Company: GAINI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001321741-25-000018
Chunk: 186

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 186
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ANGEMENTS

Unlike PIK income, we generally do not recognize success fees as income until payment has been received. Due to the contingent nature of success fees, there are no guarantees that we will be able to collect any or all of these success fees or know the timing of any such collections. As a result, as of June 30, 2025 and March 31, 2025, we had unrecognized, contractual off-balance sheet success fee receivables of $55.6 million and $52.5 million (or approximately $1.49 and $1.43 per common share), respectively, on our debt investments. Consistent with GAAP, we have not recognized success fee receivables and related income in our accompanying Consolidated Financial Statements until earned. 

55

CONTRACTUAL OBLIGATIONS

We have line of credit commitments to certain of our portfolio companies that have not been fully drawn. Since these line of credit commitments have expiration dates and we expect many will never be fully drawn, the total line of credit commitment amounts do not necessarily represent future cash requirements. We estimate the fair value of the combined unused line of credit commitments as of June 30, 2025 to be insignificant.

The following table shows our contractual obligations as of June 30, 2025, at cost:

Payments Due by PeriodContractual Obligations(A)TotalLess than 1 Year1-3 Years3-5 YearsMore than 5 YearsCredit Facility(B)$62,000 $— $— $62,000 $— Notes payable463,738 127,938 — 335,800 — Interest payments on obligations(C)114,704 34,701 59,125 20,878 — Total$640,442 $162,639 $59,125 $418,678 $— 

(A)Excludes unused line of credit commitments to our portfolio companies in the aggregate principal amount of $3.6 million. 

(B)Principal balance of borrowings outstanding under our Credit Facility, based on the maturity date following the current contractual revolving period end date.

(C)Includes interest payments due on our Credit Facility and the Notes, as applicable. The amount of interest payments calculated for purposes of this table was based upon rates and outstanding balances as of June 30, 2025. 

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and