Gladstone Investment Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY TRANSACTIONS (Tables)

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Jun. 30, 2024

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:


	Three Months Ended June 30,
	2024			2023
Average total assets subject to base management fee(A)	$	923,600		$	786,200
Multiplied by prorated annual base management fee of 2.0%	0.5		%	0.5		%
Base management fee(B)	4,618			3,931
Credits to fees from Adviser - other(B)	(627)			(1,275)
Net base management fee	$	3,991		$	2,656

Loan servicing fee(B)	2,222			2,172
Credits to base management fee - loan servicing fee(B)	(2,222)			(2,172)
Net loan servicing fee	$	—		$	—

Incentive fee – income-based	$	—		$	2,127
Incentive fee – capital gains-based(C)	(3,788)			67
Total incentive fee(B)	$	(3,788)		$	2,194
Credits to fees from Adviser - other(B)	—			—
Net total incentive fee	$	(3,788)		$	2,194

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

(C)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 June 30,		As of March 31,
	2024		2024
Base management and loan servicing fee due to Adviser, net of credits	$	2,230	$	2,386
Incentive fee due to Adviser(A)	32,954		38,936
Other due to Adviser	77		22
Total fees due to Adviser	35,261		41,344
Fee due to Administrator	878		727
Total related party fees due	$	36,139	$	42,071

(A)Includes a capital gains-based incentive fee of $33.0 million and $36.7 million as of June 30, 2024 and March 31, 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.