Company: GAINI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001321741-25-000022
Chunk: 45

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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, including a majority of the directors who are not parties to the Advisory Agreement or interested persons of either party, approved the Advisory Agreement.One of our executive officers, David Gladstone (our chairman and chief executive officer) serves as a director and executive officer of the Adviser, which, as of September 30, 2025, is 100% indirectly owned by Mr. Gladstone. David Dullum (our president) is also the executive vice president of private equity (buyouts) of the Adviser. Michael LiCalsi, our chief administrative officer, co-general counsel and co-secretary, also serves in the same roles for the Adviser. Erich Hellmold, our co-general counsel and co-secretary, serves in the same roles for the Adviser.

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The following table summarizes the base management fees, loan servicing fees, incentive fees, and associated non-contractual, unconditional, and irrevocable credits reflected in our accompanying Consolidated Statements of Operations:Three Months Ended September 30,Six Months Ended September 30,2025202420252024Average total assets subject to base management fee(A)(B)$1,091,400 $889,400 $1,053,700 $906,500 Multiplied by prorated annual base management fee of 2.0%0.5 %0.5 %1.0 %1.0 %Base management fee(C)5,457 4,447 10,537 9,065 Credits to fees from Adviser - other(C)(1,638)(669)(3,037)(1,296)Net base management fee$3,819 $3,778 $7,500 $7,769 Loan servicing fee(C)$2,932 $2,194 5,604 4,416 Credits to base management fee - loan servicing fee(C)(2,932)(2,194)(5,604)(4,416)Net loan servicing fee$— $— $— $— Incentive fee – income-based$310 $594 $310 $594 Incentive fee – capital gains-based(D)4,897 1,638 4,688 (2,150)Total incentive fee(C)$5,207 $2,232 $4,998 $(1,556)Credits to fees from Adviser - other(C)— — —