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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark one):


ý			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM ______ TO _______

COMMISSION FILE NUMBER: 814-00237

GLADSTONE CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)


Maryland			54-2040781
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

1521 WESTBRANCH DRIVE, SUITE 100			22102
McLean, Virginia			(Zip Code)
(Address of principal executive office)

(703) 287-5800

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year,

if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, $0.001 par value per share

GLAD

The Nasdaq Stock Market LLC

7.75% notes due 2028

GLADZ

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	o
Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý

The number of shares of the issuer’s common stock, $0.001 par value per share, outstanding as of August 1, 2025 was 22,329,852.

Table of Contents

GLADSTONE CAPITAL CORPORATION

TABLE OF CONTENTS


PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

	Consolidated Statements of Assets and Liabilities as of June 30 , 2025 and September 30, 2024	2
	Consolidated Statements of Operations for the three and nine months ended June 30 , 2025 and 2024	3
	Consolidated Statements of Changes in Net Assets for the nine months ended June 30 , 2025 a nd 2024	4
	Consolidated Statements of Cash Flows for the nine months ended June 30 , 202 5 and 2024	5
	Consolidated Schedules of Investments as of June 30 , 2025 and September 30, 2024	6
	Notes to Consolidated Financial Statements	18

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45
	Overview	45
	Results of Operations	50
	Liquidity and Capital Resources	59

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	66

Item 4.	Controls and Procedures	66

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	67

Item 1A.	Risk Factors	67

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	67

Item 3.	Defaults Upon Senior Securities	67

Item 4.	Mine Safety Disclosures	67

Item 5.	Other Information	67

Item 6.	Exhibits	68

SIGNATURES		70

Table of Contents

Part I. Financial information

Item I Financial Statements (Unaudited)

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(UNAUDITED)


	June 30, 2025		September 30, 2024
ASSETS
Investments, at fair value:
Non-Control/Non-Affiliate investments (Cost of $638,993 and $716,481, respectively)	$	639,003	$	750,904
Affiliate investments (Cost of $21,746 and $16,746, respectively)	16,594		7,438
Control investments (Cost of $117,112 and $37,784, respectively)	95,663		37,918
Cash and cash equivalents	15,169		2,172
Restricted cash and cash equivalents	135		132
Interest receivable, net	6,048		5,923
Due from administrative agent	1,846		2,802
Deferred financing costs, net	2,198		1,053
Other assets, net	3,542		4,126
TOTAL ASSETS	$	780,198	$	812,468
LIABILITIES
Line of credit at fair value (Cost of $27,500 and $70,600, respectively)	$	27,500	$	70,600
Notes payable, net of unamortized deferred financing costs of $2,248 and $2,990, respectively	254,752		254,010
Accounts payable and accrued expenses	824		1,230
Interest payable	4,126		2,916
Fees due to Adviser(A)	2,479		3,889
Fee due to Administrator(A)	1,007		569
Other liabilities	539		513
TOTAL LIABILITIES	$	291,227	$	333,727
Commitments and contingencies(B)
Preferred stock, $0.001 par value per share, 6,000,000 and 6,000,000 shares authorized, respectively, and 647,820 and 349,931 shares issued and outstanding, respectively	$	14,517	$	7,846
NET ASSETS
Common stock, $0.001 par value per share, 44,000,000 and 44,000,000 shares authorized, respectively, and 22,329,852 and 22,230,587 shares issued and outstanding, respectively	$	44	$	44
Capital in excess of par value	494,631		492,305
Cumulative net unrealized appreciation (depreciation) of investments	(26,591)		25,249

Under distributed net investment income	5,197		6,144
Accumulated net realized gains (losses)	1,173		(52,847)
Total distributable loss	(20,221)		(21,454)
TOTAL NET ASSETS	$	474,454	$	470,895
NET ASSET VALUE PER COMMON SHARE	$	21.25	$	21.18

(A)Refer to Note 4—Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.

(B)Refer to Note 10—Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

Table of Contents

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(UNAUDITED)


	Three Months Ended June 30,				Nine Months Ended June 30,
	2025		2024		2025		2024
INVESTMENT INCOME
Interest income
Non-Control/Non-Affiliate investments	$	17,596	$	21,393	$	57,499	$	64,223

Control investments	1,765		277		2,650		1,313
Cash and cash equivalents	161		45		368		97
Total interest income (excluding PIK interest income)	19,522		21,715		60,517		65,633
PIK interest income
Non-Control/Non-Affiliate investments	833		1,400		2,496		4,030

Control investments	498		84		498		247
Total PIK interest income	1,331		1,484		2,994		4,277
Total interest income	20,853		23,199		63,511		69,910
Success fee income
Non-Control/Non-Affiliate investments	—		295		—		295
Dividend income
Non-Control/Non-Affiliate investments	290		1,050		290		1,235
Affiliate investments	79		—		105		—
Total dividend income	369		1,050		395		1,235
Prepayment fee income
Non-Control/Non-Affiliate investments	396		1,090		1,054		1,305
Other income	39		55		226		162
Total investment income	21,657		25,689		65,186		72,907
EXPENSES
Base management fee(A)	3,346		3,459		10,339		10,143
Loan servicing fee(A)	2,154		2,250		6,610		6,638
Incentive fee(A)	2,594		3,076		7,705		8,729
Administration fee(A)	464		477		1,400		1,400
Interest expense	4,451		5,509		14,213		16,273
Amortization of deferred financing costs	609		453		1,654		1,323
Professional fees	238		263		733		771
Other general and administrative expenses	440		659		1,649		1,792
Expenses, before credits from Adviser	14,296		16,146		44,303		47,069
Credit to base management fee - loan servicing fee(A)	(2,154)		(2,250)		(6,610)		(6,638)
Credits to fees from Adviser - other(A)	(1,779)		(600)		(6,270)		(2,628)
Total expenses, net of credits	10,363		13,296		31,423		37,803
NET INVESTMENT INCOME	11,294		12,393		33,763		35,104
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss):
Non-Control/Non-Affiliate investments	(3,708)		1,417		61,718		1,636

Control investments	—		—		—		259
Other	88		1,898		182		3,850
Total net realized gain (loss)	(3,620)		3,315		61,900		5,745
Net unrealized appreciation (depreciation):
Non-Control/Non-Affiliate investments	15,208		3,396		(34,413)		17,989
Affiliate investments	662		(490)		4,156		(529)
Control investments	(15,904)		530		(21,583)		4,476
Other	49		—		—		—
Total net unrealized appreciation (depreciation)	15		3,436		(51,840)		21,936
Net realized and unrealized gain (loss)	(3,605)		6,751		10,060		27,681
PREFERRED STOCK DIVIDENDS	241		88		603		96
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	7,448	$	19,056	$	43,220	$	62,689
BASIC AND DILUTED PER COMMON SHARE:
Net investment income(B)	$	0.50	$	0.57	$	1.50	$	1.61
Net increase (decrease) in net assets resulting from operations(B)	$	0.33	$	0.88	$	1.93	$	2.88
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: Basic and Diluted(B)	22,329,852		21,754,456		22,323,668		21,754,451

(A) Refer to Note 4—Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.

(B)Per share amounts and weighted average common shares outstanding have been adjusted on a retroactive basis to reflect the Reverse Stock Split effected on April 4, 2024. Refer to Note 2—Summary of Significant Accounting Policies in the accompanying Notes to Consolidated Financial Statements for additional information.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

Table of Contents

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(DOLLAR AMOUNTS IN THOUSANDS)

(UNAUDITED)


	2025		2024
NET ASSETS, SEPTEMBER 30	$	470,895	$	408,695
OPERATIONS
Net investment income	11,224		11,934
Net realized gain (loss) on investments	57,724		259
Net realized gain (loss) on other	90		3
Net unrealized appreciation (depreciation) of investments	(41,892)		7,805
Preferred stock dividends	(171)		—
Net increase (decrease) in net assets resulting from operations	26,975		20,001
DISTRIBUTIONS
Distributions to common stockholders from net investment income ($0.50 per share and $0.49 per share, respectively)(A)(B)	(11,053)		(10,768)
Distributions to common stockholders from realized gains ($0.40 per share and $0.00 per share, respectively)(A)(B)	(8,932)		—
Net decrease in net assets from distributions	(19,985)		(10,768)
CAPITAL TRANSACTIONS
Issuance of common stock	2,471		—
Discounts, commissions and offering costs for issuance of common stock	(40)		—
Net increase (decrease) in net assets resulting from capital transactions	2,431		—
NET INCREASE (DECREASE) IN NET ASSETS	9,421		9,233
NET ASSETS, DECEMBER 31	$	480,316	$	417,928
OPERATIONS
Net investment income	11,245		10,777
Net realized gain (loss) on investments	7,702		219
Net realized gain (loss) on other	4		1,949
Net unrealized appreciation (depreciation) of investments	(9,914)		10,695
Net unrealized appreciation of other	(49)		—
Preferred stock dividends	(191)		(8)
Net increase (decrease) in net assets resulting from operations	8,797		23,632
DISTRIBUTIONS
Distributions to common stockholders from net investment income ($0.50 per share and $0.49 per share, respectively)(A)(B)	(11,054)		(10,769)
Net decrease in net assets from distributions	(11,054)		(10,769)
CAPITAL TRANSACTIONS
Issuance of common stock	—		—
Discounts, commissions and offering costs for issuance of common stock	—		—
Net increase (decrease) in net assets resulting from capital transactions	—		—
NET INCREASE (DECREASE) IN NET ASSETS	(2,257)		12,863
NET ASSETS, MARCH 31	$	478,059	$	430,791
OPERATIONS
Net investment income	11,294		12,393
Net realized gain (loss) on investments	(3,708)		1,417
Net realized gain (loss) on other	88		1,898
Net unrealized appreciation (depreciation) of investments	(34)		3,436
Net unrealized appreciation of other	49		—
Preferred stock dividends	(241)		(88)
Net increase (decrease) in net assets resulting from operations	7,448		19,056
DISTRIBUTIONS
Distributions to common stockholders from net investment income ($0.49 per share and $0.50 per share, respectively)(A)	(11,053)		(10,769)
Net decrease in net assets from distributions	(11,053)		(10,769)
CAPITAL TRANSACTIONS
Issuance of common stock	—		—
Discounts, commissions and offering costs for issuance of common stock	—		—
Net increase (decrease) in net assets resulting from capital transactions	—		—
NET INCREASE (DECREASE) IN NET ASSETS	(3,605)		8,287
NET ASSETS, JUNE 30	$	474,454	$	439,078

(A)Refer to Note 9 – Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information.

