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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 MARCH 31, 2023

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 May 1, 2023 was 37,445,088.

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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 March 31, 2023 and September 30, 2022			2
			Consolidated Statements of Operations for the three and six months ended March 31, 2023 and 2022			3
			Consolidated Statements of Changes in Net Assets for the six months ended March 31, 2023 and 2022			4
			Consolidated Statements of Cash Flows for the six months ended March 31, 2023 and 2022			5
			Consolidated Schedules of Investments as of March 31, 2023 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			44
			Overview			44
			Results of Operations			48
			Liquidity and Capital Resources			56
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			63
Item 4.			Controls and Procedures			63
PART II.			OTHER INFORMATION
Item 1.			Legal Proceedings			65
Item 1A.			Risk Factors			65
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			65
Item 3.			Defaults Upon Senior Securities			65
Item 4.			Mine Safety Disclosures			65
Item 5.			Other Information			65
Item 6.			Exhibits			65
SIGNATURES						67

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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)

			March 31, 2023						September 30, 2022
ASSETS
Investments, at fair value:
Non-Control/Non-Affiliate investments (Cost of $611,746 and $571,736, respectively)			$	601,415					$	574,811
Affiliate investments (Cost of $50,186 and $49,412, respectively)			42,110						39,091
Control investments (Cost of $34,099 and $34,905, respectively)			35,234						35,713
Cash and cash equivalents			8,923						2,011
Restricted cash and cash equivalents			126						96
Interest receivable, net			3,042						2,737
Due from administrative agent			5,686						3,199
Deferred financing costs, net			487						836
Other assets, net			2,747						2,474
TOTAL ASSETS			$	699,770					$	660,968
LIABILITIES
Line of credit at fair value (Cost of $152,600 and $141,800, respectively)			$	152,439					$	141,800
Notes payable, net of unamortized deferred financing costs of $2,186 and $2,393, respectively			197,814						197,607
Accounts payable and accrued expenses			619						500
Interest payable			2,779						2,517
Fees due to Adviser(A)			3,157						2,104
Fee due to Administrator(A)			605						423
Other liabilities			546						530
TOTAL LIABILITIES			$	357,959					$	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 37,185,569 and 34,734,796 shares issued and outstanding, respectively			$	37					$	35
Capital in excess of par value			419,834						395,542
Cumulative net unrealized appreciation (depreciation) of investments			(17,272)						(6,438)
Cumulative net unrealized appreciation (depreciation) of other			161						—
Under (over) distributed net investment income			2,474						(500)
Accumulated net realized losses			(63,423)						(73,152)
Total distributable loss			(78,060)						(80,090)
TOTAL NET ASSETS			$	341,811					$	315,487
NET ASSET VALUE PER COMMON SHARE			$	9.19					$	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.

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GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(UNAUDITED)

