Company: GAINI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001321741-25-000022
Chunk: 169

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 169
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0.5 million and $1.0 million, respectively. Administration fees for the three and six months ended September 30, 2024 were $0.6 million and $1.1 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 six months ended September 30, 2025, the fees received by Gladstone Securities from our portfolio companies totaled $0.7 million and $1.3 million, respectively. During the three and six months ended September 30, 2024, the fees received by Gladstone Securities from our portfolio companies totaled $0.2 million for each period.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 is 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.

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Related Party Fees DueAmounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows:As of September 30,As of March 31,20252025Base management and loan servicing fee due to Adviser, net of credits$1,630 $2,027 Incentive fee due to Adviser(A)44,323 41,663 Other due to Adviser109 126 Total fees due to Adviser46,062 43,817 Fee due to Administrator527 767 Total related party fees due$46,589 $44,584 (A)Includes a capital gains-based incentive fee