(B)Per share amounts have been adjusted on a retroactive basis to reflect the Reverse Stock Split effected on April 4, 2024. Refer to Note 2—Summary of Significant Accounting Policies in the accompanying Notes to Consolidated Financial Statements for additional information.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

Table of Contents

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(DOLLAR AMOUNTS IN THOUSANDS)

(UNAUDITED)


	Nine Months Ended June 30,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations	$	43,220	$	62,689
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchase of investments	(270,163)		(149,122)
Principal repayments on investments	239,258		120,946
Net proceeds from sale of investments	89,746		6,536
Increase in investments due to PIK interest or other	(2,940)		(4,060)
Net change in premiums, discounts and amortization	(841)		451
Net realized loss (gain) on investments	(61,718)		(1,895)
Net realized loss (gain) on other	(182)		(3,850)
Net unrealized depreciation (appreciation) of investments	51,840		(21,936)

Amortization of deferred financing costs	1,654		1,323
Changes in assets and liabilities:
Decrease (increase) in interest receivable, net	(125)		761
Decrease (increase) in funds due from administrative agent	956		(2,986)
Decrease (increase) in other assets, net	582		(775)
Increase (decrease) in accounts payable and accrued expenses	(406)		(20)
Increase (decrease) in interest payable	1,210		1,340
Increase (decrease) in fees due to Adviser(A)	(1,410)		291
Increase (decrease) in fee due to Administrator(A)	438		352
Increase (decrease) in other liabilities	26		(1,111)
Net cash provided by (used in) operating activities	91,145		8,934
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit	212,000		179,500
Repayments on line of credit	(255,100)		(161,500)
Financing costs	(2,058)		(378)
Proceeds from issuance of common stock	2,471		—
Proceeds from issuance of preferred stock	6,671		5,595
Discounts, commissions and offering costs for issuance of common stock	(37)		—
Distributions paid to common stockholders	(42,092)		(32,306)
Net cash provided by (used in) financing activities	(78,145)		(9,089)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS	13,000		(155)
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD	2,304		1,401
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD	$	15,304	$	1,246
CASH PAID FOR INTEREST	$	13,003	$	14,933
NON-CASH ACTIVITIES	$	—	$	—

(A)Refer to Note 4—Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

Table of Contents


GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2025 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/ Shares/ Units(I)(J)		Cost		Fair Value
NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 134.7%
Secured First Lien Debt – 96.7%
Aerospace and Defense – 3.3%
Ohio Armor Holdings, LLC – Term Debt (S + 8.0%, 12.3% Cash, Due 2/2026)(C)	$	15,681	$	15,681	$	15,681
Beverage, Food, and Tobacco – 2.2%
Wings ‘N More Restaurants LLC – Line of Credit, $1,500 available (S + 6.8%, 11.1% Cash, Due 11/2029)(C)	—		—		—
Wings ‘N More Restaurants LLC – Term Debt (S + 6.8%, 11.1% Cash, Due 11/2029)(C)	10,500		10,500		10,460
Wings ‘N More Restaurants LLC – Delayed Draw Term Loan, $5,000 available (S + 6.8%, 11.1% Cash, Due 11/2029)(C)	—		—		—
			10,500		10,460
Buildings and Real Estate – 0.5%
GFRC 360, LLC – Line of Credit, $95 available (S + 8.0%, 12.3% Cash, Due 9/2025)(C)	1,355		1,355		1,355
GFRC 360, LLC – Term Debt (S + 8.0%, 12.3% Cash, Due 9/2025)(C)	1,000		1,000		1,000
			2,355		2,355
Diversified/Conglomerate Manufacturing – 22.1%
NeoGraf Solutions LLC – Line of Credit, $4,500 available (S + 7.0%, 11.0% Cash, 0.3% PIK, Due 1/2028)(C)	—		—		—
NeoGraf Solutions LLC – Term Debt (S + 7.0%, 11.0% Cash, 0.3% PIK, Due 1/2028)(C)	27,500		27,500		27,500
OCI, LLC – Term Debt (S + 7.5%, 11.8% Cash, Due 5/2028)(C)	16,500		16,500		16,500
Torrent Photonics Holdco LLC – Term Debt (S + 9.5%, 13.8% Cash, Due 4/2027)(C)	11,559		11,559		11,675
Torrent Photonics Holdco LLC – Term Debt (S + 9.5%, 13.8% Cash, Due 4/2026)(C)	500		500		505
Unirac Holdings, Inc. – Line of Credit, $1,856 available (S + 6.5%, 10.8% Cash, Due 9/2027)(C)	367		367		367
Unirac Holdings, Inc. – Delayed Draw Term Loan, $0 available (S + 6.5%, 10.8% Cash, Due 9/2027)(C)	1,081		1,081		1,081
Unirac Holdings, Inc. – Term Debt (S + 6.5%, 10.8% Cash, Due 9/2027)(C)	14,513		14,270		14,513
Viron International Corp.(S) – Term Debt (S + 7.0%, 11.3% Cash, Due 2/2030)(C)	19,108		19,108		18,881
Viva Railings, LLC – Line of Credit, $4,000 available (S + 6.4%, 10.7% Cash, Due 5/2027)(C)	—		—		—
Viva Railings, LLC – Term Debt (S + 6.4%, 10.7% Cash, Due 5/2027)(C)	13,875		13,875		13,839
			104,760		104,861
Diversified/Conglomerate Service – 20.7%
Axios Industrial Group, LLC – Term Debt (S + 11.6%, 0.0% Cash, 15.9% PIK, Due 10/2027)(C)	16,106		16,106		15,358
Axios Industrial Group, LLC – Term Debt (18.0% PIK, Due 10/2027)(C)(F)	2,484		2,484		2,369
Leadpoint Business Services, LLC – Term Debt (S + 8.5%, 12.8% Cash, Due 2/2028)(C)	28,117		28,117		28,398
Quality Environmental Midco, Inc. – Line of Credit, $2,500 available (12.0% Cash, Due 11/2028)(C)(F)	500		500		500
Quality Environmental Midco, Inc. – Term Debt (12.0% Cash, Due 11/2028)(C)(F)	13,000		13,000		13,260
RF Technologies, LLC – Line of Credit, $3,500 available (S + 6.3%, 10.6% Cash, Due 6/2030)(C)	—		—		—
RF Technologies, LLC – Term Debt (S + 6.3%, 10.6% Cash, Due 6/2030)(C)	12,600		12,600		12,600
Total Access Elevator, LLC – Line of Credit, $3,000 available (S + 6.9%, 11.2% Cash, Due 4/2029)(C)	—		—		—
Total Access Elevator, LLC – Term Debt (S + 6.9%, 11.2% Cash, Due 4/2029)(C)	6,500		6,500		6,630
Total Access Elevator, LLC – Delayed Draw Term Loan, $2,500 available (S + 6.9%, 11.2% Cash, Due 4/2029)(C)	—		—		—
WorkforceQA, LLC – Line of Credit, $900 available (S + 6.3%, 10.6% Cash, Due 12/2026)(C)	1,100		1,100		1,100
WorkforceQA, LLC – Term Debt (S + 6.3%, 10.6% Cash, Due 12/2026)(C)	17,963		17,920		17,963
			98,327		98,178
Healthcare, Education, and Childcare – 43.5%
ALS Education, LLC – Line of Credit, $3,000 available (S + 6.8%, 11.1% Cash, Due 12/2028)(C)	—		—		—
ALS Education, LLC – Term Debt (S + 6.8%, 11.1% Cash, Due 12/2028)(C)	30,800		30,800		30,954
Altior Healthcare, LLC – Term Debt (S + 6.5%, 10.8% Cash, Due 5/2030)(C)	46,000		46,000		46,000
Freedom Dental Management, Inc. – Term Debt (S + 7.3%, 11.6% Cash, Due 6/2030)(C)	15,000		15,000		14,781
HH-Inspire Acquisition, Inc. – Line of Credit, $0 available (S + 8.0%, 12.3% Cash, 2.0% PIK, Due 4/2028)(C)	1,852		1,852		1,697

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

Table of Contents


GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2025 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/ Shares/ Units(I)(J)		Cost		Fair Value
HH-Inspire Acquisition, Inc. – Term Debt (S + 8.0%, 12.3% Cash, 2.0% PIK, Due 4/2028)(C)	19,855		19,764		18,191
Giving Home Health Care, LLC – Term Debt (S + 6.3%, 10.5% Cash, Due 4/2029)(C)(H)	34,924		34,855		34,924
Turn Key Health Clinics, LLC – Line of Credit, $4,000 available (S + 7.3%, 11.6% Cash, Due 6/2026)(C)	—		—		—
Turn Key Health Clinics, LLC – Term Debt (S + 7.3%, 11.6% Cash, Due 6/2026)(C)	17,500		17,500		17,500
Vet's Choice Radiology LLC(S) – Term Debt (S + 8.0%, 12.3% Cash, Due 12/2027)(C)	42,750		42,750		42,391
			208,521		206,438
Machinery – 3.7%
Arc Drilling Holdings LLC – Line of Credit, $3,925 available (S + 6.8%, 11.1% Cash, Due 9/2029)(C)	1,075		1,075		1,075
Arc Drilling Holdings LLC – Term Debt (S + 6.8%, 11.1% Cash, Due 9/2029)(C)	16,000		16,000		16,320
			17,075		17,395
Oil and Gas – 0.0%
FES Resources Holdings LLC – Term Debt (4.5% Cash, Due 12/2024)(E)(F)	325		325		—
Telecommunications – 0.7%
B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (S + 2.0%, 7.0% Cash, Due 12/2026)(E)	1,320		1,320		545
B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (S + 2.0%, 7.0% Cash, Due 12/2026)(E)	450		450		186
B+T Group Acquisition, Inc.(S) – Term Debt (S + 2.0%, 7.0% Cash, Due 12/2026)(E)	6,000		6,000		2,479
			7,770		3,210
Total Secured First Lien Debt			$	465,314	$	458,578
Secured Second Lien Debt – 28.6%
Automobile – 3.8%
Sea Link International IRB, Inc. – Term Debt (11.3% Cash, 2.0% PIK, Due 12/2025)(C)(F)	$	13,653	$	13,653	$	13,653
Sea Link International IRB, Inc. – Term Debt (12.0% Cash, 2.0% PIK, Due 12/2025)(C)(F)	4,142		4,142		4,142
			17,795		17,795
Beverage, Food, and Tobacco – 4.5%
8th Avenue Food & Provisions, Inc. – Term Debt (Prime + 6.8%, 14.3% Cash, Due 10/2026)(D)(T)(U)	3,683		3,683		3,683
Dutch Gold Honey, Inc.(S) – Term Debt (S + 7.5%, 11.8% Cash, Due 8/2030)(C)	18,000		18,000		17,878
			21,683		21,561
Cargo Transportation – 4.2%
RPM Freight Systems, LLC – Term Debt (S + 7.7%, 12.0% Cash, Due 11/2029)(C)	20,000		20,000		20,000

