Company: GAINI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001321741-25-000018
Chunk: 161

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 161
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, 2025 and 2024, respectively.(I)Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of net investment income to average net assets - annualized would have been 4.07% and 7.85% for the three months ended June 30, 2025 and 2024, respectively.

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NOTE 11.  UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES

In accordance with the SEC’s Regulation S-X, we do not consolidate portfolio company investments. Further, in accordance with ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. We did not have any unconsolidated subsidiaries that met any of the significance conditions under Rule 1-02(w)(2) of the SEC’s Regulation S-X as of or during the three months ended June 30, 2025 and 2024. 

NOTE 12.  SUBSEQUENT EVENTS

Investment Activity•In July 2025, we invested $67.6 million in a new portfolio company, Global GRAB Technologies, Inc. ("Global GRAB"), in the form of $46.5 million of secured first lien debt and $21.1 million of preferred equity. Global GRAB, headquartered in Franklin, Tennessee, is a leading provider of turnkey perimeter security and hostile vehicle mitigation systems, serving various government and commercial organizations.

Distributions and Dividends•In July 2025, our Board of Directors declared the following monthly distributions to common stockholders:Record DatePayment DateDistribution per Common ShareJuly 21, 2025July 31, 2025$0.08 August 20, 2025August 29, 20250.08 September 22, 2025September 30, 20250.08 Total for the Quarter:$0.24 

ATM ActivitySubsequent to June 30, 2025, we sold 866,554 shares of our common stock under our 2024 Common Stock ATM program at a weighted-average gross price of $14.14 per share and raised approximately $12.1 million in net proceeds. All of these sales were above our then-current estimated NAV per share.

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ITEM 2.