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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark one):

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

FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2022

OR

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

FOR THE TRANSITION PERIOD FROM ______ TO _______

COMMISSION FILE NUMBER: 814-00237

GLADSTONE CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)

Maryland			54-2040781
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
1521 WESTBRANCH DRIVE, SUITE 100			22102
McLean, Virginia			(Zip Code)
(Address of principal executive office)

(703) 287-5800

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year,

if changed since last report)

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

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, $0.001 par value per share

GLAD

The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

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

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

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

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

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

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

The number of shares of the issuer’s common stock, $0.001 par value per share, outstanding as of February 3, 2023 was 36,514,223.

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Table of Contents

GLADSTONE CAPITAL CORPORATION

TABLE OF CONTENTS

PART I.			FINANCIAL INFORMATION
Item 1.			Financial Statements (Unaudited)
			Consolidated Statements of Assets and Liabilities as of December 31, 2022 and September 30, 2022			2
			Consolidated Statements of Operations for the three months ended December 31, 2022 and 2021			3
			Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2022 and 2021			4
			Consolidated Statements of Cash Flows for the three months ended December 31, 2022 and 2021			5
			Consolidated Schedules of Investments as of December 31, 2022 and September 30, 2022			6
			Notes to Consolidated Financial Statements			20
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			42
			Overview			42
			Results of Operations			46
			Liquidity and Capital Resources			49
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			56
Item 4.			Controls and Procedures			56
PART II.			OTHER INFORMATION
Item 1.			Legal Proceedings			57
Item 1A.			Risk Factors			57
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			57
Item 3.			Defaults Upon Senior Securities			57
Item 4.			Mine Safety Disclosures			57
Item 5.			Other Information			57
Item 6.			Exhibits			57
SIGNATURES						59

1

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Table of Contents

Part I. Financial information

Item I Financial Statements (Unaudited)

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(UNAUDITED)

			December 31, 2022						September 30, 2022
ASSETS
Investments, at fair value:
Non-Control/Non-Affiliate investments (Cost of $556,597 and $571,736, respectively)			$	544,447					$	574,811
Affiliate investments (Cost of $50,050 and $49,412, respectively)			41,940						39,091
Control investments (Cost of $34,129 and $34,905, respectively)			35,352						35,713
Cash and cash equivalents			6,102						2,011
Restricted cash and cash equivalents			94						96
Interest receivable, net			4,113						2,737
Due from administrative agent			4,004						3,199
Deferred financing costs, net			711						836
Other assets, net			2,840						2,474
TOTAL ASSETS			$	639,603					$	660,968
LIABILITIES
Line of credit at fair value (Cost of $108,400 and $141,800, respectively)			$	108,400					$	141,800
Notes payable, net of unamortized deferred financing costs of $2,336 and $2,393, respectively			197,664						197,607
Accounts payable and accrued expenses			586						500
Interest payable			4,065						2,517
Fees due to Adviser(A)			3,156						2,104
Fee due to Administrator(A)			499						423
Other liabilities			907						530
TOTAL LIABILITIES			$	315,277					$	345,481
Commitments and contingencies(B)
NET ASSETS
Common stock, $0.001 par value per share, 44,560,000 and 44,560,000 shares authorized, respectively, and 35,814,602 and 34,734,796 shares issued and outstanding, respectively			$	36					$	35
Capital in excess of par value			406,080						395,542
Cumulative net unrealized appreciation (depreciation) of investments			(19,037)						(6,438)
Under (over) distributed net investment income			1,099						(500)
Accumulated net realized losses			(63,852)						(73,152)
Total distributable loss			(81,790)						(80,090)
TOTAL NET ASSETS			$	324,326					$	315,487
NET ASSET VALUE PER COMMON SHARE			$	9.06					$	9.08

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

(B)Refer to Note 9—Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information.

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

2

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Table of Contents

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(UNAUDITED)