Diversified/Conglomerate Manufacturing – 7.9%
OCI, LLC – Term Debt (7.0% Cash, 7.0% PIK, Due 11/2028)(C)(F)	2,276		2,276		2,393
Springfield, Inc. – Term Debt (S + 11.1%, 15.4% Cash, Due 12/2026)(C)	30,000		30,000		30,000
Tube Bending Technology, LLC – Term Debt (13.5% Cash, Due 6/2026)(C)(F)	5,000		5,000		4,933
			37,276		37,326
Healthcare, Education, and Childcare – 4.9%
Pan-Am Dental, LLC – Term Debt (12.0% Cash, Due 6/2030)(C)(F)	23,000		23,000		23,060
Oil and Gas – 3.3%
Imperative Holdings Corporation – Term Debt (S + 9.8%, 14.1% Cash, Due 8/2028)(C)	15,766		15,685		15,765
Total Secured Second Lien Debt			$	135,439	$	135,507
Unsecured Debt – 0.0%
Diversified/Conglomerate Service – 0.0%
Frontier Financial Group Inc. – Convertible Debt (6.0%, Due 6/2022)(E)(F)	$	198	$	198	$	20
Preferred Equity – 3.8%
Automobile – 0.1%
Sea Link International IRB, Inc. – Preferred Stock(E)(G)	98,039		$	98	$	244
Beverage, Food, and Tobacco – 0.0%
Triple H Food Processors, LLC – Preferred Stock(E)(G)	75		75		190
Buildings and Real Estate – 0.0%
GFRC 360, LLC – Preferred Stock(E)(G)	1,000		1,025		—

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

Table of Contents


GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2025 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/ Shares/ Units(I)(J)		Cost		Fair Value
Diversified/Conglomerate Manufacturing – 0.5%
Torrent Photonics Holdco LLC – Preferred Stock(E)(G)	2,650		2,650		2,599
Diversified/Conglomerate Service – 0.9%
Frontier Financial Group Inc. – Preferred Stock(E)(G)	766		500		—
Frontier Financial Group Inc. – Preferred Stock Warrant(E)(G)	168		—		—
Quality Environmental Midco, Inc. – Preferred Equity(E)(G)	3,000,000		3,000		4,134
			3,500		4,134
Healthcare, Education, and Childcare – 1.8%
HH-Inspire Acquisition, Inc. – Preferred Stock(E)(G)	1,681,949		2,604		2,072
Pan-Am Dental, LLC – Preferred Stock(E)(G)	5,909,091		5,909		6,278
			8,513		8,350
Oil and Gas – 0.5%
FES Resources Holdings LLC – Preferred Equity Units(E)(G)	6,350		6,350		—
Imperative Holdings Corporation – Preferred Equity Units(E)(G)	972,569		488		2,609
			6,838		2,609
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(S) – Preferred Stock(E)(G)	6,130		2,024		—
Total Preferred Equity			$	24,723	$	18,126
Common Equity – 5.6%
Aerospace and Defense – 0.3%
Ohio Armor Holdings, LLC – Common Equity(E)(G)	100		$	1,000	$	1,294
Automobile – 0.1%
Sea Link International IRB, Inc.– Common Equity Units(E)(G)	823,333		823		316
Beverage, Food, and Tobacco – 1.2%
Dutch Gold Honey, Inc.(S) – Common Stock(E)(G)	900,000		900		818
Salt & Straw, LLC – Common Warrant(E)(G)	0.5	%	—		155
Sokol & Company Holdings, LLC – Common Stock(E)(G)	450,000		450		3,192
Triple H Food Processors, LLC – Common Stock(E)(G)	250,000		250		1,702
			1,600		5,867
Buildings and Real Estate – 0.0%
GFRC 360, LLC – Common Stock Warrants(E)(G)	45	%	—		—
Diversified/Conglomerate Manufacturing – 0.3%
OCI, LLC – Common Units (E)(G)	306		—		—
NeoGraf Solutions LLC – Common Stock(E)(G)	2,000,000		2,000		1,439
Viron International Corp.(S) – Common Stock(E)(G)	447		15		—
			2,015		1,439
Diversified/Conglomerate Service – 0.4%
Total Access Elevator, LLC – Common Stock(E)(G)	750,000		750		1,296
WorkforceQA, LLC – Common Stock(E)(G)	529		532		495
			1,282		1,791
Healthcare, Education, and Childcare – 1.6%
Giving Home Health Care, LLC – Common Stock(E)(G)	10,667		—		5,439
GSM MidCo LLC – Common Stock(E)(G)	767		767		2,065
Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment)(G)(L)(R)	3.5	%	—		36
			767		7,540
Machinery – 1.8%
Arc Drilling Holdings LLC – Common Stock(E)(G)	53,333		5,333		8,436
Oil and Gas – 0.0%
FES Resources Holdings LLC – Common Equity Units(E)(G)	6,233		—		—
Total Safety Holdings, LLC – Common Equity(E)(G)	435		499		89
			499		89

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

Table of Contents


GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2025 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/ Shares/ Units(I)(J)			Cost		Fair Value
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(S) – Common Stock Warrant(E)(G)	1.5		%	—		—
Total Common Equity				$	13,319	$	26,772
Total Non-Control/Non-Affiliate Investments				$	638,993	$	639,003
AFFILIATE INVESTMENTS(N) – 3.5%
Secured First Lien Debt – 0.1%
Diversified/Conglomerate Manufacturing – 0.1%
Edge Adhesives Holdings, Inc.(S) – Term Debt (S + 5.5%, 9.8% Cash, Due 8/2026)(E)(P)	$	6,140		$	6,140	$	245
Preferred Equity – 1.6%
Diversified/Conglomerate Manufacturing – 0.0%
Edge Adhesives Holdings, Inc.(S) – Preferred Stock(E)(G)	5,466			$	5,466	$	—
Diversified/Conglomerate Service – 1.4%
Encore Dredging Holdings, LLC – Preferred Stock(E)(G)	3,840,000			3,840		6,604
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2%
Canopy Safety Brands, LLC – Preferred Stock(E)(G)	500,000			500		987
Total Preferred Equity				$	9,806	$	7,591
Common Equity – 1.8%
Finance – 1.1%
Gladstone Alternative Income Fund – Common Stock(G)(R)	500,000			$	5,000	$	5,010
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.8%
Canopy Safety Brands, LLC – Common Stock(E)(G)	1,170,370			800		3,748
Total Common Equity				$	5,800	$	8,758
Total Affiliate Investments				$	21,746	$	16,594
CONTROL INVESTMENTS(O) – 20.2%
Secured First Lien Debt – 14.8%
Beverage, Food, and Tobacco – 2.7%
Eegee Acquisition Corp. – Line of Credit, $3,250 available (S + 7.0%, 11.3% Cash, Due 4/2028)(E)(P)	$	12,750		$	12,750	$	12,750
Diversified/Conglomerate Manufacturing – 4.7%
Engineering Manufacturing Technologies, LLC – Line of Credit, $1,900 available (S + 8.3%, 12.6% Cash, Due 10/2026)(E)	1,100			1,100		835
Engineering Manufacturing Technologies, LLC – Term Debt (S + 8.3%, 8.0% Cash, 4.6% PIK, Due 10/2026)(E)	22,894			22,894		17,372
Lonestar EMS, LLC – Term Debt (12.0% Cash, Due 6/2027)(E)(F)	4,200			4,147		4,200
				28,141		22,407
Healthcare, Education, and Childcare – 5.7%
Technical Resource Management, LLC – Line of Credit, $0 available (S + 10.5%, 10.3% Cash, 4.5% PIK, Due 4/2028)(E)	3,041			3,041		2,942
Technical Resource Management, LLC – Line of Credit, $400 available (S + 10.5%, 10.3% Cash, 4.5% PIK, Due 4/2028)(E)	1,200			1,200		1,161
Technical Resource Management, LLC – Term Debt (S + 10.5%, 10.3% Cash, 4.5% PIK, Due 4/2028)(E)	23,836			23,836		23,058
				28,077		27,161
Personal and Non-Durable Consumer Products (Manufacturing Only) – 1.7%
WB Xcel Holdings, LLC – Line of Credit, $0 available (S + 10.5%, 14.8% Cash, Due 11/2026)(E)	5,150			5,150		2,763
WB Xcel Holdings, LLC – Term Debt (S + 10.5%, 14.8% Cash, Due 11/2026)(E)	9,775			9,775		5,245
				14,925		8,008
Printing and Publishing – 0.0%
TNCP Intermediate HoldCo, LLC – Line of Credit, $2,000 available (11.0% Cash, Due 10/2027)(E)(F)	—			—		—
Total Secured First Lien Debt				$	83,893	$	70,326
Secured Second Lien Debt – 1.9%
Automobile– 1.9%
Defiance Integrated Technologies, Inc. – Term Debt (S + 9.6%, 13.9% Cash, Due 1/2027)(E)	$	8,792		$	8,792	$	8,792

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2025 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/ Shares/ Units(I)(J)			Cost		Fair Value
Unsecured Debt – 0.1%
Healthcare, Education, and Childcare – 0.1%
Technical Resource Management, LLC – Term Debt (14.0% PIK, Due 10/2028)(E)(F)	$	345		$	345	$	334
Preferred Equity – 0.0%
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
WB Xcel Holdings, LLC – Preferred Stock(E)(G)	333			$	2,750	$	—
Common Equity – 3.4%
Automobile– 0.0%
Defiance Integrated Technologies, Inc. – Common Stock(E)(G)	33,321			$	581	$	—
Beverage, Food, and Tobacco – 1.1%
Eegee Acquisition Corp. – Common Stock(E)(G)	1,000			8,500		5,173
Diversified/Conglomerate Manufacturing – 1.2%
Engineering Manufacturing Technologies, LLC – Common Stock(E)(G)	16,000			3,000		—
Lonestar EMS, LLC – Common Units(E)(G)	100		%	6,750		5,593
				9,750		5,593
Healthcare, Education, and Childcare – 0.0%
Technical Resource Management, LLC – Common Stock(E)(G)	2,000,000			2,000		—
Technical Resource Management, LLC – Common Warrants(E)(G)	4,558,041			—		—
				2,000		—
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
WB Xcel Holdings, LLC – Common Units(E)(G)	12,340			1		—
Printing and Publishing – 1.1%
TNCP Intermediate HoldCo, LLC – Common Equity Units(E)(G)	790,000			500		5,445
Total Common Equity				$	21,332	$	16,211
Total Control Investments				$	117,112	$	95,663
TOTAL INVESTMENTS – 158.3%				$	777,851	$	751,260

(A)Certain of the securities listed in this schedule are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $667.7 million at fair value, are pledged as collateral under our revolving line of credit, as described further in Note 5—Borrowings in the accompanying Notes to Consolidated Financial Statements. Under the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of June 30, 2025, our investments in Leeds Novamark Capital I, L.P. (“Leeds”) and Gladstone Alternative Income Fund (“Gladstone Alternative”) are considered non-qualifying assets under Section 55 of the 1940 Act. Such non-qualifying assets represent 0.7% of total investments, at fair value, as of June 30, 2025.

