Gladstone Capital Corporation
(NASDAQ:GLAD)

Gladstone Capital Corporation is a private equity and a venture capital fund specializing in lower middle market, growth capital, add on acquisitions, debt investments in senior loans, second lien loans, senior subordinated loans, junior subordinated loans, and mezzanine loans and equity investments...

Website: http://www.gladstonecapital.com

Sector: Financial Services

Industry: Asset Management

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• Market Cap:

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Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2007-03-31	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-09-30	2002-06-30

investment income
interest income
non-control/non-affiliate investments	18,585,000	17,596,000	19,913,000	19,990,000	21,475,000	21,393,000	22,020,000	20,810,000	20,605,000	19,183,000	17,082,000	15,786,000	12,453,000	10,550,000	10,614,000	10,154,000	10,329,000	10,435,000	9,967,000	10,222,000	9,698,000	9,100,000	9,023,000	9,648,000	9,990,000	9,256,000	9,061,000	9,572,000	8,855,000	8,675,000	8,283,000	7,684,000	4,273,000	8,047,000	7,021,000	6,806,000	6,064,000	5,878,000	6,416,000	6,908,000	7,144,000	7,003,000	6,895,000	6,343,000	6,286,000	6,105,000	6,285,000	6,399,000	6,778,000	6,777,000	6,835,000	7,314,000	7,923,000	8,093,000	7,840,000
control investments	2,397,000	1,765,000	439,000	446,000	471,000	277,000	285,000	751,000	755,000	736,000	708,000	690,000	660,000	591,000	695,000	508,000	419,000	402,000	410,000	415,000	415,000	411,000	413,000	422,000	433,000	522,000	679,000	512,000	379,000	375,000	376,000	687,000	377,000	371,000	433,000	445,000	305,000	304,000	306,000	311,000	313,000	310,000	308,000	182,000	184,000	556,000	1,008,000	1,569,000	1,573,000	1,551,000	1,545,000	812,000	836,000	827,000	1,051,000
cash and cash equivalents	94,000	161,000	86,000	121,000	39,000	45,000	25,000	27,000	43,000	29,000	45,000	19,000	10,000	1,000								1,000	8,000	8,000	14,000	14,000	10,000	16,000	11,000	9,000	7,000	12,000																	1,000	1,000	1,000	1,000
total interest income	21,774,000	19,522,000	20,438,000	20,557,000	21,985,000	21,715,000	22,330,000	21,588,000	22,337,000	20,971,000	18,803,000	17,369,000	14,034,000	11,948,000	12,048,000	11,729,000	12,278,000	12,148,000	11,441,000	11,547,000	11,077,000	10,652,000	10,590,000	11,124,000	11,486,000	10,836,000	10,784,000	11,275,000	10,514,000	10,302,000	9,843,000	9,494,000	5,232,000	9,629,000	8,588,000	8,633,000	9,112,000	8,253,000	8,668,000	9,184,000	9,400,000	9,107,000	8,740,000	7,648,000			8,171,000	8,191,000	8,579,000	8,351,000	8,424,000	8,180,000	8,820,000	8,983,000	8,954,000
pik interest income
total pik interest income	1,996,000	1,331,000	900,000	763,000	1,399,000	1,484,000	1,385,000	1,408,000	932,000	845,000	775,000	998,000	1,533,000	645,000	914,000	1,137,000	967,000	598,000	445,000	535,000	858,000	976,000	412,000	332,000	332,000	326,000	317,000	412,000	339,000	1,133,000	1,157,000	1,176,000
success fee income
dividend income
affiliate investments	593,000	79,000	26,000						934,000	1,023,000	968,000	874,000	911,000	806,000	739,000	1,067,000	1,530,000	1,311,000	1,064,000	910,000	964,000	1,140,000	1,146,000	1,046,000	1,049,000	1,044,000	1,034,000	1,175,000	1,269,000	1,243,000	1,177,000	1,111,000	569,000	1,204,000	1,129,000	1,380,000	2,741,000	2,069,000	1,945,000	1,965,000	1,942,000	1,793,000	1,536,000	1,121,000	1,151,000	1,519,000	874,000	219,000
total dividend income	86,000	369,000	26,000		182,000	1,050,000		185,000		404,000	281,000	836,000	215,000	1,149,000	1,037,000	1,061,000	774,000	655,000	239,000	588,000	300,000	49,000	26,000	350,000			538,000
prepayment fee income
other income	80,000	39,000	84,000	103,000	63,000	1,145,000	282,000	40,000	487,000	268,000	102,000	91,000	806,000	42,000	30,000	28,000	1,292,000	13,000	60,000	212,000	344,000	52,000	114,000	353,000	1,275,000	366,000	262,000	222,000	404,000	514,000	86,000	189,000																											263,729.25	245,297	569,620	16,000	482,500	6,000	16,000	53,000	61,650	2,256	11,875
total investment income	23,936,000	21,657,000	21,569,000	21,960,000	23,714,000	25,689,000	23,997,000	23,221,000	23,756,000	22,823,000	20,561,000	19,294,000	15,939,000	13,784,000	17,260,000	16,167,000	14,361,000	13,666,000	12,885,000	12,882,000	12,579,000	11,729,000	11,492,000	12,159,000	12,718,000	12,886,000	12,522,000	11,909,000	11,257,000	12,379,000	11,086,000	10,859,000	10,834,000	9,632,000	8,793,000	9,974,000	9,750,000	9,844,000	9,456,000	10,060,000	10,174,000	9,935,000	9,223,000	8,726,000	8,682,000	10,180,000	9,331,000	8,392,000	9,352,000	8,551,000	8,424,000	9,828,000	10,045,000	9,961,000	10,996,000	16,877,496	7,000,700	6,030,319	5,857,603	6,127,226	5,886,529	3,967,949	6,709,810	4,367,920	3,967,949	4,000,404	4,059,744	3,859,293
expenses
base management fee	3,571,000	3,346,000	3,441,000	3,552,000	3,466,000	3,459,000	3,439,000	3,245,000	3,165,000	3,106,000	2,898,000	2,829,000	2,747,000	2,501,000	2,479,000	2,520,000	2,361,000	2,216,000	2,095,000	2,002,000	1,995,000	1,881,000	1,840,000	1,852,000	1,806,000	1,772,000	1,824,000	1,828,000	1,772,000	1,801,000	1,784,000	1,676,000	1,564,000	1,480,000	1,359,000	1,378,000	1,426,000	1,369,000	1,362,000	1,528,000	1,631,000	1,859,000	1,801,000	1,597,000	1,443,000	1,461,000	1,504,000	1,456,000	1,389,000	1,382,000	1,419,000	1,432,000	1,510,000	1,561,000	1,538,000	848,916
loan servicing fee	2,278,000	2,154,000	2,278,000	2,178,000	2,224,000	2,250,000	2,260,000	2,128,000	2,187,000	2,069,000	1,923,000	1,874,000	1,733,000	1,614,000	1,520,000	1,462,000	1,461,000	1,374,000	1,396,000	1,348,000	1,510,000	1,463,000	1,443,000	1,403,000	1,310,000	1,267,000	1,233,000	1,262,000	1,288,000	1,294,000	1,274,000	1,186,000	1,137,000	1,071,000	955,000	983,000	1,014,000	896,000	973,000	1,008,000	1,014,000	1,015,000	955,000	832,000	875,000	917,000
incentive fee	2,781,000	2,594,000	2,407,000	2,704,000	2,681,000	3,076,000	2,669,000	2,984,000	2,747,000	2,919,000	2,408,000	2,181,000	1,870,000	1,579,000	1,971,000	2,091,000	1,527,000	1,471,000	1,381,000	1,367,000	1,355,000	1,275,000	1,227,000	1,394,000	1,490,000	1,543,000	1,383,000	1,360,000	1,266,000	1,499,000	1,210,000	1,373,000	1,300,000	1,116,000	1,070,000	1,293,000	1,145,000	1,187,000	1,064,000	1,118,000	1,217,000	1,021,000	923,000	922,000	936,000	1,266,000	1,121,000	974,000	1,176,000	998,000	953,000	1,215,000	1,135,000	1,217,000	1,304,000	2,307,478
administration fee	612,000	464,000	462,000	474,000	570,000	477,000	469,000	454,000	479,000	417,000	417,000	403,000	423,000	407,000	401,000	379,000	382,000	369,000	332,000	355,000	352,000	349,000	358,000	371,000	366,000	288,000	326,000	345,000	356,000	310,000	312,000	272,000	244,000	272,000	286,000	300,000	282,000	287,000	277,000	336,000	249,000	235,000	268,000	281,000	218,000	219,000	213,000	203,000	126,000	183,000	187,000	150,000	174,000	175,000	209,000	294,851
interest expense	3,553,250	4,451,000	5,019,000	4,743,000	4,068,250	5,509,000	5,732,000	5,032,000	3,772,750	5,553,000	4,909,000	4,629,000																																												2,931,276	948,166	652,078
amortization of deferred financing costs	639,000	609,000	527,000	518,000	541,000	453,000	441,000	429,000	365,000	405,000	381,000	378,000	326,000	286,000	274,000	289,000	291,000	300,000	338,000	418,000	385,000	375,000	363,000																																				101,250	100,663	91,912
professional fees	321,000	238,000	99,000	396,000	177,000	263,000	278,000	230,000	196,000	271,000	232,000	281,000	193,000	139,000	207,000	264,000	126,000	302,000	160,000	218,000	206,000	219,000	267,000	185,000	139,000	209,000	218,000	267,000	135,000	200,000	290,000	255,000	163,000	223,000	206,000	236,000	188,000	214,000	358,000	353,000	100,000	315,000	210,000	374,000	268,000	98,000	337,000	290,000	41,000	181,000	35,000	258,000	428,000	135,000	362,000	220,001	110,887	122,466	196,726	133,505	156,383	152,771	59,279	282,292	177,658	107,348	101,211	86,577	83,701	119,322
other general and administrative expenses	499,000	440,000	515,000	694,000	425,000	659,000	638,000	495,000	368,000	402,000	404,000	304,000	317,000	346,000	315,000	384,000	283,000	256,000	238,000	324,000	280,000	280,000	313,000	346,000	289,000	303,000	272,000	323,000	258,000	266,000	270,000	292,000	343,000	230,000	143,000	401,000	240,000	426,000	394,000	283,000	296,000	222,000	407,000	264,000	263,000	179,000	328,000	321,000	272,000	197,000	241,000	317,000	337,000	281,000	528,000
expenses, before credits from adviser	16,474,000	14,296,000	14,748,000	15,259,000	15,526,000	16,146,000	15,926,000	14,997,000	15,263,000	15,142,000	13,572,000	12,879,000	11,398,000	10,022,000	10,187,000	10,396,000	9,497,000	9,345,000	8,762,000		8,483,000	8,314,000	8,393,000		8,506,000	8,590,000	8,458,000		7,591,000	7,939,000	7,777,000	7,309,000	7,115,000	6,599,000	5,909,000	6,449,000	6,431,000	6,329,000	6,363,000	6,695,000
credit to base management fee - loan servicing fee	-2,278,000	-2,154,000	-2,278,000	-2,178,000	-2,224,000	-2,250,000	-2,260,000	-2,128,000	-2,187,000	-2,069,000	-1,923,000	-1,874,000	-1,733,000	-1,614,000	-1,520,000	-1,462,000	-1,461,000	-1,374,000	-1,396,000	-1,348,000	-1,510,000	-1,463,000		-1,403,000					-1,288,000	-1,294,000	-1,274,000	-1,186,000	-1,137,000	-1,071,000	-955,000	-983,000	-1,014,000	-896,000	-973,000	-1,008,000				-832,000
credits to fees from adviser - other	-1,567,500	-1,779,000	-2,146,000	-2,345,000	-657,000	-600,000	-446,000	-1,582,000	-770,500	-1,926,000	-720,000	-436,000	-900,000	-1,571,000	-102,000	-1,927,000	-609,750	-909,000	-880,000		-1,130,750	-1,205,000							-533,250	-262,000	-1,030,000		-873,500	-1,275,000	-1,520,000	-699,000	-434,000	-496,000	-851,000	-386,000				-412,000
total expenses, net of credits	12,492,000	10,363,000	10,324,000	10,736,000	12,759,000	13,296,000	13,220,000	11,287,000	12,769,000	11,147,000	10,929,000	10,569,000	8,462,000	6,837,000	8,565,000	7,007,000	7,522,000	7,062,000	6,486,000	6,602,000	6,463,000	5,646,000	4,945,000	5,742,000	6,354,000	6,673,000	6,505,000	5,923,000	5,355,000	6,383,000	5,473,000	5,282,000	5,346,000	4,253,000	3,434,000	4,767,000	4,847,000	4,937,000	4,539,000	5,301,000	4,694,000	5,099,000	5,530,000	5,035,000
net investment income	11,444,000	11,294,000	11,245,000	11,224,000	10,955,000	12,393,000	10,777,000	11,934,000	10,987,000	11,676,000	9,632,000	8,725,000	7,477,000	6,947,000	8,695,000	9,160,000	6,839,000	6,604,000	6,399,000	6,280,000	6,116,000	6,083,000	6,547,000	6,417,000	6,364,000	6,213,000	6,017,000	5,986,000	5,902,000	5,996,000	5,613,000	5,577,000	5,488,000	5,379,000	5,359,000	5,207,000	4,903,000	4,907,000	4,917,000	4,759,000	5,480,000	4,836,000	3,693,000	3,691,000	4,410,000	5,063,000	4,485,000	4,410,000	4,707,000	4,410,000	4,410,000	4,859,000	4,543,000	4,869,000	5,216,000	10,887,283	5,203,816	4,442,414	3,805,057	4,372,426	4,431,258	2,938,636	4,595,988	3,121,558	2,938,636	2,848,439	3,115,736	2,919,591
