Company: GAINI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001321741-25-000018
Chunk: 72

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 72
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 that was previously on non-accrual status. We had no collections of past due interest during the three months ended June 30, 2024.

The weighted-average yield on our interest-bearing investments, excluding cash and cash equivalents and receipts recorded as dividend and success fee income, was 14.1% for the three months ended June 30, 2025, compared to 14.5% for the prior year period. The weighted-average yield may vary from period to period, based on the current stated interest rate on interest-bearing investments, coupled with any collection of past due interest during the period. 

As of June 30, 2025, our loans to B+T Group Acquisition, Inc. ("B+T"), Diligent Delivery Systems ("Diligent"), Edge Adhesives Holdings, Inc. ("Edge"), and J.R. Hobbs Co. – Atlanta, LLC ("J.R. Hobbs") were on non-accrual status, with an aggregate debt cost basis of $90.3 million. As of June 30, 2024, certain of our loans to B+T, Diligent, Edge and J.R. Hobbs were on non-accrual status, with an aggregate debt cost basis of $86.1 million. 

As of June 30, 2025 and March 31, 2025, SFEG represented 10.6% and 10.8% of the total investment portfolio at fair value, respectively.

Dividend and success fee income for the three months ended June 30, 2025 increased $0.3 million, or 22.1%, from the prior year period. During the three months ended June 30, 2025, dividend and success fee income consisted of $1.1 million of dividend income and $0.8 million of success fee income. During the three months ended June 30, 2024, dividend and success fee income consisted of $1.6 million of success fee income.

Expenses

Total expenses, net of any non-contractual, unconditional, and irrevocable credits from the Adviser, increased $4.7 million, or 48.1%, during the three months ended June 30, 2025, as compared to the prior year period, primarily due to a decrease in the reversal of previously accrued capital gains-based incentive fees and an increase in interest expense, partially offset by an increase in fee credits from the Adviser and