Company: GAINI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001321741-25-000022
Chunk: 89

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 89
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, LLC— 1,349 — 1,349 Dema/Mai Holdings, Inc.— 1,318 — 1,318 The Maids International, LLC— 1,251 — 1,251 Diligent Delivery Systems— (1,092)— (1,092)Home Concepts Acquisition, Inc.— (1,238)— (1,238)PSI Molded Plastics, Inc.— (1,767)— (1,767)Brunswick Bowling Products, Inc.— (2,165)— (2,165)Edge Adhesives Holdings, Inc.— (2,335)— (2,335)B+T Group Acquisition, Inc.— (2,742)— (2,742)Nth Degree Investment Group, LLC42,284 (7,195)(38,028)(2,939)Horizon Facilities Services, Inc.(8,614)(8,614)Phoenix Door Systems, Inc.(18,163)(18,163)Other, net (<$1.0 million, net)21 273 4 298 Total$42,305 $(15,030)$(38,024)$(10,749)

Net Realized Gain (Loss)

During the six months ended September 30, 2025, we recorded net realized losses on investments of $29.9 million, due to the realized loss from the restructuring of J.R. Hobbs. During the six months ended September 30, 2024, we recorded net realized gains on investments of $42.3 million, due to the realized gain from the exit of Nth Degree.

Net Unrealized Appreciation (Depreciation) on Investments

Net unrealized appreciation of investments of $53.4 million for the six months ended September 30, 2025 was primarily due to the increased performance of certain of our portfolio companies and the reversal of previously recorded unrealized depreciation related to our investment in J.R. Hobbs upon its restructure. These increases were partially offset by decreased performance of certain of our portfolio companies and a decrease in transaction multiples used to estimate the fair value of certain of our portfolio companies.

Net unrealized depreciation of investments of $53.1 million for the six months ended September 30, 2024 was primarily due to the reversal of unrealized appreciation of Nth Degree upon our exit and decreased performance of certain of our portfolio companies. These decreases were