0001143513December 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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, 2025

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

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, 2026 was 22,593,069.

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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, 2025 and September 30, 2025			2
			Consolidated Statements of Operations for the three months ended December 31, 2025 and 2024			3
			Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2025 and 2024			4
			Consolidated Statements of Cash Flows for the three months ended December 31, 2025 and 2024			5
			Consolidated Schedules of Investments as of December 31, 2025 and September 30, 2025			6
			Notes to Consolidated Financial Statements			18
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			52
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			59
Item 4.			Controls and Procedures			60
PART II.			OTHER INFORMATION
Item 1.			Legal Proceedings			61
Item 1A.			Risk Factors			61
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			61
Item 3.			Defaults Upon Senior Securities			61
Item 4.			Mine Safety Disclosures			61
Item 5.			Other Information			61
Item 6.			Exhibits			61
SIGNATURES						64

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, 2025						September 30, 2025
ASSETS
Investments, at fair value:
Non-Control/Non-Affiliate investments (Cost of $732,659 and $685,195, respectively)			$	743,413					$	696,317
Affiliate investments (Cost of $57,207 and $58,446, respectively)			51,791						53,911
Control investments (Cost of $136,174 and $132,973, respectively)			107,708						108,896
Cash			2,915						596
Cash equivalents			1,253						31,774
Interest receivable, net			6,961						5,702
Due from administrative agent			2,753						4,791
Deferred financing costs, net			1,876						1,951
Other assets, net			4,141						3,659
TOTAL ASSETS			$	922,811					$	907,597
LIABILITIES
Line of credit at fair value (Cost of $213,200 and $0, respectively)			$	213,200					$	—
Notes payable, net of unamortized deferred financing costs and discounts of $6,798 and $8,644, respectively			192,702						397,856
Accounts payable and accrued expenses			1,972						1,188
Interest payable			3,820						3,141
Fees due to Adviser(A)			3,463						2,921
Fee due to Administrator(A)			675						610
Other liabilities			507						459
TOTAL LIABILITIES			$	416,339					$	406,175
Commitments and contingencies(B)
Preferred stock, $0.001 par value per share, 6,000,000 and 6,000,000 shares authorized, respectively, and 1,302,077 and 865,452 shares issued and outstanding, respectively			$	29,150					$	19,387
NET ASSETS
Common stock, $0.001 par value per share, 44,000,000 and 44,000,000 shares authorized, respectively, and 22,593,069 and 22,593,069 shares issued and outstanding, respectively			$	45					$	45
Capital in excess of par value			501,626						501,628
Total distributable loss(C)			(24,349)						(19,638)
TOTAL NET ASSETS			$	477,322					$	482,035
NET ASSET VALUE PER COMMON SHARE			$	21.13					$	21.34

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

(B)Refer to Note 10—Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information.

(C)Refer to Note 2—Summary of Significant Accounting Policies 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 December 31,
			2025						2024
INVESTMENT INCOME
Interest income
Non-Control/Non-Affiliate investments			$	18,089					$	19,990
Affiliate investments			927						—
Control investments			2,423						446
Cash and cash equivalents			156						121
Total interest income (excluding PIK interest income)			21,595						20,557
PIK interest income
Non-Control/Non-Affiliate investments			1,706						763
Control investments			595						—
Total PIK interest income			2,301						763
Total interest income			23,896						21,320
Prepayment fee income
Non-Control/Non-Affiliate investments			281						537
Other income			334						103
Total investment income			24,511						21,960
EXPENSES
Base management fee(A)			3,909						3,552
Loan servicing fee(A)			2,451						2,178
Incentive fee(A)			2,699						2,704
Administration fee(A)			519						474
Interest expense			5,928						4,743
Amortization of deferred financing costs and discounts			727						518
Professional fees			307						396
Other general and administrative expenses			498						694
Expenses, before credits from Adviser			17,038						15,259
Credit to base management fee - loan servicing fee(A)			(2,451)						(2,178)
Credits to fees from Adviser - other(A)			(1,340)						(2,345)
Total expenses, net of credits			13,247						10,736
NET INVESTMENT INCOME			11,264						11,224
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss):
Non-Control/Non-Affiliate investments			1,711						57,724
Other			(1,415)						90
Total net realized gain (loss)			296						57,814
Net unrealized appreciation (depreciation):
Non-Control/Non-Affiliate investments			(368)						(41,145)
Affiliate investments			(881)						(33)
Control investments			(4,389)						(714)
Total net unrealized appreciation (depreciation)			(5,638)						(41,892)
Net realized and unrealized gain (loss)			(5,342)						15,922
PREFERRED STOCK DIVIDENDS			468						171
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$	5,454					$	26,975
BASIC AND DILUTED PER COMMON SHARE:
Net investment income - basic			$	0.50					$	0.50
Net increase (decrease) in net assets from operations - basic			$	0.24					$	1.21
Net increase (decrease) in net assets from operations - diluted			$	0.24					$	1.21
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic			22,593,069						22,311,501
Diluted			28,364,875						22,311,501

(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)

			2025						2024
NET ASSETS, SEPTEMBER 30			$	482,035					$	470,895
OPERATIONS
Net investment income			11,264						11,224
Net realized gain (loss) on investments			1,711						57,724
Net realized gain (loss) on other			(1,415)						90
Net unrealized appreciation (depreciation) of investments			(5,638)						(41,892)
Preferred stock dividends			(468)						(171)
Net increase (decrease) in net assets resulting from operations			5,454						26,975
DISTRIBUTIONS
Distributions to common stockholders from net investment income ($0.42 per share and $0.50 per share, respectively)(A)			(9,450)						(11,053)
Distributions to common stockholders from realized gains ($0.03 per share and $0.40 per share, respectively)(A)			(717)						(8,932)
Net decrease in net assets from distributions			(10,167)						(19,985)
CAPITAL TRANSACTIONS
Issuance of common stock			—						2,471
Discounts, commissions and offering costs for issuance of common stock			—						(40)
Net increase (decrease) in net assets resulting from capital transactions			—						2,431
NET INCREASE (DECREASE) IN NET ASSETS			(4,713)						9,421
NET ASSETS, DECEMBER 31			$	477,322					$	480,316