			Three Months Ended December 31,
			2022						2021
INVESTMENT INCOME
Interest income
Non-Control/Non-Affiliate investments			$	15,786					$	10,154
Affiliate investments			874						1,067
Control investments			690						508
Cash and cash equivalents			19						—
Total interest income (excluding PIK interest income)			17,369						11,729
PIK interest income
Non-Control/Non-Affiliate investments			788						1,137
Affiliate investments			139						—
Control investments			71						—
Total PIK interest income			998						1,137
Total interest income			18,367						12,866
Success fee income
Affiliate Investments			—						1,563
Total success fee income			—						1,563
Dividend income
Non-Control/Non-Affiliate investments			507						992
Control investments			329						69
Total dividend income			836						1,061
Prepayment fee income
Non-Control/Non-Affiliate investments			—						605
Affiliate Investments			—						44
Total prepayment fee income			—						649
Other income			91						28
Total investment income			19,294						16,167
EXPENSES
Base management fee(A)			2,829						2,520
Loan servicing fee(A)			1,874						1,462
Incentive fee(A)			2,181						2,091
Administration fee(A)			403						379
Interest expense			4,629						3,007
Amortization of deferred financing costs			378						289
Professional fees			281						264
Other general and administrative expenses			304						384
Expenses, before credits from Adviser			12,879						10,396
Credit to base management fee - loan servicing fee(A)			(1,874)						(1,462)
Credits to fees from Adviser - other(A)			(436)						(1,927)
Total expenses, net of credits			10,569						7,007
NET INVESTMENT INCOME			8,725						9,160
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss):
Non-Control/Non-Affiliate investments			10,335						472
Affiliate investments			—						13,408
Control investments			(1,016)						—
Other			253						(700)
Total net realized gain (loss)			9,572						13,180
Net unrealized appreciation (depreciation):
Non-Control/Non-Affiliate investments			(15,225)						4,652
Affiliate investments			2,211						(15,027)
Control investments			415						138
Total net unrealized appreciation (depreciation)			(12,599)						(10,237)
Net realized and unrealized gain (loss)			(3,027)						2,943
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$	5,698					$	12,103
BASIC AND DILUTED PER COMMON SHARE:
Net investment income			$	0.25					$	0.27
Net increase (decrease) in net assets resulting from operations			$	0.16					$	0.35
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: Basic and Diluted			35,207,208						34,304,371

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

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

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GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(DOLLAR AMOUNTS IN THOUSANDS)

(UNAUDITED)

			2022						2021
NET ASSETS, SEPTEMBER 30			$	315,487					$	318,439
OPERATIONS
Net investment income			8,725						9,160
Net realized gain (loss) on investments			9,319						13,880
Net realized gain (loss) on other			253						(700)
Net unrealized appreciation (depreciation) of investments			(12,599)						(10,237)
Net increase (decrease) in net assets resulting from operations			5,698						12,103
DISTRIBUTIONS
Distributions to common stockholders from net investment income ($0.21 per share and $0.20 per share, respectively)(A)			(7,398)						(6,689)
Net decrease in net assets from distributions			(7,398)						(6,689)
CAPITAL TRANSACTIONS
Issuance of common stock			10,721						—
Discounts, commissions and offering costs for issuance of common stock			(182)						—
Net increase (decrease) in net assets resulting from capital transactions			10,539						—
NET INCREASE (DECREASE) IN NET ASSETS			8,839						5,414
NET ASSETS, DECEMBER 31			$	324,326					$	323,853

(A)Refer to Note 8 – Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information.

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

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GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(DOLLAR AMOUNTS IN THOUSANDS)

(UNAUDITED)

			Three Months Ended December 31,
			2022						2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations			$	5,698					$	12,103
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchase of investments			(13,379)						(110,794)
Principal repayments on investments			25,563						79,743
Net proceeds from sale of investments			13,873						16,690
Increase in investments due to PIK interest or other			(1,194)						(1,079)
Net change in premiums, discounts and amortization			(14)						(266)
Net realized loss (gain) on investments			(9,319)						(13,880)
Net realized loss (gain) on other			(253)						700
Net unrealized depreciation (appreciation) of investments			12,599						10,237
Changes in assets and liabilities:
Amortization of deferred financing costs			378						289
Decrease (increase) in interest receivable, net			(1,376)						236
Decrease (increase) in funds due from administrative agent			(805)						(837)
Decrease (increase) in other assets, net			(387)						(827)
Increase (decrease) in accounts payable and accrued expenses			86						5
Increase (decrease) in interest payable			1,548						1,850
Increase (decrease) in fees due to Adviser(A)			1,052						(697)
Increase (decrease) in fee due to Administrator(A)			76						84
Increase (decrease) in other liabilities			377						653
Net cash provided by (used in) operating activities			34,523						(5,790)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit			14,800						138,200
Repayments on line of credit			(48,200)						(134,800)
Proceeds from issuance of notes payable			—						50,000
Redemption of notes payable			—						(38,813)
Financing costs			(196)						(1,507)
Proceeds from issuance of common stock			10,721						—
Discounts, commissions and offering costs for issuance of common stock			(161)						—
Distributions paid to common stockholders			(7,398)						(6,689)
Net cash provided by (used in) financing activities			(30,434)						6,391
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS			4,089						601
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD			2,107						846
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD			$	6,196					$	1,447
CASH PAID FOR INTEREST			$	3,081					$	1,157
NON-CASH ACTIVITIES(B)			$	2,416					$	468

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

(B)Non-cash activities relate to the October 2022 exit of our investment in Targus Cayman HoldCo Ltd., which was sold for net proceeds of approximately $8.0 million, resulting in a realized gain of approximately $5.9 million. As part of the proceeds, we received $2.4 million in aggregate cost basis of B. Riley Financial, Inc. 6.75% senior notes.

