Company: GAINI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001321741-25-000022
Chunk: 120

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 120
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 of certain of our other portfolio companies. 

Across our entire investment portfolio, we recorded net unrealized appreciation of $38.8 million on our equity positions and net unrealized appreciation of $15.7 million on our debt investments for the three months ended September 30, 2025. As of September 30, 2025, the fair value of our investment portfolio was more than our cost basis by $93.7 million, compared to June 30, 2025, when the fair value of our investment portfolio was more than our cost basis by $39.2 million. This resulted in net unrealized appreciation of $54.5 million for the three months ended September 30, 2025. Our entire portfolio was fair valued at 109.0% of cost as of September 30, 2025.

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Comparison of the Six Months Ended September 30, 2025 to the Six Months Ended September 30, 2024

For the Six Months Ended September 30,20252024Change% ChangeINVESTMENT INCOMEInterest income$44,317 $41,621 $2,696 6.5 %Dividend and success fee income4,506 3,122 1,384 44.3 %Total investment income48,823 44,743 4,080 9.1 %EXPENSESBase management fee10,537 9,065 1,472 16.2 %Loan servicing fee5,604 4,416 1,188 26.9 %Incentive fee4,998 (1,556)6,554 NMAdministration fee953 1,073 (120)(11.2)%Interest expense18,130 12,879 5,251 40.8 %Amortization of deferred financing costs and discounts1,820 1,260 560 44.4 %Other2,055 3,613 (1,558)(43.1)%Expenses before credits from Adviser44,097 30,750 13,347 43.4 %Credits to fees from Adviser(8,641)(5,712)(2,929)51.3 %Total expenses, net of credits to fees35,456 25,038 10,418 41.6 %NET INVESTMENT INCOME13,367 19,705 (