			Three Months Ended March 31,												Six Months Ended March 31,
			2023						2022						2023						2022
INVESTMENT INCOME
Interest income
Non-Control/Non-Affiliate investments			$	17,082					$	10,614					$	32,868					$	20,768
Affiliate investments			968						739						1,842						1,806
Control investments			708						695						1,398						1,203
Cash and cash equivalents			45						—						64						—
Total interest income (excluding PIK interest income)			18,803						12,048						36,172						23,777
PIK interest income
Non-Control/Non-Affiliate investments			563						914						1,351						2,051
Affiliate investments			137						—						276						—
Control investments			75						—						146						—
Total PIK interest income			775						914						1,773						2,051
Total interest income			19,578						12,962						37,945						25,828
Success fee income
Non-Control/Non-Affiliate investments			600						3,231						600						3,231
Affiliate Investments			—						—						—						1,563
Total success fee income			600						3,231						600						4,794
Dividend income
Non-Control/Non-Affiliate investments			281						517						788						1,509
Control investments			—						520						329						589
Total dividend income			281						1,037						1,117						2,098
Other income			102						30						193						707
Total investment income			20,561						17,260						39,855						33,427
EXPENSES
Base management fee(A)			2,898						2,479						5,727						4,999
Loan servicing fee(A)			1,923						1,520						3,797						2,982
Incentive fee(A)			2,408						1,971						4,589						4,062
Administration fee(A)			417						401						820						780
Interest expense			4,909						3,020						9,538						6,027
Amortization of deferred financing costs			381						274						759						563
Professional fees			232						207						513						471
Other general and administrative expenses			404						315						708						699
Expenses, before credits from Adviser			13,572						10,187						26,451						20,583
Credit to base management fee - loan servicing fee(A)			(1,923)						(1,520)						(3,797)						(2,982)
Credits to fees from Adviser - other(A)			(720)						(102)						(1,156)						(2,029)
Total expenses, net of credits			10,929						8,565						21,498						15,572
NET INVESTMENT INCOME			9,632						8,695						18,357						17,855
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss):
Non-Control/Non-Affiliate investments			403						—						10,738						472
Affiliate investments			—						—						—						13,408
Control investments			—						—						(1,016)						—
Other			25						233						278						(467)
Total net realized gain (loss)			428						233						10,000						13,413
Net unrealized appreciation (depreciation):
Non-Control/Non-Affiliate investments			1,819						(1,083)						(13,406)						3,569
Affiliate investments			34						(2,795)						2,245						(17,822)
Control investments			(88)						3,253						327						3,391
Other			161						—						161						—
Total net unrealized appreciation (depreciation)			1,926						(625)						(10,673)						(10,862)
Net realized and unrealized gain (loss)			2,354						(392)						(673)						2,551
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$	11,986					$	8,303					$	17,684					$	20,406
BASIC AND DILUTED PER COMMON SHARE:
Net investment income			$	0.26					$	0.25					$	0.51					$	0.52
Net increase (decrease) in net assets resulting from operations			$	0.33					$	0.24					$	0.49					$	0.59
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: Basic and Diluted			36,604,182						34,304,371						35,898,020						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)

