Company: GAINI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001321741-25-000022
Chunk: 171

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 171
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,000$270,000Borrowings outstanding at cost$97,700$—Availability(A)$172,300$270,000For the Three Months Ended September 30,For the Six Months Ended September 30,2025202420252024Weighted-average borrowings outstanding$107,599 $60,808 $72,153 $62,766 Effective interest rate(B)8.9%11.0%10.2%10.9%Unused commitment fees incurred$328 $320 $920 $661 (A)Availability is subject to various constraints, characteristics and applicable advance rates based on collateral quality under our Credit Facility, which equated to an adjusted availability of $172.3 million and $270.0 million as of September 30, 2025 and March 31, 2025, respectively.(B)Excludes the impact of deferred financing costs and includes unused commitment fees.Among other things, our Credit Facility contains a performance guaranty that requires us to maintain: (i) a minimum net worth of the greater of $210.0 million or $210.0 million plus 50% of all equity and subordinated debt raised, minus 50% of any equity or subordinated debt redeemed or retired after November 16, 2016, which equated to $432.4 million as of September 30, 2025; (ii) asset coverage with respect to senior securities representing indebtedness of at least 150% (or such percentage as may be set forth in Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act); and (iii) our status as a BDC under the 1940 Act and as a RIC under the Code. As of September 30, 2025, and as defined in the performance guaranty of our Credit Facility, we had a net worth of $991.8 million, asset coverage on our senior securities representing indebtedness of 193.2%, calculated in compliance with the requirements of Sections 18 and 61 of the 1940 Act, and an active status as a BDC and RIC. As of September 30, 2025, we were in compliance with all covenants under our Credit Facility.Fair ValueWe elected to apply the fair value option of ASC Topic 825, “Financial Instruments,” to the Credit Facility, which was consistent with our application of ASC 820 to our investments.