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

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(W)(K)						Principal/ Shares/ Units(J)(I)						Cost						Fair Value
NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 167.9%
Secured First Lien Debt – 123.2%
Aerospace and Defense – 22.3%
Antenna Research Associates, Inc. – Term Debt (S + 10.0%, 14.4% Cash, 4.0% PIK, Due 11/2026)(E)						$	21,892					$	21,892					$	21,892
Ohio Armor Holdings, LLC – Term Debt (L + 8.0%, 12.4% Cash, Due 2/2026)(C)						18,619						18,619						18,223
SpaceCo Holdings, LLC – Line of Credit, $350 available (L + 7.0%, 11.8% Cash, Due 12/2025)(C)(U)						1,650						1,650						1,625
SpaceCo Holdings, LLC – Term Debt (L + 7.0%, 11.8% Cash, Due 12/2025)(C)(U)						30,904						30,538						30,440
												72,699						72,180
Beverage, Food, and Tobacco – 18.7%
Cafe Zupas – Line of Credit, $1,500 available (S + 6.8%, 11.1% Cash, Due 12/2024)(C)						—						—						—
Café Zupas – Delayed Draw Term Loan, $8,070 available (S + 6.8%, 11.1% Cash, Due 12/2024)(C)						1,970						1,970						1,970
Café Zupas – Term Debt (S + 6.8%, 11.1% Cash, Due 12/2024)(C)						23,460						23,460						23,460
Eegee’s LLC – Line of Credit, $1,000 available (L + 7.8%, 12.1% Cash, Due 6/2026)(C)						—						—						—
Eegee’s LLC – Delayed Draw Term Loan, $4,500 available (L + 7.8%, 12.1% Cash, Due 6/2026)(C)						3,000						3,000						2,865
Eegee’s LLC – Term Debt (L + 7.8%, 12.1% Cash, Due 6/2026)(C)						17,000						17,000						16,235
Salt & Straw, LLC – Line of Credit, $1,200 available (L + 8.0%, 12.4% Cash, Due 9/2027)(C)						800						800						780
Salt & Straw, LLC – Delayed Draw Term Loan, $9,300 available (L + 8.0%, 12.4% Cash, Due 9/2027)(C)						2,200						2,200						2,145
Sokol & Company Holdings, LLC – Term Debt (S + 7.0%, 11.4% Cash, Due 8/2027)(C)						13,500						13,500						13,264
												61,930						60,719
Buildings and Real Estate – 0.6%
GFRC 360, LLC – Line of Credit, $360 available (S + 8.0%, 12.4% Cash, Due 9/2023)(C)						840						840						803
GFRC 360, LLC – Term Debt (S + 8.0%, 12.4% Cash, Due 9/2023)(C)						1,000						1,000						956
												1,840						1,759
Diversified/Conglomerate Manufacturing – 21.7%
Engineering Manufacturing Technologies, LLC – Line of Credit, $3,000 available (L + 8.3%, 12.6% Cash, Due 10/2026)(C)						—						—						—
Engineering Manufacturing Technologies, LLC – Term Debt (L + 8.3%, 12.6% Cash, Due 10/2026)(C)						22,500						22,500						22,050
Salvo Technologies, Inc. – Term Debt (S + 9.5%, 13.9% Cash, Due 4/2027)(C)						11,857						11,857						11,264
Unirac Holdings, Inc. – Line of Credit, $1,522 available (S + 6.5%, 10.9% Cash, Due 9/2027)(C)						700						700						703
Unirac Holdings, Inc. – Delayed Draw Term Loan, $2,778 available (S + 6.5%, 10.9% Cash, Due 9/2027)(C)						—						—						—
Unirac Holdings, Inc. – Term Debt (S + 6.5%, 10.9% Cash, Due 9/2027)(C)						14,963						14,606						15,019
Viva Railings, LLC – Line of Credit, $4,000 available (L + 7.0%, 11.4% Cash, Due 5/2027)(C)						—						—						—
Viva Railings, LLC – Term Debt (L + 7.0%, 11.4% Cash, Due 5/2027)(C)						21,800						21,800						21,500
												71,463						70,536
Diversified/Conglomerate Service – 25.1%
Axios Industrial Group, LLC – Term Debt (S + 9.5%, 14.0% Cash, Due 10/2027)(C)						9,000						9,000						8,820
Axios Industrial Group, LLC – Delayed Draw Term Loan, $5,000 available (S + 9.5%, 14.0% Cash, Due 10/2027)(C)						3,000						3,000						2,940
DKI Ventures, LLC – Term Debt (S + 8.0%, 12.4% Cash, Due 12/2023)(C)						5,915						5,915						4,407
ENET Holdings, LLC – Term Debt (L + 7.3%, 11.6% Cash, Due 4/2025)(C)						22,289						22,289						21,620
Fix-It Group, LLC – Line of Credit, $2,000 available (S + 7.0%, 11.5% Cash, Due 12/2026)(C)						1,000						1,000						1,000
Fix-It Group, LLC – Term Debt (S + 7.0%, 11.5% Cash, Due 12/2026)(C)						10,000						10,000						10,000
Fix-It Group, LLC – Delayed Draw Term Loan, $6,750 available (S + 7.0%, 11.5% Cash, Due 12/2026)(C)						3,250						3,250						3,250
MCG Energy Solutions, LLC – Term Debt (S + 7.5%, 12.0% Cash, 3.5% PIK, Due 3/2026)(C)						20,504						20,455						19,325
WorkforceQA, LLC – Line of Credit, $2,000 available (L + 6.5%, 10.9% Cash, Due 12/2026)(C)						—						—						—

