Company: GAINI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001321741-25-000022
Chunk: 68

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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, and irrevocable credits of fees from the Adviser, the ratio of expenses to average net assets - annualized would have been 17.53% and 12.83% for the six months ended September 30, 2025 and 2024, respectively.

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(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 1.88% and 5.84% for the six months ended September 30, 2025 and 2024, respectively.

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 six months ended September 30, 2025 and 2024. 

NOTE 12.  SUBSEQUENT EVENTS

Distributions and Dividends•In October 2025, our Board of Directors declared the following monthly distributions to common stockholders:Record DatePayment DateDistribution per Common ShareOctober 24, 2025October 31, 2025$0.08 November 17, 2025November 26, 20250.08 December 22, 2025December 31, 20250.08 Total for the Quarter:$0.24 

ATM ActivitySubsequent to September 30, 2025, we sold 55,414 shares of our common stock under our 2024 Common Stock ATM program at a weighted-average gross price of $14.02 per share and raised approximately $0.8 million in net proceeds. All of these sales were above our then-current NAV per share.

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ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

All statements contained herein, other than historical facts, may constitute “forward-looking statements.” These statements may relate to, among other things, our