			2023						2022
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
OPERATIONS
Net investment income			9,632						8,695
Net realized gain (loss) on investments			403						—
Net realized gain (loss) on other			25						233
Net unrealized appreciation (depreciation) of investments			1,765						(625)
Net unrealized depreciation of other			161						—
Net increase (decrease) in net assets resulting from operations			11,986						8,303
DISTRIBUTIONS
Distributions to common stockholders from net investment income ($0.23 per share and $0.20 per share, respectively)(A)			(8,257)						(6,689)
Net decrease in net assets from distributions			(8,257)						(6,689)
CAPITAL TRANSACTIONS
Issuance of common stock			13,993						—
Discounts, commissions and offering costs for issuance of common stock			(237)						—
Net increase (decrease) in net assets resulting from capital transactions			13,756						—
NET INCREASE (DECREASE) IN NET ASSETS			17,485						1,614
NET ASSETS, MARCH 31			$	341,811					$	325,467

(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)

			Six Months Ended March 31,
			2023						2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations			$	17,684					$	20,406
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchase of investments			(77,469)						(121,569)
Principal repayments on investments			34,670						130,600
Net proceeds from sale of investments			14,552						16,922
Increase in investments due to PIK interest or other			(1,952)						(2,614)
Net change in premiums, discounts and amortization			221						(547)
Net realized loss (gain) on investments			(9,722)						(13,880)
Net realized loss (gain) on other			(278)						467
Net unrealized depreciation (appreciation) of investments			10,834						10,862
Net unrealized depreciation of other			(161)						—
Changes in assets and liabilities:
Amortization of deferred financing costs			759						563
Decrease (increase) in interest receivable, net			(305)						(545)
Decrease (increase) in funds due from administrative agent			(2,487)						610
Decrease (increase) in other assets, net			(294)						(1,265)
Increase (decrease) in accounts payable and accrued expenses			119						51
Increase (decrease) in interest payable			262						406
Increase (decrease) in fees due to Adviser(A)			1,053						943
Increase (decrease) in fee due to Administrator(A)			182						197
Increase (decrease) in other liabilities			16						(3,943)
Net cash provided by (used in) operating activities			(12,316)						37,664
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit			100,400						161,500
Repayments on line of credit			(89,600)						(194,600)
Proceeds from issuance of notes payable			—						50,000
Redemption of notes payable			—						(38,813)
Financing costs			(203)						(1,575)
Proceeds from issuance of common stock			24,714						—
Discounts, commissions and offering costs for issuance of common stock			(398)						—
Distributions paid to common stockholders			(15,655)						(13,378)
Net cash provided by (used in) financing activities			19,258						(36,866)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS			6,942						798
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			$	9,049					$	1,644
CASH PAID FOR INTEREST			$	9,276					$	5,621
NON-CASH ACTIVITIES(B)			$	2,416					$	710

(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 an interest in B. Riley Financial, Inc. 6.75% senior notes in the amount of $2.4 million.