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

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(W)(K)						Principal/ Shares/ Units(J)(I)						Cost						Fair Value
WorkforceQA, LLC – Term Debt (L + 8.5%, 12.9% Cash, Due 12/2026)(C)(H)						10,000						10,000						9,987
												84,909						81,349
Healthcare, Education, and Childcare – 31.1%
ALS Education, LLC – Line of Credit, $1,000 available (S + 7.0%, 11.4% Cash, Due 5/2025)(C)						2,000						2,000						1,985
ALS Education, LLC – Term Debt (S + 7.0%, 11.4% Cash, Due 5/2025)(C)						19,360						19,360						19,215
HH-Inspire Acquisition, Inc. – Line of Credit, $1,500 available (L + 6.8%, 11.1% Cash, Due 12/2026)(C)						1,500						1,500						1,493
HH-Inspire Acquisition, Inc. – Term Debt (L + 6.8%, 11.1% Cash, Due 12/2026)(C)						16,000						16,000						15,920
HH-Inspire Acquisition, Inc. – Term Debt (L + 6.8%, 11.1% Cash, Due 12/2026)(C)						8,000						8,000						7,960
HH-Inspire Acquisition, Inc. – Delayed Draw Term Loan, $0 available (L + 6.8%, 11.1% Cash, Due 12/2026)(C)						10,000						10,000						9,950
Pansophic Learning, Ltd. – Term Debt (L + 7.3%, 11.6% Cash, Due 3/2027)(C)						28,000						27,963						27,930
Pansophic Learning, Ltd. – Term Debt (L + 7.3%, 11.6% Cash, Due 3/2027)(C)						5,000						4,993						4,988
Turn Key Health Clinics, LLC – Line of Credit, $1,500 available (L + 7.3%, 11.6% Cash, Due 6/2026)(C)						500						500						498
Turn Key Health Clinics, LLC – Term Debt (L + 7.3%, 11.6% Cash, Due 6/2026)(C)						11,000						11,000						10,945
												101,316						100,884
Machinery – 1.7%
Arc Drilling Holdings LLC – Line of Credit, $1,000 available (S + 11.5%, 10.5% Cash, 5.4% PIK, Due 2/2024)(C)						—						—						—
Arc Drilling Holdings LLC – Term Debt (S + 11.5%, 10.5% Cash, 5.4% PIK, Due 2/2024)(C)						5,672						5,672						5,480
												5,672						5,480
Printing and Publishing – 0.0%
Chinese Yellow Pages Company – Line of Credit, $0 available (PRIME + 4.0%, 11.5% Cash, Due 2/2015)(E)(V)(Q)						$	107					107						—
Telecommunications – 2.0%
B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (L + 11.0%, 15.4% Cash, Due 12/2024)(C)						1,200						1,200						1,104
B+T Group Acquisition, Inc.(S) – Term Debt (L + 11.0%, 15.4% Cash, Due 12/2024)(C)						6,000						6,000						5,520
												7,200						6,624
Total Secured First Lien Debt												$	407,136					$	399,531
Secured Second Lien Debt – 33.1%
Automobile – 3.6%
Sea Link International IRB, Inc. – Term Debt (11.3% Cash, 2.0% PIK, Due 12/2025)(C)(F)						$	11,900					$	11,863					$	11,484
Beverage, Food, and Tobacco – 0.6%
8th Avenue Food & Provisions, Inc. – Term Debt (L + 7.8%, 12.1% Cash, Due 10/2026)(D)						3,682						3,698						1,998
Diversified/Conglomerate Manufacturing – 10.5%
Springfield, Inc. – Term Debt (L + 10.0%, 14.4% Cash, Due 12/2026)(C)						30,000						30,000						29,850
Tailwind Smith Cooper Intermediate Corporation – Term Debt (L + 9.0%, 13.4% Cash, Due 5/2027)(D)						5,000						4,835						4,294
												34,835						34,144
Diversified/Conglomerate Service – 2.3%
CHA Holdings, Inc. – Term Debt (L + 8.8%, 13.5% Cash, Due 4/2026)(D)(U)						3,000						2,969						2,760
Gray Matter Systems, LLC – Term Debt (11.3% Cash, Due 12/2026)(C)(F)						2,100						2,070						2,090
Gray Matter Systems, LLC – Delayed Draw Term Loan, $4,000 available (11.3% Cash, Due 12/2026)(C)(F)						2,500						2,477						2,488
												7,516						7,338
Healthcare, Education, and Childcare – 8.8%
Giving Home Health Care, LLC – Term Debt (12.5% Cash, Due 2/2028)(C)(F)						28,800						28,800						28,512
Machinery – 0.2%
CPM Holdings, Inc. – Term Debt (L + 8.3%, 12.6% Cash, Due 11/2026)(D)						798						798						778
Oil and Gas – 7.1%
Imperative Holdings Corporation – Term Debt (L + 9.8%, 14.1% Cash, Due 9/2024)(C)						23,265						23,225						22,916
Total Secured Second Lien Debt												$	110,735					$	107,170
Unsecured Debt – 0.7%