net realized and unrealized gain	2,843,000	-3,605,000	-2,257,000	15,922,000	20,981,000	6,751,000	12,863,000	8,067,000	2,113,000	208,000	2,354,000	-3,027,000	-2,370,000	-12,546,000	-392,000	2,943,000	25,904,000	11,350,000	14,900,000	6,023,000	4,131,000	8,874,000	-34,322,000	-5,719,000	-973,000	2,643,000	3,313,000	-9,694,000	2,842,750	6,097,000	3,691,000	1,583,000	-1,052,500	784,000	-703,000		-5,978,000	609,000	-11,056,000		-10,176,000	-1,529,000	5,849,000	-3,360,000				6,096,000				3,507,000
net realized gain:
other	92,000	88,000	4,000	90,000	101,000	1,898,000	1,949,000	3,000	-3,000	44,000	25,000	253,000	-123,000	347,000	233,000	-700,000	82,000	79,000	-1,152,000	-8,000				-1,407,000								-133,000	-1,302,000	7,000	5,000	2,000	2,000	2,000	1,000		1,000	1,000	1,000	2,000	3,000	4,000	-108,000	-7,000
total net realized gain	-6,258,000	-3,620,000	7,706,000	57,814,000	214,000	3,315,000	2,168,000	262,000	-291,000	2,955,000	428,000	9,572,000	-91,000	-8,149,000	233,000	13,180,000	-110,000	6,531,000	-1,089,000	-2,152,000	135,000	-107,000	-3,070,000	-5,841,000	8,980,000	-807,000	2,302,000	-26,863,000	-27,160,000	199,000	324,000	441,000	-1,337,000	-23,000	45,000	-3,448,000	-2,621,000	-84,000	-5,521,000	15,380,000							-2,539,000		-1,351,500	-2,388,000	30,000		-2,015,500	150,000	37,000
net unrealized appreciation
total net unrealized appreciation	9,101,000	15,000	-9,963,000	-41,892,000	20,767,000	3,436,000	10,695,000	7,805,000	2,404,000	-2,747,000	1,926,000	-12,599,000	-2,279,000	-4,397,000	-625,000	-10,237,000	26,014,000	4,819,000	15,989,000	8,175,000	3,996,000	8,981,000	-31,252,000	122,000	-9,953,000	3,450,000	1,011,000	17,169,000	11,349,000	5,898,000	3,367,000	1,142,000	-196,000	807,000			-8,421,250	693,000					6,431,000	9,498,000				16,870,000				6,555,000
preferred stock dividends	316,000	241,000	191,000	171,000	119,000	88,000	8,000
net increase in net assets resulting from operations	13,971,000	7,448,000	8,797,000	26,975,000	31,817,000	19,056,000	23,632,000	20,001,000	13,100,000	11,884,000	11,986,000	5,698,000	5,107,000	-5,599,000	8,303,000	12,103,000	32,743,000	17,954,000	21,299,000	12,303,000	10,247,000	14,957,000	-27,775,000	698,000	5,391,000	8,856,000	9,330,000	-3,708,000	-9,909,000	12,093,000	9,304,000	7,160,000	5,445,000	6,163,000	4,656,000	916,000	20,695,000	5,516,000	-6,139,000	-8,704,000	-4,696,000	3,307,000	9,542,000	331,000	23,004,000	-20,175,000	-2,102,000	10,506,000	28,675,000	-2,059,000	-2,763,000	8,366,000				8,248,454	5,590,381	8,233,349
basic and diluted per common share:
weighted-average shares of common stock outstanding: basic and diluted		22,329,852,000	22,329,852,000	22,311,501,000		21,754,456,000	43,508,897,000	43,508,897,000		37,680,465,000	36,604,182,000	35,207,208,000		34,304,371,000	34,304,371,000	34,304,371,000	33,234,482,000	33,765,624,000	32,765,980,000	32,097,542,000	31,040,852,000	31,192,639,000	31,145,484,000	30,513,530,000	29,269,466,000	29,491,285,000	28,634,013,000	28,504,715,000	27,104,077,000	27,134,305,000	26,709,476,000	26,522,788,000	25,495,117,000	25,576,149,000	25,517,866,000	24,778,970,000	23,200,642,000	23,363,952,000	23,413,131,000		21,066,844	21,123,202,000	21,011,809,000	21,000,160,000	21,000,160	21,000,160
total success fee income										335,000	600,000				3,231,000	1,563,000		202,000					350,000				621,000			430,000
total prepayment fee income													162,250			649,000	237,500	50,000	700,000
interest expense on borrowings and notes payable													2,294,250	3,150,000	3,020,000	3,007,000	2,111,750	3,057,000	2,822,000	2,568,000	1,897,750	2,472,000	2,582,000	2,537,000	1,517,750	2,088,000	2,085,000	1,898,000
dividends on mandatorily redeemable preferred stock																								9,000				776,000
expenses before credits from adviser																				8,600,000				8,458,000				8,359,000													5,045,000	6,982,000	6,919,000	6,279,000	5,969,000	6,101,000	5,173,000	4,860,000	4,771,000	4,696,000	4,653,000	5,170,000	5,594,000	5,474,000	5,903,000
credit to fees from adviser - other																				-650,000				-1,313,000								-841,000
dividend expense on mandatorily redeemable preferred stock																									777,000	776,000	776,000		777,000	776,000	776,000	776,000	1,065,000	1,029,000	1,029,000	1,029,000	1,030,000	1,029,000	1,029,000	1,029,000	1,029,000	1,029,000	1,029,000	1,029,000	1,029,000	937,000	686,000	686,000	687,000	686,000	686,000	686,000	685,000	686,000	686,000
credit to base management fee—loan servicing fee																							-1,443,000																		-700,500	-1,015,000	-955,000
credits to fees from adviser—other																							-2,005,000																		-428,500	-868,000	-434,000		-318,000	-67,000
amortization of deferred financing costs and discounts																								361,000				300,000
amortization of deferred financing fees																									363,000	344,000	341,000		237,000	237,000	292,000	248,000	273,000	274,000	274,000	273,000	273,000	273,000	273,000	255,000	249,000	253,000	302,000	302,000	303,000	314,000	315,000	315,000	313,000	313,000	329,000	256,000	256,000	252,000	277,000	126,500	32,286	26,250				83,551
credit to base management fee – loan servicing fee																									-940,500	-1,267,000	-1,233,000	-1,262,000
credits to fees from adviser – other																									-636,000	-650,000	-720,000
credit to fees from adviser – other																												-1,174,000
interest expense on borrowings																													1,502,000	1,556,000	1,569,000	1,231,000	1,026,000	904,000	587,000	556,000	833,000	648,000	633,000	785,000	1,093,000	1,033,000	1,024,000	678,000	634,000	710,000	669,000	615,000	767,000	756,000	803,000	856,000	1,069,000	1,167,000	999,000
distributions declared and paid																													157.5	210	210		157.5	210	210	210	157.5	210	210	210	157.5	210	210	210
distributions declared and paid per common share																																210
total other income																																	387,250	3,000	205,000	1,341,000	638,000	1,591,000	788,000	876,000	774,000	828,000	483,000	1,078,000									755,000	978,000	2,042,000
net unrealized (depreciation) appreciation:
total net unrealized (depreciation) appreciation																																			-748,000	-843,000			-5,535,000	-28,843,000	3,868,750	-454,000					-4,048,000
net realized and unrealized loss																																				-4,291,000				-13,463,000					-6,432,250	-25,238,000	-6,587,000		-2,533,750	-6,469,000	-7,173,000		923,000	-15,449,000	-6,819,000
weighted-average shares of common stock outstanding:
basic and diluted					21,781,074,000				37,315,922,000				34,351,663,000																											22,687,057,000							21,000,160	21,000,160,000	21,000,160,000	21,000,160,000	21,000,160,000	21,000,160,000	21,011,123,000	21,000,160,000	21,005,402,000
escrows																																									-19,000	68,000	-582,000	23,000	20,000
extinguishment of debt																																														-1,297,000
total net realized loss																																									-19,661,000	-1,075,000	-582,000	-12,858,000				-10,774,000				-3,048,000
interest income:
other income:
credits to base management fee—loan servicing fee																																													-657,000	-917,000
total expenses net of credits																																													4,272,000	5,117,000	4,846,000	3,982,000	4,645,000	4,141,000	4,014,000	4,969,000	5,502,000	5,092,000	5,780,000
dividends declared and paid per share																																													0.158	0.21	0.21
notes receivable from employees																																															4,000	4,000	11,000	22,000	43,000	53,000	60,000	62,000	63,000
credits to fees from adviser																																															-327,000	-878,000	-126,000	-555,000	-639,000	-201,000	-239,000	-382,000	-123,000
net realized loss:
borrowings																																																	680,000	620,000	430,000	1,670,000	826,000	-4,477,000	313,000
net unrealized depreciation																																																	-1,182,250	-4,081,000	-7,203,000		-4,978,250	-15,599,000	-6,856,000
net increase in net assets resulting from operations per common share:
basic and diluted																																																	42.5	-100	-130	400
realized and unrealized gain
net increase in net assets resulting from operations per common share
basic and diluted																																																	42.5	-100	-130	400
weighted-average shares of common stock outstanding
basic and diluted					21,781,074,000				37,315,922,000				34,351,663,000																											22,687,057,000							21,000,160	21,000,160,000	21,000,160,000	21,000,160,000	21,000,160,000	21,000,160,000	21,011,123,000	21,000,160,000	21,005,402,000
cash																																																					1,750	1,000
net decrease in net assets resulting from operations																																																					-3,368,500	-10,580,000	-1,603,000
net decrease in net assets resulting from operations per common share
basic and diluted																																																					-160	-500	-80
net decrease in net assets resulting from operations per common share:
basic and diluted																																																					-160	-500	-80
interest income – investments																																																								16,153,059	6,875,264	5,847,107	5,735,849	5,766,233	5,198,180	3,539,696	5,700,139	3,878,817	3,539,696	2,471,977.25	3,684,284	3,275,962
interest income – cash and cash equivalents																																																								68,914	4,624	8,912	3,706	7,631	5,130	48,621	15,268	17,334	48,621	97,644.25	79,073	113,338
interest income – notes receivable from employees																																																								271,122	107,033	107,093	107,788	108,065	113,599	108,632
prepayment fees and other income																																																								384,401	13,779	67,207
loan servicing																																																								1,479,775	734,644	715,415	745,263	687,971	585,542
stockholder related costs																																																								151,016	115,864	128,935	27,660	16,475	104,541	52,660	10,643	67,320	52,660	19,614	12,227	74,342
