Company: GAINI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001321741-25-000018
Chunk: 46

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 46
---
 Investor Protection Corporation. Gladstone Securities is an affiliate of ours, as its parent company is 100% indirectly owned and controlled by David Gladstone, our chairman and chief executive officer. Mr. Gladstone also serves on the board of managers of Gladstone Securities.From time to time, Gladstone Securities provides services, such as investment banking and due diligence services, to certain of our portfolio companies, for which it receives a fee. Any such fees paid by portfolio companies to Gladstone Securities do not impact the fees we pay to the Adviser or the non-contractual, unconditional, and irrevocable credits against the base management fee. During the three months ended June 30, 2025, the fees received by Gladstone Securities from our portfolio companies totaled $0.6 million. No fees were received by Gladstone Securities from our portfolio companies during the three months ended June 30, 2024.Investment in Affiliated FundIn December 2024, we invested in Gladstone Alternative, one of our affiliated funds, that is a registered, non-diversified, closed-end management investment company that operates as an interval fund. The fair value of the investment in Gladstone Alternative will be excluded from the average total assets subject to base management fee for the purposes of calculating the base management fee we pay to the Adviser.

30

Related Party Fees DueAmounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows:As of June 30,As of March 31,20252025Base management and loan servicing fee due to Adviser, net of credits$1,696 $2,027 Incentive fee due to Adviser(A)39,115 41,663 Other due to Adviser162 126 Total fees due to Adviser40,973 43,817 Fee due to Administrator912 767 Total related party fees due$41,885 $44,584 (A)Includes a capital gains-based incentive fee of $39.1 million and $39.3 million as of June 30, 2025 and March 31, 2025, respectively, recorded in accordance with GAAP requirements, and which was not contractually due under the terms of the Advisory Agreement. Refer to Note 4 — Related Party Transactions — Transactions with the Adviser — Incentive Fee for additional information, including capital gains-based incentive fee payments made.Co-investment expenses as of both June 30, 2025