(A)Refer to Note 9 – 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,
			2025						2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations			$	5,454					$	26,975
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchase of investments			(99,164)						(151,616)
Principal repayments on investments			50,486						92,262
Net proceeds from sale of investments			2,243						73,171
Increase in investments due to PIK interest or other			(2,136)						(966)
Net change in premiums, discounts and amortization			826						(166)
Net realized loss (gain) on investments			(1,711)						(57,724)
Net realized loss (gain) on other			1,415						(90)
Net unrealized depreciation (appreciation) of investments			5,638						41,892
Amortization of deferred financing costs			727						518
Changes in assets and liabilities:
Decrease (increase) in interest receivable, net			(1,259)						434
Decrease (increase) in funds due from administrative agent			2,038						(460)
Decrease (increase) in other assets, net			(481)						(576)
Increase (decrease) in accounts payable and accrued expenses			784						471
Increase (decrease) in interest payable			679						1,362
Increase (decrease) in fees due to Adviser(A)			542						(1,653)
Increase (decrease) in fee due to Administrator(A)			65						110
Increase (decrease) in other liabilities			48						45
Net cash provided by (used in) operating activities			(33,806)						23,989
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit			233,800						87,500
Repayments on line of credit			(20,600)						(96,600)
Redemption of long term debt			(207,000)						—
Financing costs			(192)						(16)
Proceeds from issuance of common stock			—						2,471
Proceeds from issuance of preferred stock			9,853						2,250
Redemption of preferred stock			(90)						—
Commissions and offering costs for issuance of common stock			—						(37)
Distributions paid to common stockholders			(10,167)						(19,985)
Net cash provided by (used in) financing activities			5,604						(24,417)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(28,202)						(428)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			32,370						2,304
CASH AND CASH EQUIVALENTS, END OF PERIOD			$	4,168					$	1,876
CASH PAID FOR INTEREST			$	5,249					$	3,381
NON-CASH ACTIVITIES			$	—					$	—

(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 SCHEDULE OF INVESTMENTS DECEMBER 31, 2025 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)						Principal/ Shares/ Units(I)(J)						Cost						Fair Value
NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 155.7%
Secured First Lien Debt – 113.3%
Beverage, Food, and Tobacco – 7.2%
Sicilian Oven Restaurants LLC – Term Debt (S + 6.7%, 10.4% Cash, Due 11/2030)(C)(H)						$	23,888					$	23,888					$	23,888
Wings ‘N More Restaurants LLC – Line of Credit, $1,500 available (S + 7.3%, 10.9% Cash, Due 11/2029)(C)						—						—						—
Wings ‘N More Restaurants LLC – Term Debt (S + 7.3%, 10.9% Cash, Due 11/2029)(C)						10,500						10,500						10,605
Wings ‘N More Restaurants LLC – Delayed Draw Term Loan, $5,000 available (S + 7.3%, 10.9% Cash, Due 11/2029)(C)						—						—						—
												34,388						34,493
Buildings and Real Estate – 0.5%
GFRC 360, LLC – Line of Credit, $95 available (S + 8.0%, 11.7% Cash, Due 9/2026)(C)						1,355						1,355						1,355
GFRC 360, LLC – Term Debt (S + 8.0%, 11.7% Cash, Due 9/2026)(C)						1,000						1,000						1,000
												2,355						2,355
Diversified/Conglomerate Manufacturing – 25.3%
NeoGraf Solutions LLC – Line of Credit, $3,500 available (S + 7.0%, 10.7% Cash, Due 1/2028)(C)						1,000						1,000						1,000
NeoGraf Solutions LLC – Term Debt (S + 7.0%, 10.7% Cash, Due 1/2028)(C)						27,398						27,398						27,398
OCI, LLC – Term Debt (S + 7.5%, 11.2% Cash, Due 5/2028)(C)						32,000						32,000						32,000
Torrent Photonics Holdco LLC – Term Debt (S + 9.5%, 13.2% PIK, Due 4/2027)(C)						12,202						12,202						12,324
Torrent Photonics Holdco LLC – Term Debt (S + 9.5%, 13.2% PIK, Due 4/2026)(C)						500						500						505
Torrent Photonics Holdco LLC – Term Debt (6.0% PIK, Due 3/2026)(C)(F)						500						500						500
Unirac Holdings, Inc. – Line of Credit, $2,222 available (S + 6.5%, 10.2% Cash, Due 9/2027)(C)						—						—						—
Unirac Holdings, Inc. – Delayed Draw Term Loan, $0 available (S + 6.5%, 10.2% Cash, Due 9/2027)(C)						1,053						1,053						1,053
Unirac Holdings, Inc. – Term Debt (S + 6.5%, 10.2% Cash, Due 9/2027)(C)						14,138						13,944						14,138
Viron International Corp.(L) – Term Debt (S + 7.0%, 10.7% Cash, Due 2/2030)(C)						18,383						18,383						18,354
Viva Railings, LLC – Line of Credit, $4,000 available (S + 6.4%, 10.0% Cash, Due 5/2027)(C)						—						—						—
Viva Railings, LLC – Term Debt (S + 6.4%, 10.0% Cash, Due 5/2027)(C)						13,657						13,657						13,657
												120,637						120,929
Diversified/Conglomerate Service – 23.0%
Axios Industrial Group, LLC – Term Debt (S + 13.6%, 0.0% Cash, 17.3% PIK, Due 10/2027)(C)						17,505						17,505						17,505
Axios Industrial Group, LLC – Term Debt (20.0% PIK, Due 10/2027)(C)(F)						2,727						2,727						2,727
MASSiv Brands, LLC – Term Debt (10.0% Cash, 5.0% PIK, Due 7/2030)(C)(F)						25,635						25,635						25,628
Quality Environmental Midco, Inc. – Line of Credit, $3,000 available (12.0% Cash, 0.8% PIK, Due 11/2028)(C)(F)						—						—						—
Quality Environmental Midco, Inc. – Term Debt (12.0% Cash, 0.8% PIK, Due 11/2028)(C)(F)						13,033						13,033						13,163
RF Technologies, LLC – Line of Credit, $3,500 available (S + 6.7%, 10.3% Cash, Due 6/2030)(C)						—						—						—
RF Technologies, LLC – Term Debt (S + 6.7%, 10.3% Cash, Due 6/2030)(C)						12,600						12,600						12,674
Total Access Elevator, LLC – Line of Credit, $3,000 available (S + 6.3%, 9.9% Cash, Due 4/2029)(C)						—						—						—
Total Access Elevator, LLC – Term Debt (S + 6.3%, 9.9% Cash, Due 4/2029)(C)						17,500						17,500						17,500
Total Access Elevator, LLC – Delayed Draw Term Loan, $0 available (S + 6.3%, 9.9% Cash, Due 4/2029)(C)						1,600						1,600						1,600
Total Access Elevator, LLC – Delayed Draw Term Loan, $9,850 available (S + 6.3%, 9.9% Cash, Due 4/2029)(C)						—						—						—
WorkforceQA, LLC – Line of Credit, $900 available (S + 6.3%, 9.9% Cash, Due 12/2026)(C)						1,100						1,100						1,100
WorkforceQA, LLC – Term Debt (S + 6.3%, 9.9% Cash, Due 12/2026)(C)						17,663						17,634						17,663
												109,334						109,560
Healthcare, Education, and Childcare – 46.6%
ALS Education, LLC – Line of Credit, $3,000 available (S + 6.0%, 9.7% Cash, Due 12/2028)(C)						—						—						—
ALS Education, LLC – Term Debt (S + 6.0%, 9.7% Cash, Due 12/2028)(C)						30,360						30,314						30,279
ALS Education, LLC – Delayed Draw Term Loan, $6,000 available (S + 6.0%, 9.7% Cash, Due 12/2028)(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, 2025 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)						Principal/ Shares/ Units(I)(J)						Cost						Fair Value
Altior Healthcare, LLC – Term Debt (S + 6.5%, 10.2% Cash, Due 5/2030)(C)						46,000						46,000						46,724
Freedom Dental Management, Inc. – Term Debt (S + 9.5%, 13.2% Cash, Due 6/2030)(C)						15,000						15,000						15,150
Giving Home Health Care, LLC – Term Debt (S + 6.3%, 9.9% Cash, Due 4/2029)(C)						33,882						33,821						33,843
HH-Inspire Acquisition, Inc. – Line of Credit, $0 available (S + 8.0%, 11.7% Cash, 2.0% PIK, Due 4/2028)(C)						1,871						1,871						1,729
HH-Inspire Acquisition, Inc. – Term Debt (S + 8.0%, 11.7% Cash, 2.0% PIK, Due 4/2028)(C)						19,922						19,844						18,417
Turn Key Health Clinics, LLC – Line of Credit, $5,000 available (S + 6.8%, 10.4% Cash, Due 11/2030)(C)						—						—						—
Turn Key Health Clinics, LLC – Term Debt (S + 6.8%, 10.4% Cash, Due 11/2030)(C)						32,500						32,500						32,500
Vet's Choice Radiology LLC(L) – Term Debt (S + 8.0%, 11.7% Cash, Due 12/2027)(C)(S)						42,750						42,750						43,605
												222,100						222,247
Home and Office Furnishings, Housewares and Durable Consumer Products – 6.3%
Foodservices Brand Group, LLC – Line of Credit, $10,000 available (S + 6.5%, 10.2% Cash, Due 8/2029)(C)						—						—						—
Foodservices Brand Group, LLC – Term Debt (S + 6.5%, 10.2% Cash, Due 8/2029)(C)						30,000						30,000						29,928
												30,000						29,928
Machinery – 3.7%
Arc Drilling Holdings LLC – Line of Credit, $3,200 available (S + 7.0%, 10.7% Cash, Due 9/2029)(C)						1,800						1,800						1,800
Arc Drilling Holdings LLC – Term Debt (S + 7.0%, 10.7% Cash, Due 9/2029)(C)						15,900						15,900						16,059
												17,700						17,859
Oil and Gas – 0.0%
FES Resources Holdings LLC – Term Debt (4.5% Cash, Due 12/2024)(E)(F)						213						213						—
Telecommunications – 0.7%
B+T Group Acquisition, Inc.(L) – Line of Credit, $0 available (S + 2.0%, 7.0% Cash, Due 12/2026)(E)						1,320						1,320						600
B+T Group Acquisition, Inc.(L) – Line of Credit, $0 available (S + 2.0%, 7.0% Cash, Due 12/2026)(E)						450						450						205
B+T Group Acquisition, Inc.(L) – Term Debt (S + 2.0%, 7.0% Cash, Due 12/2026)(E)						6,000						6,000						2,727
												7,770						3,532
Total Secured First Lien Debt												$	544,497					$	540,903
Secured Second Lien Debt – 31.8%
Beverage, Food, and Tobacco – 3.8%
Dutch Gold Honey, Inc.(L) – Term Debt (S + 7.5%, 11.2% Cash, Due 8/2030)(C)						$	18,000					$	18,000					$	18,041
Cargo Transportation – 10.5%
RPM Freight Systems, LLC – Term Debt (S + 7.7%, 11.3% Cash, Due 11/2029)(C)						50,000						49,409						50,000
Diversified/Conglomerate Manufacturing – 7.8%
OCI, LLC – Term Debt (7.0% Cash, 7.0% PIK, Due 11/2028)(C)(F)						2,358						2,358						2,469
Springfield, Inc. – Term Debt (S + 11.1%, 14.8% Cash, Due 5/2031)(C)						30,000						29,704						30,000
Tube Bending Technology, LLC – Term Debt (12.5% Cash, Due 6/2026)(C)(F)						5,000						5,000						4,972
												37,062						37,441
Diversified/Conglomerate Service – 1.9%
Flexible Technology Solutions, LLC – Term Debt (11.5% Cash, Due 3/2031)(C)(F)						9,000						9,000						9,000
Healthcare, Education, and Childcare – 4.8%
Pan-Am Dental, LLC – Term Debt (12.0% Cash, Due 6/2030)(C)(F)						23,000						23,000						23,123
Oil and Gas – 3.0%
Imperative Holdings Corporation – Term Debt (S + 9.8%, 13.5% Cash, Due 8/2028)(C)						14,265						14,200						14,265
Total Secured Second Lien Debt												$	150,671					$	151,870
Unsecured Debt – 0.0%
Diversified/Conglomerate Service – 0.0%
Frontier Financial Group Inc. – Convertible Debt (6.0%, Due 6/2022)(E)(F)						$	198					$	198					$	16
Preferred Equity – 4.7%
Automobile – 0.1%
Sea Link International IRB, Inc. – Preferred Stock(E)(G)						98,039						$	98					$	271