directors fees																																																								111,220	30,212	24,000	24,219	26,624	24,000	24,333	28,000	32,877	24,333	19,000	20,290	20,857
insurance expense																																																								125,092	50,590	50,777
stock option compensation																																																									34,065	43,257
general and administrative exepnses																																																								137,460	60,791	55,789
expenses before credit from adviser																																																								8,733,585
credit to base management and incentive fees from adviser
total expenses net of credits to base management and incentive fees																																																								5,990,213
net investment income before income taxes																																																								10,887,283	5,203,816	4,492,651	3,875,657	4,372,426	4,431,258	2,938,636
income tax expense																																																										50,237	70,600
realized and unrealized gain on investments:
net realized gain on sale of investments																																																								86,519
realized gain on settlement of derivative																																																								22,793
unrealized (depreciation) appreciation on derivative
net unrealized (depreciation) appreciation on investments
net gain on investments																																																									386,565	3,790,935
net increase in net assets resulting from operations per common share:
basic																																																								0.67	0.49	0.73	0.2	0.35	0.38	0.14	0.56	0.28	0.14	0.21	0.24	0.36
diluted																																																								0.67	0.48	0.71	0.2	0.34	0.37	0.13	0.54	0.27	0.13	0.208	0.23	0.36
weighted-average shares of common stock outstanding:
basic	22,357,574,000																																																							12,272,012	11,308,510	11,306,510	11,292,466	11,299,010	11,288,833	10,081,844	10,105,270			10,072,677		10,071,844		10,071,844
diluted	22,662,197,000																																																							12,272,012	11,536,360	11,573,620	11,609,146	11,578,637	11,620,603	10,333,529	10,301,390			10,188,488		10,100,062		10,201,052
management fee																																																									352,379	268,701	283,703	358,631	390,007
expenses before credit from gladstone management																																																									2,469,884	2,087,668	2,081,946	1,995,400	1,905,271	1,029,313
credit to management fee for fees collected by gladstone management
total expenses net of credit to management fee																																																									1,796,884	1,537,668	1,981,946	1,754,800	1,455,271	1,029,313
realized gain on sale of investments																																																									377,500
unrealized appreciation on derivative																																																									24,658
net unrealized depreciation on investments																																																																		224,753	-744,837
unrealized depreciation on derivative
net unrealized appreciation on investments																																																										4,972,422										742,424
fee income																																																														255,000
interest																																																											600,042	563,336	439,521	78,200	133,735	24,602					25.75	103
insurance																																																											44,161	43,891	43,890	74,011	63,369	63,274	74,011	58,787	71,883	73,686
salaries and benefits																																																														390,707	1,253,073	419,769	390,707	613,002	493,901	477,861	242,148.75	364,253
rent																																																														37,760	34,873	33,964	37,760	45,820	54,899	54,525	20,843.75	36,095
general and administrative																																																											58,922	64,304	69,475	135,320	230,619	173,225	127,188	128,711	127,242	151,854	130,796.5	163,802
unrealized gain on investments:
net unrealized (depreciation)/appreciation on investments
net unrealized gain on investments
net increase in stockholders’ equity resulting from operations																																																											3,288,619.75	3,934,153	4,275,378	1,381,074	5,609,893	2,828,583	1,381,074	2,111,267.25	2,370,899	3,662,015	1,207,509	2,224,574
net increase in stockholders’ equity resulting from operations per common share:
basic																																																								0.67	0.49	0.73	0.2	0.35	0.38	0.14	0.56	0.28	0.14	0.21	0.24	0.36
diluted																																																								0.67	0.48	0.71	0.2	0.34	0.37	0.13	0.54	0.27	0.13	0.208	0.23	0.36
realized gain on sale of investment																																																													20,000			12,500
unrealized appreciation (depreciation) on derivative																																																													15,848
net realized and unrealized loss on investments
net unrealized appreciation (depreciation) on investments																																																															1,013,905
interest income – notes receivable from officers																																																															112,528		108,632	82,269.5	109,737	109,737
managerial assistance fees																																																															399,375	356,231	255,000	402,500	125,000	358,000
financing fees																																																															185,855	149,039	144,996	159,683	62,355
loss on derivative																																																															114,376
total expenses																																																															2,113,822	1,246,362	1,029,313	1,151,965	944,008	939,702
interest income - notes receivable from officers																																																																109,538
weighted average shares of common stock outstanding:
basic																																																																10,087,615	10,081,844		10,071,844
diluted																																																																10,375,281	10,333,529		10,256,790
net increase in stockholders’ equity resulting from operations per common share
basic																																																								0.67	0.49	0.73	0.2	0.35	0.38	0.14	0.56	0.28	0.14	0.21	0.24	0.36
diluted																																																								0.67	0.48	0.71	0.2	0.34	0.37	0.13	0.54	0.27	0.13	0.208	0.23	0.36
weighted average shares of common stock outstanding
basic																																																																10,087,615	10,081,844		10,071,844
diluted																																																																10,375,281	10,333,529		10,256,790
weighted-average shares of common stock outstanding
basic	22,357,574,000																																																							12,272,012	11,308,510	11,306,510	11,292,466	11,299,010	11,288,833	10,081,844	10,105,270			10,072,677		10,071,844		10,071,844
diluted	22,662,197,000																																																							12,272,012	11,536,360	11,573,620	11,609,146	11,578,637	11,620,603	10,333,529	10,301,390			10,188,488		10,100,062		10,201,052
operating income
yoy
qoq
interest income - debt																																																																					933,865.25	1,808,834
interest income - cash and cash equivalents																																																																					340,202.75	351,726
interest income - officer loans																																																																					80,879.5	108,691
loan and managerial assistance fees																																																																					321,702.25	645,898
total operating income																																																																					1,688,524.75	2,915,149
operating expenses
directors’ fees																																																																					3,500	7,000
total operating expenses																																																																					481,015.75	690,575
net operating income																																																																					1,207,509	2,224,574
net operating income per common share:
basic																																																																					0.12	0.22
diluted																																																																					0.118	0.22

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-06-30

assets
investments, at fair value:
non-control/non-affiliate investments	696,317,000	639,003,000	685,471,000	749,962,000	750,904,000	710,261,000	744,180,000	708,506,000	663,544,000	642,847,000	601,415,000	544,447,000
affiliate investments	53,911,000	16,594,000	15,932,000	12,405,000	7,438,000	9,892,000	10,382,000	10,716,000	10,421,000	42,023,000	42,110,000	41,940,000
control investments	108,896,000	95,663,000	61,233,000	37,130,000	37,918,000	37,592,000	37,026,000	30,763,000	30,850,000	30,454,000	35,234,000	35,352,000
cash	596,000
cash equivalents	31,774,000
restricted cash
interest receivable	5,702,000	6,048,000	5,643,000	5,489,000	5,923,000	5,339,000	7,684,000	6,158,000	6,100,000	4,237,000	3,042,000	4,113,000												10,362
due from administrative agent	4,791,000	1,846,000	2,018,000	3,262,000	2,802,000	5,922,000	2,640,000	4,184,000	2,936,000	4,299,000	5,686,000	4,004,000
deferred financing costs	1,951,000	2,198,000	550,000	801,000	1,053,000	1,150,000	1,118,000	1,220,000	1,335,000	1,509,000	487,000	711,000	171,250	166,912
other assets	3,659,000	3,542,000	3,136,000	4,700,000	4,126,000	3,686,000	3,612,000	3,417,000	2,911,000	2,907,000	2,747,000	2,840,000	81,186	114,220	142,507	127,220	431,715	995,555	499,471	254,519	178,445	278,750	212,945	341,987
total assets	907,597,000	780,198,000	776,780,000	815,625,000	812,468,000	775,088,000	812,054,000	766,557,000	719,498,000	730,062,000	699,770,000	639,603,000	209,320,463	213,753,998	194,085,591	215,333,727	220,533,798	244,291,070	224,211,301	214,566,663	199,857,436	199,846,757	173,410,821	137,724,982
liabilities
line of credit at fair value		27,500,000	25,149,000	61,500,000	70,600,000	65,800,000	117,200,000	85,000,000	47,800,000	163,800,000	152,439,000	108,400,000
notes payable, net of unamortized deferred financing costs and discounts of 8,644 and 2,990, respectively	397,856,000
accounts payable and accrued expenses	1,188,000	824,000	1,066,000	1,701,000	1,230,000	986,000	1,009,000	1,065,000	1,006,000	1,069,000	619,000	586,000