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

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(W)(K)						Principal/ Shares/ Units(J)(I)						Cost						Fair Value
Diversified/Conglomerate Service – 0.0%
Frontier Financial Group Inc. – Convertible Debt (6.0%, Due 6/2022)(E)(F)						$	198					$	198					$	45
Finance – 0.7%
B. Riley Financial, Inc. – Term Debt (6.8% Cash, Due 5/2024)(F)(X)						2,416						2,416						2,358
Total Unsecured Debt												$	2,614					$	2,403
Preferred Equity – 4.5%
Automobile – 0.1%
Sea Link International IRB, Inc. – Preferred Stock(E)(G)						98,039						98						160
Beverage, Food, and Tobacco – 0.0%
Triple H Food Processors, LLC – Preferred Stock(E)(G)						75						75						125
Buildings and Real Estate – 0.2%
GFRC 360, LLC – Preferred Stock(E)(G)						1,000						1,025						636
Diversified/Conglomerate Manufacturing – 0.4%
Salvo Technologies, Inc. – Preferred Stock(E)(G)						2,500						2,500						1,430
Diversified/Conglomerate Service – 2.5%
Frontier Financial Group Inc. – Preferred Stock(E)(G)						766						500						—
Frontier Financial Group Inc. – Preferred Stock Warrant(E)(G)						168						—						—
MCG Energy Solutions, LLC – Preferred Stock(E)						7,000,000						7,000						7,972
												7,500						7,972
Healthcare, Education, and Childcare – 0.3%
HH-Inspire Acquisition, Inc. – Preferred Stock(E)(G)						854,848						956						914
Oil and Gas – 0.6%
FES Resources Holdings LLC – Preferred Equity Units(E)(G)						6,350						6,350						—
Imperative Holdings Corporation – Preferred Equity Units(E)(G)						1,474,225						632						1,954
												6,982						1,954
Telecommunications – 0.4%
B+T Group Acquisition, Inc.(S) – Preferred Stock(E)(G)						6,130						2,024						1,137
NetFortris Corp. – Preferred Stock(E)(G)						7,890,860						789						264
												2,813						1,401
Total Preferred Equity												$	21,949					$	14,592
Common Equity – 6.4%
Aerospace and Defense – 4.3%
Antenna Research Associates, Inc. – Common Equity Units(E)(G)						4,283						$	4,283					$	13,189
Ohio Armor Holdings, LLC – Common Equity(E)(G)						100						1,000						749
												5,283						13,938
Automobile– 0.1%
Sea Link International IRB, Inc.– Common Equity Units(E)(G)						823,333						823						169
Beverage, Food, and Tobacco – 0.7%
Sokol & Company Holdings, LLC – Common Stock(E)(G)						1,500,000						1,500						1,701
Triple H Food Processors, LLC – Common Stock(E)(G)						250,000						250						675
												1,750						2,376
Buildings and Real Estate – 0.0%
GFRC 360, LLC – Common Stock Warrants(E)(G)						45%						—						—
Diversified/Conglomerate Manufacturing – 0.5%
Engineering Manufacturing Technologies, LLC – Common Stock(E)(G)						6,000						3,000						1,613
Diversified/Conglomerate Service – 0.1%
WorkforceQA, LLC – Common Stock(E)(G)						500						500						383
Healthcare, Education, and Childcare – 0.7%
Giving Home Health Care, LLC – Warrant(E)(G)						10,667						19						446
GSM MidCo LLC – Common Stock(E)(G)						767						767						1,595
Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment)(G)(L)(R)						3.5		%				—						156
												786						2,197
Machinery – 0.0%
Arc Drilling Holdings LLC – Common Stock(E)(G)						15,000						1,500						—