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

7

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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2025 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)						Principal/ Shares/ Units(I)(J)						Cost						Fair Value
Beverage, Food, and Tobacco – 0.6%
Sicilian Oven Restaurants LLC – Preferred Stock(E)(G)						26,900						2,690						2,690
Triple H Food Processors, LLC – Preferred Stock(E)(G)						75						75						206
												2,765						2,896
Buildings and Real Estate – 0.1%
GFRC 360, LLC – Preferred Stock(E)(G)						1,000						1,025						531
Diversified/Conglomerate Manufacturing – 0.5%
Torrent Photonics Holdco LLC – Preferred Stock(E)(G)						2,650						2,650						2,418
Diversified/Conglomerate Service – 1.1%
Flexible Technology Solutions, LLC – Preferred Stock(E)(G)						22,500						2,250						2,250
Frontier Financial Group Inc. – Preferred Stock(E)(G)						766						500						—
Quality Environmental Midco, Inc. – Preferred Equity(E)(G)						3,000,000						3,000						2,827
												5,750						5,077
Healthcare, Education, and Childcare – 1.9%
HH-Inspire Acquisition, Inc. – Preferred Stock(E)(G)						1,681,949						2,604						2,429
Pan-Am Dental, LLC – Preferred Stock(E)(G)						5,909,091						5,909						6,562
												8,513						8,991
Oil and Gas – 0.5%
Imperative Holdings Corporation – Preferred Equity Units(E)(G)						972,569						488						2,459
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(L) – Preferred Stock(E)(G)						6,130						2,024						—
Total Preferred Equity												$	23,313					$	22,643
Common Equity – 5.9%
Aerospace and Defense – 0.2%
Ohio Armor Holdings, LLC – Common Equity(E)(G)						100						$	1,000					$	1,000
Automobile – 0.0%
Sea Link International IRB, Inc.– Common Equity Units(E)(G)						823,333						823						201
Beverage, Food, and Tobacco – 1.2%
Dutch Gold Honey, Inc.(L) – Common Stock(E)(G)						900,000						900						3,714
Salt & Straw, LLC – Common Warrant(E)(G)						0.5		%				—						186
Triple H Food Processors, LLC – Common Stock(E)(G)						250,000						250						1,926
												1,150						5,826
Buildings and Real Estate – 0.0%
GFRC 360, LLC – Common Stock Warrants(E)(G)						45		%				—						—
Diversified/Conglomerate Manufacturing – 0.5%
OCI, LLC – Common Units (E)(G)						555						1,111						1,124
NeoGraf Solutions LLC – Common Stock(E)(G)						2,000,000						2,000						1,192
Viron International Corp.(L) – Common Stock(E)(G)						447						15						—
												3,126						2,316
Diversified/Conglomerate Service – 0.4%
Total Access Elevator, LLC – Common Stock(E)(G)						750,000						750						1,370
WorkforceQA, LLC – Common Stock(E)(G)						529						532						539
												1,282						1,909
Healthcare, Education, and Childcare – 1.7%
Giving Home Health Care, LLC – Common Stock(E)(G)						10,667						—						5,912
GSM MidCo LLC – Common Stock(E)(G)						767						767						2,187
												767						8,099
Machinery – 1.8%
Arc Drilling Holdings LLC – Common Stock(E)(G)						53,333						5,333						8,608
Oil and Gas – 0.0%
Total Safety Holdings, LLC – Common Equity(E)(G)						435						499						22
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(L) – Common Stock Warrant(E)(G)						1.5		%				—						—
Total Common Equity												$	13,980					$	27,981
Total Non-Control/Non-Affiliate Investments												$	732,659					$	743,413