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

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2023 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(Q)(K)						Principal/ Shares/ Units(J)(I)						Cost						Fair Value
NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 176.0%
Secured First Lien Debt – 130.9%
Aerospace and Defense – 20.9%
Antenna Research Associates, Inc. – Term Debt (S + 10.0%, 14.8% Cash, 4.0% PIK, Due 11/2026)(E)						$	21,816					$	21,816					$	21,816
Ohio Armor Holdings, LLC – Term Debt (S + 8.0%, 12.8% Cash, Due 2/2026)(C)						18,325						18,305						17,913
SpaceCo Holdings, LLC – Line of Credit, $300 available (L + 7.0%, 12.2% Cash, Due 12/2025)(C)(U)						1,700						1,700						1,666
SpaceCo Holdings, LLC – Term Debt (L + 7.0%, 12.2% Cash, Due 12/2025)(C)(U)						30,698						30,359						30,083
												72,180						71,478
Beverage, Food, and Tobacco – 19.2%
Cafe Zupas – Line of Credit, $1,500 available (S + 6.8%, 11.6% Cash, Due 12/2024)(C)						—						—						—
Café Zupas – Delayed Draw Term Loan, $8,070 available (S + 6.8%, 11.6% Cash, Due 12/2024)(C)						1,970						1,970						1,945
Café Zupas – Term Debt (S + 6.8%, 11.6% Cash, Due 12/2024)(C)						23,460						23,460						23,167
Eegee’s LLC – Line of Credit, $1,000 available (L + 7.8%, 12.6% Cash, Due 6/2026)(C)						—						—						—
Eegee’s LLC – Delayed Draw Term Loan, $4,500 available (L + 7.8%, 12.6% Cash, Due 6/2026)(C)						3,000						3,000						2,835
Eegee’s LLC – Term Debt (L + 7.8%, 12.6% Cash, Due 6/2026)(C)						17,000						17,000						16,065
Salt & Straw, LLC – Line of Credit, $1,000 available (S + 9.0%, 13.9% Cash, Due 9/2027)(C)						—						—						—
Salt & Straw, LLC – Delayed Draw Term Loan, $0 available (S + 9.0%, 13.9% Cash, Due 9/2027)(C)						8,500						8,427						8,203
Sokol & Company Holdings, LLC – Term Debt (S + 7.0%, 11.8% Cash, Due 8/2027)(C)						13,500						13,500						13,213
												67,357						65,428
Buildings and Real Estate – 0.6%
GFRC 360, LLC – Line of Credit, $50 available (S + 8.0%, 12.8% Cash, Due 9/2023)(C)						1,150						1,150						1,082
GFRC 360, LLC – Term Debt (S + 8.0%, 12.8% Cash, Due 9/2023)(C)						1,000						1,000						941
												2,150						2,023
Diversified/Conglomerate Manufacturing – 28.4%
Engineering Manufacturing Technologies, LLC – Line of Credit, $3,000 available (L + 8.3%, 13.1% Cash, Due 10/2026)(C)						—						—						—
Engineering Manufacturing Technologies, LLC – Term Debt (L + 8.3%, 13.1% Cash, Due 10/2026)(C)						21,500						21,500						20,694
NeoGraf Solutions LLC – Line of Credit, $4,500 available (S + 7.0%, 11.0% Cash, 0.8% PIK, Due 1/2028)(C)						—						—						—
NeoGraf Solutions LLC – Term Debt (S + 7.0%, 11.0% Cash, 0.8% PIK, Due 1/2028)(C)						27,012						27,012						27,012
Salvo Technologies, Inc. – Term Debt (S + 9.5%, 14.3% Cash, Due 4/2027)(C)						11,827						11,827						11,147
Unirac Holdings, Inc. – Line of Credit, $1,356 available (S + 6.5%, 11.3% Cash, Due 9/2027)(C)						867						867						867
Unirac Holdings, Inc. – Delayed Draw Term Loan, $1,667 available (S + 6.5%, 11.3% Cash, Due 9/2027)(C)						1,111						1,111						1,111
Unirac Holdings, Inc. – Term Debt (S + 6.5%, 11.3% Cash, Due 9/2027)(C)						14,925						14,583						14,925
Viva Railings, LLC – Line of Credit, $4,000 available (L + 7.0%, 11.9% Cash, Due 5/2027)(C)						—						—						—
Viva Railings, LLC – Term Debt (L + 7.0%, 11.9% Cash, Due 5/2027)(C)						21,691						21,691						21,339
												98,591						97,095
Diversified/Conglomerate Service – 29.5%
Axios Industrial Group, LLC – Term Debt (S + 9.0%, 13.9% Cash, Due 10/2027)(C)						9,000						8,965						8,786
Axios Industrial Group, LLC – Delayed Draw Term Loan, $5,000 available (S + 9.0%, 13.9% Cash, Due 10/2027)(C)						3,000						3,000						2,929
DKI Ventures, LLC – Term Debt (S + 8.0%, 12.8% Cash, Due 12/2023)(C)						5,915						5,915						3,846
ENET Holdings, LLC – Term Debt (L + 7.3%, 12.1% Cash, Due 4/2025)(C)						22,289						22,289						21,508
Fix-It Group, LLC – Line of Credit, $1,500 available (S + 7.0%, 11.9% Cash, Due 12/2026)(C)						1,500						1,500						1,496
Fix-It Group, LLC – Term Debt (S + 7.0%, 11.9% Cash, Due 12/2026)(C)						10,000						10,000						9,975
Fix-It Group, LLC – Delayed Draw Term Loan, $6,750 available (S + 7.0%, 11.9% Cash, Due 12/2026)(C)						3,250						3,250						3,242

