Company: GAINI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001321741-25-000022
Chunk: 79

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 79
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 in fee credits from the Adviser.

In accordance with GAAP, during the three months ended September 30, 2025, we recorded a $4.9 million capital gains-based incentive fee compared to a $1.6 million capital gains-based incentive fee during the three months ended September 30, 2024. The capital gains-based incentive fee is a result of the net impact of net realized gains and net unrealized appreciation (depreciation) on investments during the respective periods.

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The base management fee, loan servicing fee, incentive fee, and their related non-contractual, unconditional, and irrevocable credits are computed quarterly, as described under “Transactions with the Adviser” in Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements and are summarized in the following table:

Three Months Ended September 30,20252024Average total assets subject to base management fee(A)(B)$1,091,400 $889,400 Multiplied by prorated annual base management fee of 2.0%0.5 %0.5 %Base management fee(C)$5,457 $4,447 Credits to fees from Adviser - other(C)(1,638)(669)Net base management fee$3,819 $3,778 Loan servicing fee(C)$2,932 $2,194 Credits to base management fee - loan servicing fee(C)(2,932)(2,194)Net loan servicing fee$— $— Incentive fee – income-based$310 $594 Incentive fee – capital gains-based(D)4,897 1,638 Total incentive fee(C)$5,207 $2,232 Credits to fees from Adviser - other(C)— — Net total incentive fee$5,207 $2,232 

(A)Average total assets subject to the base management fee is defined in the Advisory Agreement as total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective periods and adjusted appropriately for any share issuances or repurchases during the periods.

(B)Excludes our investment in Gladstone Alternative valued at the end of the applicable quarters within the respective periods.

(C)Reflected as a line item on our Consolidated Statements of Operations. 

(D)The capital gains-based incentive fees are recorded in accordance with