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, 2025 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)						Principal/ Shares/ Units(I)(J)						Cost						Fair Value
AFFILIATE INVESTMENTS(N) – 10.9%
Secured First Lien Debt – 7.0%
Diversified/Conglomerate Manufacturing – 2.6%
Edge Adhesives Holdings, Inc.(L) – Term Debt (S + 5.5%, 9.2% Cash, Due 8/2026)(E)(P)						$	6,140					$	6,140					$	468
Zero Case Holding Inc. – Line of Credit, $1,000 available (S + 6.4%, 10.1% Cash, Due 7/2030)(E)						—						—						—
Zero Case Holding Inc. – Term Debt (S + 6.4%, 10.1% Cash, Due 7/2030)(E)						12,000						12,000						11,941
												18,140						12,409
Personal, Food, and Miscellaneous Services – 4.4%
Snif-Snax, LLC – Term Debt (S + 6.7%, 10.4% Cash, Due 7/2030)(C)(H)						20,961						20,961						20,842
Total Secured First Lien Debt												$	39,101					$	33,251
Preferred Equity – 1.8%
Diversified/Conglomerate Manufacturing – 0.0%
Edge Adhesives Holdings, Inc.(L) – Preferred Stock(E)(G)						5,466						$	5,466					$	—
Diversified/Conglomerate Service – 1.2%
Encore Dredging Holdings, LLC – Preferred Stock(E)(G)						3,840,000						3,840						5,813
Personal, Food, and Miscellaneous Services – 0.4%
Snif-Snax, LLC – Preferred Stock(E)(G)						1,500,000						1,500						1,909
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2%
Canopy Safety Brands, LLC – Preferred Stock(E)(G)						500,000						500						926
Total Preferred Equity												$	11,306					$	8,648
Common Equity – 2.1%
Diversified/Conglomerate Manufacturing – 0.3%
Zero Case Holding Inc. – Common Stock(E)(G)						1,000						$	1,000					$	1,382
Finance – 1.1%
Gladstone Alternative Income Fund – Common Stock(D)(G)						500,000						5,000						5,075
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.7%
Canopy Safety Brands, LLC – Common Stock(E)(G)						1,170,370						800						3,435
Total Common Equity												$	6,800					$	9,892
Total Affiliate Investments												$	57,207					$	51,791
CONTROL INVESTMENTS(O) – 22.6%
Secured First Lien Debt – 15.4%
Beverage, Food, and Tobacco – 3.0%
Eegee Acquisition Corp. – Line of Credit, $1,500 available (S + 7.0%, 10.7% Cash, Due 4/2028)(E)(P)						$	14,500					$	14,500					$	14,500
Diversified/Conglomerate Manufacturing – 5.0%
Engineering Manufacturing Technologies, LLC – Line of Credit, $1,050 available (S + 8.3%, 11.9% Cash, Due 10/2026)(E)						1,950						1,950						1,510
Engineering Manufacturing Technologies, LLC – Term Debt (S + 8.3%, 8.0% Cash, 3.9% PIK, Due 10/2026)(E)						23,421						23,421						18,134
Lonestar EMS, LLC – Term Debt (12.0% Cash, Due 6/2027)(E)(F)						4,450						4,409						4,450
												29,780						24,094
Healthcare, Education, and Childcare – 5.4%
Technical Resource Management, LLC – Line of Credit, $0 available (S + 10.5%, 9.7% Cash, 4.5% PIK, Due 4/2028)(E)						3,111						3,111						2,774
Technical Resource Management, LLC – Line of Credit, $400 available (S + 10.5%, 9.7% Cash, 4.5% PIK, Due 4/2028)(E)						1,227						1,227						1,094
Technical Resource Management, LLC – Term Debt (S + 10.5%, 9.7% Cash, 4.5% PIK, Due 4/2028)(E)						24,387						24,387						21,745
												28,725						25,613
Personal and Non-Durable Consumer Products (Manufacturing Only) – 1.9%
WB Xcel Holdings, LLC – Line of Credit, $0 available (S + 10.5%, 14.2% Cash, Due 11/2026)(E)						5,150						5,150						3,180
WB Xcel Holdings, LLC – Term Debt (S + 10.5%, 14.2% Cash, Due 11/2026)(E)						9,775						9,775						6,035
												14,925						9,215

