10-Q Filing

GLADSTONE INVESTMENT CORPORATIONDE CIK: 1321741 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001321741-23-000021`
Period End Date	20230630
Filing Date	20230802
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	gain-20230630_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 54 Cash Flow Statement 56

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Cost	`InvestmentOwnedAtCost`	$720.63M	USD	Point-in-time
Cost	`InvestmentOwnedAtCost`	$767.99M	USD	Point-in-time
Line of credit at cost	`LettersOfCreditOutstandingAmount`	$46.20M	USD	Point-in-time
Line of credit at cost	`LettersOfCreditOutstandingAmount`	$35.20M	USD	Point-in-time
Common stock, par value (in USD per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in USD per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares, issued (In shares)	`CommonStockSharesIssued`	33.59M	shares	Point-in-time
Common stock, shares, issued (In shares)	`CommonStockSharesIssued`	33.59M	shares	Point-in-time
Common stock, shares, outstanding (in shares)	`CommonStockSharesOutstanding`	33.59M	shares	Point-in-time
Common stock, shares, outstanding (in shares)	`CommonStockSharesOutstanding`	33.21M	shares	Point-in-time
Common stock, shares, outstanding (in shares)	`CommonStockSharesOutstanding`	33.59M	shares	Point-in-time
Investments at fair value	`InvestmentOwnedAtFairValue`	$800.08M	USD	Point-in-time
Investments at fair value	`InvestmentOwnedAtFairValue`	$753.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.68M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$37.10M	USD	Point-in-time
Restricted cash and cash equivalents	`RestrictedCashAndCashEquivalents`	$565.00K	USD	Point-in-time
Restricted cash and cash equivalents	`RestrictedCashAndCashEquivalents`	$653.00K	USD	Point-in-time
Interest receivable	`InterestReceivable`	$3.04M	USD	Point-in-time
Interest receivable	`InterestReceivable`	$3.83M	USD	Point-in-time
Due from administrative agent	`DueFromAdministrativeAgent`	$2.74M	USD	Point-in-time
Due from administrative agent	`DueFromAdministrativeAgent`	$3.90M	USD	Point-in-time
Deferred financing costs, net	`DeferredFinanceCostsNet`	$431.00K	USD	Point-in-time
Deferred financing costs, net	`DeferredFinanceCostsNet`	$372.00K	USD	Point-in-time
Other assets, net	`OtherAssets`	$2.36M	USD	Point-in-time
Other assets, net	`OtherAssets`	$1.49M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$847.12M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$765.64M	USD	Point-in-time
Line of credit at fair value (Cost of $46,200 and $35,200, respectively)	`LineOfCredit`	$35.17M	USD	Point-in-time
Line of credit at fair value (Cost of $46,200 and $35,200, respectively)	`LineOfCredit`	$46.16M	USD	Point-in-time
Notes payable, net	`NotesPayable`	$257.44M	USD	Point-in-time
Notes payable, net	`NotesPayable`	$330.00M	USD	Point-in-time
Total borrowings	`LongTermDebt`	$292.61M	USD	Point-in-time
Total borrowings	`LongTermDebt`	$376.16M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$786.00K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$1.65M	USD	Point-in-time
Interest payable	`InterestPayableCurrentAndNoncurrent`	$2.31M	USD	Point-in-time
Interest payable	`InterestPayableCurrentAndNoncurrent`	$2.92M	USD	Point-in-time
Other liabilities	`OtherLiabilities`	$653.00K	USD	Point-in-time
Other liabilities	`OtherLiabilities`	$565.00K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$410.69M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$325.90M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
TOTAL NET ASSETS	`StockholdersEquity`	$445.83M	USD	Point-in-time
TOTAL NET ASSETS	`StockholdersEquity`	$436.44M	USD	Point-in-time
TOTAL NET ASSETS	`StockholdersEquity`	$439.74M	USD	Point-in-time
TOTAL NET ASSETS	`StockholdersEquity`	$446.41M	USD	Point-in-time
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 33,591,505 and 33,591,505 shares issued and outstanding, respectively	`CommonStockValue`	$34.00K	USD	Point-in-time