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

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2023 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(Q)(K)						Principal/ Shares/ Units(J)(I)						Cost						Fair Value
Leadpoint Business Services, LLC – Line of Credit, $0 available (S + 7.3%, 12.1% Cash, Due 2/2024)(C)						5,500						5,500						5,500
Leadpoint Business Services, LLC – Term Debt (S + 8.5%, 13.3% Cash, Due 2/2028)(C)						13,500						13,500						13,500
MCG Energy Solutions, LLC – Term Debt (S + 7.5%, 12.4% Cash, 3.5% PIK, Due 3/2026)(C)						19,932						19,886						18,387
WorkforceQA, LLC – Line of Credit, $2,000 available (S + 6.5%, 11.3% Cash, Due 12/2026)(C)						—						—						—
WorkforceQA, LLC – Term Debt (S + 8.4%, 13.1% Cash, Due 12/2026)(C)(H)						10,000						9,967						9,950
WorkforceQA, LLC – Term Debt (S + 9.6%, 14.3% Cash, Due 12/2026)(C)(H)						1,600						1,595						1,592
												105,367						100,711
Healthcare, Education, and Childcare – 28.9%
ALS Education, LLC – Line of Credit, $3,000 available (S + 7.0%, 11.8% Cash, Due 5/2025)(C)						—						—						—
ALS Education, LLC – Term Debt (S + 7.0%, 11.8% Cash, Due 5/2025)(C)						19,030						19,030						18,840
HH-Inspire Acquisition, Inc. – Line of Credit, $1,500 available (L + 6.8%, 11.6% Cash, Due 12/2026)(C)						1,500						1,500						1,500
HH-Inspire Acquisition, Inc. – Term Debt (L + 6.8%, 11.6% Cash, Due 12/2026)(C)						16,000						16,000						16,094
HH-Inspire Acquisition, Inc. – Term Debt (L + 6.8%, 11.6% Cash, Due 12/2026)(C)						8,000						8,000						8,047
HH-Inspire Acquisition, Inc. – Delayed Draw Term Loan, $0 available (L + 6.8%, 11.6% Cash, Due 12/2026)(C)						10,000						10,000						10,059
Pansophic Learning, Ltd. – Term Debt (L + 7.3%, 12.1% Cash, Due 3/2027)(C)						28,000						27,965						27,895
Pansophic Learning, Ltd. – Term Debt (L + 7.3%, 12.1% Cash, Due 3/2027)(C)						5,000						4,993						4,981
Turn Key Health Clinics, LLC – Line of Credit, $1,500 available (L + 7.3%, 12.1% Cash, Due 6/2026)(C)						500						500						499
Turn Key Health Clinics, LLC – Term Debt (L + 7.3%, 12.1% Cash, Due 6/2026)(C)						11,000						11,000						10,973
												98,988						98,888
Machinery – 1.6%
Arc Drilling Holdings LLC – Line of Credit, $1,000 available (S + 11.5%, 10.5% Cash, 5.8% PIK, Due 2/2024)(C)						—						—						—
Arc Drilling Holdings LLC – Term Debt (S + 11.5%, 10.5% Cash, 5.8% PIK, Due 2/2024)(C)						5,749						5,749						5,592
												5,749						5,592
Telecommunications – 1.8%
B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (L + 11.0%, 15.9% Cash, Due 12/2024)(C)						1,200						1,200						1,044
B+T Group Acquisition, Inc.(S) – Term Debt (L + 11.0%, 15.9% Cash, Due 12/2024)(C)						6,000						6,000						5,220
												7,200						6,264
Total Secured First Lien Debt												$	457,582					$	447,479
Secured Second Lien Debt – 32.2%
Automobile – 3.4%
Sea Link International IRB, Inc. – Term Debt (11.3% Cash, 2.0% PIK, Due 12/2025)(C)(F)						$	11,960					$	11,925					$	11,451
Beverage, Food, and Tobacco – 0.7%
8th Avenue Food & Provisions, Inc. – Term Debt (L + 7.8%, 12.6% Cash, Due 10/2026)(D)						3,683						3,683						2,339
Diversified/Conglomerate Manufacturing – 10.0%
Springfield, Inc. – Term Debt (L + 10.0%, 14.9% Cash, Due 12/2026)(C)						30,000						30,000						29,775
Tailwind Smith Cooper Intermediate Corporation – Term Debt (S + 9.0%, 13.9% Cash, Due 5/2027)(D)(U)						5,000						4,842						4,275
												34,842						34,050
Diversified/Conglomerate Service – 3.3%
CHA Holdings, Inc. – Term Debt (L + 8.8%, 13.9% Cash, Due 4/2026)(D)(U)						3,000						2,971						2,760
Gray Matter Systems, LLC – Term Debt (11.3% Cash, Due 12/2026)(C)(F)						2,100						2,072						2,095
Gray Matter Systems, LLC – Delayed Draw Term Loan, $0 available (11.3% Cash, Due 12/2026)(C)(F)						6,500						6,478						6,484
												11,521						11,339
Healthcare, Education, and Childcare – 8.4%
Giving Home Health Care, LLC – Term Debt (12.5% Cash, Due 2/2028)(C)(F)						28,800						28,800						28,584
Machinery – 0.2%
CPM Holdings, Inc. – Term Debt (L + 8.3%, 13.1% Cash, Due 11/2026)(D)						798						798						786