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, 2025 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)						Principal/ Shares/ Units(I)(J)						Cost						Fair Value
Printing and Publishing – 0.0%
TNCP Intermediate HoldCo, LLC – Line of Credit, $2,000 available (11.0% Cash, Due 10/2027)(E)(F)						—						—						—
Total Secured First Lien Debt												$	87,930					$	73,422
Secured Second Lien Debt – 3.9%
Automobile– 1.8%
Defiance Integrated Technologies, Inc. – Term Debt (S + 9.6%, 13.3% Cash, Due 1/2027)(E)						$	8,792					$	8,792					$	8,792
Diversified/Conglomerate Service – 2.1%
Alsay Incorporated – Term Debt (12.8% Cash, Due 12/2030)(E)(F)						10,000						10,000						10,000
Total Secured Second Lien Debt												$	18,792					$	18,792
Unsecured Debt – 0.1%
Healthcare, Education, and Childcare – 0.1%
Technical Resource Management, LLC – Term Debt (14.0% PIK, Due 10/2028)(E)(F)						$	370					$	370					$	330
Preferred Equity – 1.1%
Diversified/Conglomerate Service – 1.1%
Alsay Incorporated – Preferred Stock(E)(G)						5,000,000						$	5,000					$	5,470
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
WB Xcel Holdings, LLC – Preferred Stock(E)(G)						333						2,750						—
Total Preferred Equity												$	7,750					$	5,470
Common Equity – 2.0%
Automobile– 0.0%
Defiance Integrated Technologies, Inc. – Common Stock(E)(G)						33,321						$	581					$	—
Beverage, Food, and Tobacco – 0.5%
Eegee Acquisition Corp. – Common Stock(E)(G)						1,000						8,500						2,165
Diversified/Conglomerate Manufacturing – 0.5%
Engineering Manufacturing Technologies, LLC – Common Stock(E)(G)						16,000						3,000						—
Lonestar EMS, LLC – Common Units(E)(G)						100		%				6,750						2,164
												9,750						2,164
Healthcare, Education, and Childcare – 0.0%
Technical Resource Management, LLC – Common Stock(E)(G)						2,000,000						2,000						—
Technical Resource Management, LLC – Common Warrants(E)(G)						4,558,041						—						—
												2,000						—
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
WB Xcel Holdings, LLC – Common Units(E)(G)						12,340						1						—
Printing and Publishing – 1.1%
TNCP Intermediate HoldCo, LLC – Common Equity Units(E)(G)						790,000						500						5,365
Total Common Equity												$	21,332					$	9,694
Total Control Investments												$	136,174					$	107,708
TOTAL INVESTMENTS – 189.2%												$	926,040					$	902,912
CASH EQUIVALENTS - 0.3%
First Citizens Premium Money Market Savings (3.25% market yield)(R)						$	1,253					$	1,253					$	1,253
TOTAL INVESTMENTS AND CASH EQUIVALENTS - 189.4%												$	927,293					$	904,165

(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 $815.7 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 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, 2025, our investment in Gladstone Alternative is considered a non-qualifying asset under Section 55 of the 1940 Act. This non-qualifying asset represents 0.6% of total investments, at fair value, as of December 31, 2025.

(B)Unless indicated otherwise, all cash interest rates are indexed to one-month SOFR, which was 3.69% as of December 31, 2025. If applicable, 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 a third party valuation firm.

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

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

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(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 loan, 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 December 31, 2025.

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

(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 ASC 820 fair value hierarchy. Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(R)Valued using Level 1 inputs within the FASB ASC 820 fair value hierarchy. Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(S)Investment was exited subsequent to December 31, 2025. Refer to Note 12 – Subsequent Events in the accompanying Notes to the 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, 2025 (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)						Principal/ Shares/ Units(I)(J)						Cost						Fair Value
NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 144.5%
Secured First Lien Debt – 107.4%
Beverage, Food, and Tobacco – 2.2%
Wings ‘N More Restaurants LLC – Line of Credit, $1,500 available (S + 6.8%, 10.9% Cash, Due 11/2029)(C)						$	—					$	—					$	—
Wings ‘N More Restaurants LLC – Term Debt (S + 6.8%, 10.9% Cash, Due 11/2029)(C)						10,500						10,500						10,710
Wings ‘N More Restaurants LLC – Delayed Draw Term Loan, $5,000 available (S + 6.8%, 10.9% Cash, Due 11/2029)(C)						—						—						—
												10,500						10,710
Buildings and Real Estate – 0.5%
GFRC 360, LLC – Line of Credit, $95 available (S + 8.0%, 12.1% Cash, Due 9/2026)(C)						1,355						1,355						1,355
GFRC 360, LLC – Term Debt (S + 8.0%, 12.1% Cash, Due 9/2026)(C)						1,000						1,000						1,000
												2,355						2,355
Diversified/Conglomerate Manufacturing – 24.9%
NeoGraf Solutions LLC – Line of Credit, $4,500 available (S + 7.0%, 11.0% Cash, 0.1% PIK, Due 1/2028)(C)						—						—						—
NeoGraf Solutions LLC – Term Debt (S + 7.0%, 11.0% Cash, 0.1% PIK, Due 1/2028)(C)						27,456						27,456						27,456
OCI, LLC – Term Debt (S + 7.5%, 11.6% Cash, Due 5/2028)(C)						32,000						32,000						32,000
Torrent Photonics Holdco LLC – Term Debt (S + 9.5%, 13.6% Cash, Due 4/2027)(C)						11,529						11,529						11,645
Torrent Photonics Holdco LLC – Term Debt (S + 9.5%, 13.6% Cash, Due 4/2026)(C)						500						500						505
Unirac Holdings, Inc. – Line of Credit, $1,633 available (S + 6.5%, 10.6% Cash, Due 9/2027)(C)						589						589						589
Unirac Holdings, Inc. – Delayed Draw Term Loan, $0 available (S + 6.5%, 10.6% Cash, Due 9/2027)(C)						1,067						1,067						1,067
Unirac Holdings, Inc. – Term Debt (S + 6.5%, 10.6% Cash, Due 9/2027)(C)						14,325						14,106						14,325
Viron International Corp.(S) – Term Debt (S + 7.0%, 11.1% Cash, Due 2/2030)(C)						18,383						18,383						18,475
Viva Railings, LLC – Line of Credit, $4,000 available (S + 6.4%, 10.5% Cash, Due 5/2027)(C)						—						—						—
Viva Railings, LLC – Term Debt (S + 6.4%, 10.5% Cash, Due 5/2027)(C)						13,875						13,875						13,875
												119,505						119,937
Diversified/Conglomerate Service – 26.0%
Axios Industrial Group, LLC – Term Debt (S + 11.6%, 0.0% Cash, 15.7% PIK, Due 10/2027)(C)						16,771						16,771						16,197
Axios Industrial Group, LLC – Term Debt (18.0% PIK, Due 10/2027)(C)(F)						2,598						2,598						2,509
Leadpoint Business Services, LLC – Term Debt (S + 8.5%, 12.6% Cash, Due 2/2028)(C)(U)						28,117						28,117						28,398
MASSiv Brands, LLC – Term Debt (10.0% Cash, 5.0% PIK, Due 7/2030)(C)(F)						25,313						25,313						25,313
Quality Environmental Midco, Inc. – Line of Credit, $3,000 available (12.0% Cash, 0.8% PIK, Due 11/2028)(C)(F)						—						—						—
Quality Environmental Midco, Inc. – Term Debt (12.0% Cash, 0.8% PIK, Due 11/2028)(C)(F)						13,008						13,008						13,269
RF Technologies, LLC – Line of Credit, $3,500 available (S + 6.3%, 10.4% Cash, Due 6/2030)(C)						—						—						—
RF Technologies, LLC – Term Debt (S + 6.3%, 10.4% Cash, Due 6/2030)(C)						12,600						12,600						12,735
Total Access Elevator, LLC – Line of Credit, $3,000 available (S + 6.5%, 10.6% Cash, Due 4/2029)(C)						—						—						—
Total Access Elevator, LLC – Term Debt (S + 6.5%, 10.6% Cash, Due 4/2029)(C)						6,500						6,500						6,500
Total Access Elevator, LLC – Delayed Draw Term Loan, $0 available (S + 6.5%, 10.6% Cash, Due 4/2029)(C)						1,600						1,600						1,600
WorkforceQA, LLC – Line of Credit, $900 available (S + 6.5%, 10.6% Cash, Due 12/2026)(C)						1,100						1,100						1,100
WorkforceQA, LLC – Term Debt (S + 6.5%, 10.6% Cash, Due 12/2026)(C)						17,813						17,777						17,813
												125,384						125,434
Healthcare, Education, and Childcare – 43.3%
ALS Education, LLC – Line of Credit, $3,000 available (S + 6.0%, 10.1% Cash, Due 12/2028)(C)						—						—						—
ALS Education, LLC – Term Debt (S + 6.0%, 10.1% Cash, Due 12/2028)(C)						30,360						30,310						30,360
ALS Education, LLC – Delayed Draw Term Loan, $6,000 available (S + 6.0%, 10.1% Cash, Due 12/2028)(C)						—						—						—
Altior Healthcare, LLC – Term Debt (S + 6.5%, 10.6% Cash, Due 5/2030)(C)						46,000						46,000						46,920
Freedom Dental Management, Inc. – Term Debt (S + 7.3%, 11.4% Cash, Due 6/2030)(C)						15,000						15,000						15,300

