Gladstone Investment Corp Q1 2025 Update

TL;DR

GAIN Q1 2025: Investments steady, debt in place, related party dealings with The Adviser continue.

AI Summary

Gladstone Investment Corporation (GAIN) filed its 10-Q for the period ending June 30, 2024. The company reported its financial position, including investments in unaffiliated and affiliated issuers. Key debt instruments include A500 Notes due 2026, A4875 Notes due 2028, and A800 Notes due 2028. The filing also details related party transactions, specifically with The Adviser.

Why It Matters

This filing provides insight into Gladstone Investment Corporation's financial health and investment portfolio as of Q1 2025, which can influence investor decisions.

Risk Assessment

Risk Level: medium — The company's financial performance is subject to market conditions and the performance of its investment portfolio, which carries inherent risks.

Key Numbers

• 20240630 — Reporting Period End (End of the first fiscal quarter of 2025.)
• 2024-04-01 — Quarter Start Date (Beginning of the first fiscal quarter of 2025.)
• 2024-03-31 — Previous Period End (End of the prior fiscal year.)

Key Players & Entities

• GLADSTONE INVESTMENT CORPORATION (company) — Filer
• 20240630 (date) — Reporting Period End Date
• A500 Notes due 2026 (dollar_amount) — Debt Instrument
• A4875 Notes due 2028 (dollar_amount) — Debt Instrument
• A800 Notes due 2028 (dollar_amount) — Debt Instrument
• The Adviser (company) — Related Party

FAQ

Key Financial Figures

• $0.001 — ange on Which Registered Common Stock, $0.001 par value per share GAIN The Nasdaq Sto

Filing Documents

• gain-20240630.htm (10-Q) — 2362KB
• gain63024fy25q110-qex311.htm (EX-31.1) — 10KB
• gain63024fy25q110-qex312.htm (EX-31.2) — 9KB
• gain63024fy25q110-qex321.htm (EX-32.1) — 4KB
• gain63024fy25q110-qex322.htm (EX-32.2) — 3KB
• 0001321741-24-000013.txt ( ) — 12108KB
• gain-20240630.xsd (EX-101.SCH) — 68KB
• gain-20240630_cal.xml (EX-101.CAL) — 65KB
• gain-20240630_def.xml (EX-101.DEF) — 439KB
• gain-20240630_lab.xml (EX-101.LAB) — 684KB
• gain-20240630_pre.xml (EX-101.PRE) — 542KB
• gain-20240630_htm.xml (XML) — 2460KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Statements of Assets and Liabilities as of June 30, 2024 and March 31, 2024 2 Consolidated Statements of Operations for the three months ended June 30, 2024 and 2023 3 Consolidated Statements of Changes in Net Assets for the three months ended June 30, 2024 and 2023 4 Consolidated Statements of Cash Flows for the three months ended June 30, 2024 and 2023 5 Consolidated Schedules of Investments as of June 30, 2024 and March 31, 2024 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 16 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations Overview 41 Results of Operations 44 Liquidity and Capital Resources 49 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 56 Item 4.

Controls and Procedures

Controls and Procedures 56 PART II. OTHER INFORMATION: Item 1.

Legal Proceedings

Legal Proceedings 57 Item 1A.

Risk Factors

Risk Factors 57 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57 Item 3. Defaults Upon Senior Securities 57 Item 4. Mine Safety Disclosures 57 Item 5. Other Information 57 Item 6. Exhibits 58 SIGNATURE 59 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS GLADSTONE INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED) June 30, 2024 March 31, 2024 ASSETS Investments at fair value Non-Control/Non-Affiliate investments (Cost of $ 542,278 and $ 544,799 , respectively) $ 607,276 $ 622,233 Affiliate investments (Cost of $ 292,179 and $ 292,082 , respectively) 290,400 295,366 Control investments (Cost of $ 17,409 and $ 17,409 , respectively) 1,462 2,905 Cash and cash equivalents 2,442 2,460 Restricted cash and cash equivalents 748 760 Interest receivable 6,955 7,627 Due from administrative agent 1,646 3,427 Deferred financing costs, net 1,538 1,643 Other assets, net 1,739 1,662 TOTAL ASSETS $ 914,206 $ 938,083 LIABILITIES Borrowings: Line of credit at fair value (Cost of $ 63,700 and $ 67,000 , respectively) $ 63,700 $ 67,000 Notes payable, net 331,685 331,345 Total borrowings 395,385 398,345 Accounts payable and accrued expenses 1,092 732 Interest payable 3,462 3,465 Fees due to Adviser (A) 35,261 41,344 Fee due to Administrator (A) 878 727 Other liabilities 748 759 TOTAL LIABILITIES $ 436,826 $ 445,372 Commitments and contingencies (B) NET ASSETS $ 477,380 $ 492,711 ANALYSIS OF NET ASSETS Common stock, $ 0.001 par value per share, 100,000,000 shares authorized, 36,688,667 and 36,688,667 shares issued and outstanding, respectively $ 37 $ 37 Capital in excess of par value 444,525 444,706 Cumulative net unrealized appreciation of investments 47,272 66,214 Overdistributed net investment income ( 15,772 ) ( 19,562 ) Accumulated net realized gain in excess of distributions 1,318 1,316 Total distributable earnings 32,818 47,968 TOTAL NET ASSETS $ 477,380 $ 492,711 NET ASSET VALUE PER SHARE $ 13.01 $ 13.43 (A) Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional infor

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