interest payable	3,141,000	4,126,000	2,782,000	4,278,000	2,916,000	4,296,000	3,011,000	4,323,000	2,956,000	4,307,000	2,779,000	4,065,000												103
fees due to adviser	2,921,000	2,479,000	1,990,000	2,236,000	3,889,000	4,163,000	3,906,000	2,995,000	3,872,000	2,513,000	3,157,000	3,156,000
fee due to administrator	610,000	1,007,000	846,000	679,000	569,000	831,000	705,000	572,000	479,000	696,000	605,000	499,000
other liabilities	459,000	539,000	631,000	558,000	513,000	465,000	241,000	1,315,000	1,576,000	1,845,000	546,000	907,000
total liabilities	406,175,000	291,227,000	286,993,000	325,213,000	333,727,000	330,415,000	379,687,000	348,629,000	310,803,000	372,116,000	357,959,000	315,277,000	55,514,629	59,612,688	40,935,484	63,107,072	89,865,223	115,875,961	95,251,602	83,764,281	68,504,414	67,943,799	42,651,917	7,733,846
commitments and contingencies
preferred stock, 0.001 par value per share...	19,387,000	14,517,000	11,728,000	10,096,000	7,846,000	5,595,000	1,576,000
net assets
common stock, 0.001 par value per share...	45,000	44,000	44,000	44,000	44,000	44,000	44,000	44,000	44,000	39,000	37,000	36,000
capital in excess of par value	501,628,000	494,631,000	494,632,000	494,628,000	492,305,000	481,478,000	481,478,000	481,480,000	481,480,000	433,165,000	419,834,000	406,080,000	164,610,873	164,498,128	164,183,548	164,294,781	140,852,913	140,723,063	140,416,674	140,416,674	140,266,684	140,266,684	140,266,684	140,266,684
cumulative net unrealized appreciation (depreciation) of investments	-17,490,000	-26,591,000	-26,557,000	-16,643,000	25,249,000	4,482,000	1,046,000	-9,649,000	-17,454,000	-19,858,000	-17,272,000	-19,037,000
under distributed net investment income	5,198,000	5,197,000	5,591,000	5,716,000	6,144,000
accumulated net realized losses	-7,346,000			-3,429,000	-52,847,000	-53,066,000	-57,471,000	-59,854,000	-60,116,000	-60,268,000	-63,423,000	-63,852,000
total distributable loss	-19,638,000	-20,221,000	-16,617,000	-14,356,000	-21,454,000	-42,444,000	-50,731,000	-63,596,000	-72,829,000	-75,258,000	-78,060,000	-81,790,000
total net assets	482,035,000	474,454,000	478,059,000	480,316,000	470,895,000	439,078,000	430,791,000	417,928,000	408,695,000	357,946,000	341,811,000	324,326,000
net asset value per common share	21,340	21,250	21,410	21,510	21,180	20,180	9,900	9,610	9,390	9,270	9,190	9,060
cash and cash equivalents		15,169,000	2,643,000	1,736,000	2,172,000	1,136,000	5,284,000	1,498,000	1,306,000	1,681,000	8,923,000	6,102,000	766,922	19,174,183	23,383,544	15,969,890	4,895,459	6,809,323	7,252,566	21,143,972	27,066,673	31,154,246	48,130,938	70,657,117
restricted cash and cash equivalents		135,000	154,000	140,000	132,000	110,000	128,000	95,000	95,000	105,000	126,000	94,000
notes payable, net of unamortized deferred financing costs of 2,248 and 2,990, respectively		254,752,000
accumulated net realized gains		1,173,000	4,398,000
notes payable, net of unamortized deferred financing costs of 2,471 and 2,990, respectively			254,529,000
cumulative net unrealized appreciation of other			-49,000
notes payable, net of unamortized deferred financing costs of 2,739 and 2,990, respectively				254,261,000
notes payable, net of unamortized deferred financing costs of 2,990 and 3,886, respectively					254,010,000
notes payable, net of unamortized deferred financing costs of 3,126 and 3,886, respectively						253,874,000
under (over) distributed net investment income						6,140,000	5,694,000	5,907,000		4,868,000	2,474,000	1,099,000
notes payable, net of unamortized deferred financing costs of 3,385 and 3,886, respectively							253,615,000
notes payable, net of unamortized deferred financing costs of 3,641 and 3,886, respectively								253,359,000
notes payable, net of unamortized deferred financing costs of 3,886 and 2,393, respectively									253,114,000
under									4,741,000
notes payable, net of unamortized deferred financing costs of 2,114 and 2,393, respectively										197,886,000
notes payable, net of unamortized deferred financing costs of 2,186 and 2,393, respectively											197,814,000
cumulative net unrealized appreciation (depreciation) of other											161,000
notes payable, net of unamortized deferred financing costs of 2,336 and 2,393, respectively												197,664,000
investments at fair value													194,708,459	178,448,617	167,842,273	146,446,240	157,247,029	138,541,292	118,883,375	109,307,553	104,975,144	102,036,900	83,826,434	66,008,175
cash and cash equivalents pledged to creditors																49,984,950	55,006,917	95,004,939	95,001,094	80,022,249			40,005,996
interest receivable – investments in debt securities													1,199,684	1,115,302	979,666	837,336	789,623	1,270,800	1,043,095		1,088,168	942,777	854,458
interest receivable – employees													90,915	107,187	38,012
due from custodian													12,230,425	14,472,037	1,171,809	1,203,079	627,672	225,000	37,500	1,207,000
due from affiliate															79,238	109,639
prepaid assets													71,622	155,540	189,718	191,676	1,512,345	1,334,538	1,473,355	1,479,815	1,432,593	312,165	355,823	46,770
liabilities and stockholders’ equity
accounts payable													206,399	155,872	220,844	105,921	146,132	86,795	91,052	23,247	330,269			160,524
fees due to affiliate													319,411	167,243	149,911
borrowings under lines of credit													54,590,000	59,100,000	40,400,000	40,743,547	33,520,666
accrued expenses and deferred liabilities													198,819	189,573	164,729	911,607	2,289,829	2,184,166	2,059,550	1,965,025	1,547,310	1,715,561	1,129,697	558,132
funds held in escrow													200,000
repurchase agreement																21,345,997	53,908,596	93,105,000	93,101,000	78,449,000	63,706,000	63,710,277	39,205,697	4,900,000
stockholders’ equity
common stock, 0.001 par value...													11,304	11,299	11,279	11,279	10,114	10,105	10,082	10,082	10,072	10,072	10,072	10,072
notes receivable for sale of stock to employees
net unrealized depreciation on investments
unrealized depreciation on derivative
realized gain on sale of investments													42,250
distributions less than net investment income													1,247,440	1,323,683	937,489
total stockholders’ equity													153,805,834	154,141,310	153,150,107	152,226,655	130,668,575	128,415,109	128,959,699	130,802,382	131,353,022	131,902,958	130,758,904	129,991,136
total liabilities and stockholders’ equity													209,320,463	213,753,998	194,085,591	215,333,727	220,533,798	244,291,070	224,211,301	214,566,663	199,857,436	199,846,757	173,410,821	137,724,982
deferred financing fees															258,824	350,737
notes receivable – employees
interest receivable – cash and cash equivalents																	170	361	1,302			969	1,464
interest receivable – officers																112,960	22,868	109,262	19,543		109,736	109,737	22,763
dividends payable																				3,327,009	2,920,835	2,517,961	2,316,523	2,115,087
notes receivable – officers
distributions less than (in excess of) net investment income																310,598
undistributed/(overdistributed) net investment income																	109,718				62,475
borrowings under line of credit																		20,500,000
interest receivable—investments in debt securities																				1,041,943
interest receivable—cash and cash equivalents																				955
interest receivable—officers																				108,657
notes receivable—officers
cash and cash equivalents pledged as collateral																					65,006,677	65,011,213
net unrealized appreciation on investments																						742,424
declared distributions in excess of undistributed earnings
interest receivable - debt securities																								551,881
interest receivable - officers																								108,690
accrued offering costs
notes receivable - officers
net realized loss
distributions in excess of undistributed net realized earnings

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-06-30	2021-03-31	2020-12-31	2020-06-30	2020-03-31	2019-12-31	2019-06-30	2019-03-31	2018-12-31	2018-06-30	2018-03-31	2017-12-31	2017-06-30	2017-03-31	2016-12-31	2016-06-30	2016-03-31	2015-12-31	2015-06-30	2015-03-31	2014-12-31	2014-06-30	2014-03-31	2013-12-31	2013-06-30	2013-03-31	2012-12-31	2012-06-30	2012-03-31	2011-12-31	2011-06-30	2011-03-31	2010-12-31	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-06-30	2008-03-31	2007-12-31	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31

cash flows from operating activities
net increase in net assets resulting from operations	13,971,000	7,448,000	8,797,000	26,975,000	31,817,000	19,056,000	23,632,000	20,001,000	13,100,000	11,884,000	11,986,000	5,698,000	5,107,000	-5,599,000	8,303,000	12,103,000	17,954,000	21,299,000	12,303,000	14,957,000	-27,775,000	698,000	8,856,000	9,330,000	-3,708,000	12,093,000	9,304,000	7,160,000	6,163,000	4,656,000	916,000	5,516,000	-6,140,000	-8,704,000	3,307,000	9,542,000	331,000	-20,175,000	-2,102,000	10,506,000	-2,059,000	-2,763,000	8,366,000			-1,289,000	-14,310,000	-8,382,000	2,132,000	-1,749,000	7,980,000	6,326,000	3,394,000	-789,000	10,281,000	-9,103,000	2,809,681	-11,904,178	1,900,497	5,964,600	4,084,851	4,163,603	5,063,429	5,543,076	5,590,381	8,233,349
adjustments to reconcile net increase in net assets resulting from operations to net cash from operating activities:
purchase of investments	-126,633,000	-72,952,000	-45,595,000	-151,616,000	-28,527,000	-46,389,000	-44,735,000	-57,998,000	-27,393,000	-70,615,000	-64,090,000	-13,379,000	-86,047,000	-67,282,000	-10,775,000	-110,794,000	-53,192,000	-72,000,000	-29,098,000	-55,677,000	-29,792,000	-42,535,000	-59,150,000	-3,946,000	-59,228,000	-20,143,000	-19,439,000	-56,938,000	-35,791,000	-39,611,000	-20,047,000	-33,994,000	-20,781,000	-5,087,000	-1,325,000	-30,975,000	-61,465,000	-3,360,000	-34,920,000	-44,881,000	-10,031,000	-9,008,000	-51,818,000	-36,645,000	-18,358,000	-11,251,000			-11,794,000
principal repayments on investments	23,495,000	81,474,000	65,522,000	92,262,000	12,525,000	84,963,000	14,177,000	21,806,000	41,305,000	31,530,000	9,107,000	25,563,000	21,761,000	7,631,000	50,857,000	79,743,000	45,377,000	47,825,000	30,631,000	17,191,000	23,447,000	12,656,000	41,217,000	48,504,000	8,868,000	24,356,000	14,171,000	18,569,000	6,037,000	14,521,000	42,234,000	20,473,000	16,792,000	41,331,000	4,980,000	583,000	4,497,000	8,918,000	13,748,000	24,667,000	14,417,000	4,411,000	50,596,000	15,220,000	13,980,000	10,780,000	4,628,000	22,019,000	13,208,000	18,482,000	23,014,000	15,404,000	4,071,000	15,439,000	13,053,000	14,927,000	40,755,266	3,000,023	4,046,711	37,572,621	38,263,017	23,967,229	16,133,852	44,358,944	24,815,067	38,702,066	10,028,791	18,154,720	33,859,918	25,975,707	13,268,279	28,712,175	674,374	4,504,167	15,605,827	2,050,000	250,000	100,000