(B)Unless indicated otherwise, all cash interest rates are indexed to one-month Secured Overnight Financing Rate (“SOFR” or “S”), which was 4.32% as of June 30, 2025. If applicable, paid-in-kind (“PIK”) interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or the reference rate plus a spread. Due dates represent the contractual maturity date.

(C)Fair value was based on an internal yield analysis or on estimates of value submitted by a third party valuation firm.

(D)Fair value was based on the indicative bid price on or near June 30, 2025, offered by the respective syndication agent’s trading desk.

(E)Fair value was based on the total enterprise value of the portfolio company, which was then allocated to the portfolio company’s securities in order of their relative priority in the capital structure.

(F)Debt security has a fixed interest rate.

(G)Security is non-income producing.

(H)The cash interest rate on this investment was indexed to 90-day SOFR, which was 4.29% as of June 30, 2025.

(I)Represents the principal balance for debt investments and the number of shares/units held for equity investments. Warrants are represented as a percentage of ownership, as applicable.

(J)Where applicable, aggregates all shares of a class of stock owned without regard to specific series owned within such class (some series of which may or may not be voting shares) or aggregates all warrants to purchase shares of a class of stock owned without regard to specific series of such class of stock such warrants allow us to purchase.

(K)Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of June 30, 2025.

(L)There are certain limitations on our ability to withdraw our partnership interest prior to dissolution of the entity, which must occur no later than May 9, 2024 or two years after all outstanding leverage has matured.

(M)Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.

(N)Affiliate investments, as defined by the 1940 Act, are those in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

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(O)Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities.

(P)Debt security is on non-accrual status.

(Q)Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy. Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(R)Fair value was based on net asset value provided by the underlying fund as a practical expedient.

(S)One or more of our affiliated funds, Gladstone Investment Corporation or Gladstone Alternative, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission.

(T)Investment was exited subsequent to June 30, 2025. Refer to Note 12 – Subsequent Events in the accompanying Notes to the Consolidated Financial Statements for additional information.

(U)The cash interest rate on this investment was indexed to the U.S. Prime Rate, which was 7.50% as of June 30, 2025.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2024 (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/ Shares/ Units(I)(J)		Cost		Fair Value
NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 159.5%
Secured First Lien Debt – 114.8%
Aerospace and Defense – 19.7%
Antenna Research Associates, Inc. – Term Debt (S + 10.0%, 14.8% Cash, 4.0% PIK, Due 11/2026)(E)(U)	$	31,267	$	31,267	$	31,267
Ohio Armor Holdings, LLC – Term Debt (S + 8.0%, 12.8% Cash, Due 2/2026)(C)	16,563		16,563		16,563
SpaceCo Holdings, LLC – Line of Credit, $0 available (S + 6.4%, 11.0% Cash, Due 12/2025)(C)(H)	2,000		2,000		2,000
SpaceCo Holdings, LLC – Term Debt (S + 6.4%, 11.0% Cash, Due 12/2025)(C)(H)	42,757		42,376		42,757
			92,206		92,587
Beverage, Food, and Tobacco – 15.2%
Café Zupas – Line of Credit, $700 available (S + 7.5%, 12.3% Cash, Due 12/2027)(C)	1,050		1,050		1,061
Café Zupas – Delayed Draw Term Loan, $3,150 available (S + 7.5%, 12.3% Cash, Due 12/2027)(C)	7,350		7,350		7,424
Café Zupas – Term Debt (S + 7.5%, 12.3% Cash, Due 12/2027)(C)	26,250		26,074		26,513
Eegee’s LLC – Line of Credit, $500 available (S + 7.8%, 12.6% Cash, Due 6/2026)(C)	1,500		1,500		1,135
Eegee’s LLC – Delayed Draw Term Loan, $0 available (S + 7.8%, 8.0% Cash, 4.6% PIK, Due 6/2026)(C)	3,145		3,145		2,380
Eegee’s LLC – Term Debt (S + 7.8%, 8.0% Cash, 4.6% PIK, Due 6/2026)(C)	17,824		17,824		13,486
Salt & Straw, LLC – Line of Credit, $2,000 available (S + 9.1%, 13.9% Cash, Due 9/2027)(C)	—		—		—
Salt & Straw, LLC – Delayed Draw Term Loan, $3,500 available (S + 9.1%, 13.9% Cash, Due 9/2027)(C)	10,850		10,693		10,850
Sokol & Company Holdings, LLC – Term Debt (S + 6.8%, 11.6% Cash, Due 8/2027)(C)	8,500		8,500		8,500
			76,136		71,349
Buildings and Real Estate – 0.5%
GFRC 360, LLC – Line of Credit, $95 available (S + 8.0%, 12.8% Cash, Due 9/2025)(C)	1,355		1,355		1,355
GFRC 360, LLC – Term Debt (S + 8.0%, 12.8% Cash, Due 9/2025)(C)	1,000		1,000		1,000
			2,355		2,355
Diversified/Conglomerate Manufacturing – 24.2%
Engineering Manufacturing Technologies, LLC – Line of Credit, $3,000 available (S + 8.3%, 13.1% Cash, Due 10/2026)(E)	—		—		—
Engineering Manufacturing Technologies, LLC – Term Debt (S + 8.3%, 10.0% Cash, 3.1% PIK, Due 10/2026)(E)	22,230		22,230		19,283
NeoGraf Solutions LLC – Line of Credit, $4,500 available (S + 7.0%, 11.0% Cash, 0.8% PIK, Due 1/2028)(C)	—		—		—
NeoGraf Solutions LLC – Term Debt (S + 7.0%, 11.0% Cash, 0.8% PIK, Due 1/2028)(C)	27,524		27,524		26,350
OCI, LLC – Term Debt (S + 7.5%, 12.3% Cash, Due 5/2028)(C)	18,500		18,500		18,685
Torrent Photonics Holdco LLC – Term Debt (S + 9.5%, 14.3% Cash, Due 4/2027)(C)	12,149		12,128		12,265
Unirac Holdings, Inc. – Line of Credit, $1,244 available (S + 6.5%, 11.3% Cash, Due 9/2027)(C)	978		978		978
Unirac Holdings, Inc. – Delayed Draw Term Loan, $0 available (S + 6.5%, 11.3% Cash, Due 9/2027)(C)	1,097		1,097		1,108
Unirac Holdings, Inc. – Term Debt (S + 6.5%, 11.3% Cash, Due 9/2027)(C)	14,738		14,494		14,885
Viva Railings, LLC – Line of Credit, $4,000 available (S + 7.1%, 11.9% Cash, Due 5/2027)(C)	—		—		—
Viva Railings, LLC – Term Debt (S + 7.1%, 11.9% Cash, Due 5/2027)(C)	20,202		20,202		20,202
			117,153		113,756
Diversified/Conglomerate Service – 30.9%
Axios Industrial Group, LLC – Term Debt (S + 9.6%, 14.4% Cash, Due 10/2027)(C)	11,325		11,301		11,357
Axios Industrial Group, LLC – Term Debt (S + 12.6%, 17.4% Cash, Due 10/2027)(C)	3,000		2,925		3,008
DKI Ventures, LLC – Line of Credit, $25 available (9.0% Cash, Due 12/2025)(E)(F)	350		350		159
DKI Ventures, LLC – Term Debt (9.0% Cash, Due 12/2025)(E)(F)	5,915		5,915		2,684
ENET Holdings, LLC – Line of Credit, $2,500 available (S + 7.3%, 12.1% Cash, Due 4/2025)(C)	—		—		—
ENET Holdings, LLC – Term Debt (S + 7.3%, 12.1% Cash, Due 4/2028)(C)	22,289		22,289		21,973
Fix-It Group, LLC – Line of Credit, $3,000 available (S + 7.1%, 11.9% Cash, Due 12/2026)(C)	—		—		—
Fix-It Group, LLC – Term Debt (S + 7.1%, 11.9% Cash, Due 12/2026)(C)	13,324		13,324		13,457