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 33,591,505 and 33,591,505 shares issued and outstanding, respectively	`CommonStockValue`	$34.00K	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapital`	$402.40M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapital`	$401.80M	USD	Point-in-time
Cumulative net unrealized appreciation of investments	`InvestmentCompanyDistributableEarningsLossAccumulatedAppreciationDepreciation`	$32.91M	USD	Point-in-time
Cumulative net unrealized appreciation of investments	`InvestmentCompanyDistributableEarningsLossAccumulatedAppreciationDepreciation`	$32.09M	USD	Point-in-time
Cumulative net unrealized depreciation of other	`InvestmentCompanyDistributableEarningsLossAccumulatedDepreciationOther`	$29.00K	USD	Point-in-time
Cumulative net unrealized depreciation of other	`InvestmentCompanyDistributableEarningsLossAccumulatedDepreciationOther`	$40.00K	USD	Point-in-time
Overdistributed net investment income	`InvestmentCompanyDistributableEarningsLossAccumulatedOrdinaryIncomeLoss`	$-5.53M	USD	Point-in-time
Overdistributed net investment income	`InvestmentCompanyDistributableEarningsLossAccumulatedOrdinaryIncomeLoss`	$-3.88M	USD	Point-in-time
Accumulated net realized gain in excess of distributions	`InvestmentCompanyAccumulatedNetRealizedGainInExcessOfDistributions`	$5.74M	USD	Point-in-time
Accumulated net realized gain in excess of distributions	`InvestmentCompanyAccumulatedNetRealizedGainInExcessOfDistributions`	$10.49M	USD	Point-in-time
Total distributable earnings	`RetainedEarningsAccumulatedDeficit`	$37.91M	USD	Point-in-time
Total distributable earnings	`RetainedEarningsAccumulatedDeficit`	$34.00M	USD	Point-in-time
TOTAL NET ASSETS	`StockholdersEquity`	$445.83M	USD	Point-in-time
TOTAL NET ASSETS	`StockholdersEquity`	$436.44M	USD	Point-in-time
TOTAL NET ASSETS	`StockholdersEquity`	$439.74M	USD	Point-in-time
TOTAL NET ASSETS	`StockholdersEquity`	$446.41M	USD	Point-in-time
NET ASSET VALUE PER SHARE (in USD per share)	`NetAssetValuePerShare`	$13.44	USD	Point-in-time
NET ASSET VALUE PER SHARE (in USD per share)	`NetAssetValuePerShare`	$12.99	USD	Point-in-time
NET ASSET VALUE PER SHARE (in USD per share)	`NetAssetValuePerShare`	$13.09	USD	Point-in-time
NET ASSET VALUE PER SHARE (in USD per share)	`NetAssetValuePerShare`	$13.43	USD	Point-in-time

Income Statement 54 line items

Line Item	Tag	Value	Unit	Period
Interest income	`InterestIncomeOperatingPaidInCash`	$18.39M	USD	1 Quarter
Interest income	`InterestIncomeOperatingPaidInCash`	$12.74M	USD	1 Quarter
Dividend income	`DividendIncomeOperatingPaidInCash`	$1.56M	USD	1 Quarter
Dividend income	`DividendIncomeOperatingPaidInCash`	$1.91M	USD	1 Quarter
Success fee income	`FeeIncome`	$5.00M	USD	1 Quarter
Success fee income	`FeeIncome`	-	USD	1 Quarter
Total investment income	`GrossInvestmentIncomeOperating`	$19.30M	USD	1 Quarter
Total investment income	`GrossInvestmentIncomeOperating`	$20.30M	USD	1 Quarter
Base management fee	`ManagementFeeExpense`	$3.56M	USD	1 Quarter
Base management fee	`ManagementFeeExpense`	$3.93M	USD	1 Quarter
Loan servicing fee	`LoanProcessingFee`	$2.17M	USD	1 Quarter
Loan servicing fee	`LoanProcessingFee`	$1.76M	USD	1 Quarter
Incentive fee	`IncentiveFeeExpense`	$2.19M	USD	1 Quarter
Incentive fee	`IncentiveFeeExpense`	$3.01M	USD	1 Quarter
Administration fee	`AdministrativeFeesExpense`	$522.00K	USD	1 Quarter
Administration fee	`AdministrativeFeesExpense`	$380.00K	USD	1 Quarter
Interest expense on borrowings	`InterestExpenseBorrowings`	$4.97M	USD	1 Quarter
Interest expense on borrowings	`InterestExpenseBorrowings`	$3.78M	USD	1 Quarter
Amortization of deferred financing costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	$545.00K	USD	1 Quarter
Amortization of deferred financing costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	$448.00K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$284.00K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$295.00K	USD	1 Quarter
Other general and administrative expenses	`OtherGeneralAndAdministrativeExpense`	$685.00K	USD	1 Quarter
Other general and administrative expenses	`OtherGeneralAndAdministrativeExpense`	$1.20M	USD	1 Quarter
Expenses before credits from Adviser	`InvestmentIncomeInvestmentExpense`	$14.43M	USD	1 Quarter