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

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2023 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(Q)(K)						Principal/ Shares/ Units(J)(I)						Cost						Fair Value
Oil and Gas – 6.2%
Imperative Holdings Corporation – Term Debt (S + 9.8%, 14.6% Cash, Due 8/2028)(C)						21,765						21,610						21,384
Total Secured Second Lien Debt												$	113,179					$	109,933
Unsecured Debt – 0.7%
Diversified/Conglomerate Service – 0.0%
Frontier Financial Group Inc. – Convertible Debt (6.0%, Due 6/2022)(E)(F)						$	198					$	198					$	36
Finance – 0.7%
B. Riley Financial, Inc. – Term Debt (6.8% Cash, Due 5/2024)(F)(V)						2,416						2,416						2,336
Total Unsecured Debt												$	2,614					$	2,372
Preferred Equity – 5.6%
Automobile – 0.1%
Sea Link International IRB, Inc. – Preferred Stock(E)(G)						98,039						98						167
Beverage, Food, and Tobacco – 0.0%
Triple H Food Processors, LLC – Preferred Stock(E)(G)						75						75						131
Buildings and Real Estate – 0.1%
GFRC 360, LLC – Preferred Stock(E)(G)						1,000						1,025						393
Diversified/Conglomerate Manufacturing – 0.7%
Salvo Technologies, Inc. – Preferred Stock(E)(G)						2,500						2,500						2,534
Diversified/Conglomerate Service – 2.6%
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						8,904
												7,500						8,904
Healthcare, Education, and Childcare – 1.0%
HH-Inspire Acquisition, Inc. – Preferred Stock(E)(G)						1,024,915						1,327						3,249
Oil and Gas – 0.7%
FES Resources Holdings LLC – Preferred Equity Units(E)(G)						6,350						6,350						901
Imperative Holdings Corporation – Preferred Equity Units(E)(G)						972,569						488						1,656
												6,838						2,557
Telecommunications – 0.4%
B+T Group Acquisition, Inc.(S) – Preferred Stock(E)(G)						6,130						2,024						937
NetFortris Holdings LLC – Preferred Stock(E)(G)						7,890,860						789						263
												2,813						1,200
Total Preferred Equity												$	22,176					$	19,135
Common Equity – 6.6%
Aerospace and Defense – 4.4%
Antenna Research Associates, Inc. – Common Equity Units(E)(G)						4,283						$	4,283					$	14,400
Ohio Armor Holdings, LLC – Common Equity(E)(G)						100						1,000						506
												5,283						14,906
Automobile– 0.1%
Sea Link International IRB, Inc.– Common Equity Units(E)(G)						823,333						823						130
Beverage, Food, and Tobacco – 0.6%
Salt & Straw, LLC – Common Warrant(E)(G)						0.3%						—						—
Sokol & Company Holdings, LLC – Common Stock(E)(G)						1,500,000						1,500						1,415
Triple H Food Processors, LLC – Common Stock(E)(G)						250,000						250						806
												1,750						2,221
Buildings and Real Estate – 0.0%
GFRC 360, LLC – Common Stock Warrants(E)(G)						45%						—						—
Diversified/Conglomerate Manufacturing – 0.6%
Engineering Manufacturing Technologies, LLC – Common Stock(E)(G)						6,000						3,000						—
NeoGraf Solutions LLC – Common Stock(E)(G)						2,000,000						2,000						2,000
												5,000						2,000
Diversified/Conglomerate Service – 0.1%
WorkforceQA, LLC – Common Stock(E)(G)						532						532						372
Healthcare, Education, and Childcare – 0.8%

