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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
oTRANSITION 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 ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.001 par value per shareGLADThe 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 filerx
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.


Table of Contents

GLADSTONE CAPITAL CORPORATION
TABLE OF CONTENTS
1

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 equivalents8,923 2,011 
Restricted cash and cash equivalents126 96 
Interest receivable, net3,042 2,737 
Due from administrative agent5,686 3,199 
Deferred financing costs, net487 836 
Other assets, net2,747 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 expenses619 500 
Interest payable2,779 2,517 
Fees due to Adviser(A)
3,157 2,104 
Fee due to Administrator(A)
605 423 
Other liabilities546 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 value419,834 395,542 
Cumulative net unrealized appreciation (depreciation) of investments(17,272)(6,438)
Cumulative net unrealized appreciation (depreciation) of other161  
Under (over) distributed net investment income2,474 (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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Table of Contents
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,
2023202220232022
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 income600 3,231 600 4,794 
Dividend income
Non-Control/Non-Affiliate investments281 517 788 1,509 
Control investments 520 329 589 
Total dividend income281 1,037 1,117 2,098 
Other income102 30 193 707 
Total investment income20,561 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 INCOME9,632 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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Table of Contents
GLADSTONE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(DOLLAR AMOUNTS IN THOUSANDS)
(UNAUDITED)
20232022
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 stock10,721  
Discounts, commissions and offering costs for issuance of common stock(182) 
Net increase (decrease) in net assets resulting from capital transactions10,539  
NET INCREASE (DECREASE) IN NET ASSETS8,839 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 stock13,993  
Discounts, commissions and offering costs for issuance of common stock(237) 
Net increase (decrease) in net assets resulting from capital transactions13,756  
NET INCREASE (DECREASE) IN NET ASSETS17,485 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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Table of Contents

GLADSTONE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLAR AMOUNTS IN THOUSANDS)
(UNAUDITED)
Six Months Ended March 31,
20232022
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 investments34,670 130,600 
Net proceeds from sale of investments14,552 16,922 
Increase in investments due to PIK interest or other
(1,952)(2,614)
Net change in premiums, discounts and amortization221 (547)
Net realized loss (gain) on investments(9,722)(13,880)
Net realized loss (gain) on other(278)467 
Net unrealized depreciation (appreciation) of investments10,834 10,862 
Net unrealized depreciation of other(161) 
Changes in assets and liabilities:
Amortization of deferred financing costs759 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 expenses119 51 
Increase (decrease) in interest payable262 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 liabilities16 (3,943)
Net cash provided by (used in) operating activities(12,316)37,664 
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit100,400 161,500 
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 stock24,714  
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 activities19,258 (36,866)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS6,942 798 
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD2,107 846 
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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Table of Contents
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)
CostFair 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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Table of Contents

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)
CostFair 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.
7

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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)
CostFair 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)
CostFair 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)
CostFair 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.