Expenses before credits from Adviser	`InvestmentIncomeInvestmentExpense`	$15.31M	USD	1 Quarter
Credits to base management fee loan servicing fee	`InvestmentCompanyContractualFeeWaived`	$2.17M	USD	1 Quarter
Credits to base management fee loan servicing fee	`InvestmentCompanyContractualFeeWaived`	$1.76M	USD	1 Quarter
Credits to fees from Adviser - other	`InvestmentCompanyVoluntaryFeeWaived`	$1.27M	USD	1 Quarter
Credits to fees from Adviser - other	`InvestmentCompanyVoluntaryFeeWaived`	$750.00K	USD	1 Quarter
Total expenses, net of credits to fees	`InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement`	$11.86M	USD	1 Quarter
Total expenses, net of credits to fees	`InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement`	$11.93M	USD	1 Quarter
NET INVESTMENT INCOME	`NetInvestmentIncome`	$8.44M	USD	1 Quarter
NET INVESTMENT INCOME	`NetInvestmentIncome`	$7.37M	USD	1 Quarter
Net realized gain (loss)	`DebtAndEquitySecuritiesRealizedGainLoss`	$4.45M	USD	1 Quarter
Net realized gain (loss)	`DebtAndEquitySecuritiesRealizedGainLoss`	$1.16M	USD	1 Quarter
Net unrealized appreciation (depreciation)	`DebtAndEquitySecuritiesUnrealizedGainLoss`	$-809.00K	USD	1 Quarter
Net unrealized appreciation (depreciation)	`DebtAndEquitySecuritiesUnrealizedGainLoss`	$212.00K	USD	1 Quarter
Net realized and unrealized gain	`RealizedAndUnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionOperatingAfterTax`	$4.66M	USD	1 Quarter
Net realized and unrealized gain	`RealizedAndUnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionOperatingAfterTax`	$346.00K	USD	1 Quarter
Net increase in net assets resulting from operations	`NetIncomeLoss`	$8.79M	USD	1 Quarter
Net increase in net assets resulting from operations	`NetIncomeLoss`	$12.04M	USD	1 Quarter
Net investment income, basic (in USD per share)	`EarningsPerShareBasic`	$0.22	USD	1 Quarter
Net investment income, basic (in USD per share)	`EarningsPerShareBasic`	$0.25	USD	1 Quarter
Net investment income, diluted (in USD per share)	`EarningsPerShareDiluted`	$0.25	USD	1 Quarter
Net investment income, diluted (in USD per share)	`EarningsPerShareDiluted`	$0.22	USD	1 Quarter
Net increase in net assets resulting from operations, basic (in USD per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.26	USD	1 Quarter
Net increase in net assets resulting from operations, basic (in USD per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.36	USD	1 Quarter
Net increase in net assets resulting from operations, diluted (in USD per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.26	USD	1 Quarter
Net increase in net assets resulting from operations, diluted (in USD per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.36	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	33.59M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	33.21M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.59M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.21M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net increase in net assets resulting from operations	`ProfitLoss`	$8.79M	USD	1 Quarter
Net increase in net assets resulting from operations	`ProfitLoss`	$12.04M	USD	1 Quarter
Purchase of investments	`PaymentsForPurchaseOfInvestmentOperatingActivity`	$27.80M	USD	1 Quarter
Purchase of investments	`PaymentsForPurchaseOfInvestmentOperatingActivity`	$47.98M	USD	1 Quarter
Principal repayments of investments	`ProceedsFromPrincipalRepaymentsOfInvestmentsOperatingActivity`	$48.00M	USD	1 Quarter
Principal repayments of investments	`ProceedsFromPrincipalRepaymentsOfInvestmentsOperatingActivity`	-	USD	1 Quarter
Net proceeds from the sale and recapitalization of investments	`ProceedsFromSaleAndRecapitalizationOfInvestmentsNetOperatingActivity`	$1.77M	USD	1 Quarter
Net proceeds from the sale and recapitalization of investments	`ProceedsFromSaleAndRecapitalizationOfInvestmentsNetOperatingActivity`	$9.35M	USD	1 Quarter
Net realized gain on investments	`DebtAndEquitySecuritiesRealizedGainLoss`	$4.45M	USD	1 Quarter
Net realized gain on investments	`DebtAndEquitySecuritiesRealizedGainLoss`	$1.16M	USD	1 Quarter
