RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Mar. 31, 2026

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,
	2026			2025			2024
Average total assets subject to base management fee(A)(B)	$	1,141,200		$	955,250		$	875,000
Multiplied by annual base management fee of 2.0%	2.0		%	2.0		%	2.0		%
Base management fee(C)	22,824			19,105			17,500
Credits to fees from Adviser - other(C)	(5,433)			(5,109)			(5,596)
Net base management fee	$	17,391		$	13,996		$	11,904

Loan servicing fee(C)	$	11,821		$	9,636		$	9,118
Credits to base management fee - loan servicing fee(C)	(11,821)			(9,636)			(9,118)
Net loan servicing fee	$	—		$	—		$	—

Incentive fee – income-based	$	310		$	4,820		$	8,336
Incentive fee – capital gains-based(D)	37,970			7,445			12,711
Total incentive fee(C)	38,280			12,265			21,047
Credits to fees from Adviser - other(C)	—			—			—
Net total incentive fee	$	38,280		$	12,265		$	21,047

(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,
	2026		2025
Base management and loan servicing fee due to Adviser, net of credits	$	2,919	$	2,027
Incentive fee due to Adviser(A)	77,295		41,663
Other due to Adviser	293		126
Total fees due to Adviser	$	80,507	$	43,817
Fee due to Administrator	780		767
Total related party fees due	$	81,287	$	44,584

(A)Includes a capital gains-based incentive fee of $77.3 million and $39.3 million as of March 31, 2026 and 2025, 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.

GLADSTONE INVESTMENT CORPORATION\DE 10-K