Company: GAINI
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0001321741-25-000005
Chunk: 84

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-02-12
Form: 10-Q
Item: Part I, Item 1
Chunk 84
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 December 31, 2023 was primarily due to the reversal of unrealized appreciation of Counsel Press upon exit, a decrease in transaction multiples used to estimate the fair value of certain of our portfolio companies and a decrease in performance of certain of our portfolio companies. These decreases were partially offset by increased performance of certain of our other portfolio companies.

Across our entire investment portfolio, we recorded net unrealized appreciation of $39.5 million on our equity positions and net unrealized depreciation of $2.2 million on our debt positions for the three 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 September 30, 2024, when the fair value of our investment portfolio was more than the cost basis by $13.2 million, representing net unrealized appreciation of $37.3 million for the three months ended December 31, 2024. Our entire portfolio had a fair value of 104.9% of cost as of December 31, 2024.

53

Comparison of the Nine Months Ended December 31, 2024 to the Nine Months Ended December 31, 2023

For the Nine Months Ended December 31,20242023$ Change% ChangeINVESTMENT INCOMEInterest income$62,149 $60,369 $1,780 2.9 %Dividend and success fee income3,965 3,289 676 20.6 %Total investment income66,114 63,658 2,456 3.9 %EXPENSESBase management fee13,937 12,874 1,063 8.3 %Loan servicing fee6,821 6,829 (8)(0.1)%Incentive fee7,797 15,401 (7,604)(49.4)%Administration fee1,478 1,306 172 13.2 %Interest expense19,264 17,598 1,666 9.5 %Amortization of deferred financing costs and discounts1,951 1,708 243 14.2 %Other4,968 3,434 1,534 44.7 %Expenses before credits from Adviser56,216 59,150 (2,934)(5.0)%Credits to fees