proceeds from sale of investments																																									639,000	0	5,918,000	0	1,970,000	4,489,000	0	740,000	37,000	0	337,000	2,782,000	7,241,000	39,750,000	0	2,212,000
increase in investments due to paid-in-kind interest or other																										-1,116,000	-1,355,000	-983,000	-1,310,000	-1,194,000	-1,095,000	-572,000	-803,000	-2,936,000
net change in premiums, discounts and amortization	-5,000	-540,000	-135,000	-166,000	-281,000	121,000	293,000	37,000	-79,000	-28,000	235,000	-14,000	160,000	-58,000	-281,000	-266,000	511,000	179,000	2,000	-30,000	-55,000	-196,000	575,000	-60,000	-108,000	52,000	-52,000	-45,000	66,000	319,000	54,000	-12,000	-40,000	-57,000	-75,000	-77,000	371,000	-36,000	-118,000	84,000	-169,000	52,000	474,000	4,000	-45,000	-74,000	644,000	563,000	213,000
net realized gain on investments	6,350,000	3,708,000	-7,702,000	-57,724,000	-113,000	-1,417,000	-219,000	-259,000	288,000	-2,911,000	-403,000	-9,319,000	-32,000	8,496,000	0	-13,880,000	-6,452,000	-63,000	2,144,000	107,000	3,081,000	4,434,000	834,000	-2,302,000	26,863,000				23,000	-45,000	3,448,000													-121,000
net unrealized depreciation (appreciation) of investments	-9,101,000	34,000	9,914,000	41,892,000	-20,767,000	-3,436,000	-10,695,000	-7,805,000	-2,404,000	2,586,000	-1,765,000	12,599,000	2,279,000	4,397,000	625,000	10,237,000	-4,829,000	-16,009,000	-8,495,000	-8,981,000	31,436,000	-139,000										-692,000	5,595,000	28,844,000
net realized gain on other	-92,000	-88,000	-4,000	-90,000	-101,000	-1,898,000	-1,949,000	-3,000	3,000	-44,000	-25,000	-253,000	123,000	-347,000	-233,000	700,000	-79,000	1,152,000	8,000	0	0	1,407,000
amortization of deferred financing costs	639,000	609,000	527,000	518,000	541,000	453,000	441,000	429,000	365,000	405,000	381,000	378,000	326,000	286,000	274,000	289,000																																																			101,250	100,663
changes in assets and liabilities:
decrease (increase) in interest receivable	346,000	-405,000	-154,000	434,000	-584,000	2,345,000	-1,526,000	-58,000	-1,863,000	-1,195,000	1,071,000	-1,376,000	692,000	-523,000	-781,000	236,000	492,000	-452,000	872,000	887,000	-540,000	-279,000										99,000	-197,000	3,025,000												132,000													174,338					-80,336
decrease (increase) in funds due from administrative agent	-2,945,000	172,000	1,244,000	-460,000	3,120,000	-3,282,000	1,544,000	-1,248,000	1,363,000	1,387,000	-1,682,000	-805,000	124,000	-982,000	1,447,000	-837,000	558,000	-329,000	-254,000	-3,607,000	2,225,000	-347,000	51,000	-278,000	670,000
decrease (increase) in other assets	-125,000	-405,000	1,563,000	-576,000	-449,000	-73,000	-196,000	-506,000	-63,000	-215,000	93,000	-387,000	-102,000	580,000	-438,000	-827,000	-600,000	-233,000	157,000	308,000	47,000	-123,000				173,000	1,676,000	256,000																41,000														16,697	66,143
increase in accounts payable and accrued expenses	364,000	-242,000	-635,000	471,000	244,000	-23,000	-56,000	59,000	-63,000	450,000	33,000	86,000	140,000	-181,000	46,000	5,000	-400,000	210,000	223,000	198,000	-249,000	84,000	18,000	115,000	74,000						-405,000		-199,000	76,000	-88,000	-85,000	128,000						-80,000			11,000
increase in interest payable	-985,000	1,344,000	-1,496,000	1,362,000	-1,380,000	1,285,000	-1,312,000	1,367,000	-1,351,000	1,528,000	-1,286,000	1,548,000	-1,227,000	1,541,000	-1,444,000	1,850,000	1,882,000	823,000	155,000	-16,000	-35,000	395,000	18,000	-40,000	534,000	-67,000	56,000	66,000				3,000	13,000	-124,000	-53,000	77,000	61,000																						7,821	-11,956	170,131	111,075	59,138	-90,559	89,561	5,683
increase in fees due to adviser	442,000	489,000	-246,000	-1,653,000	-274,000	257,000	911,000	-877,000	1,359,000	-644,000	1,000	1,052,000	809,000	-1,903,000	1,640,000	-697,000	163,000	-168,000	24,000	862,000	-891,000	-582,000	178,000								-11,000	505,000	-619,000	574,000	-365,000	113,000	595,000							-322,000	649,000	-346,000	0	-25,000	1,143,000
increase in fee due to administrator	-397,000	161,000	167,000	110,000	-262,000	126,000	133,000	93,000	-217,000	91,000	106,000	76,000	-253,000	97,000	113,000	84,000	113,000			83,000			-38,000	-19,000	28,000	-2,000	40,000	28,000	-14,000	-14,000	18,000	10,000	-59,000	86,000	-34,000	-13,000	63,000	6,000	10,000	77,000	-4,000	37,000	-24,000		16,000	1,000
increase in other liabilities	-80,000	-92,000	73,000	45,000	48,000	224,000	-1,074,000	-261,000	-269,000	1,299,000	-361,000	377,000	-263,000	-823,000	-4,596,000	653,000	5,250,000	644,000	-173,000	63,000	-39,000	85,000	86,000	-43,000	91,000	22,000	-137,000	-26,000	-37,000	-279,000	650,000		-4,952,000	9,962,000	-1,668,000	1,812,000	-281,000	-75,000	73,000	267,000	-371,000	-154,000	-45,000	-63,000	-35,000	917,000	-68,000
net cash from operating activities	-96,634,000	20,406,000	46,750,000	23,989,000	-5,694,000	54,210,000	-19,105,000	-26,171,000	22,870,000	-21,414,000	-46,839,000	34,523,000	-57,798,000	-56,267,000	43,454,000	-5,790,000	12,118,000	-16,950,000	12,199,000	-34,250,000	3,695,000	-24,313,000	-10,860,000	53,284,000	-43,407,000	10,250,000	4,591,000	-36,889,000	-24,262,000	-21,220,000	31,466,000	-11,575,000	-2,602,000	66,068,000	17,378,000	-27,393,000	-42,323,000	11,114,000	-10,715,000	-1,200,000	10,047,000	939,000	8,810,000	-15,471,000	-1,075,000	9,526,000	-56,726,000	-2,723,000	-4,000,000	30,797,000	24,166,000	15,069,000	13,868,000	62,067,000	6,885,000	12,701,000							-7,749,993	11,739,502	-1,410,379	4,656,486	13,393,901			4,113,537	1,945,506			3,924,941	1,464,389			2,254,538
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0							0	0	0	0	0			0	0			0	0			0
free cash flows	-96,634,000	20,406,000	46,750,000	23,989,000	-5,694,000	54,210,000	-19,105,000	-26,171,000	22,870,000	-21,414,000	-46,839,000	34,523,000	-57,798,000	-56,267,000	43,454,000	-5,790,000	12,118,000	-16,950,000	12,199,000	-34,250,000	3,695,000	-24,313,000	-10,860,000	53,284,000	-43,407,000	10,250,000	4,591,000	-36,889,000	-24,262,000	-21,220,000	31,466,000	-11,575,000	-2,602,000	66,068,000	17,378,000	-27,393,000	-42,323,000	11,114,000	-10,715,000	-1,200,000	10,047,000	939,000	8,810,000	-15,471,000	-1,075,000	9,526,000	-56,726,000	-2,723,000	-4,000,000	30,797,000	24,166,000	15,069,000	13,868,000	62,067,000	6,885,000	12,701,000							-7,749,993	11,739,502	-1,410,379	4,656,486	13,393,901			4,113,537	1,945,506			3,924,941	1,464,389			2,254,538
cash flows from financing activities
proceeds from line of credit	120,000,000	63,500,000	61,000,000	87,500,000	41,700,000	45,200,000	64,100,000	70,200,000	26,000,000	22,600,000	85,600,000	14,800,000	93,400,000	74,000,000	23,300,000	138,200,000	41,800,000	136,100,000	21,500,000	62,600,000	32,900,000	84,300,000	57,800,000	6,000,000	59,000,000
repayments on line of credit	-147,500,000	-61,100,000	-97,400,000	-96,600,000	-36,900,000	-96,600,000	-31,900,000	-33,000,000	-142,000,000	-11,400,000	-41,400,000	-48,200,000	-31,600,000	-11,400,000	-59,800,000	-134,800,000	-60,000,000	-111,200,000	-133,200,000	-21,200,000	-31,600,000	-60,400,000	-50,800,000	-55,900,000	-66,800,000
proceeds from issuance of notes payable													0
financing costs	-4,545,000	-2,035,000	-7,000	-16,000	-308,000	-226,000	-83,000	-69,000	-1,963,000	-1,356,000	-7,000	-196,000	-306,000	-87,000	-68,000	-1,507,000
proceeds from issuance of common stock	7,112,000	0	0	2,471,000					49,115,000	13,565,000	13,993,000	10,721,000					10,322,000	9,037,000	7,491,000	0	1,482,000	7,315,000	8,772,000	4,258,000	28,000	6,965,000	2,361,000	4,567,000	3,588,000	0	17,344,000	0	0	19,665,000	576,000
proceeds from issuance of preferred stock	4,870,000	2,789,000	1,632,000	2,250,000	2,251,000	4,019,000
offering costs for issuance of common stock																													-59,000	-12,000	-875,000	-9,000	74,000	-1,176,000	-22,000
distributions paid to common stockholders	-13,388,000	-11,053,000	-11,054,000	-19,985,000	-10,835,000	-10,769,000	-10,769,000	-10,768,000	-10,670,000	-9,082,000	-8,257,000	-7,398,000	-6,997,000	-6,947,000	-6,689,000	-6,689,000	-6,604,000	-6,399,000	-6,280,000	-6,083,000	-6,547,000	-6,417,000	-6,213,000	-6,017,000	-5,986,000	-5,708,000	-5,613,000	-5,577,000	-5,379,000	-5,359,000	-5,207,000	-4,907,000	-4,918,000	-4,759,000	-4,436,000	-4,415,000	-4,410,000	-4,410,000	-4,410,000	-4,410,000	-4,410,000	-4,410,000	-4,410,000	-4,410,000	-4,412,000	-4,418,000
net cash from financing activities	113,700,000	-7,899,000	-45,829,000	-24,417,000	6,752,000	-58,376,000	22,924,000	26,363,000	-23,255,000	14,151,000	49,692,000	-30,434,000	58,962,000	55,566,000	-43,257,000	6,391,000	-15,727,000	20,470,000	-13,114,000	35,101,000	-3,863,000	10,366,000	9,429,000	-51,986,000	41,801,000	-9,648,000	-7,275,000	36,380,000	26,250,000	20,454,000	-31,838,000	10,795,000	-5,402,000	-56,070,000	-15,078,000	26,536,000	42,389,000	-9,729,000	8,015,000	-3,610,000	-1,883,000	-3,671,000	-7,410,000	17,105,000	2,996,000	-10,486,000	55,631,000	5,160,000	2,700,000								-2,052,975	8,041,840	60,544,135	80,584,425	29,964,133	28,515,605									27,293,411	9,412,071	17,185,492	-6,595,354				-2,115,087
net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents	17,066,000	12,507,000	921,000	-428,000		-4,166,000	3,819,000	192,000		-7,263,000	2,853,000	4,089,000		-701,000	197,000	601,000	-3,609,000	3,520,000	-915,000	851,000	-168,000	-13,947,000
cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year
cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year
cash paid during year for interest
non-cash activities									0	0	0	2,416,000	0	6,779,000	242,000	468,000																0												0	177,000	155,000
gladstone capital corporationconsolidated schedule of investmentsseptember 30, 2025
company and investment
non-control/non-affiliate investments(m) – 144.5%
secured first lien debt – 107.4%
beverage, food, and tobacco – 2.2%
wings ‘n more restaurants llc – line of credit, 1,500 available
wings ‘n more restaurants llc – term debt
wings ‘n more restaurants llc – delayed draw term loan, 5,000 available
buildings and real estate – 0.5%
gfrc 360, llc – line of credit, 95 available
gfrc 360, llc – term debt
diversified/conglomerate manufacturing – 24.9%
neograf solutions llc – line of credit, 4,500 available
neograf solutions llc – term debt
oci, llc – term debt
torrent photonics holdco llc – term debt
unirac holdings, inc. – line of credit, 1,633 available
unirac holdings, inc. – delayed draw term loan, 0 available
unirac holdings, inc. – term debt
viron international corp.
