Company: GAINI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001321741-25-000022
Chunk: 208

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 208
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.— (2,335)— (2,335)B+T Group Acquisition, Inc.— (2,742)— (2,742)Nth Degree Investment Group, LLC42,284 (7,195)(38,028)(2,939)Horizon Facilities Services, Inc.(8,614)(8,614)Phoenix Door Systems, Inc.(18,163)(18,163)Other, net (<$1.0 million, net)21 273 4 298 Total$42,305 $(15,030)$(38,024)$(10,749)

Net Realized Gain (Loss)

During the six months ended September 30, 2025, we recorded net realized losses on investments of $29.9 million, due to the realized loss from the restructuring of J.R. Hobbs. During the six months ended September 30, 2024, we recorded net realized gains on investments of $42.3 million, due to the realized gain from the exit of Nth Degree.

Net Unrealized Appreciation (Depreciation) on Investments

Net unrealized appreciation of investments of $53.4 million for the six months ended September 30, 2025 was primarily due to the increased performance of certain of our portfolio companies and the reversal of previously recorded unrealized depreciation related to our investment in J.R. Hobbs upon its restructure. These increases were partially offset by decreased performance of certain of our portfolio companies and a decrease in transaction multiples used to estimate the fair value of certain of our portfolio companies.

Net unrealized depreciation of investments of $53.1 million for the six months ended September 30, 2024 was primarily due to the reversal of unrealized appreciation of Nth Degree upon our exit and decreased performance of certain of our portfolio companies. These decreases were partially offset by an increase in transaction multiples used to estimate the fair value of certain of our portfolio companies and increased performance of certain of our portfolio companies.

Across our entire investment portfolio, we recorded net unrealized appreciation of $36.2 million on our equity positions and appreciation of $17.2 million on our debt positions, for the six months ended September 30, 2025. As of September 30, 2025, the fair value of our investment portfolio was more than the cost basis by $93.7 million, as compared to March 31, 2025, when the fair value of our investment portfolio was more than the cost basis by