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

8

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(W)(K)						Principal/ Shares/ Units(J)(I)						Cost						Fair Value
Oil and Gas – 0.0%
FES Resources Holdings LLC – Common Equity Units(E)(G)						6,233						—						—
Total Safety Holdings, LLC – Common Equity(E)(G)						435						499						44
												499						44
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
Funko Acquisition Holdings, LLC(S) – Common Units(G)(T)						4,239						22						31
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(S) – Common Stock Warrant(E)(G)						1.5		%				—						—
Total Common Equity												$	14,163					$	20,751
Total Non-Control/Non-Affiliate Investments												$	556,597					$	544,447
AFFILIATE INVESTMENTS(N) – 12.9%
Secured First Lien Debt – 10.8%
Diversified/Conglomerate Manufacturing – 0.8%
Edge Adhesives Holdings, Inc. (S) – Term Debt (L + 5.5%, 9.9% Cash, Due 8/2024)(C)(P)						$	6,140					$	6,140					$	2,452
Diversified/Conglomerate Service – 10.0%
Encore Dredging Holdings, LLC – Line of Credit, $3,000 available (L + 8.3%, 12.6% Cash, Due 12/2025)(C)						—						—						—
Encore Dredging Holdings, LLC – Term Debt (L + 7.0%, 11.4% Cash, 1.5% PIK, Due 12/2025)(C)						23,700						23,700						23,197
Encore Dredging Holdings, LLC – Term Debt (L + 7.0%, 11.4% Cash, 2.5% PIK, Due 12/2025)(C)						4,561						4,561						4,464
Encore Dredging Holdings, LLC – Delayed Draw Term Loan, $0 available (L + 7.0%, 11.4% Cash, 1.5% PIK, Due 12/2025)(C)						5,043						5,043						4,935
												33,304						32,596
Total Secured First Lien Debt												$	39,444					$	35,048
Preferred Equity – 1.7%
Diversified/Conglomerate Manufacturing – 0.0%
Edge Adhesives Holdings, Inc.(S) – Preferred Stock(E)(G)						5,466						$	5,466					$	—
Diversified/Conglomerate Service– 1.5%
Encore Dredging Holdings, LLC – Preferred Stock(E)(G)						3,840,000						3,840						$	4,915
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2%
Canopy Safety Brands, LLC – Preferred Stock(E)(G)						500,000						500						798
Total Preferred Equity												$	9,806					$	5,713
Common Equity – 0.4%
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.4%
Canopy Safety Brands, LLC – Common Stock(E)(G)						1,170,370						800						1,179
Total Common Equity												$	800					$	1,179
Total Affiliate Investments												$	50,050					$	41,940
CONTROL INVESTMENTS(O) – 10.9%
Secured First Lien Debt – 4.8%
Diversified/Conglomerate Manufacturing – 1.0%
Lonestar EMS, LLC – Term Debt (8.0% PIK, Due 6/2027)(E)(F)						$	3,695					$	3,695					$	3,396
Personal and Non-Durable Consumer Products (Manufacturing Only) – 3.5%
WB Xcel Holdings, LLC – Line of Credit, $32 available (L + 10.5%, 14.9% Cash, Due 11/2026)(E)						1,468						1,468						1,468
WB Xcel Holdings, LLC – Term Debt (L + 10.5%, 14.9% Cash, Due 11/2026)(E)						9,900						9,900						9,900
												11,368						11,368
Printing and Publishing – 0.3%
TNCP Intermediate HoldCo, LLC – Line of Credit, $1,100 available (8.0% Cash, Due 10/2024)(E)(F)						900						900						900
Total Secured First Lien Debt												$	15,963					$	15,664
Secured Second Lien Debt – 2.3%
Automobile– 2.3%
Defiance Integrated Technologies, Inc. – Term Debt (L + 9.5%, 13.9% Cash, Due 5/2026)(E)						$	7,585					$	7,585					$	7,585
Preferred Equity – 1.8%
Personal and Non-Durable Consumer Products (Manufacturing Only) – 1.8%

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

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(W)(K)						Principal/ Shares/ Units(J)(I)						Cost						Fair Value
WB Xcel Holdings, LLC – Preferred Stock(E)(G)						333						2,750						5,835
Common Equity – 2.0%
Automobile– 0.1%
Defiance Integrated Technologies, Inc. – Common Stock(E)(G)						33,321						$	580					$	71
Diversified/Conglomerate Manufacturing – 0.0%
Lonestar EMS, LLC – Common Units(E)(G)						100		%				6,750						—
Machinery – 1.1%
PIC 360, LLC – Common Equity Units(E)(G)						750						1						3,603
Printing and Publishing – 0.8%
TNCP Intermediate HoldCo, LLC – Common Equity Units(E)(G)						790,000						500						2,594
Total Common Equity												$	7,831					$	6,268
Total Control Investments												$	34,129					$	35,352
TOTAL INVESTMENTS – 191.7%												$	640,776					$	621,739