viva railings, llc – line of credit, 4,000 available
viva railings, llc – term debt
diversified/conglomerate service – 26.0%
axios industrial group, llc – term debt
leadpoint business services, llc – term debt
massiv brands, llc – term debt
quality environmental midco, inc. – line of credit, 3,000 available
quality environmental midco, inc. – term debt
rf technologies, llc – line of credit, 3,500 available
rf technologies, llc – term debt
total access elevator, llc – line of credit, 3,000 available
total access elevator, llc – term debt
total access elevator, llc – delayed draw term loan, 0 available
workforceqa, llc – line of credit, 900 available
workforceqa, llc – term debt
healthcare, education, and childcare – 43.3%
als education, llc – line of credit, 3,000 available
als education, llc – term debt
als education, llc – delayed draw term loan, 6,000 available
altior healthcare, llc – term debt
freedom dental management, inc. – term debt
giving home health care, llc – term debt
net proceeds from sale of investments		819,000	15,756,000	73,171,000		3,354,000	2,919,000	263,000		3,744,000	679,000	13,873,000		-993,000	232,000	16,690,000	9,131,000	179,000	3,511,000	-107,000	2,958,000	-25,000	633,000	3,025,000	-13,000	266,000	27,000	1,274,000	-22,000	92,000	8,219,000	-84,000	37,000	19,876,000	10,828,000	0	7,713,000	0
increase in investments due to pik interest or other		-1,079,000	-895,000	-966,000		-1,456,000	-1,393,000	-1,211,000			-758,000	-1,194,000		-604,000	-1,535,000	-1,079,000
discounts, commissions and offering costs for issuance of common stock		0	0	-37,000						-176,000	-237,000	-161,000					-155,000	-135,000	-112,000	0	-20,000	-112,000	-130,000			-105,000	-36,000	-68,000
cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period		0	0	2,304,000		0	0	1,401,000		0	0	2,107,000		0	0	846,000	0	0	2,469,000	0	0	15,748,000	0	0	2,004,000
cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period		12,507,000	921,000	1,876,000		-4,166,000	3,819,000	1,593,000		-7,263,000	2,853,000	6,196,000		-701,000	197,000	1,447,000	-3,609,000	3,520,000	1,554,000	851,000	-168,000	1,801,000	-1,431,000	1,298,000	398,000
cash paid for interest		3,107,000	6,515,000	3,381,000		4,224,000	7,044,000	3,665,000		4,025,000	6,195,000	3,081,000		1,609,000	4,464,000	1,157,000	1,175,000	1,999,000	2,413,000	2,488,000	2,617,000	2,142,000	2,070,000	2,125,000	1,364,000
gladstone capital corporationconsolidated schedule of investmentsjune 30, 2025
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
diversified/conglomerate manufacturing – 22.1%
unirac holdings, inc. – line of credit, 1,856 available
diversified/conglomerate service – 20.7%
quality environmental midco, inc. – line of credit, 2,500 available
total access elevator, llc – delayed draw term loan, 2,500 available
healthcare, education, and childcare – 43.5%
hh-inspire acquisition, inc. – line of credit, 0 available
net unrealized appreciation of other
gladstone capital corporationconsolidated schedule of investmentsmarch 31, 2025
non-control/non-affiliate investments(m) – 143.4%
secured first lien debt – 105.7%
aerospace and defense – 12.2%
spaceco holdings, llc – line of credit, 2,500 available
spaceco holdings, llc – term debt
beverage, food, and tobacco – 13.7%
café zupas – line of credit, 1,750 available
café zupas – delayed draw term loan, 700 available
café zupas – term debt
eegee’s llc – line of credit, 0 available
eegee’s llc – line of credit, 4,000 available
eegee’s llc – delayed draw term loan, 0 available
eegee’s llc – term debt
diversified/conglomerate manufacturing – 25.3%
engineering manufacturing technologies, llc – line of credit, 2,300 available
engineering manufacturing technologies, llc – term debt
diversified/conglomerate service – 17.5%
gladstone capital corporationconsolidated schedule of investmentsdecember 31, 2024
non-control/non-affiliate investments(m) – 156.1%
secured first lien debt – 119.7%
aerospace and defense – 12.7%
spaceco holdings, llc – line of credit, 0 available
beverage, food, and tobacco – 14.8%
café zupas – line of credit, 700 available
eegee’s llc – line of credit, 750 available
sokol & company holdings, llc – term debt
diversified/conglomerate manufacturing – 23.2%
engineering manufacturing technologies, llc – line of credit, 3,000 available
unirac holdings, inc. – line of credit, 1,244 available
diversified/conglomerate service – 26.3%
fix-it group, llc – line of credit, 2,250 available
fix-it group, llc – term debt
fix-it group, llc – delayed draw term loan, 0 available
mcg energy solutions, llc – term debt
redemption of notes payable
net increase in cash, cash equivalents restricted cash, and restricted cash equivalents
gladstone capital corporationconsolidated schedule of investmentsseptember 30, 2024
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
beverage, food, and tobacco – 15.2%
café zupas – delayed draw term loan, 3,150 available
eegee’s llc – line of credit, 500 available
salt & straw, llc – line of credit, 2,000 available
salt & straw, llc – delayed draw term loan, 3,500 available
diversified/conglomerate manufacturing – 24.2%
diversified/conglomerate service – 30.9%
dki ventures, llc – line of credit, 25 available
dki ventures, llc – term debt
enet holdings, llc – line of credit, 2,500 available
enet holdings, llc – term debt
gladstone capital corporationconsolidated schedule of investmentsjune 30, 2024
non-control/non-affiliate investments(m) – 161.8%
secured first lien debt – 120.1%
aerospace and defense – 21.1%
spaceco holdings, llc – line of credit, 50 available
beverage, food, and tobacco – 17.0%
café zupas – delayed draw term loan, 4,200 available
diversified/conglomerate manufacturing – 25.7%
salvo technologies, inc. – term debt
diversified/conglomerate service – 33.2%
enet holdings, llc – line of credit, 0 available
fix-it group, llc – line of credit, 3,000 available
net unrealized depreciation of other																															-213,000
gladstone capital corporationconsolidated schedule of investmentsmarch 31, 2024
non-control/non-affiliate investments(m) – 172.8%
secured first lien debt – 126.9%
aerospace and defense – 21.6%
beverage, food, and tobacco – 16.2%
café zupas – delayed draw term loan, 7,700 available
eegee’s llc – delayed draw term loan, 4,500 available
gfrc 360, llc – line of credit, 175 available
diversified/conglomerate manufacturing – 26.9%
unirac holdings, inc. – line of credit, 1,467 available
unirac holdings, inc. – delayed draw term loan, 1,675 available
diversified/conglomerate service – 30.8%
fix-it group, llc – line of credit, 600 available
gladstone capital corporationconsolidated schedule of investmentsdecember 31, 2023
non-control/non-affiliate investments(m) – 169.5%
secured first lien debt – 126.6%
aerospace and defense – 19.1%
café zupas – delayed draw term loan, 9,100 available
diversified/conglomerate manufacturing – 27.4%
unirac holdings, inc. – line of credit, 1,800 available
diversified/conglomerate service – 31.3%
fix-it group, llc – line of credit, 1,100 available
net unrealized depreciation (appreciation) of other
gladstone capital corporationconsolidated schedule of investmentsseptember 30, 2023
non-control/non-affiliate investments(m) – 162.4%
secured first lien debt – 120.3%
aerospace and defense – 19.3%
spaceco holdings, llc – line of credit, 550 available
beverage, food, and tobacco – 17.8%
café zupas – line of credit, 1,500 available
café zupas – delayed draw term loan, 2,070 available
eegee’s llc – line of credit, 1,000 available
salt & straw, llc – delayed draw term loan, 1,300 available
diversified/conglomerate manufacturing – 27.9%
unirac holdings, inc. – delayed draw term loan, 1,669 available
diversified/conglomerate service – 25.5%
dki ventures, llc – line of credit, 170 available
fix-it group, llc – line of credit, 2,500 available
increase in investments due to pik interest																		-427,000	-654,000			-328,000
gladstone capital corporationconsolidated schedule of investmentsjune 30, 2023
non-control/non-affiliate investments(m) – 179.6%
secured first lien debt – 134.6%
aerospace and defense – 20.0%
spaceco holdings, llc – line of credit, 100 available
beverage, food, and tobacco – 19.3%
cafe zupas – line of credit, 1,500 available
café zupas – delayed draw term loan, 6,070 available
salt & straw, llc – line of credit, 60 available
salt & straw, llc – delayed draw term loan, 3,000 available
buildings and real estate – 0.6%
gfrc 360, llc – line of credit, 50 available
diversified/conglomerate manufacturing – 32.2%
unirac holdings, inc. – line of credit, 1,022 available
diversified/conglomerate service – 29.6%
axios industrial group, llc – delayed draw term loan, 5,000 available
fix-it group, llc – line of credit, 2,000 available
gladstone capital corporationconsolidated schedule of investmentsmarch 31, 2023
non-control/non-affiliate investments(m) – 176.0%
secured first lien debt – 130.9%
aerospace and defense – 20.9%
spaceco holdings, llc – line of credit, 300 available
beverage, food, and tobacco – 19.2%
café zupas – delayed draw term loan, 8,070 available
salt & straw, llc – line of credit, 1,000 available
salt & straw, llc – delayed draw term loan, 0 available
diversified/conglomerate manufacturing – 28.4%
unirac holdings, inc. – line of credit, 1,356 available
unirac holdings, inc. – delayed draw term loan, 1,667 available
diversified/conglomerate service – 29.5%