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2024 (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/ Shares/ Units(I)(J)	Cost		Fair Value
Fix-It Group, LLC – Delayed Draw Term Loan, $0 available (S + 7.1%, 11.9% Cash, Due 12/2026)(C)	6,781	6,781		6,781
Leadpoint Business Services, LLC – Term Debt (S + 8.5%, 13.3% Cash, Due 2/2028)(C)	25,500	25,475		26,010
MCG Energy Solutions, LLC – Term Debt (S + 7.6%, 12.4% Cash, 3.5% PIK, Due 3/2026)(E)	20,290	20,264		20,290
Quality Environmental Midco, Inc. – Line of Credit, $3,000 available (12.0% Cash, Due 11/2028)(C)(F)	—	—		—
Quality Environmental Midco, Inc. – Term Debt (12.0% Cash, Due 11/2028)(C)(F)	13,000	13,000		13,390
Total Access Elevator, LLC – Line of Credit, $3,000 available (S + 6.9%, 11.7% Cash, Due 4/2029)(C)	—	—		—
Total Access Elevator, LLC – Term Debt (S + 6.9%, 11.7% Cash, Due 4/2029)(C)	6,500	6,500		6,695
Total Access Elevator, LLC – Delayed Draw Term Loan, $2,500 available (S + 6.9%, 11.7% Cash, Due 4/2029)(C)	—	—		—
WorkforceQA, LLC – Line of Credit, $800 available (S + 6.5%, 11.3% Cash, Due 12/2026)(C)	1,200	1,200		1,200
WorkforceQA, LLC – Term Debt (S + 6.5%, 11.3% Cash, Due 12/2026)(C)	16,306	16,286		16,306
WorkforceQA, LLC – Term Debt (S + 7.5%, 12.3% Cash, Due 12/2026)(C)	2,406	2,403		2,406
		148,013		145,716
Healthcare, Education, and Childcare – 20.2%
ALS Education, LLC – Line of Credit, $3,000 available (S + 6.8%, 11.6% Cash, Due 12/2028)(C)	—	—		—
ALS Education, LLC – Term Debt (S + 6.8%, 11.6% Cash, Due 12/2028)(C)	31,680	31,680		31,997
HH-Inspire Acquisition, Inc. – Line of Credit, $110 available (S + 8.0%, 12.8% Cash, Due 4/2028)(C)(H)	1,727	1,727		1,677
HH-Inspire Acquisition, Inc. – Term Debt (S + 8.0%, 12.8% Cash, Due 4/2028)(C)(H)	15,852	15,852		15,399
HH-Inspire Acquisition, Inc. – Term Debt (S + 8.0%, 12.8% Cash, Due 4/2028)(C)(H)	3,193	3,193		3,102
Technical Resource Management, LLC – Line of Credit, $1,000 available (S + 8.0%, 12.8% Cash, Due 4/2028)(C)	2,000	2,000		2,008
Technical Resource Management, LLC – Term Debt (S + 8.0%, 12.8% Cash, 2.5% PIK, Due 4/2028)(C)	23,234	23,158		23,327
Turn Key Health Clinics, LLC – Line of Credit, $4,000 available (S + 7.3%, 12.1% Cash, Due 6/2026)(C)	—	—		—
Turn Key Health Clinics, LLC – Term Debt (S + 7.3%, 12.1% Cash, Due 6/2026)(C)	17,500	17,500		17,500
		95,110		95,010
Machinery – 3.6%
Arc Drilling Holdings LLC – Line of Credit, $4,000 available (S + 7.0%, 11.8% Cash, Due 9/2029)(C)	1,000	1,000		1,000
Arc Drilling Holdings LLC – Term Debt (S + 7.0%, 11.8% Cash, Due 9/2029)(C)	16,000	16,000		16,000
		17,000		17,000
Oil and Gas – 0.0%
FES Resources Holdings LLC – Term Debt (4.5% Cash, Due 12/2024)(E)(F)	325	325		163
Telecommunications – 0.5%
B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (S + 2.0%, 7.0% Cash, Due 12/2026)(E)(P)	1,320	1,320		471
B+T Group Acquisition, Inc.(S) – Line of Credit, $127 available (S + 2.0%, 7.0% Cash, Due 6/2025)(E)(P)	323	323		115
B+T Group Acquisition, Inc.(S) – Term Debt (S + 2.0%, 7.0% Cash, Due 12/2026)(E)(P)	6,000	6,000		2,139
		7,643		2,725
Total Secured First Lien Debt		$	555,941	$	540,661
Secured Second Lien Debt – 22.3%
Automobile – 3.4%
Sea Link International IRB, Inc. – Term Debt (11.3% Cash, 2.0% PIK, Due 12/2025)(C)(F)	12,331	12,314		12,331
Sea Link International IRB, Inc. – Term Debt (12.0% Cash, 2.0% PIK, Due 12/2025)(C)(F)	4,079	4,079		4,079
		16,393		16,410
Beverage, Food, and Tobacco – 0.7%
8th Avenue Food & Provisions, Inc. – Term Debt (S + 7.9%, 12.7% Cash, Due 10/2026)(D)	3,683	3,683		3,241
Cargo Transportation – 4.3%
RPM Freight Systems, LLC – Term Debt (S + 7.7%, 12.5% Cash, Due 11/2029)(C)	20,000	20,000		20,200

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2024 (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/ Shares/ Units(I)(J)		Cost		Fair Value
RPM Freight Systems, LLC – Delayed Draw Term Loan, $5,000 available (S + 7.7% 12.5% Cash, Due 11/2029)(C)	—		—		—
			20,000		20,200
Diversified/Conglomerate Manufacturing – 6.9%
OCI, LLC – Term Debt (7.0% Cash, 7.0% PIK, Due 11/2028)(C)(F)	2,159		2,159		2,303
Springfield, Inc. – Term Debt (S + 11.1%, 15.9% Cash, Due 12/2026)(C)	30,000		30,000		30,000
			32,159		32,303
Diversified/Conglomerate Service – 3.2%
Perimeter Solutions Group – Term Debt (S + 8.5%, 13.3% Cash, Due 2/2029)(C)(U)	15,000		15,000		15,000

Oil and Gas – 3.8%
Imperative Holdings Corporation – Term Debt (S + 9.8%, 14.6% Cash, Due 8/2028)(C)	18,015		17,909		18,015
Total Secured Second Lien Debt			$	105,144	$	105,169
Unsecured Debt – 0.1%
Diversified/Conglomerate Service – 0.1%
Frontier Financial Group Inc. – Convertible Debt (6.0% Cash, Due 6/2022)(E)(F)	198		198		32
Preferred Equity – 5.8%
Automobile – 0.1%
Sea Link International IRB, Inc. – Preferred Stock(E)(G)	98,039		98		220
Beverage, Food, and Tobacco – 2.0%
Salt & Straw, LLC – Preferred Equity(E)(G)	7,000,000		7,000		9,450
Triple H Food Processors, LLC – Preferred Stock(E)(G)	75		75		167
			7,075		9,617
Buildings and Real Estate – 0.0%
GFRC 360, LLC – Preferred Stock(E)(G)	1,000		1,025		—
Diversified/Conglomerate Manufacturing – 0.1%
Torrent Photonics Holdco LLC – Preferred Stock(E)(G)	2,650		2,650		552
Diversified/Conglomerate Service – 2.9%
Frontier Financial Group Inc. – Preferred Stock(E)(G)	766		500		—
Frontier Financial Group Inc. – Preferred Stock Warrant(E)(G)	168		—		—
MCG Energy Solutions, LLC – Preferred Stock(E)(G)	7,000,000		7,000		9,954
Quality Environmental Midco, Inc. – Preferred Equity(E)(G)	3,000,000		3,000		3,582
			10,500		13,536
Healthcare, Education, and Childcare – 0.2%
HH-Inspire Acquisition, Inc. – Preferred Stock(E)(G)	1,329,054		2,251		1,047
Oil and Gas – 0.5%
FES Resources Holdings LLC – Preferred Equity Units(E)(G)	6,350		6,350		—
Imperative Holdings Corporation – Preferred Equity Units(E)(G)	972,569		488		2,275
			6,838		2,275
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(S) – Preferred Stock(E)(G)	6,130		2,024		—
Total Preferred Equity			$	32,461	$	27,247
Common Equity – 16.5%
Aerospace and Defense – 12.8%
Antenna Research Associates, Inc. – Common Equity Units(E)(G)(U)	4,283		4,283		59,423
Ohio Armor Holdings, LLC – Common Equity(E)(G)	100		1,000		1,086
			5,283		60,509
Automobile – 0.1%
Sea Link International IRB, Inc.– Common Equity Units(E)(G)	823,333		823		160
Beverage, Food, and Tobacco – 0.9%
Salt & Straw, LLC – Common Warrant(E)(G)	0.4	%	—		47
Sokol & Company Holdings, LLC – Common Stock(E)(G)	1,500,000		1,500		2,727
Triple H Food Processors, LLC – Common Stock(E)(G)	250,000		250		1,346
			1,750		4,120

Buildings and Real Estate – 0.0%
GFRC 360, LLC – Common Stock Warrants(E)(G)	45.0	%	—		—

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2024 (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/ Shares/ Units(I)(J)		Cost		Fair Value

Diversified/Conglomerate Manufacturing – 0.2%
Engineering Manufacturing Technologies, LLC – Common Stock(E)(G)	6,000		3,000		—
OCI, LLC – Common Units (E)(G)	306		—		—
NeoGraf Solutions LLC – Common Stock(E)(G)	2,000,000		2,000		859
			5,000		859
Diversified/Conglomerate Service – 0.3%
Total Access Elevator, LLC – Common Equity(E)(G)	750,000		750		1,234
WorkforceQA, LLC – Common Stock(E)(G)	532		532		346
			1,282		1,580
Healthcare, Education, and Childcare – 1.2%
Giving Home Health Care, LLC – Warrant(E)(G)	10,667		—		3,995
GSM MidCo LLC – Common Stock(E)(G)	767		767		1,583
Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment)(G)(L)(R)	3.5	%	—		38
Technical Resource Management, LLC – Common Stock(E)(G)	2,000,000		2,000		34
			2,767		5,650
Machinery – 1.0%
Arc Drilling Holdings LLC – Common Stock(E)(G)	53,333		5,333		4,816
Oil and Gas – 0.0%
FES Resources Holdings LLC – Common Equity Units(E)(G)	6,233		—		—
Total Safety Holdings, LLC – Common Equity(E)(G)	435		499		101
			499		101
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(S) – Common Stock Warrant(E)(G)	1.5	%	—		—
Total Common Equity			$	22,737	$	77,795
Total Non-Control/Non-Affiliate Investments			$	716,481	$	750,904
AFFILIATE INVESTMENTS(N) – 1.6%
Secured First Lien Debt – 0.1%
Diversified/Conglomerate Manufacturing – 0.1%
Edge Adhesives Holdings, Inc. (S) – Term Debt (S + 5.5%, 10.3% Cash, Due 8/2026)(E)(P)	6,140		6,140		380
Preferred Equity – 0.9%
Diversified/Conglomerate Manufacturing – 0.0%
Edge Adhesives Holdings, Inc.(S) – Preferred Stock(E)(G)	5,466		5,466		$	—
Diversified/Conglomerate Service– 0.7%
Encore Dredging Holdings, LLC – Preferred Stock(E)(G)	3,840,000		3,840		3,168
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2%
Canopy Safety Brands, LLC – Preferred Stock(E)(G)	500,000		500		931
Total Preferred Equity			$	9,806	$	4,099
Common Equity – 0.6%
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.6%
Canopy Safety Brands, LLC – Common Stock(E)(G)	1,170,370		800		2,959
Total Affiliate Investments			$	16,746	$	7,438
CONTROL INVESTMENTS(O) – 8.0%
Secured First Lien Debt – 3.0%
Diversified/Conglomerate Manufacturing – 0.9%
Lonestar EMS, LLC – Term Debt (12.0% Cash, Due 6/2027)(E)(F)	4,200		4,130		4,200

