GLADSTONE CAPITAL CORP

Listed Company

GLADCIK 0001143513NasdaqNon-AcceleratedMarylandFY ends Sep 30

Period

FY 2025

Revenue

—

Net Income

$57.19M

Total Assets

$907.60M

Equity

$482.04M

Shares Out

22.59M

Op. Cash Flow

$-5.49M

Business

Gladstone Capital Corporation is an externally managed, closed‑end, non‑diversified management investment company that operates as a BDC and RIC investing in privately held U.S. businesses. It provides debt and equity financing, primarily secured first‑ and second‑lien loans, preferred and common equity, and warrants designed to generate current income and potential capital gains. Key business functions include investment origination, underwriting, valuation, portfolio monitoring and providing managerial assistance, performed by an affiliated Adviser and Administrator. The firm focuses on lower middle‑market U.S. companies across diverse industries and originates investments via private placements, co‑investments and relationships with private equity and financial intermediaries.

Summary from filing dated 2025-11-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Total interest income (excluding PIK interest income)	82	88	79	50	47
PIK interest income	5	6	4	4	3
Total interest income	87	93	83	54	50
Dividend income	481,000	1	2	3	2
Prepayment fee income	1	1	644,000	—	—
Other income	306,000	600,000	1	906,000	1
Total investment income	89	97	86	63	54
Base management fee	14	14	12	10	9
Loan servicing fee	9	9	8	6	6
Incentive fee	10	11	10	8	6
Administration fee	2	2	2	2	1
Interest expense on line of credit and notes payable	20	22	21	13	12
Amortization of deferred financing costs	2	2	2	1	1
Professional fees	1	948,000	980,000	803,000	806,000
Other general and administrative expenses	2	2	1	1	1
Expenses, before credits from Adviser	61	63	57	42	36
Credits to base management fee loan servicing fee	−9	−9	−8	−6	−6
Credits to fees from Adviser - other	−8	−3	−3	−5	−3
Total expenses, net of credits	44	51	45	31	28
NET INVESTMENT INCOME	45	46	41	32	26
Total net realized gain (loss)	56	6	13	5	3
Total net unrealized appreciation (depreciation)	−43	43	−11	−18	55
Net realized and unrealized gain (loss)	13	49	2	−12	58
PREFERRED STOCK DIVIDENDS	900,000	200,000	0	0	—
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	57	95	43	20	84
Net investment income, basic (in USD per share)	2.02	2.11	2.2	1.88	1.58
Net increase (decrease) in net assets resulting from operations, basic (in USD per share)	2.56	4.34	2.29	1.16	2.54
Net increase (decrease) in net assets resulting from operations, diluted (in USD per share)	2.55	4.34	2.29	1.16	2.54
Basic (in shares)	22	22	19	17	33
Diluted (in shares)	23	22	19	17	33

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Investments, at fair value	859	796	705	650	—
Cash	596,000	15,000	—	—	—
Cash equivalents	32	2	—	—	—
Restricted cash	0	132,000	—	—	—
Interest receivable, net	6	6	6	3	—
Due from administrative agent	5	3	3	3	—
Deferred financing costs, net	2	1	1	836,000	—
Other assets, net	4	4	3	2	—
TOTAL ASSETS	908	812	719	661	—
Line of credit at fair value (Cost of $0 and $70,600, respectively)	0	71	48	142	—
Notes payable, net of unamortized deferred financing costs and discounts of $8,644 and $2,990, respectively	398	254	253	198	—
Accounts payable and accrued expenses	1	1	1	500,000	—
Interest payable	3	3	3	3	—
Other liabilities	459,000	513,000	2	530,000	—
TOTAL LIABILITIES	406	334	311	345	—
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.001 par value per share, 6,000,000 and 6,000,000 shares authorized, respectively, and 865,452 and 349,931 shares issued and outstanding, respectively	19	8	0	—	—
Common stock, $0.001 par value per share, 44,000,000 and 44,000,000 shares authorized, respectively, and 22,593,069 and 22,230,587 shares issued and outstanding, respectively	45,000	44,000	44,000	35,000	—
Capital in excess of par value	502	492	481	396	—
Cumulative net unrealized appreciation (depreciation) of investments	−17	25	−17	−6	—
Under distributed net investment income	5	6	5	−500,000	—
Accumulated net realized losses	−7	−53	−60	—	—
Total distributable loss	−20	−21	−73	−80	—
TOTAL NET ASSETS	482	471	409	315	318
TOTAL NET ASSETS	482	471	409	315	318
NET ASSET VALUE PER COMMON SHARE (in USD per share)	21.34	21.18	18.79	18.16	18.56

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Purchase of investments	−397	−178	−175	−275	−182
Principal repayments on investments	263	133	108	160	127
Proceeds from sale of investments	90	7	18	16	16
Increase in investments due to paid-in-kind interest or other	−5	−6	−4	−5	—
Net change in premiums, discounts and amortization	−846,000	170,000	114,000	−445,000	876,000
Decrease (increase) in interest receivable, net	221,000	177,000	−3	−376,000	640,000
Decrease (increase) in funds due from administrative agent	−2	134,000	263,000	−248,000	−848,000
Decrease (increase) in other assets, net	457,000	−1	−572,000	−787,000	−941,000
Increase (decrease) in accounts payable and accrued expenses	−42,000	224,000	506,000	10,000	113,000
Increase (decrease) in interest payable	225,000	−40,000	439,000	720,000	616,000
Increase (decrease) in other liabilities	−54,000	−1	1	−5	3
Net cash provided by (used in) operating activities	−5	3	−11	−76	−14
Proceeds from line of credit	332	221	149	329	239
Repayments on line of credit	−403	−198	−243	−238	−316
Proceeds from issuance of notes payable	147	0	57	50	150
Financing costs	−7	−686,000	−4	−2	−3
Proceeds from issuance of common stock	10	11	87	5	27
Proceeds from issuance of preferred stock	12	8	0	0	—
Offering costs for issuance of common stock	−144,000	−154,000	−1	−68,000	−403,000
Distributions paid to common stockholders	−55	−43	−35	−27	−26
Net cash provided by (used in) financing activities	36	−2	10	78	12
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS	30	903,000	−706,000	1	−2
CASH PAID DURING YEAR FOR INTEREST	20	22	20	12	11
NON-CASH ACTIVITIES	0	0	2	7	7

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