fix-it group, llc – line of credit, 1,500 available
fix-it group, llc – delayed draw term loan, 6,750 available
gladstone capital corporationconsolidated schedule of investmentsdecember 31, 2022
non-control/non-affiliate investments(m) – 167.9%
secured first lien debt – 123.2%
aerospace and defense – 22.3%
spaceco holdings, llc – line of credit, 350 available
beverage, food, and tobacco – 18.7%
salt & straw, llc – line of credit, 1,200 available
salt & straw, llc – delayed draw term loan, 9,300 available
gfrc 360, llc – line of credit, 360 available
diversified/conglomerate manufacturing – 21.7%
unirac holdings, inc. – line of credit, 1,522 available
unirac holdings, inc. – delayed draw term loan, 2,778 available
diversified/conglomerate service – 25.1%
workforceqa, llc – line of credit, 2,000 available
redemption of mandatorily redeemable preferred stock
non-control/non-affiliate investments(m) – 182.2%
secured first lien debt – 131.2%
aerospace and defense – 23.4%
café zupas – line of credit, 4,000 available
café zupas – delayed draw term loan, 0 available
salt & straw, llc – delayed draw term loan, 11,500 available
gfrc 360, llc – line of credit, 500 available
diversified/conglomerate manufacturing – 22.3%
unirac holdings, inc. – line of credit, 2,222 available
diversified/conglomerate service – 31.1%
axios industrial group, llc– delayed draw term loan, 5,000 available
fix-it group, llc– delayed draw term loan, 10,000 available
net unrealized appreciation (depreciation) of other																	10,000	20,000	320,000	0	-184,000	17,000						218,000										1,146,000	108,000	7,000
redemption of long term debt														0	0	-38,813,000	0
gladstone capital corporationconsolidated schedule of investmentsjune 30, 2022
non-control/non-affiliate investments(m) – 163.6%
secured first lien debt – 121.6%
aerospace and defense – 20.4%
spaceco holdings, llc – line of credit, 800 available
beverage, food, and tobacco – 13.5%
café zupas – delayed draw term debt, 0 available
eegee’s llc – delayed draw term debt, 7,500 available
diversified/conglomerate manufacturing – 15.0%
salvo technologies, inc.– term debt
unirac, inc. – line of credit, 0 available
unirac, inc. – delayed draw term debt, 1,254 available
unirac, inc. – term debt
diversified/conglomerate service – 31.9%
axios industrial group, llc – delayed draw term debt, 5,000 available
fix-it group, llc – delayed draw term debt, 10,000 available
mcg energy solutions, llc – line of credit, 3,000 available
r2i holdings, llc – line of credit, 1,171 available
r2i holdings, llc – term debt
proceeds from issuance of long term debt															0	50,000,000	0			0				0	57,500,000
gladstone capital corporationconsolidated schedule of investmentsmarch 31, 2022
non-control/non-affiliate investments(m) – 141.4%
secured first lien debt – 100.5%
aerospace and defense – 19.9%
spaceco holdings, llc – line of credit, 400 available
beverage, food, and tobacco – 13.2%
eegee’s llc – delayed draw term loan, 7,500 available
diversified/conglomerate manufacturing – 10.8%
unirac, inc. – line of credit, 125 available
unirac, inc. – delayed draw term loan, 1,254 available
diversified/conglomerate service – 27.4%
fix-it group, llc – delayed draw term loan, 10,000 available
healthcare, education, and childcare – 24.8%
hh-inspire acquisition, inc. – line of credit, 3,000 available
hh-inspire acquisition, inc. – term debt
gladstone capital corporationconsolidated schedule of investmentsdecember 31, 2021
non-control/non-affiliate investments(m) – 155.9%
secured first lien debt – 108.0%
aerospace and defense – 20.2%
beverage, food, and tobacco – 13.3%
unirac, inc. – line of credit, 627 available
diversified/conglomerate service – 27.2%
healthcare, education, and childcare – 23.5%
el academies, inc. – delayed draw term loan, 0 available
el academies, inc. – term debt
adjustments to reconcile net increase in net assets resulting from operations to net cash from (used) in operating activities:
redemption of preferred stock																				0	0	-51,750,000
refer to note 4—related party transactions in the accompanying notes to consolidated financial statements for additional information.
amortization of deferred financing fees																		338,000	418,000		363,000	361,000	344,000	341,000	300,000	237,000	292,000	248,000	274,000	274,000	273,000	274,000	273,000	255,000	253,000	302,000	302,000	314,000	315,000	315,000	313,000	328,000	257,000	253,000	277,000	457,000	368,000	367,000	297,000	239,000	449,000	494,000	525,000	808,000	726,000	719,000	572,421	183,780	73,799	72,133	68,200	58,300	40,571	36,036	32,286	26,250				91,912
financing fees
increase in fees due to administrator																			105,000			104,000
proceeds from issuance of long-term debt																			100,000,000			38,813,000
deferred financing fees																			-2,513,000		-78,000	-1,383,000	0	-263,000	-1,941,000	0	-1,287,000	-42,000	0			1,000			-1,746,000	-109,000	-1,000	-2,722,000			-673,000			12,000	-1,492,000	-2,068,000	0	-77,000	-682,000
increase in investments due to paid-in-kind interest																				-863,000			-325,000	-783,000	-314,000
deferred financing costs
net unrealized appreciation of investments																								-1,011,000	-17,169,000											-6,546,000	-8,763,000			-16,877,000
increase in interest receivable																								274,000	-279,000	-492,000	-40,000	-468,000							-209,000	-1,382,000	-816,000				268,000								-82,000
increase in other assets																													1,970,000			62,000	584,000	-3,449,000	26,000	118,000	-357,000										-117,000
net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents																								1,298,000	-1,606,000
decrease in other assets																									20,000						-3,495,000							55,000	91,000	177,000	14,000	-31,000	254,000			102,000			108,000			24,000
decrease in fees due to adviser																									-36,000		-284,000	-1,000											811,000	-851,000			-46,000
refer to note 4 – related party transactions in the accompanying notes to consolidated financial statements for additional information.
net realized (gain) loss on investments																										-266,000	-257,000	-574,000				83,000	5,462,000	-15,382,000													0
net unrealized (appreciation) depreciation of investments																										-5,898,000	-3,034,000	-1,360,000
net unrealized (appreciation) depreciation of other
decrease in restricted cash and cash equivalents																										0	42,000	30,000	37,000	-259,000	355,000
increase in due from administrative agent
decrease in accounts payable and accrued expenses																										-26,000	-204,000	-11,000	-236,000										-147,000	-2,000	-63,000			-157,000			145,000	77,000	-373,000
proceeds from borrowings																										22,200,000	26,300,000	61,100,000	37,700,000	46,100,000	24,200,000	41,000,000	21,500,000	14,500,000	15,500,000	34,000,000	59,500,000	13,800,000	34,800,000	42,400,000	17,000,000	7,500,000	44,000,000	37,000,000	21,900,000	11,000,000	59,000,000	40,800,000	10,000,000
repayments on borrowings																										-33,000,000	-29,000,000	-23,600,000	-9,600,000	-20,200,000	-67,300,000	-25,000,000	-21,700,000	-84,300,000	-25,000,000	-3,400,000	-12,700,000	-38,900,000	-22,300,000	-41,600,000	-13,800,000	-7,900,000	-47,000,000	-15,500,000	-13,000,000	-53,500,000	0	-32,200,000	-2,200,000
net increase in cash and cash equivalents																													1,988,000	-766,000	-372,000	-780,000	-8,004,000	9,998,000			66,000			-4,810,000	8,164,000	-2,732,000	1,400,000																	518,360	-3,023,545	5,264,936				14,889,476							-439,398	1,087,439	9,092,871	-4,092,109
cash and cash equivalents, beginning of period																										0	0	5,012,000	0	0	6,152,000	0	0	3,808,000	0	0	6,314,000	0	0	13,900,000	0	0	10,155,000														342	0	8,838,658	0	0	731,744	0	0	0	503,776	0	0	0	65,954,840	0	0	0	101,166,221	0	0	0	91,929,328
cash and cash equivalents, end of period																										602,000	-2,684,000	4,503,000	1,988,000	-766,000	5,780,000	-780,000	-8,004,000	13,806,000	2,300,000	-857,000	6,380,000	1,385,000	-2,700,000	9,090,000	8,164,000	-2,732,000	11,555,000														-1,490,356	1,385,407	5,530,949	518,360	-3,023,545	5,996,680	275,430	145,224	-15,082,162	15,393,252	-263,146	-18,407,261	-4,209,361	23,383,544	6,052,464	-41,911,886	-439,398	102,253,660	9,092,871	-4,092,109	8,028,525	88,136,934
increase in due from custodian																											4,118,000	-4,332,000			-779,000			-1,966,000									-688,000	1,120,000			-643,000	9,485,000	-10,509,000
net decrease in cash and cash equivalents																											-2,684,000	-509,000																																																		-3,792,394
cost adjustments on non-accrual loans																																0	0	-388,000	60,000
net unrealized depreciation of investments																													-989,000	647,000	1,055,000										4,701,000			11,122,000
net realized loss on other																																1,000
decrease in interest receivable																													-218,000	-113,000	380,000									3,000			32,000				-215,000									902,000										457,764								87,615
decrease in due from custodian																													-709,000						-558,000	-418,000	4,023,000	114,000
repurchases of common stock																																-290,000
refer to note 4—related party transactions for additional information.