Personal and Non-Durable Consumer Products (Manufacturing Only) – 2.1%
WB Xcel Holdings, LLC – Line of Credit, $0 available (S + 10.5%, 15.3% Cash, Due 11/2026)(E)(P)	4,750		4,750		3,171
WB Xcel Holdings, LLC – Term Debt (S + 10.5%, 15.3% Cash, Due 11/2026)(E)(P)	9,775		9,775		6,525
			14,525		9,696

Printing and Publishing – 0.0%

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2024 (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/ Shares/ Units(I)(J)		Cost		Fair Value
TNCP Intermediate HoldCo, LLC – Line of Credit, $2,000 available (11.0% Cash, Due 10/2027)(E)(F)	—		—		—
Total Secured First Lien Debt			$	18,655	$	13,896
Secured Second Lien Debt – 1.8%
Automobile – 1.8%
Defiance Integrated Technologies, Inc. – Term Debt (S + 9.6%, 14.4% Cash, Due 1/2027)(E)	8,547		8,547		8,547
Preferred Equity – 0.0%
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
WB Xcel Holdings, LLC – Preferred Stock(E)(G)	333		2,750		—
Common Equity – 3.2%
Automobile – 0.6%
Defiance Integrated Technologies, Inc. – Common Stock(E)(G)	33,321		581		2,949
Diversified/Conglomerate Manufacturing – 1.7%
Lonestar EMS, LLC – Common Units(E)(G)	100.0	%	6,750		8,214
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
WB Xcel Holdings, LLC – Common Warrant(E)(G)	1		1		—
Printing and Publishing – 0.9%
TNCP Intermediate HoldCo, LLC – Common Equity Units(E)(G)	790,000		500		4,312
Total Common Equity			$	7,832	$	15,475
Total Control Investments			$	37,784	$	37,918
TOTAL INVESTMENTS(T) – 169.1%			$	771,011	$	796,260

(A)Certain of the securities listed in this schedule are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $714.4 million at fair value, are pledged as collateral under our revolving line of credit, as described further in Note 5—Borrowings in the accompanying Notes to Consolidated Financial Statements. Under the 1940 Act, we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2024, our investment in Leeds is considered a non-qualifying asset under Section 55 of the 1940 Act. Such non-qualifying assets represent less than 0.1% of total investments, at fair value, as of September 30, 2024.

(B)Unless indicated otherwise, all cash interest rates are indexed to one-month SOFR, which was 4.85% as of September 30, 2024. If applicable, PIK interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or SOFR plus a spread. Due dates represent the contractual maturity date.

(C)Fair value was based on an internal yield analysis or on estimates of value submitted by a third party valuation firm.

(D)Fair value was based on the indicative bid price on or near September 30, 2024, offered by the respective syndication agent’s trading desk.

(F)Debt security has a fixed interest rate.

(G)Security is non-income producing.

(H)The cash interest rate on this investment was indexed to 90-day SOFR, which was 4.59% as of September 30, 2024.

(I)Represents the principal balance for debt investments and the number of shares/units held for equity investments. Warrants are represented as a percentage of ownership, as applicable.

(K)Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of September 30, 2024.

(N)Affiliate investments, as defined by the 1940 Act, are those in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.

(P)Debt security is on non-accrual status.

(Q)Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the ASC 820 fair value hierarchy. Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

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(R)Fair value was based on net asset value provided by the fund as a practical expedient.

(S)One of our affiliated funds, Gladstone Investment Corporation, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission.

(T)Cumulative gross unrealized depreciation for federal income tax purposes is $66.1 million; cumulative gross unrealized appreciation for federal income tax purposes is $85.8 million. Cumulative net unrealized appreciation is $19.7 million, based on a tax cost of $776.5 million.

(U)Investment was exited subsequent to September 30, 2024.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

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GLADSTONE CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

JUNE 30, 2025

(DOLLAR AMOUNTS IN TABLES IN THOUSANDS, EXCEPT PER SHARE DATA AND AS OTHERWISE INDICATED)

NOTE 1. ORGANIZATION

Gladstone Capital Corporation was incorporated under the Maryland General Corporation Law on May 30, 2001 and completed an initial public offering on August 24, 2001. The terms “the Company,” “we,” “our” and “us” all refer to Gladstone Capital Corporation and its consolidated subsidiaries. We are an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and are applying the guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services-Investment Companies” (“ASC 946”). In addition, we have elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). We were established for the purpose of investing in debt and equity securities of established private businesses operating in the United States (“U.S.”). Our investment objectives are to: (1) achieve and grow current income by investing in debt securities of established lower middle market companies (which we generally define as companies with annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $3 million to $25 million) in the U.S. that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness and make distributions to stockholders that grow over time; and (2) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities, in connection with our debt investments, that we believe can grow over time to permit us to sell our equity investments for capital gains.

Gladstone Business Loan, LLC (“Business Loan”), a wholly-owned subsidiary of ours, was established on February 3, 2003, for the sole purpose of holding certain investments pledged as collateral under our line of credit. The financial statements of Business Loan are consolidated with those of Gladstone Capital Corporation. We may also have significant subsidiaries (as defined under Rule 1-02(w)(2) of the U.S. Securities and Exchange Commission’s (“SEC”) Regulation S-X) whose financial statements are not consolidated with ours. We did not have any unconsolidated subsidiaries that met any of the significance conditions under Rule 1-02(w)(2) of the SEC’s Regulation S-X as of or during the three and nine month periods ended June 30, 2025 and June 30, 2024.

We are externally managed by Gladstone Management Corporation (the “Adviser”), an affiliate of ours and an SEC registered investment adviser, pursuant to an investment advisory and management agreement (as amended and/or restated from time to time, the “Advisory Agreement”). Administrative services are provided by Gladstone Administration, LLC (the “Administrator”), an affiliate of ours and the Adviser, pursuant to an administration agreement (the “Administration Agreement”). Refer to Note 4—Related Party Transactions for additional information regarding these arrangements.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Unaudited Interim Financial Statements and Basis of Presentation

We prepare our interim financial statements in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, we have not included in this quarterly report all of the information and notes required by GAAP for annual financial statements. The accompanying Consolidated Financial Statements include our accounts and those of our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. In accordance with Article 6 of Regulation S-X, we do not consolidate portfolio company investments. Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. In our opinion, all adjustments, consisting solely of normal recurring accruals, necessary for the fair statement of financial statements for the interim periods have been included. The results of operations for the three and nine months ended June 30, 2025 are not necessarily indicative of results that ultimately may be achieved for the fiscal year ending

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September 30, 2025 or any future interim periods. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, as filed with the SEC on November 13, 2024.

Retroactive Adjustments for Reverse Stock Split

The outstanding shares and per share amounts of the Company’s common stock in the consolidated financial statements and notes to the consolidated financial statements have been retroactively adjusted for the 1-for-2 reverse stock split (the “Reverse Stock Split”) effected on April 4, 2024 (effective April 5, 2024 for trading purposes) for all activity prior to that date.

Use of Estimates

Preparing financial statements requires management to make estimates and assumptions that affect the amounts reported in our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements. Actual results may differ from those estimates.

Cash and cash equivalents

We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Cash is carried at cost, which approximates fair value. We place our cash with financial institutions, and at times, cash held in checking accounts may exceed the Federal Deposit Insurance Corporation insured limit. We seek to mitigate this concentration of credit risk by depositing funds with major financial institutions. We held $14.9 million and $2.2 million of cash equivalents in Dreyfus Treasury Obligations Cash Management fund as of June 30, 2025 and September 30, 2024, respectively. Investments in money market funds represent Level 1 investments within the FASB ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy.

Investment Valuation Policy

Accounting Recognition

We record our investments at fair value in accordance with ASC 820 and the 1940 Act. Investment transactions are recorded on the trade date. Realized gains or losses are generally measured by the difference between the net proceeds from the repayment or sale and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Unrealized appreciation or depreciation primarily reflects the change in investment fair values, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Board Responsibility

Our board of directors (the “Board of Directors”) has approved investment valuation policies and procedures pursuant to Rule 2a-5 under the 1940 Act (the “Policy”) and, in July 2022, designated the Adviser to serve as the Board of Directors’ valuation designee ("Valuation Designee") under the 1940 Act.

In accordance with the 1940 Act, our Board of Directors has the ultimate responsibility for reviewing the good faith fair value determination of our investments for which market quotations are not readily available based on our Policy and for overseeing the Valuation Designee. Such review and oversight includes receiving written fair value determinations and supporting materials provided by the Valuation Designee, in coordination with the Administrator and with the oversight by the Company's chief valuation officer (collectively, the “Valuation Team”). The Valuation Committee of our Board of Directors (comprised entirely of independent directors) meets to review the valuation determinations and supporting materials, discusses the information provided by the Valuation Team, determines whether the Valuation Team has followed the Policy, and reviews other facts and circumstances, including current valuation risks, conflicts of interest, material valuation matters, appropriateness of valuation methodologies, back-testing results, price challenges/overrides, and ongoing monitoring and oversight of pricing services. After the Valuation Committee concludes its meeting, it and the chief valuation officer, representing the Valuation Designee, present the Valuation Committee’s findings on the Valuation Designee's determinations to the entire Board of Directors so that the full Board of Directors may review the Valuation Designee's determined fair values of such investments in accordance with the Policy.

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There is no single standard for determining fair value (especially for privately-held businesses), as fair value depends upon the specific facts and circumstances of each individual investment. In determining the fair value of our investments, the Valuation Team, led by the chief valuation officer, uses the Policy, and each quarter the Valuation Committee and Board of Directors review the Policy to determine if changes thereto are advisable and whether the Valuation Team has applied the Policy consistently.