Net unrealized depreciation (appreciation) of investments and other	`DebtAndEquitySecuritiesUnrealizedGainLoss`	$-809.00K	USD	1 Quarter
Net unrealized depreciation (appreciation) of investments and other	`DebtAndEquitySecuritiesUnrealizedGainLoss`	$212.00K	USD	1 Quarter
Amortization of premiums, discounts, and acquisition costs, net	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$5.00K	USD	1 Quarter
Amortization of premiums, discounts, and acquisition costs, net	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	-	USD	1 Quarter
Amortization of deferred financing costs and discounts	`AmortizationOfDeferredFinancingCostsAndDiscounts`	$534.00K	USD	1 Quarter
Amortization of deferred financing costs and discounts	`AmortizationOfDeferredFinancingCostsAndDiscounts`	$448.00K	USD	1 Quarter
Bad debt (recoveries) expense, net	`FinancingReceivableAllowanceForCreditLossWriteoffAfterRecovery`	$-70.00K	USD	1 Quarter
Bad debt (recoveries) expense, net	`FinancingReceivableAllowanceForCreditLossWriteoffAfterRecovery`	$71.00K	USD	1 Quarter
(Increase) decrease in interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$-886.00K	USD	1 Quarter
(Increase) decrease in interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$788.00K	USD	1 Quarter
Decrease in due from administrative agent	`IncreaseDecreaseInDueFromAdministrativeAgent`	$-1.69M	USD	1 Quarter
Decrease in due from administrative agent	`IncreaseDecreaseInDueFromAdministrativeAgent`	$-1.16M	USD	1 Quarter
Increase in other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$239.00K	USD	1 Quarter
Increase in other assets, net	`IncreaseDecreaseInOtherOperatingAssets`	$684.00K	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$864.00K	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$708.00K	USD	1 Quarter
Increase (decrease) in interest payable	`IncreaseDecreaseInInterestPayableNet`	$614.00K	USD	1 Quarter
Increase (decrease) in interest payable	`IncreaseDecreaseInInterestPayableNet`	$-1.00K	USD	1 Quarter
Increase in other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$122.00K	USD	1 Quarter
Increase in other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$88.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-36.45M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$41.31M	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLinesOfCredit`	$31.80M	USD	1 Quarter
Repayments on line of credit	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Repayments on line of credit	`RepaymentsOfLinesOfCredit`	$20.80M	USD	1 Quarter
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$74.75M	USD	1 Quarter
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	-	USD	1 Quarter
Deferred financing and offering costs	`PaymentsOfFinancingCosts`	$75.00K	USD	1 Quarter
Deferred financing and offering costs	`PaymentsOfFinancingCosts`	$2.71M	USD	1 Quarter
Distributions paid to common stockholders	`PaymentsOfDividendsCommonStock`	$11.46M	USD	1 Quarter
Distributions paid to common stockholders	`PaymentsOfDividendsCommonStock`	$12.09M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-11.53M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$70.95M	USD	1 Quarter
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$29.78M	USD	1 Quarter
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$34.50M	USD	1 Quarter
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.25M	USD	Point-in-time
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.49M	USD	Point-in-time
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$37.75M	USD	Point-in-time
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$44.28M	USD	Point-in-time
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.25M	USD	Point-in-time
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.49M	USD	Point-in-time
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$37.75M	USD	Point-in-time
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$44.28M	USD	Point-in-time
CASH PAID FOR INTEREST	`InterestPaidNet`	$3.33M	USD	1 Quarter
CASH PAID FOR INTEREST	`InterestPaidNet`	$4.01M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.