Company: GAINI
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0001321741-25-000005
Chunk: 122

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-02-12
Form: 10-Q
Item: Part I, Item 2
Chunk 122
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, 2023, we recorded net realized gains on investments of $43.5 million, due to a $43.5 million realized gain from the exit of Counsel Press, Inc. ("Counsel Press"). 

52

Net Unrealized Appreciation (Depreciation)

Net unrealized appreciation of investments of $37.3 million for the three months ended December 31, 2024 was primarily due to an increase in the performance of certain of our portfolio companies and an increase in transaction multiples used to estimate the fair value of certain of our portfolio companies, in addition to increased performance of certain of our other portfolio companies. These increases were partially offset by decreased performance of certain of our other portfolio companies.

Net unrealized depreciation of investments of $46.5 million for the three months ended December 31, 2023 was primarily due to the reversal of unrealized appreciation of Counsel Press upon exit, a decrease in transaction multiples used to estimate the fair value of certain of our portfolio companies and a decrease in performance of certain of our portfolio companies. These decreases were partially offset by increased performance of certain of our other portfolio companies.

Across our entire investment portfolio, we recorded net unrealized appreciation of $39.5 million on our equity positions and net unrealized depreciation of $2.2 million on our debt positions for the three months ended December 31, 2024. As of December 31, 2024, the fair value of our investment portfolio was more than the cost basis by $50.5 million, as compared to September 30, 2024, when the fair value of our investment portfolio was more than the cost basis by $13.2 million, representing net unrealized appreciation of $37.3 million for the three months ended December 31, 2024. Our entire portfolio had a fair value of 104.9% of cost as of December 31, 2024.

53

Comparison of the Nine Months Ended December 31, 2024 to the Nine Months Ended December 31, 2023

For the Nine Months Ended December 31,20242023$ Change% ChangeINVESTMENT INCOMEInterest income$62,149 $60,369 $1,780 2.9 %Dividend and success fee income3,965 3,289 676 20.6 %Total investment income66,114 63,658 2,456 3.9 %EXPENSES