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

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2023 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(Q)(K)						Principal/ Shares/ Units(J)(I)						Cost						Fair Value
Giving Home Health Care, LLC – Warrant(E)(G)						10,667						19						1,116
GSM MidCo LLC – Common Stock(E)(G)						767						767						1,439
Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment)(G)(L)(R)						3.5		%				—						233
												786						2,788
Machinery – 0.0%
Arc Drilling Holdings LLC – Common Stock(E)(G)						15,000						1,500						—
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						52
												499						52
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
Funko Acquisition Holdings, LLC(S) – Common Units(G)(T)						4,239						22						27
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(S) – Common Stock Warrant(E)(G)						1.5		%				—						—
Total Common Equity												$	16,195					$	22,496
Total Non-Control/Non-Affiliate Investments												$	611,746					$	601,415
AFFILIATE INVESTMENTS(N) – 12.3%
Secured First Lien Debt – 10.4%
Diversified/Conglomerate Manufacturing – 0.8%
Edge Adhesives Holdings, Inc. (S) – Term Debt (L + 5.5%, 10.4% Cash, Due 8/2024)(E)(P)						$	6,140					$	6,140					$	2,837
Diversified/Conglomerate Service – 9.6%
Encore Dredging Holdings, LLC – Line of Credit, $3,000 available (L + 8.3%, 13.1% Cash, Due 12/2025)(C)						—						—						—
Encore Dredging Holdings, LLC – Term Debt (L + 7.0%, 11.9% Cash, 1.5% PIK, Due 12/2025)(C)						23,789						23,789						23,343
Encore Dredging Holdings, LLC – Term Debt (L + 7.0%, 11.9% Cash, 2.5% PIK, Due 12/2025)(C)						4,589						4,589						4,503
Encore Dredging Holdings, LLC – Delayed Draw Term Loan, $0 available (L + 7.0%, 11.9% Cash, 1.5% PIK, Due 12/2025)(C)						5,062						5,062						4,967
												33,440						32,813
Total Secured First Lien Debt												$	39,580					$	35,650
Preferred Equity – 1.6%
Diversified/Conglomerate Manufacturing – 0.0%
Edge Adhesives Holdings, Inc.(S) – Preferred Stock(E)(G)						5,466						$	5,466					$	—
Diversified/Conglomerate Service– 1.3%
Encore Dredging Holdings, LLC – Preferred Stock(E)(G)						3,840,000						3,840						$	4,520
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.3%
Canopy Safety Brands, LLC – Preferred Stock(E)(G)						500,000						500						830
Total Preferred Equity												$	9,806					$	5,350
Common Equity – 0.3%
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.3%
Canopy Safety Brands, LLC – Common Stock(E)(G)						1,170,370						800						1,110
Total Common Equity												$	800					$	1,110
Total Affiliate Investments												$	50,186					$	42,110
CONTROL INVESTMENTS(O) – 10.3%
Secured First Lien Debt – 4.6%
Diversified/Conglomerate Manufacturing – 1.0%
Lonestar EMS, LLC – Term Debt (8.0% PIK, Due 6/2027)(E)(F)						$	3,770					$	3,770					$	3,575
Personal and Non-Durable Consumer Products (Manufacturing Only) – 3.3%
WB Xcel Holdings, LLC – Line of Credit, $32 available (L + 10.5%, 15.4% Cash, Due 11/2026)(E)						1,468						1,468						1,468
WB Xcel Holdings, LLC – Term Debt (L + 10.5%, 15.4% Cash, Due 11/2026)(E)						9,875						9,875						9,875
												11,343						11,343
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

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

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2023 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(Q)(K)						Principal/ Shares/ Units(J)(I)						Cost						Fair Value
Total Secured First Lien Debt												$	16,013					$	15,818
Secured Second Lien Debt – 2.2%
Automobile– 2.2%
Defiance Integrated Technologies, Inc. – Term Debt (L + 9.5%, 14.4% Cash, Due 5/2026)(E)						$	7,505					$	7,505					$	7,505
Preferred Equity – 1.1%
Personal and Non-Durable Consumer Products (Manufacturing Only) – 1.1%
WB Xcel Holdings, LLC – Preferred Stock(E)(G)						333						2,750						3,813
Common Equity – 2.4%
Automobile– 0.2%
Defiance Integrated Technologies, Inc. – Common Stock(E)(G)						33,321						$	580					$	688
Diversified/Conglomerate Manufacturing – 0.0%
Lonestar EMS, LLC – Common Units(E)(G)						100		%				6,750						—
Machinery – 1.3%
PIC 360, LLC – Common Equity Units(E)(G)						750						1						4,518
Printing and Publishing – 0.9%
TNCP Intermediate HoldCo, LLC – Common Equity Units(E)(G)						790,000						500						2,892
Total Common Equity												$	7,831					$	8,098
Total Control Investments												$	34,099					$	35,234
TOTAL INVESTMENTS – 198.6%												$	696,031					$	678,759

(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 $572.2 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 March 31, 2023, 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 March 31, 2023.

(B)Unless indicated otherwise, all cash interest rates are indexed to 30-day London Interbank Offered Rate (“LIBOR” or “L”), which was 4.86% as of March 31, 2023 or one-month Secured Overnight Financing Rate (“SOFR” or “S”), which was 4.80% as of March 31, 2023. 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 March 31, 2023, 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.

(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 March 31, 2023.

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

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

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

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(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 ASC 820 of the 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.

(U)The cash interest rate on this investment was indexed to 90-day LIBOR, which was 5.19% as of March 31, 2023 or 90-day SOFR, which was 4.91% as of March 31, 2023.

(V)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.