decrease in interest payable																														64,000	-91,000									-22,000	-2,000	-33,000	-12,000	-1,000	21,000	-84,000		5,000	-578,000
increase in other liabilities and other
receipt of principal on employee note																																			50,000
decrease (increase) in restricted cash and cash equivalents																																	-9,000	132,000				233,000	-162,000	307,000
net unrealized depreciation other
increase in investment balance due to paid-in-kind interest																																			-334,000	-59,000	-70,000	-80,000	-75,000	-53,000	-94,000
net realized loss on investments																																			1,143,000	0	12,881,000	-54,000	2,611,000	10,732,000	2,746,000	-16,000	3,162,000			8,400,000				2,865,000	-892,000	920,000		10,594,000
realized loss on extinguishment of debt
net unrealized (depreciation) appreciation other																																					-735,000
proceeds from issuance of mandatorily redeemable preferred stock																																												0	0	38,497,000
redemption of previously issued mandatorily redeemable preferred stock
net unrealized (appreciation) depreciation other
increase in restricted cash and cash equivalents																																				-558,000	-299,000				387,000
interest payments received on non-accrual loans																																					-502,000
receipt of principal on employee notes																																									0			3,000	0	3,000
decrease (increase) in due from custodian																																								14,344,000	-78,000					877,000
net unrealized (depreciation) appreciation of borrowings
net unrealized depreciation of borrowings
net unrealized appreciation on investments																																											-4,885,000
net unrealized depreciation on borrowings																																											-1,670,000			-299,000		-254,000	-439,000
increase in restricted cash																																											-981,000	50,000	0	-1,225,000
net decrease in net assets resulting from operations																																												-10,582,000
adjustments to reconcile net decrease in net assets resulting from operations to net cash from operating activities:
increase in investment balance due to transferred interest																																															0
net unrealized appreciation (depreciation) of borrowings
decrease in fee due to administrator
net increase in cash																																												1,634,000			-1,095,000	2,437,000	-1,300,000			1,098,000
cash, beginning of period																																												0	0	6,732,000	0	0	7,734,000	0	0	5,276,000		0	0	6,493,000
cash, end of period																																												1,634,000	1,921,000	5,772,000	-1,095,000	2,437,000	6,434,000	2,207,000	-2,113,000	6,374,000		-5,963,000	4,773,000	5,756,000
net unrealized (appreciation) depreciation on investments																																														-2,243,000
decrease (increase) in prepaid assets																																														171,000																					-106,226
net decrease in cash																																														-960,000
increase in investment balance due to paid in kind interest																																															-4,000	-4,000	-4,000
repayment of paid in kind interest																																																		0
net unrealized depreciation (appreciation) on investments																																															18,789,000	13,070,000	2,944,000
net unrealized (depreciation) appreciation on borrowings
change in compensation expense from non-recourse notes																																																		0
decrease in administration fee due to administrator																																															-1,000	-11,000	-81,000
cash flows from financing activities:
shelf offering costs
distributions paid																																															-4,419,000	-4,418,000	-4,418,000
investments in portfolio companies
decrease in prepaid assets																																																						33,000										73,090					34,178	1,958		74,352				31,565	43,658	2,132
decrease in due from adviser
receipt of principal on employee’s notes receivable
increase in prepaid assets																																																	-15,000
decrease in other liabilities																																																	-207,000
net amortization of premiums and discounts																																																		416,000	18,000	45,000					48,078	74,256	92,666	10,521	10,170	9,181				32,641				455
loan impairment / contra-investment
realized loss on settlement of derivative																																																					0	0
unrealized appreciation on derivative
change in net unrealized (depreciation) appreciation on investments
change in net unrealized appreciation on borrowings under line of credit
increase in funds due from custodian
decrease in due from affiliate																																																		0	0	69,000																		30,401
decrease in receivables from portfolio companies																																																		47,000
decrease in accounts payable
decrease in accrued expenses and deferred liabilities
increase in fees due to affiliate																																																		-34,000	1,080,000	451,000	117,000	25,000	-33,000	268,000						608,743					71,911	152,168	17,332	36,400
decrease in administration fee due to gladstone administration
increase in funds held in escrow																																																									66,457	66,275	157,268		-18	47	2,393	0	-1,364	1,404	760
borrowings from the line of credit																																																		2,900,000	2,600,000	2,900,000	2,000,000	7,500,000	16,800,000	22,500,000	55,518,000	20,900,000	75,000,000
repayments on the line of credit
receipt of principal on notes receivable — employees
non-cash financing activities
portfolio company payoff proceeds held in escrow																																																		0
reclassification of principal on employee note																																																		1,000	0	514,000
conversion of former employee stock option loans from recourse to non-recourse																																																		0
decrease in funds held in escrow
per share data
net asset value at beginning of period																																																			110	11,810		60	-850	12,890			14.97
income from investment operations:
net investment income																																																			0	210		0	-20	280			0.43
net unrealized appreciation (depreciation) on investments																																																			0	120		-100
net unrealized depreciation on borrowings under line of credit																																																			0	10
total from investment operations																																																			80	300							0.11
distributions to stockholders
anti-dilutive effect from retirement of employee loan shares
net asset value at end of period																																																			180	11,920		-240	60	12,040			15.08
per share market value at beginning of period																																																			-1,240	8,930		-1,830	-7,150	15,240			19.52
per share market value at end of period																																																			4,110	7,690		1,270	-1,830	8,090			17.01
total return																																																											-10.86
shares outstanding at end of period																																																			-48,332,000	21,087,574,000		0	0	21,087,574,000			17,637,574
statement of assets and liabilities data:
net assets at end of period																																																			3,100,000	251,449,000		-5,217,000	1,423,000	253,790,000			266,032,187
average net assets																																																			2,237,000	248,874,000		3,604,000	-12,475,000	262,001,000			265,360,346
senior securities data:
borrowings under line of credit																																																			-20,531,000	73,531,000		-61,670,000	6,900,000	146,470,000
asset coverage ratio																																																			133,000	442,000		107,000	-7,000	273,000
asset coverage per unit																																																			1,334,000	4,420,000		1,062,000	-69,000	2,733,000
ratios/supplemental data:
ratio of expenses to average net assets-annualized																																																			-170	8,690				11,010			9.77
ratio of net expenses to average net assets-annualized																																																			-130	8,640				9,050			6.18
ratio of net investment income to average net assets-annualized																																																			10	7,120				8,980			11.01
decrease (increase) in receivables from portfolio companies																																																				885,000
deferred financing rebate																																																				96,000
increase in investment balance due to payment in kind interest
realized loss on investments																																																								1,731,000				53,566			0	148,863	0	1,180,595
unrealized (appreciation) depreciation on derivative
change in net unrealized (appreciation) depreciation on investments
decrease (increase) in funds due from custodian																																																					-1,428,000
increase in due from affiliate
increase in accounts payable																																																									-9,434	10,190	1,244			6,859					-799	50,527	-64,972	114,923	-40,211	59,337	-4,257	67,805	-307,022
increase in accrued expenses and deferred liabilities																																																									-93,192									2,297						105,663	124,616	94,525	417,715	-168,251	585,864	184,737
increase in administration fee due to gladstone administration																																																									43,931			18,129	42,681	126,085
cash flow from investing activities
redemption (purchase) of u.s. treasury bill
net cash from investing activities																																																									-464					152	-2,739,677			12,036,703							-19,824,617	3,757,852	10,484,188	-3,481,290	7,239,288	-3,931,845
net proceeds from the issuance of common shares																																																									500	55,424,250	50,801,250
receipt of principal on notes receivable – employees																																																					2,000			4,000
withholding tax obligation settlement
cash, beginning of year
cash, end of year
cash paid during period for interest																																																									1,615,521	2,082,984	2,348,495	1,774,204	1,640,889	1,009,182	876,484	793,008	858,066	646,934	588,892	656,274	277,380	139,763	542,539
cash paid during period for taxes
cancellation of employee note receivable
change in net unrealized depreciation on investments																																																						-4,370,000	-6,725,000	13,253,000	3,801,394	18,345,765	5,397,841
cash flows from investing activities:
redemption of u.s. treasury bill																																																									-464
net proceeds from the issuance of common stock
issuance of common stock under shelf offering																																																											0.44
offering costs
ratio of expenses to average net assets —annualized
ratio of net expenses to average net assets —annualized
ratio of net investment income to average net assets —annualized
unrealized depreciation on derivative																																																									-309	1,756	10,553			9,812				892	-18,519	49,044	-15,848	24,811
net realized loss on sale of investments
net unrealized depreciation on investments
adjustments to reconcile net increase in net assets resulting from
operations to net cash from operating activities:
decrease in fees due to affiliate
receipt of principal on notes receivable - employees																																																										42,500	6,326	0	300,789	152	60,000	106,849	0	23,094		24,040	623,389	150,000
less distributions:
total distributions
dilutive effect of share issuance
ratios/supplemental data
stock compensation expense
unrealized depreciation (appreciation) on derivative																																																												264
change in net unrealized depreciation (appreciation) on investments																																																												-256,613	1,718,149	1,004,379
(increase) decrease in interest receivable
decrease in funds due from custodian																																																																		210,954				31,270		-402,672	-187,500	1,169,500
increase (decrease) in accrued expenses and deferred liabilities
increase (decrease) in fees due to affiliate
(decrease) increase in funds held in escrow
net cash (used in) provided by operating activities
cash flows from investing activities
net cash provided by investing activities																																																												0
net proceeds from issuance of common shares
borrowings from the lines of credit																																																												130,900,000	77,000,000	69,900,000	33,650,000	43,310,000	27,855,000	41,925,000	18,200,000	36,400,000	50,000,000	50,400,000
repayments on the lines of credit
exercise of employee stock options																																																															13,532,660	1,064,345	0	85,900					27,249
notes receivable issued in exchange for common stock associated with the exercise of employee stock options																																																															1,492,490				0	0			199,980	0
(increase) decrease in prepaid assets
(increase) decrease in other assets
increase (decrease) in accounts payable
stock surrendered to settle withholding tax obligation
proceeds from repurchase agreements																																																																							44,984,950	53,908,596	93,105,000	93,101,000	78,449,000	63,705,999	63,710,277	39,205,697
repayment of repurchase agreements
depreciation																																																																							0	9,918	7,347	7,091	8,074	7,445	7,026	6,765
sale of furniture & equipment
purchase of derivative
cash paid during period for income taxes																																																																			0	0	0	138,678
stock compensation																																																																202,296	34,065	43,257
change in net unrealized appreciation
change in net unrealized depreciation																																																																			1,487,373				1,671,594	-1,013,905	305,475	1,557,562
decrease (increase) in due from affiliate																																																																			0	0
receipt of principal on notes receivable - officers																																																																							0
sale (purchase) of furniture & equipment - net
net increase in stockholders’ equity resulting from operations																																																																				3,934,153			750,740	5,609,893	2,828,583	1,381,074	2,628,512	2,370,899	3,662,016	2,412,154
adjustments to reconcile net increase in stockholders’ equity resulting from operations to net cash from operating activities:
disposal of furniture & equipment
exercise of stock options																																																																				112,750
change in net unrealized (appreciation) depreciation
(increase) decrease in funds due from custodian
(decrease) increase in accrued expenses and deferred liabilities
purchase of furniture & equipment
net cash provided by financing activities
net increase in stockholders' equity resulting from operations																																																																						4,944,948
adjustments to reconcile net increase in stockholders' equity resulting from operations to net cash from operating activities:
amortization of premiums																																																																							1,201
decrease in accrued offering costs
disposal (purchase) of furniture and equipment
prepaid financing fees																																																																									58,665	58,664
increase in borrowings from the line of credit																																																																								13,020,666
shelf offering
increase in accrued offering costs
net cash provided by operating activities
purchase of furniture and equipment																																																																									-2,991	-1,567		-27,012	-15,292	-38,823
receipt of principal on notes receivable – officers																																																																									0	103,252
adjustments to reconcile net increase in stockholders’ equity resulting from operations to net cash from (used in) operating activities:
adjustments to reconcile net increase (decrease) in stockholders’ equity resulting from operations to net cash from operating activities:
net unrealized depreciation																																																																											219,927
net purchase of furniture and equipment
receipt of principal on notes receivable officers
repayment of principal on notes receivable --officers
net unrealized
increase (decrease) in accrued offering costs
repayment of principal on notes receivable – officers
net cash (used in) financing activities
increase in payment in kind interest
increase in repurchase agreement
payment of accrued offering costs
non - cash financing activities

Gladstone Capital Corporation(NASDAQ:GLAD)

Gladstone Capital Corporation
(NASDAQ:GLAD)