Company: GAINI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001321741-25-000022
Chunk: 138

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 138
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 accompanying Consolidated Statements of Assets and Liabilities. Total underwriting discounts, commissions, and offering costs related to this offering were $4.1 million, which have been recorded as discounts to the aggregate principal amount on our accompanying Consolidated Statements of Assets and Liabilities and are being amortized over the period ending February 1, 2030, the maturity date.

OFF-BALANCE SHEET ARRANGEMENTS

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 September 30, 2025 and March 31, 2025, we had unrecognized, contractual off-balance sheet success fee receivables of $59.3 million and $52.5 million (or approximately $1.50 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. 

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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 September 30, 2025 to be insignificant.

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

Payments Due by PeriodContractual Obligations(A)TotalLess than 1 Year1-3 Years3-5 YearsMore than 5 YearsCredit Facility(B)$97,700 $— $— $97,700 $— Notes payable463,738 127,938 74,750 261,050 — Interest payments on obligations(C)111,404 34,853 61,973 14,578 — Total$672,842 $162,791 $136,723 $373,328 $— 

(A)Excludes unused line of credit commitments to our portfolio companies in the aggregate principal amount of $7.2 million. 

(B)Principal balance of borrowings