Company: GAINI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001321741-25-000018
Chunk: 45

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 whether such amount is contractually due under the terms of the Advisory Agreement. If such amount is negative, then there is no accrual for such period and prior period accruals are reversed, as appropriate. During the three months ended June 30, 2025 and 2024, we recorded a reversal of capital gains-based incentive fees of $0.2 million and $3.8 million, respectively. As of June 30, 2025 and March 31, 2025, we had accrued capital gains-based incentive fees of $39.1 million and $39.3 million, respectively.

Transactions with the AdministratorWe reimburse the Administrator pursuant to the Administration Agreement for our allocable portion of the Administrator’s expenses incurred while performing services to us, which are primarily rent and salaries and benefits expenses of the Administrator’s employees, including our chief financial officer and treasurer, chief valuation officer, chief compliance officer, and co-general counsels and co-secretaries, and their respective staffs. One of our executive officers, David Gladstone (our chairman and chief executive officer) serves as a member of the board of managers and executive officer of the Administrator, which is 100% indirectly owned and controlled by Mr. Gladstone. Another of our officers, Mr. LiCalsi, our co-general counsel and co-secretary, also serves in the same roles for the Adviser and Administrator (in addition to serving as president of the Administrator). Effective July 10, 2025, Erich Hellmold was appointed as our co-general counsel and co-secretary. He was also appointed to the same roles also for the Adviser and the Administrator.Our allocable portion of the Administrator’s expenses is generally derived by multiplying the Administrator’s total expenses by the approximate percentage of time during the current quarter the Administrator’s employees performed services for us in relation to their time spent performing services for all companies serviced by the Administrator. On July 10, 2025, our Board of Directors, including a majority of the directors who are not parties to the Administration Agreement or interested persons of either party, approved the annual renewal of the Administration Agreement through August 31, 2026. Administration fees for the three months ended June 30, 2025 and 2024 were $0.4 million and $0.5 million, respectively. Transactions with Gladstone Securities, LLCGladstone Securities, LLC (“Gladstone Securities”) is a privately held broker dealer registered with the Financial Industry Regulatory Authority and insured by the Securities