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Gladstone Investment Corporation (GAIN-0.73%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing details investment income of $21.4 million for the quarter, a decrease from $23.1 million in the same period the previous year. This decline is attributed to reduced interest income and dividend and success fee income.
Total expenses, net of credits from the Adviser, rose to $20.2 million from $13.3 million in the previous year, primarily due to an increase in incentive fees.
Net investment income for the quarter was $1.2 million, down from $9.7 million in the prior year. The company reported no net realized gains, compared to $43.5 million in the previous year.
Net unrealized appreciation was $37.3 million, compared to a depreciation of $46.6 million in the previous year, reflecting improved performance in certain portfolio companies.
Net increase in net assets resulting from operations was $38.5 million, compared to $6.6 million in the previous year.
The company had $91.5 million in borrowings under its credit facility as of December 31, 2024, with an availability of $108.5 million.
Gladstone Investment Corporation declared monthly distributions of $0.08 per common share for the quarter and a supplemental distribution of $0.70 per share paid in October 2024.
The company entered into a new investment advisory and management agreement with the Adviser on January 24, 2025, following a change of control of the Adviser.
The company increased the size of its credit facility from $200 million to $250 million in February 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Gladstone Investment Corporation quarterly 10-Q report dated February 12, 2025. To report an error, please email earnings@qz.com.