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, 2025 (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)						Principal/ Shares/ Units(I)(J)						Cost						Fair Value
Giving Home Health Care, LLC – Term Debt (S + 6.3%, 10.4% Cash, Due 4/2029)(C)						34,924						34,859						35,252
HH-Inspire Acquisition, Inc. – Line of Credit, $0 available (S + 10.0%, 12.1% Cash, 2.0% PIK, Due 4/2028)(C)						1,861						1,861						1,739
HH-Inspire Acquisition, Inc. – Term Debt (S + 10.0%, 12.1% Cash, 2.0% PIK, Due 4/2028)(C)						19,890						19,805						18,580
Turn Key Health Clinics, LLC – Line of Credit, $4,000 available (S + 7.3%, 11.4% Cash, Due 6/2026)(C)						—						—						—
Turn Key Health Clinics, LLC – Term Debt (S + 7.3%, 11.4% Cash, Due 6/2026)(C)						17,500						17,500						17,500
Vet's Choice Radiology LLC(S) – Term Debt (S + 8.0%, 12.1% Cash, Due 12/2027)(C)						42,750						42,750						43,098
												208,085						208,749
Home and Office Furnishings, Housewares and Durable Consumer Products – 6.2%
Foodservices Brand Group, LLC – Line of Credit, $10,000 available (S + 6.5%, 10.6% Cash, Due 8/2029)(C)						—						—						—
Foodservices Brand Group, LLC – Term Debt (S + 6.5%, 10.6% Cash, Due 8/2029)(C)						30,000						30,000						30,000
												30,000						30,000
Machinery – 3.6%
Arc Drilling Holdings LLC – Line of Credit, $3,875 available (S + 6.8%, 10.9% Cash, Due 9/2029)(C)						1,125						1,125						1,125
Arc Drilling Holdings LLC – Term Debt (S + 6.8%, 10.9% Cash, Due 9/2029)(C)						16,000						16,000						16,160
												17,125						17,285
Oil and Gas – 0.0%
FES Resources Holdings LLC – Term Debt (4.5% Cash, Due 12/2024)(E)(F)						325						325						—
Telecommunications – 0.7%
B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (S + 2.0%, 7.0% Cash, Due 12/2026)(E)						1,320						1,320						559
B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (S + 2.0%, 7.0% Cash, Due 12/2026)(E)						450						450						191
B+T Group Acquisition, Inc.(S) – Term Debt (S + 2.0%, 7.0% Cash, Due 12/2026)(E)						6,000						6,000						2,542
												7,770						3,292
Total Secured First Lien Debt												$	521,049					$	517,762
Secured Second Lien Debt – 27.3%
Automobile – 3.7%
Sea Link International IRB, Inc. – Term Debt (11.3% Cash, 2.0% PIK, Due 12/2025)(C)(F)						$	13,723					$	13,723					$	13,868
Sea Link International IRB, Inc. – Term Debt (12.0% Cash, 2.0% PIK, Due 12/2025)(C)(F)						4,163						4,163						4,163
												17,886						18,031
Beverage, Food, and Tobacco – 3.8%
Dutch Gold Honey, Inc.(S) – Term Debt (S + 7.5%, 11.6% Cash, Due 8/2030)(C)						18,000						18,000						18,184
Cargo Transportation – 4.1%
RPM Freight Systems, LLC – Term Debt (S + 7.7%, 11.8% Cash, Due 11/2029)(C)						20,000						20,000						20,000
Diversified/Conglomerate Manufacturing – 7.8%
OCI, LLC – Term Debt (7.0% Cash, 7.0% PIK, Due 11/2028)(C)(F)						2,316						2,316						2,436
Springfield, Inc. – Term Debt (S + 11.1%, 15.2% Cash, Due 12/2026)(C)						30,000						30,000						30,000
Tube Bending Technology, LLC – Term Debt (12.5% Cash, Due 6/2026)(C)(F)						5,000						5,000						4,955
												37,316						37,391
Healthcare, Education, and Childcare – 4.8%
Pan-Am Dental, LLC – Term Debt (12.0% Cash, Due 6/2030)(C)(F)						23,000						23,000						23,129
Oil and Gas – 3.1%
Imperative Holdings Corporation – Term Debt (S + 9.8%, 13.9% Cash, Due 8/2028)(C)						15,015						14,943						15,015
Total Secured Second Lien Debt												$	131,145					$	131,750
Unsecured Debt – 0.0%
Diversified/Conglomerate Service – 0.0%
Frontier Financial Group Inc. – Convertible Debt (6.0%, Due 6/2022)(E)(F)						$	198					$	198					$	17
Preferred Equity – 3.5%
Automobile – 0.1%
Sea Link International IRB, Inc. – Preferred Stock(E)(G)						98,039						$	98					$	261
Beverage, Food, and Tobacco – 0.0%
Triple H Food Processors, LLC – Preferred Stock(E)(G)						75						75						197

