Gladstone Investment Corporation Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

RELATED PARTY TRANSACTIONS (Tables)

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Mar. 31, 2025

The following table summarizes the base management fees, loan servicing fees, incentive fees, and associated non-contractual, unconditional, and irrevocable credits reflected in our accompanying Consolidated Statements of Operations:


	Year Ended March 31,
	2025			2024			2023
Average total assets subject to base management fee(A)(B)	$	955,250		$	875,000		$	739,900
Multiplied by annual base management fee of 2.0%	2.0		%	2.0		%	2.0		%
Base management fee(C)	19,105			17,500			14,798
Credits to fees from Adviser - other(C)	(5,109)			(5,596)			(3,811)
Net base management fee	$	13,996		$	11,904		$	10,987

Loan servicing fee(C)	$	9,636		$	9,118		$	7,880
Credits to base management fee - loan servicing fee(C)	(9,636)			(9,118)			(7,880)
Net loan servicing fee	$	—		$	—		$	—

Incentive fee – income-based	$	4,820		$	8,336		$	9,176
Incentive fee – capital gains-based(D)	7,445			12,711			(296)
Total incentive fee(C)	12,265			21,047			8,880
Credits to fees from Adviser - other(C)	—			—			—
Net total incentive fee	$	12,265		$	21,047		$	8,880

(A)Average total assets subject to the base management fee is defined in the Advisory Agreement as total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective periods and adjusted appropriately for any share issuances or repurchases during the periods.

(B)Excludes our investment in Gladstone Alternative valued at the end of the applicable quarters within the respective periods.

(C)Reflected as a line item on our accompanying Consolidated Statements of Operations.

(D)The capital gains-based incentive fees are recorded in accordance with GAAP and do not necessarily reflect amounts contractually due under the terms of the Advisory Agreement.

Amounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows:


	As of March 31,
	2025		2024
Base management and loan servicing fee due to Adviser, net of credits	$	2,027	$	2,386
Incentive fee due to Adviser(A)	41,663		38,936
Other due to Adviser	126		22
Total fees due to Adviser	$	43,817	$	41,344
Fee due to Administrator	767		727
Total related party fees due	$	44,584	$	42,071

(A)Includes a capital gains-based incentive fee of $39.3 million and $36.7 million as of March 31, 2025 and 2024, respectively, recorded in accordance with GAAP requirements and which was not contractually due under the terms of the Advisory Agreement. Refer to Note 4 — Related Party Transactions—Transactions with the Adviser—Incentive Fee for additional information, including capital gains-based incentive fee payments made.