Company: GAINI
Filing Date: 2025-05-13
Form Type: 10-K
Source: 0001321741-25-000010
Chunk: 197

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-05-13
Form: 10-K
Item: Item 7
Chunk 197
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4 was $69.9 million, as compared to net cash used in operating activities of $4.5 million for the year ended March 31, 2023. This change was primarily due to an increase in purchases of investments, partially offset by a decrease in the aggregate net proceeds from the sale and recapitalization of investments and principal repayments of investments. 

Purchases of investments totaled $183.9 million during the year ended March 31, 2024, compared to $133.8 million during the year ended March 31, 2023. Net proceeds from the sale and recapitalization of investments and principal repayments totaled $80.2 million during the year ended March 31, 2024, compared to $87.8 million during the year ended March 31, 2023.

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As of March 31, 2025, we had equity investments in and/or loans to 25 companies with an aggregate cost basis of $939.1 million. As of March 31, 2024, we had equity investments in and/or loans to 24 companies with an aggregate cost basis of $854.3 million. The following table summarizes our total portfolio investment activity for the years ended March 31, 2025 and 2024:

Years Ended March 31,20252024Beginning investment portfolio, at fair value$920,504 $753,543 New investments178,844 61,258 Disbursements to existing portfolio companies42,373 122,666 Unscheduled principal repayments(123,600)(28,000)Net proceeds from sales of investments(76,025)(52,228)Net realized gain on investments63,184 29,964 Net unrealized appreciation of investments36,398 62,310 Reversal of net unrealized appreciation of investments(62,358)(29,009)Ending investment portfolio, at fair value$979,320 $920,504 

The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of March 31, 2025:

AmountFor the fiscal years ending March 31:2026$104,787 2027133,336 2028105,409 2029184,944 2030159,506 Thereafter— Total contractual repayments$687,982 Investments in equity securities251,084 Total cost basis of investments held as