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, 2025 (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)						Principal/ Shares/ Units(I)(J)						Cost						Fair Value
Buildings and Real Estate – 0.0%
GFRC 360, LLC – Preferred Stock(E)(G)						1,000						1,025						214
Diversified/Conglomerate Manufacturing – 0.5%
Torrent Photonics Holdco LLC – Preferred Stock(E)(G)						2,650						2,650						2,377
Diversified/Conglomerate Service – 0.6%
Frontier Financial Group Inc. – Preferred Stock(E)(G)						766						500						—
Frontier Financial Group Inc. – Preferred Stock Warrant(E)(G)						168						—						—
Quality Environmental Midco, Inc. – Preferred Equity(E)(G)						3,000,000						3,000						2,720
												3,500						2,720
Healthcare, Education, and Childcare – 1.8%
HH-Inspire Acquisition, Inc. – Preferred Stock(E)(G)						1,681,949						2,604						2,290
Pan-Am Dental, LLC – Preferred Stock(E)(G)						5,909,091						5,909						6,285
												8,513						8,575
Oil and Gas – 0.5%
Imperative Holdings Corporation – Preferred Equity Units(E)(G)						972,569						488						2,450
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(S) – Preferred Stock(E)(G)						6,130						2,024						—
Total Preferred Equity												$	18,373					$	16,794
Common Equity – 6.2%
Aerospace and Defense – 0.2%
Ohio Armor Holdings, LLC – Common Equity(E)(G)						100						$	1,000					$	1,184
Automobile – 0.1%
Sea Link International IRB, Inc.– Common Equity Units(E)(G)						823,333						823						277
Beverage, Food, and Tobacco – 1.6%
Dutch Gold Honey, Inc.(S) – Common Stock(E)(G)						900,000						900						3,333
Salt & Straw, LLC – Common Warrant(E)(G)						0.5		%				—						186
Sokol & Company Holdings, LLC – Common Stock(E)(G)(U)						450,000						450						2,240
Triple H Food Processors, LLC – Common Stock(E)(G)						250,000						250						2,147
												1,600						7,906
Buildings and Real Estate – 0.0%
GFRC 360, LLC – Common Stock Warrants(E)(G)						45		%				—						—
Diversified/Conglomerate Manufacturing – 0.5%
OCI, LLC – Common Units (E)(G)						555						1,111						1,111
NeoGraf Solutions LLC – Common Stock(E)(G)						2,000,000						2,000						1,067
Viron International Corp.(S) – Common Stock(E)(G)						447						15						—
												3,126						2,178
Diversified/Conglomerate Service – 0.4%
Total Access Elevator, LLC – Common Stock(E)(G)						750,000						750						1,500
WorkforceQA, LLC – Common Stock(E)(G)						529						532						457
												1,282						1,957
Healthcare, Education, and Childcare – 1.5%
Giving Home Health Care, LLC – Common Stock(E)(G)						10,667						—						5,333
GSM MidCo LLC – Common Stock(E)(G)						767						767						1,980
Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment)(D)(G)(L)						3.5		%				—						36
												767						7,349
Machinery – 1.9%
Arc Drilling Holdings LLC – Common Stock(E)(G)						53,333						5,333						9,096
Oil and Gas – 0.0%
Total Safety Holdings, LLC – Common Equity(E)(G)						435						499						47
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(S) – Common Stock Warrant(E)(G)						1.5		%				—						—
Total Common Equity												$	14,430					$	29,994
Total Non-Control/Non-Affiliate Investments												$	685,195					$	696,317
AFFILIATE INVESTMENTS(N) – 11.2%
Secured First Lien Debt – 7.2%
Diversified/Conglomerate Manufacturing – 2.6%

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, 2025 (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)						Principal/ Shares/ Units(I)(J)						Cost						Fair Value
Edge Adhesives Holdings, Inc.(S) – Term Debt (S + 5.5%, 9.6% Cash, Due 8/2026)(E)(P)						$	6,140					$	6,140					$	513
Zero Case Holding Inc. – Line of Credit, $4,000 available (S + 6.4%, 10.5% Cash, Due 7/2030)(E)						—						—						—
Zero Case Holding Inc. – Term Debt (S + 6.4%, 10.5% Cash, Due 7/2030)(E)						12,000						12,000						12,000
												18,140						12,513
Personal, Food, and Miscellaneous Services – 4.6%
Snif-Snax, LLC – Term Debt (S + 6.7%, 10.8% Cash, Due 7/2030)(C)(H)						22,200						22,200						22,200
Total Secured First Lien Debt												$	40,340					$	34,713
Preferred Equity – 2.0%
Diversified/Conglomerate Manufacturing – 0.0%
Edge Adhesives Holdings, Inc.(S) – Preferred Stock(E)(G)						5,466						$	5,466					$	—
Diversified/Conglomerate Service – 1.4%
Encore Dredging Holdings, LLC – Preferred Stock(E)(G)						3,840,000						3,840						6,914
Personal, Food, and Miscellaneous Services – 0.3%
Snif-Snax, LLC – Preferred Stock(E)(G)						1,500,000						1,500						1,500
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2%
Canopy Safety Brands, LLC – Preferred Stock(E)(G)						500,000						500						1,006
Total Preferred Equity												$	11,306					$	9,420
Common Equity – 2.0%
Diversified/Conglomerate Manufacturing – 0.2%
Zero Case Holding Inc. – Common Stock(E)(G)						1,000						$	1,000					$	1,000
Finance – 1.1%
Gladstone Alternative Income Fund – Common Stock(D)(G)						500,000						5,000						5,075
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.8%
Canopy Safety Brands, LLC – Common Stock(E)(G)						1,170,370						800						3,703
Total Common Equity												$	6,800					$	9,778
Total Affiliate Investments												$	58,446					$	53,911
CONTROL INVESTMENTS(O) – 22.6%
Secured First Lien Debt – 14.5%
Beverage, Food, and Tobacco – 2.6%
Eegee Acquisition Corp. – Line of Credit, $3,250 available (S + 7.0%, 11.1% Cash, Due 4/2028)(E)						$	12,750					$	12,750					$	12,750
Diversified/Conglomerate Manufacturing – 4.7%
Engineering Manufacturing Technologies, LLC – Line of Credit, $1,900 available (S + 8.3%, 12.4% Cash, Due 10/2026)(E)						1,100						1,100						834
Engineering Manufacturing Technologies, LLC – Term Debt (S + 8.3%, 8.0% Cash, 4.4% PIK, Due 10/2026)(E)						23,163						23,163						17,561
Lonestar EMS, LLC – Term Debt (12.0% Cash, Due 6/2027)(E)(F)						4,450						4,403						4,450
												28,666						22,845
Healthcare, Education, and Childcare – 5.2%
Technical Resource Management, LLC – Line of Credit, $0 available (S + 10.5%, 10.1% Cash, 4.5% PIK, Due 4/2028)(E)						3,076						3,076						2,723
Technical Resource Management, LLC – Line of Credit, $400 available (S + 10.5%, 10.1% Cash, 4.5% PIK, Due 4/2028)(E)						1,214						1,214						1,074
Technical Resource Management, LLC – Term Debt (S + 10.5%, 10.1% Cash, 4.5% PIK, Due 4/2028)(E)						24,111						24,111						21,347
												28,401						25,144
Personal and Non-Durable Consumer Products (Manufacturing Only) – 1.9%
WB Xcel Holdings, LLC – Line of Credit, $0 available (S + 10.5%, 14.6% Cash, Due 11/2026)(E)						5,150						5,150						3,160
WB Xcel Holdings, LLC – Term Debt (S + 10.5%, 14.6% Cash, Due 11/2026)(E)						9,775						9,775						5,997
												14,925						9,157
Printing and Publishing – 0.0%
TNCP Intermediate HoldCo, LLC – Line of Credit, $2,000 available (11.0% Cash, Due 10/2027)(E)(F)						—						—						—
Total Secured First Lien Debt												$	84,742					$	69,896