Use of Third Party Valuation Firms

The Valuation Team engages third-party valuation firms to provide independent assessments of fair value of certain of our investments.

A third-party valuation firm generally provides estimates of fair value on our debt investments. The Valuation Team generally assigns the third-party valuation firm’s estimates of fair value to our debt investments where we do not have the ability to effectuate a sale of the applicable portfolio company. The Valuation Team corroborates the third-party valuation firm’s estimates of fair value using one or more of the valuation techniques discussed below. The Valuation Team’s estimate of value on a specific debt investment may significantly differ from the third-party valuation firm’s. When this occurs, our Valuation Committee and Board of Directors review whether the Valuation Team has followed the Policy and the Valuation Committee reviews whether the Valuation Designee’s determined fair value is reasonable in light of the Policy and other relevant facts and circumstances.

We may engage other independent valuation firms to provide earnings multiple ranges, as well as other information, and evaluate such information for incorporation into the total enterprise value (“TEV”) of certain of our investments. Generally, at least once per year, we engage an independent valuation firm to value or review the valuation of each of our significant equity investments, which includes providing the information noted above. The Valuation Team evaluates such information for incorporation into our TEV, including review of all inputs provided by the independent valuation firm. The Valuation Team then presents a determination to our Valuation Committee as to the fair value. Our Valuation Committee reviews the determined fair value and whether it is reasonable in light of the Policy and other relevant facts and circumstances.

Valuation Techniques

In accordance with ASC 820, the Valuation Team uses the following techniques when valuing our investment portfolio:

•Total Enterprise Value — In determining the fair value using a TEV, the Valuation Team first calculates the TEV of the portfolio company by incorporating some or all of the following factors: the portfolio company’s ability to make payments and other specific portfolio company attributes; the earnings of the portfolio company (the trailing or projected twelve month revenue or EBITDA); EBITDA multiples obtained from our indexing methodology whereby the original transaction EBITDA multiple at the time of our closing is indexed to a general subset of comparable disclosed transactions; and EBITDA multiples from recent sales to third parties of similar securities in similar industries; a comparison to publicly traded securities in similar industries; and other pertinent factors. The Valuation Team generally reviews industry statistics and may use outside experts when gathering this information. Once the TEV is determined for a portfolio company, the Valuation Team generally allocates the TEV to the portfolio company’s securities based on the facts and circumstances of the securities, which typically results in the allocation of fair value to securities based on the order of their relative priority in the capital structure. Generally, the Valuation Team uses TEV to value our equity investments and, in the circumstances where we have the ability to effectuate a sale of a portfolio company, our debt investments. When there is equity value or sufficient TEV to cover the principal balance of our debt securities, the fair value of our senior secured debt generally equals or approximates cost.

TEV is primarily calculated using EBITDA and EBITDA multiples; however, TEV may also be calculated using revenue and revenue multiples or a discounted cash flow (“DCF”) analysis whereby future expected cash flows of the portfolio company are discounted to determine a net present value using estimated risk-adjusted discount rates, which incorporate adjustments for nonperformance and liquidity risks.

•Yield Analysis — The Valuation Team generally determines the fair value of our debt investments for which we do not have the ability to effectuate a sale of the applicable portfolio company using the yield analysis, which includes a DCF calculation and assumptions that the Valuation Team believes market participants would use, including, estimated remaining life, current market yield, current leverage, and interest rate spreads. This technique develops a modified discount rate that incorporates risk premiums including increased probability of default, increased loss upon default and increased liquidity risk. Generally, the Valuation Team uses the yield analysis to corroborate both estimates of value provided by our third party valuation firm and market quotes.

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•Market Quotes — For our investments for which a limited market exists, we generally base fair value on readily available and reliable market quotations which are corroborated by the Valuation Team (generally by using the yield analysis described above). In addition, the Valuation Team assesses trading activity for similar investments and evaluates variances in quotations and other market insights to determine if any available quoted prices are reliable. Typically, the Valuation Team uses the lower indicative bid price (“IBP”) in the bid-to-ask price range obtained from the respective originating syndication agent’s trading desk on or near the valuation date. The Valuation Team may take further steps to consider additional information to validate that price in accordance with the Policy. For securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date. For restricted securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date less a discount for the restriction, which includes consideration of the nature and term to expiration of the restriction and the lack of marketability of the security.

•Investments in Funds — For equity investments in other funds for which we cannot effectuate a sale of the fund, the Valuation Team generally determines the fair value of our invested capital at the net asset value (“NAV”) provided by the fund. Any invested capital that is not yet reflected in the NAV provided by the fund is valued at par value. The Valuation Team may also determine fair value of our investments in other investment funds based on the capital accounts of the underlying entity.

In addition to the valuation techniques listed above, the Valuation Team may also consider other factors when determining the fair value of our investments, including: the nature and realizable value of the collateral, including external parties’ guaranties, any relevant offers or letters of intent to acquire the portfolio company, timing of expected loan repayments, and the markets in which the portfolio company operates.

Fair value measurements of our investments may involve subjective judgments and estimates and due to the uncertainty inherent in valuing these securities, the determinations of fair value may fluctuate from period to period and may differ materially from the values that could be obtained if a ready market for these securities existed. Our NAV could be materially affected if the determinations regarding the fair value of our investments are materially different from the values that we ultimately realize upon our disposal of such securities. Additionally, changes in the market environment and other events that may occur over the life of the investment may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which it is recorded.

Refer to Note 3—Investments for additional information regarding fair value measurements and our application of ASC 820.

Revenue Recognition

Interest Income Recognition

Interest income, including the amortization of premiums, acquisition costs and amendment fees, the accretion of original issue discounts (“OID”), and paid-in-kind (“PIK”) interest, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when a loan becomes 90 days or more past due or if our qualitative assessment indicates that the debtor is unable to service its debt or other obligations, we will place the loan on non-accrual status and cease recognizing interest income on that loan for financial reporting purposes until the borrower has demonstrated the ability and intent to pay contractual amounts due. However, we remain contractually entitled to this interest. Interest payments received on non-accrual loans may be recognized as income or applied to the cost basis depending upon management’s judgment. Generally, non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current, or due to a restructuring such that the interest income is deemed to be collectible. As of June 30, 2025, our loans to B+T Group Acquisition, Inc., Edge Adhesives Holdings, Inc., and WB Xcel Holdings, LLC were on non-accrual status with a cost basis of $28.8 million, or 4.1% of the cost basis of all debt investments in our portfolio, and a fair value of $11.5 million, or 1.7% of the fair value of all debt investments in our portfolio. As of September 30, 2024, our loans to B+T Group Acquisition, Inc., Edge Adhesives Holdings, Inc., and WB Xcel Holdings, LLC were on non-accrual status with a cost basis of $28.3 million, or 4.1% of the cost basis of all debt investments in our portfolio, and a fair value of $12.8 million, or 1.9% of the fair value of all debt investments in our portfolio.

We currently hold, and we expect to hold in the future, some loans in our portfolio that contain OID or PIK provisions. We recognize OID for loans originally issued at discounts and recognize the income over the life of the obligation based on an

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effective yield calculation. PIK interest, computed at the contractual rate specified in a loan agreement, is added to the principal balance of a loan and recorded as income over the life of the obligation. Thus, the actual collection of PIK income may be deferred until the time of debt principal repayment. To maintain our ability to be taxed as a RIC, we may need to pay out both OID and PIK non-cash income amounts in the form of distributions, even though we have not yet collected the cash on either.

As of each of June 30, 2025 and September 30, 2024, we held two OID loans. We recorded OID income of $0.2 million and $0.4 million during the three and nine months ended June 30, 2025, respectively, and $0.1 million and $0.2 million during the three and nine months ended June 30, 2024, respectively. The unamortized balance of OID investments as of June 30, 2025 and September 30, 2024 totaled $0.3 million and $0.6 million, respectively. As of June 30, 2025 and September 30, 2024, we had seven and eight investments which had a PIK interest component, respectively. We recorded PIK interest income of $1.3 million and $3.0 million during the three and nine months ended June 30, 2025, respectively, and $1.5 million and $4.3 million during the three and nine months ended June 30, 2024, respectively. We collected $0 and $7.2 million of PIK interest in cash during the three and nine months ended June 30, 2025, respectively, and $0.2 million during each of the three and nine months ended June 30, 2024.

Success Fee Income Recognition

We record success fees as income when earned, which often occurs upon receipt of cash. Success fees are generally contractually due upon a change of control in a portfolio company, typically resulting from an exit or sale, and are non-recurring.

Dividend Income Recognition

We accrue dividend income on preferred and common equity securities to the extent that such amounts are expected to be collected and if we have the option to collect such amounts in cash or other consideration.

Related Party Fees

We are party to the Advisory Agreement with the Adviser, which is indirectly owned by our chairman and chief executive officer. In accordance with the Advisory Agreement, we pay the Adviser fees as compensation for its services, consisting of a base management fee and an incentive fee. Additionally, we pay the Adviser a loan servicing fee as compensation for its services as servicer under the terms of our revolving line of credit with KeyBank National Association (“KeyBank”), as administrative agent, lead arranger and lender (as amended and/or restated from time to time, our “Credit Facility”). These fees are accrued at the end of the quarter when the services are performed and generally paid the following quarter.

We are also party to the Administration Agreement with the Administrator, which is indirectly owned and controlled by our chairman and chief executive officer, whereby we pay separately for administrative services. Refer to Note 4 — Related Party Transactions for additional information regarding these related party fees and agreements.

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NOTE 3. INVESTMENTS

Fair Value

In accordance with ASC 820, the fair value of each investment is determined to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between willing market participants on the measurement date. This fair value definition focuses on exit price in the principal, or most advantageous, market and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. ASC 820 also establishes the following three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of a financial instrument as of the measurement date.

•Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical financial instruments in active markets;

•Level 2 — inputs to the valuation methodology include quoted prices for similar financial instruments in active or inactive markets, and inputs that are observable for the financial instrument, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are in those markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers; and

•Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs are those inputs that reflect assumptions that market participants would use when pricing the financial instrument and can include the Valuation Team’s assumptions based upon the best available information.

When a determination is made to classify our investments within Level 3 of the valuation hierarchy, such determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable, or Level 3, inputs, observable inputs (or components that are actively quoted and can be validated to external sources). The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. Investments in funds measured using NAV as a practical expedient are not categorized within the fair value hierarchy.

