Company: GAINI
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0001321741-25-000005
Chunk: 171

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-02-12
Form: 10-Q
Item: Part I, Item 8
Chunk 171
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 under the Advisory Agreement, consisting of a base management fee and an incentive fee and a loan servicing fee for the Adviser’s role as servicer pursuant to the Credit Facility, all as described below. On July 9, 2024, our Board of Directors, including a majority of the directors who are not parties to the Advisory Agreement or interested persons of either party, approved the annual renewal of the Advisory Agreement through August 31, 2025. Refer to Note 12 – Subsequent Events for additional information regarding the Advisory Agreement.

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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 December 31, 2024, 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 general counsel and secretary (who also serves as the Administrator’s president, general counsel and secretary), is also the executive vice president of administration, general counsel, and secretary of our Adviser.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 December 31,Nine Months Ended December 31,2024202320242023Average total assets subject to base management fee(A)$974,400 $920,400 $929,133 $858,267 Multiplied by prorated annual base management fee of 2.0%0.5 %0.5 %1.5 %1.5 %Base management fee(B)4,872 4,602 13,937 12,874 Credits to fees from Adviser - other(B)(2,851)(1,793)(4,147)(5,117)Net base management fee$2,021 $2,809 $9,790 $7,757 Loan servicing fee(B)2,405 2,332 6,821 6,829 Credits to base management fee - loan servicing fee(B)(2,405)(2,332)(6,821)(6,829)Net loan servicing fee$— $— $— $— Incentive fee – income-based$1,887 $2,282