Company: GAINI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001193125-25-143255
Chunk: 34

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 34
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2.1875% in any calendar quarter (8.75% annualized); and |

| • |     | 20% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.1875% in any calendar quarter (8.75% annualized). |

For this purpose, pre-incentivefee net investment income means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, consulting fees that we receive from portfolio companies, but excluding fees for providing managerial assistance) accrued by us during the calendar quarter, minus our operating expenses for the quarter. Pre-incentivefee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kindinterest and zero coupon securities), accrued income that we not yet received in cash. Pre-incentivefee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The second part of the incentive fee is a capital gains-based incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), and equals 20.0% of our realized capital gains, less any realized capital losses and unrealized depreciation, calculated as of the end of the preceding calendar year. The capital gains-based 34

incentive fee payable to the Adviser is calculated based on (i) cumulative aggregate realized capital gains since our inception, less (ii) cumulative aggregate realized capital losses since our inception, less (iii) the entire portfolio’s aggregate unrealized capital depreciation, if any, as of the date of the calculation. If this number is positive at the applicable calculation date, then the capital gains-based incentive fee for such year equals 20.0% of such amount, less the aggregate amount of any capital gains-based incentive fees paid in respect of our portfolio in all prior years.

Additionally, pursuant to the requirements of the 1940 Act, the Adviser makes available significant managerial assistance to our portfolio companies. The Adviser may also provide other services to our portfolio companies under certain agreements and may receive fees for services other than managerial assistance. Such services may include, but are not limited to: (i) assistance obtaining, sourcing or structuring credit facilities, long term loans or additional equity from unaffiliated third parties; (ii) negotiating important contractual