Company: GAINI
Filing Date: 2025-05-13
Form Type: 10-K
Source: 0001321741-25-000010
Chunk: 188

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-05-13
Form: 10-K
Item: Item 7
Chunk 188
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 $3.0 million through secured first lien debt in Pyrotek to fund an add-on acquisition.

•In February 2025, we recapitalized our existing investment in Educators Resource, Inc. and invested an additional $10.0 million in the form of secured first lien debt. In connection with this recapitalization, we received dividend income of $1.8 million.

•In March 2025, we exited our investment in Nocturne, which resulted in success fee income of $3.5 million, a realized gain on our preferred equity of $19.8 million and the repayment of our debt investment of $85.6 million at par.

53

Recent Developments

Distributions and Dividends

In April 2025, our Board of Directors declared the following monthly cash distributions to common stockholders:

Record DatePayment DateDistribution per Common ShareApril 21, 2025April 30, 2025$0.08 May 21, 2025May 30, 20250.08 June 4, 2025June 13, 20250.54 (A)June 20, 2025June 30, 20250.08 Total for the Quarter:$0.78 

(A)Represents a supplemental distribution to common stockholders.

54

RESULTS OF OPERATIONS

Comparison of the Fiscal Year Ended March 31, 2025 to the Fiscal Year Ended March 31, 2024

For the Fiscal Years Ended March 31,20252024$ Change% ChangeINVESTMENT INCOMEInterest income$83,612 $81,794 $1,818 2.2 %Dividend and success fee income10,050 5,512 4,538 82.3 %Total investment income93,662 87,306 6,356 7.3 %EXPENSESBase management fee19,105 17,500 1,605 9.2 %Loan servicing fee9,636 9,118 518 5.7 %Incentive fee12,265 21,047 (8,782)(41.7)%Administration fee1,914 1,789 125 7.0 %Interest expense28,246 24,121 4,125 17.1 %Amortization of deferred financing costs and discounts2,852 2,305 547 23.