(A)Certain of the securities listed in this schedule are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $555.5 million at fair value, are pledged as collateral under our revolving line of credit, as described further in Note 5—Borrowings in the accompanying Notes to Consolidated Financial Statements. Under the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of December 31, 2022, our investments in Leeds Novamark Capital I, L.P. (“Leeds”), Funko Acquisition Holdings, LLC (“Funko”), and B. Riley Financial, Inc. (“B. Riley”) are considered non-qualifying assets under Section 55 of the 1940 Act. Such non-qualifying assets represent 0.4% of total investments, at fair value, as of December 31, 2022.

(B)Unless indicated otherwise, all cash interest rates are indexed to 30-day London Interbank Offered Rate (“LIBOR” or “L”), which was 4.39% as of December 31, 2022 or one- month Secured Overnight Financing Rate (“SOFR” or “S”), which was 4.36% as of December 31, 2022. If applicable, paid-in-kind (“PIK”) interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or the reference rate plus a spread. Due dates represent the contractual maturity date.

(C)Fair value was based on an internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC (“ICE”).

(D)Fair value was based on the indicative bid price on or near December 31, 2022, offered by the respective syndication agent’s trading desk.

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

(F)Debt security has a fixed interest rate.

(G)Security is non-income producing.

(H)The Company has entered into an agreement that entitles it to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of LIBOR plus 6.5% (Floor 1.0%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

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

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

(K)Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of December 31, 2022.

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

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

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

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

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

(Q)Investment maturity date has passed. Investment continues to make applicable interest payments.

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

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

(T)Our investment in Funko was valued using Level 2 inputs within the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy. Our common units in Funko are convertible to class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

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

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(U)The cash interest rate on this investment was indexed to 90-day LIBOR, which was 4.77% as of December 31, 2022.

(V)The cash interest rate on this investment was indexed to the U.S. Prime Rate (“PRIME”), which was 7.50% as of December 31, 2022.

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

(X)Our investment in B. Riley was valued using Level 1 inputs within the ASC 820 fair value hierarchy. B. Riley 6.75% senior notes are traded on the Nasdaq Global Select Market under the trading symbol “RILYO.” Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

