Gladstone Investment Corporation\de (GAIN) annual cash flow statement covering fiscal 2022 through 2025, as reported to the SEC.
Net cash provided by operating activities has shrunk 23.6% a year on average since fiscal 2022, from $36.6M to $16.31M.
A cash flow statement shows the cash that actually came in and went out, split between running the business, investing and financing.
| Mar'25 | Mar'24 | Mar'23 | Mar'22 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||||
Net increase in net assets resulting from operations | |||||||||||||||||||
65,319 | 85,305 | 35,547 | 102,316 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net increase in net assets resulting from operations | 65,319 | 85,305 | 35,547 | 102,316 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||||||||||
Purchase of investments | |||||||||||||||||||
221,217 | 183,924 | 133,756 | 92,738 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Purchase of investments | 221,217 | 183,924 | 133,756 | 92,738 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Principal repayments of investments | |||||||||||||||||||
123,600 | 28,000 | 52,300 | 51,398 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Principal repayments of investments | 123,600 | 28,000 | 52,300 | 51,398 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net proceeds from the sale and recapitalization of investments | |||||||||||||||||||
76,025 | 52,228 | 35,533 | 50,018 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net proceeds from the sale and recapitalization of investments | 76,025 | 52,228 | 35,533 | 50,018 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net realized gain on investments | |||||||||||||||||||
63,184 | 30,256 | 10,753 | 12,444 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net realized gain on investments | 63,184 | 30,256 | 10,753 | 12,444 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net unrealized (appreciation) depreciation of investments and other | |||||||||||||||||||
-25,960 | 33,272 | -12,206 | 74,882 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net unrealized (appreciation) depreciation of investments and other | -25,960 | 33,272 | -12,206 | 74,882 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Amortization of premiums, discounts, and acquisition costs, net | |||||||||||||||||||
- | - | 12 | 18 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Amortization of premiums, discounts, and acquisition costs, net | - | - | 12 | 18 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Amortization of deferred financing costs and discounts | |||||||||||||||||||
2,852 | 2,305 | 1,802 | 1,803 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Amortization of deferred financing costs and discounts | 2,852 | 2,305 | 1,802 | 1,803 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Bad debt expense, net of recoveries | |||||||||||||||||||
1,601 | 1 | 362 | 792 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Bad debt expense, net of recoveries | 1,601 | 1 | 362 | 792 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Changes in assets and liabilities: | |||||||||||||||||||
Decrease (increase) in interest receivable | |||||||||||||||||||
-761 | 4,589 | -4 | 131 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Decrease (increase) in interest receivable | -761 | 4,589 | -4 | 131 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Decrease in due from administrative agent | |||||||||||||||||||
-536 | -472 | -2,507 | 5,242 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Decrease in due from administrative agent | -536 | -472 | -2,507 | 5,242 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Increase in other assets, net | |||||||||||||||||||
436 | 181 | 446 | -209 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Increase in other assets, net | 436 | 181 | 446 | -209 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Increase (decrease) in accounts payable and accrued expenses | |||||||||||||||||||
559 | -54 | -13 | 236 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Increase (decrease) in accounts payable and accrued expenses | 559 | -54 | -13 | 236 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Increase in interest payable | |||||||||||||||||||
1,414 | 1,156 | 119 | 1,599 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Increase in interest payable | 1,414 | 1,156 | 119 | 1,599 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Increase in other liabilities | |||||||||||||||||||
98 | 485 | 442 | 45 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Increase in other liabilities | 98 | 485 | 442 | 45 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash provided by (used in) operating activities | |||||||||||||||||||
16,308 | -69,938 | -4,504 | 36,599 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash provided by (used in) operating activities | 16,308 | -69,938 | -4,504 | 36,599 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||
Proceeds from issuance of common stock | |||||||||||||||||||
2,029 | 44,508 | 5,492 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from issuance of common stock | 2,029 | 44,508 | 5,492 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Discounts, commissions, and offering costs for issuance of common stock | |||||||||||||||||||
24 | 609 | 77 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Discounts, commissions, and offering costs for issuance of common stock | 24 | 609 | 77 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from line of credit | |||||||||||||||||||
214,100 | 242,300 | 102,500 | 111,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from line of credit | 214,100 | 242,300 | 102,500 | 111,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Repayments on line of credit | |||||||||||||||||||
281,100 | 210,500 | 67,300 | 134,100 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Repayments on line of credit | 281,100 | 210,500 | 67,300 | 134,100 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from issuance of notes payable | |||||||||||||||||||
126,500 | 74,750 | - | 134,550 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from issuance of notes payable | 126,500 | 74,750 | - | 134,550 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Redemption of mandatorily redeemable preferred stock | |||||||||||||||||||
- | - | - | 94,371 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Redemption of mandatorily redeemable preferred stock | - | - | - | 94,371 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Deferred financing and offering costs | |||||||||||||||||||
4,928 | 4,478 | 308 | 3,431 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Deferred financing and offering costs | 4,928 | 4,478 | 308 | 3,431 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Distributions paid to common stockholders | |||||||||||||||||||
60,951 | 76,061 | 47,050 | 38,850 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Distributions paid to common stockholders | 60,951 | 76,061 | 47,050 | 38,850 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash (used in) provided by financing activities | |||||||||||||||||||
-4,374 | 69,910 | -6,743 | -24,502 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash (used in) provided by financing activities | -4,374 | 69,910 | -6,743 | -24,502 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS | |||||||||||||||||||
11,934 | -28 | -11,247 | 12,097 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS | 11,934 | -28 | -11,247 | 12,097 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
CASH PAID FOR INTEREST | |||||||||||||||||||
25,431 | 21,978 | 14,103 | 9,837 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
CASH PAID FOR INTEREST | 25,431 | 21,978 | 14,103 | 9,837 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Investment, Unaffiliated and Affiliated Issuer, Excluding Other | |||||||||||||||||||
Net realized gain on investments | |||||||||||||||||||
63,184 | 30,256 | 10,753 | 14,442 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net realized gain on investments | 63,184 | 30,256 | 10,753 | 14,442 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net unrealized (appreciation) depreciation of investments and other | |||||||||||||||||||
-25,960 | 33,301 | -12,235 | 74,882 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net unrealized (appreciation) depreciation of investments and other | -25,960 | 33,301 | -12,235 | 74,882 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other | |||||||||||||||||||
Net realized gain (loss) | |||||||||||||||||||
- | - | - | -1,998 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net realized gain (loss) | - | - | - | -1,998 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net unrealized (appreciation) depreciation of investments and other | |||||||||||||||||||
- | -29 | 29 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net unrealized (appreciation) depreciation of investments and other | - | -29 | 29 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Adviser | |||||||||||||||||||
Increase (decrease) in fees due to related party | |||||||||||||||||||
2,380 | 12,375 | -435 | 13,588 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Increase (decrease) in fees due to related party | 2,380 | 12,375 | -435 | 13,588 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Administrator | |||||||||||||||||||
Increase (decrease) in fees due to related party | |||||||||||||||||||
40 | 11 | 89 | 50 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Increase (decrease) in fees due to related party | 40 | 11 | 89 | 50 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||