portfolio investment activity during the nine months ended December 31, 2024 and 2023:

Nine Months Ended December 31,20242023Beginning investment portfolio, at fair value$920,504 $753,543 New investments178,844 61,258 Disbursements to existing portfolio companies28,348 121,730 Unscheduled principal repayments(33,500)(27,500)Net proceeds from sale and recapitalization of investments(48,546)(52,228)Net realized gain on investments42,305 44,614 Net unrealized (depreciation) appreciation of