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

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2022 (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(W)(K)						Principal/ Shares/ Units(J)(I)						Cost						Fair Value
NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 182.2%
Secured First Lien Debt – 131.2%
Aerospace and Defense – 23.4%
Antenna Research Associates, Inc. – Term Debt (SOFR + 10.0%, 13.0% Cash, 4.0% PIK, Due 11/2026)(E)						$	21,973					$	21,973					$	21,973
Ohio Armor Holdings, LLC – Term Debt (L + 8.0%, 11.1% Cash, Due 2/2026)(C)						$	18,913					18,913						18,558
SpaceCo Holdings, LLC – Line of Credit, $100 available (L + 7.0%, 10.8% Cash, Due 12/2025)(C)(U)						$	1,900					1,900						1,886
SpaceCo Holdings, LLC – Term Debt (L + 7.0%, 10.8% Cash, Due 12/2025)(C)(U)						$	31,719					31,326						31,481
												74,112						73,898
Beverage, Food, and Tobacco – 18.7%
Café Zupas – Line of Credit, $4,000 available (L + 7.4%, 10.5% Cash, Due 12/2024)(C)						$	—					—						—
Café Zupas – Delayed Draw Term Loan, $0 available (L + 7.4%, 10.5% Cash, Due 12/2024)(C)						$	1,970					1,970						1,958
Café Zupas – Term Debt (L + 7.4%, 10.5% Cash, Due 12/2024)(C)						$	23,460					23,460						23,313
Eegee’s LLC – Line of Credit, $1,000 available (L + 8.3%, 11.4% Cash, Due 6/2026)(C)						$	—					—						—
Eegee’s LLC – Delayed Draw Term Loan, $4,500 available (L + 8.3%, 11.4% Cash, Due 6/2026)(C)						$	3,000					3,000						2,910
Eegee’s LLC – Term Debt (L + 8.3%, 11.4% Cash, Due 6/2026)(C)						$	17,000					17,000						16,490
Salt & Straw, LLC – Line of Credit, $1,200 available (L + 8.0%, 11.1% Cash, Due 9/2027)(C)						$	800					800						800
Salt & Straw, LLC – Delayed Draw Term Loan, $11,500 available (L + 8.0%, 11.1% Cash, Due 9/2027)(C)						$	—					—						—
Sokol & Company Holdings, LLC – Term Debt (SOFR + 7.0%, 10.0% Cash, Due 8/2027)(C)(AA)						$	13,500					13,500						13,500
												59,730						58,971
Buildings and Real Estate – 0.5%
GFRC 360, LLC – Line of Credit, $500 available (L + 8.0%, 11.1% Cash, Due 9/2023)(C)						$	700					700						681
GFRC 360, LLC – Term Debt (L + 8.0%, 11.1% Cash, Due 9/2023)(C)						$	1,000					1,000						973
												1,700						1,654
Diversified/Conglomerate Manufacturing – 22.3%
Engineering Manufacturing Technologies, LLC – Line of Credit, $3,000 available (L + 8.3%, 11.4% Cash, Due 10/2026)(C)						$	—					—						—
Engineering Manufacturing Technologies, LLC – Term Debt (L + 8.3%, 11.4% Cash, Due 10/2026)(C)						$	22,500					22,500						22,134
Salvo Technologies, Inc. – Term Debt (SOFR + 9.5%, 12.5% Cash, Due 4/2027)(C)(AA)						$	11,887					11,887						11,619
Viva Railings, LLC – Line of Credit, $4,000 available (L + 7.0%, 10.1% Cash, Due 5/2027)(C)						$	—					—						—
Viva Railings, LLC – Term Debt (L + 7.0%, 10.1% Cash, Due 5/2027)(C)						$	21,800					21,800						21,364
Unirac Holdings, Inc. – Line of Credit, $2,222 available (SOFR + 6.5%, 9.5% Cash, Due 9/2027) (C)(AA)						$	—					—						—
Unirac Holdings, Inc. – Delayed Draw Term Loan, $2,778 available (SOFR + 6.5%, 9.5% Cash, Due 9/2027)(C)(AA)						$	—					—						—
Unirac Holdings, Inc. – Term Debt (SOFR + 6.5%, 9.5% Cash, Due 9/2027)(C)(AA)						$	15,000					14,628						15,000
												70,815						70,117
Diversified/Conglomerate Service – 31.1%
Axios Industrial Group, LLC – Term Debt (SOFR + 9.5%, 12.6% Cash, Due 10/2027)(C)(AA)						$	9,000					9,000						8,741
Axios Industrial Group, LLC– Delayed Draw Term Loan, $5,000 available (SOFR + 9.5%, 12.6% Cash, Due 10/2027)(C)(AA)						$	3,000					3,000						2,914
DKI Ventures, LLC – Term Debt (SOFR + 8.0%, 11.0% Cash, Due 12/2023)(C)						$	5,915					5,915						4,554
ENET Holdings, LLC – Term Debt (L + 7.3%, 10.4% Cash, Due 4/2025)(C)						$	24,360					24,360						23,142
Fix-It Group, LLC – Line of Credit, $3,000 available (L + 7.0%, 10.1% Cash, Due 12/2026)(C)(U)						$	—					—						—

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

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2022 (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(W)(K)						Principal/ Shares/ Units(J)(I)						Cost						Fair Value
Fix-It Group, LLC – Term Debt (L + 7.0%, 10.1% Cash, Due 12/2026)(C)(U)						10,000						10,000						9,950
Fix-It Group, LLC– Delayed Draw Term Loan, $10,000 available (L + 7.0%, 10.1% Cash, Due 12/2026)(C)(U)						—						—						—
MCG Energy Solutions, LLC – Line of Credit, $3,000 available (L + 7.5%, 10.6% Cash, Due 3/2026)(C)						—						—						—
MCG Energy Solutions, LLC – Term Debt (L + 7.5%, 10.6% Cash, 3.5% PIK, Due 3/2026)(C)						20,820						20,820						19,779
R2i Holdings, LLC – Line of Credit, $1,171 available (8.0% PIK, Due 12/2023)(F)(Y)						829						829						829
R2i Holdings, LLC – Term Debt (8.0% PIK, Due 12/2023)(F)(Y)						18,000						18,000						18,000
WorkforceQA, LLC– Line of Credit, $2,000 available (L + 6.5%, 9.6% Cash, Due 12/2026)(C)(U)						—						—						—
WorkforceQA, LLC – Term Debt (L + 8.5%, 11.6% Cash, Due 12/2026)(C)(H)(U)						10,000						10,000						9,975
												101,924						97,884

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

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2022 (DOLLAR AMOUNTS IN THOUSANDS)

Company and Investment(A)(B)(W)(K)

Principal/ Shares/ Units(J)(I)

Cost

Fair Value

Healthcare, Education, and Childcare - 31.3%

ALS Education, LLC – Line of Credit, $3,000 available (L +