As of June 30, 2025, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investments in Gladstone Alternative Income Fund (“Gladstone Alternative”) and Leeds Novamark Capital I, L.P. (“Leeds”), which were valued using NAV as a practical expedient. As of September 30, 2024, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in Leeds, which was valued using NAV as a practical expedient.

We transfer investments in and out of Level 1, 2, and 3 of the valuation hierarchy as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period. During the nine months ended June 30, 2025 and 2024, there were no investments transferred into or out of Levels 1, 2 or 3 of the valuation hierarchy.

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As of June 30, 2025 and September 30, 2024, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy:


	Fair Value Measurements
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
As of June 30, 2025:
Secured first lien debt	$	—	$	—	$	529,149	$	529,149
Secured second lien debt	—		—		144,299		144,299
Unsecured debt	—		—		354		354
Preferred equity	—		—		25,717		25,717
Common equity/equivalents	—		—		46,695		46,695
Total	$	—	$	—	$	746,214	$	746,214
Investments measured at NAV(A)	—		—		—		5,046
Total Investments as of June 30, 2025	$	—	$	—	$	746,214	$	751,260


	Fair Value Measurements
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
As of September 30, 2024:
Secured first lien debt	$	—	$	—	$	554,937	$	554,937
Secured second lien debt	—		—		113,716		113,716
Unsecured debt	—		—		32		32
Preferred equity	—		—		31,346		31,346
Common equity/equivalents	—		—		96,191		96,191
Total	$	—	$	—	$	796,222	$	796,222
Investments measured at NAV(A)	—		—		—		38
Total Investments as of September 30, 2024	$	—	$	—	$	796,222	$	796,260

(A)Includes our investments in Gladstone Alternative and Leeds as of June 30, 2025 and our investment in Leeds as of September 30, 2024. Investments that are measured at fair value using NAV as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented elsewhere in this quarterly report.

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The following table presents our portfolio investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy and carried at fair value as of June 30, 2025 and September 30, 2024, by caption on our accompanying Consolidated Statements of Assets and Liabilities and by security type:


	Total Recurring Fair Value Measurements Reported in
	Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3)
	June 30, 2025			September 30, 2024
Non-Control/Non-Affiliate Investments
Secured first lien debt	$	458,578		$	540,661
Secured second lien debt	135,507			105,169
Unsecured debt	20			32
Preferred equity	18,126			27,247
Common equity/equivalents	26,736		(A)	77,757		(B)
Total Non-Control/Non-Affiliate Investments	$	638,967		$	750,866
Affiliate Investments
Secured first lien debt	$	245		$	380
Preferred equity	7,591			4,099
Common equity/equivalents	3,748			2,959
Total Affiliate Investments	$	11,584		$	7,438
Control Investments
Secured first lien debt	$	70,326		$	13,896
Secured second lien debt	8,792			8,547
Unsecured debt	334			—
Common equity/equivalents	16,211			15,475
Total Control Investments	$	95,663		$	37,918
Total Investments at Fair Value Using Level 3 Inputs	$	746,214		$	796,222

In accordance with ASC 820, the following table provides quantitative information about our Level 3 fair value measurements of our investments as of June 30, 2025 and September 30, 2024. The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to our fair value measurements.

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The weighted average calculations in the table below are based on the principal balances for all debt related calculations and on the cost basis for all equity related calculations for the particular input.

Quantitative Information about Level 3 Fair Value Measurements

Range / Weighted Average as of

June 30,
2025

September 30,
2024

Valuation

Techniques/

Methodologies

Unobservable

Input

June 30,
2025

September 30,
2024

Secured first lien debt

455,368

464,090

Yield Analysis

Discount Rate

10.5% - 18.0%

/ 12.0%

10.8% - 17.3%

/ 12.6%

73,781

90,847

TEV

EBITDA multiple

4.5x – 7.2x

/ 6.3x

4.1x – 13.9x

/ 10.0x

EBITDA

$408 - $4,591

/ $3,330

$3,020 - $16,211

/ $10,309

Revenue multiple

0.6x – 0.7x

/ 0.7x

0.2x – 4.6x

/ 2.1x

Revenue

$11,320 - $21,248

/ $14,719

$6,336 - $21,118

/ $13,981

Secured second lien debt

131,824

101,928

Yield Analysis

Discount Rate

11.9% - 15.4%

/ 13.4%

12.2% - 16.0%

/ 14.1%

3,683

3,241

Market Quote

IBP

100.0% - 100.0%

/ 100.0%

88.0% - 88.0%

/ 88.0%

8,792

8,547

TEV

EBITDA multiple

5.4x – 5.4x

/ 5.4x

5.4x – 5.4x

/ 5.4x

EBITDA

$2,463 - $2,463

/ $2,463

$3,343 - $3,343

/ $3,343

Unsecured debt

354

TEV

EBITDA multiple

7.2x – 7.2x

/ 7.2x

0.0x – 0.0x

/ 0.0x

EBITDA

$4,591 - $4,591

/ $4,591

$0 - $0

/ $0

Revenue multiple

1.0x – 1.0x

/ 1.0x

1.0x – 1.0x

/ 1.0x

Revenue

$5,202 - $5,202

/ $5,202

$7,834 - $7,834

/ $7,834

Preferred and common equity / equivalents(A)

72,412

127,537

TEV

EBITDA multiple

4.1x – 14.7x

/ 7.3x

4.1x – 13.9x

/ 8.0x

EBITDA

$408 -$143,118

/ $8,787

$1,182 -$144,458

/ $10,847

Revenue multiple

0.6x – 1.0x

/ 0.7x

0.2x– 4.6x

/ 2.0x

Revenue

$5,202 -$21,248

/ $13,175

$4,672 -$21,118

/ $12,587

Total Level 3 Investments, at Fair Value

746,214

796,222

Fair value measurements can be sensitive to changes in one or more of the valuation inputs. Changes in discount rates, EBITDA or EBITDA multiples (or revenue or revenue multiples), each in isolation, may change the fair value of certain of our investments. Generally, an increase/(decrease) in market yields, discount rates, or a (decrease)/increase in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a (decrease)/increase, respectively, in the fair value of certain of our investments.

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Changes in Level 3 Fair Value Measurements of Investments

The following tables provide the changes in fair value, broken out by security type, during the three and nine months ended June 30, 2025 and 2024 for all investments for which we determine fair value using unobservable (Level 3) inputs.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)


Three months ended June 30, 2025	Secured First Lien Debt		Secured Second Lien Debt		Unsecured Debt		Preferred Equity		Common Equity/ Equivalents		Total
Fair Value as of March 31, 2025	$	541,524	$	144,970	$	335	$	25,031	$	45,765	$	757,625
Total gains (losses):
Net realized gain (loss)(A)	(4,439)		—		—		—		731		(3,708)
Net unrealized appreciation (depreciation)(B)	815		(355)		7		686		(7,570)		(6,417)
Reversal of prior period net depreciation (appreciation) on realization(B)	6,053		295		—		—		—		6,348
New investments, repayments and settlements: (C)
Issuances/originations	73,889		130		12		—		—		74,031
Settlements/repayments	(80,193)		(741)		—		—		—		(80,934)
Net proceeds from sales	—		—		—		—		(731)		(731)
Transfers	(8,500)		—		—		—		8,500		—
Fair Value as of June 30, 2025	$	529,149	$	144,299	$	354	$	25,717	$	46,695	$	746,214

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)


Nine months ended June 30, 2025	Secured First Lien Debt		Secured Second Lien Debt		Unsecured Debt		Preferred Equity		Common Equity/ Equivalents		Total
Fair Value as of September 30, 2024	$	554,937	$	113,716	$	32	$	31,346	$	96,191	$	796,222
Total gains (losses):
Net realized gain (loss)(A)	(8,513)		—		—		5,404		64,827		61,718
Net unrealized appreciation (depreciation)(B)	(10,011)		(252)		(23)		7,513		6,432		3,659
Reversal of prior period net depreciation (appreciation) on realization(B)	9,612		295		—		(5,404)		(60,010)		(55,507)
New investments, repayments and settlements: (C)
Issuances/originations	212,754		47,827		345		6,262		915		268,103
Settlements/repayments	(221,130)		(17,287)		—		—		—		(238,417)
Net proceeds from sales	—		—		—		(19,404)		(70,160)		(89,564)
Transfers	(8,500)		—		—		—		8,500		—
Fair Value as of June 30, 2025	$	529,149	$	144,299	$	354	$	25,717	$	46,695	$	746,214

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Fair Value Measurements Using Significant Unobservable Inputs (Level 3)


Three months ended June 30, 2024	Secured First Lien Debt		Secured Second Lien Debt		Unsecured Debt		Preferred Equity		Common Equity/ Equivalents		Total
Fair Value as of March 31, 2024	$	563,849	$	140,409	$	33	$	32,598	$	54,435	$	791,324
Total gains (losses):
Net realized gain (loss)(A)	(50)		—		—		—		1,465		1,415
Net unrealized appreciation (depreciation)(B)	(6,748)		727		—		367		9,213		3,559
Reversal of prior period net depreciation (appreciation) on realization(B)	(33)		(58)		—		—		—		(91)
New investments, repayments and settlements: (C)
Issuances/originations	26,964		20,132		—		—		750		47,846
Settlements/repayments	(41,749)		(43,335)		—		—		—		(85,084)
Net proceeds from sales	50		—		—		—		(1,484)		(1,434)

Fair Value as of June 30, 2024	$	542,283	$	117,875	$	33	$	32,965	$	64,379	$	757,535

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)


Nine months ended June 30, 2024	Secured First Lien Debt		Secured Second Lien Debt		Unsecured Debt		Preferred Equity		Common Equity/ Equivalents		Total
Fair Value as of September 30, 2023	$	510,701	$	127,854	$	24	$	26,855	$	39,128	$	704,562
Total gains (losses):
Net realized gain (loss)(A)	(50)		—		—		219		1,724		1,893
Net unrealized appreciation (depreciation)(B)	(1,750)		2,270		9		(3,270)		24,804		22,063
Reversal of prior period net depreciation (appreciation) on realization(B)	(52)		99		—		130		(283)		(106)
New investments, repayments and settlements: (C)
Issuances/originations	106,939		35,494		—		10,000		750		153,183
Settlements/repayments	(73,555)		(47,842)		—		—		—		(121,397)
Net proceeds from sales	50		—		—		(969)

GLADSTONE CAPITAL CORP 10-Q