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, 2025 (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)						Principal/ Shares/ Units(I)(J)						Cost						Fair Value
Secured Second Lien Debt – 3.9%
Automobile – 1.8%
Defiance Integrated Technologies, Inc. – Term Debt (S + 9.6%, 13.7% Cash, Due 1/2027)(E)						$	8,792					$	8,792					$	8,792
Diversified/Conglomerate Service – 2.1%
Alsay Incorporated – Term Debt (12.8% Cash, Due 12/2030)(E)(F)						10,000						10,000						10,000
Total Secured Second Lien Debt												$	18,792					$	18,792
Unsecured Debt – 0.1%
Healthcare, Education, and Childcare – 0.1%
Technical Resource Management, LLC – Term Debt (14.0% PIK, Due 10/2028)(E)(F)						$	357					$	357					$	316
Preferred Equity – 1.0%
Diversified/Conglomerate Service – 1.0%
Alsay Incorporated – Preferred Stock(E)(G)						5,000,000						$	5,000					$	5,000
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
WB Xcel Holdings, LLC – Preferred Stock(E)(G)						333						2,750						—
Total Preferred Equity												$	7,750					$	5,000
Common Equity – 3.1%
Automobile – 0.0%
Defiance Integrated Technologies, Inc. – Common Stock(E)(G)						33,321						$	581					$	—
Beverage, Food, and Tobacco – 1.0%
Eegee Acquisition Corp. – Common Stock(E)(G)						1,000						8,500						4,858
Diversified/Conglomerate Manufacturing – 0.9%
Engineering Manufacturing Technologies, LLC – Common Stock(E)(G)						16,000						3,000						—
Lonestar EMS, LLC – Common Units(E)(G)						100		%				6,750						4,225
												9,750						4,225
Healthcare, Education, and Childcare – 0.0%
Technical Resource Management, LLC – Common Stock(E)(G)						2,000,000						2,000						—
Technical Resource Management, LLC – Common Warrants(E)(G)						4,558,041						—						—
												2,000						—
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
WB Xcel Holdings, LLC – Common Units(E)(G)						12,340						1						—
Printing and Publishing – 1.2%
TNCP Intermediate HoldCo, LLC – Common Equity Units(E)(G)						790,000						500						5,809
Total Common Equity												$	21,332					$	14,892
Total Control Investments												$	132,973					$	108,896
TOTAL INVESTMENTS(T) – 178.2%												$	876,614					$	859,124
CASH EQUIVALENTS - 6.6%
Dreyfus Treasury Obligations Cash Management Fund (3.77% market yield)(R)						$	30,523					$	30,523					$	30,523
First Citizens Premium Money Market Savings (0.40% market yield)(R)						1,251						1,251						1,251
Total Cash Equivalents												$	31,774					$	31,774
TOTAL INVESTMENTS AND CASH EQUIVALENTS - 184.8%												$	908,388					$	890,898

(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 $754.6 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 September 30, 2025, our investments in Leeds Novamark Capital I, L.P. (“Leeds”) and Gladstone Alternative Income Fund (“Gladstone Alternative”) are considered non-qualifying assets under Section 55 of the 1940 Act. Such non-qualifying assets represent 0.6% of total investments, at fair value, as of September 30, 2025.

(B)Unless indicated otherwise, all cash interest rates are indexed to one-month Secured Overnight Financing Rate (“SOFR” or “S”), which was 4.13% as of September 30, 2025. 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 SOFR 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 a third party valuation firm.

(D)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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(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 loan, 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 September 30, 2025.

(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)Valued using Level 1 inputs within the FASB ASC 820 fair value hierarchy. Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

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

(T)Cumulative gross unrealized depreciation for federal income tax purposes is $59.7 million; cumulative gross unrealized appreciation for federal income tax purposes is $34.1 million. Cumulative net unrealized depreciation is $25.5 million, based on a tax cost of $884.7 million.

(U)Investment was exited subsequent to September 30, 2025.

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

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GLADSTONE CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

DECEMBER 31, 2025

(DOLLAR AMOUNTS IN TABLES IN THOUSANDS, EXCEPT PER SHARE DATA AND AS OTHERWISE INDICATED)

NOTE 1. ORGANIZATION

Gladstone Capital Corporation was incorporated under the Maryland General Corporation Law on May 30, 2001 and completed an initial public offering on August 24, 2001. The terms “the Company,” “we,” “our” and “us” all refer to Gladstone Capital Corporation and its consolidated subsidiary. We are an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and are applying the guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services-Investment Companies” (“ASC 946”). In addition, we have elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). We were established for the purpose of investing in debt and equity securities of established private businesses operating in the United States (“U.S.”). Our investment objectives are to: (1) achieve and grow current income by investing in debt securities of established lower middle market companies (which we generally define as companies with annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $3 million to $25 million) in the U.S. that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness and make distributions to stockholders that grow over time; and (2) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities, in connection with our debt investments, that we believe can grow over time to permit us to sell our equity investments for capital gains.

Gladstone Business Loan, LLC (“Business Loan”), a wholly-owned subsidiary of ours, was established on February 3, 2003, for the sole purpose of holding certain investments pledged as collateral under our line of credit. The financial statements of Business Loan are consolidated with those of Gladstone Capital Corporation. We may also have significant subsidiaries (as defined under Rule 1-02(w)(2) of the U.S. Securities and Exchange Commission’s (“SEC”) Regulation S-X) whose financial statements are not consolidated with ours. We did not have any unconsolidated subsidiaries that met any of the significance conditions under Rule 1-02(w)(2) of the SEC’s Regulation S-X as of or during the three month periods ended December 31, 2025 and December 31, 2024.

We are externally managed by Gladstone Management Corporation (the “Adviser”), an affiliate of ours and an SEC registered investment adviser, pursuant to an investment advisory and management agreement (as amended and/or restated from time to time, the “Advisory Agreement”). Administrative services are provided by Gladstone Administration, LLC (the “Administrator”), an affiliate of ours and the Adviser, pursuant to an administration agreement (the “Administration Agreement”). Refer to Note 4—Related Party Transactions for additional information regarding these arrangements.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Unaudited Interim Financial Statements and Basis of Presentation

We prepare our interim financial statements in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, we have not included in this quarterly report all of the information and notes required by GAAP for annual financial statements. The accompanying Consolidated Financial Statements include our accounts and those of our wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. In accordance with Article 6 of Regulation S-X, we do not consolidate portfolio company investments. Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiary. In our opinion, all adjustments, consisting solely of normal recurring accruals, necessary for the fair statement of financial statements for the interim periods have been included. The results of operations for the three months ended December 31, 2025 are not necessarily indicative of results that ultimately may be achieved for the fiscal year ending

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September 30, 2026 or any future interim periods. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, as filed with the SEC on November 17, 2025.

Use of Estimates

Preparing financial statements requires management to make estimates and assumptions that affect the amounts reported in our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements. Actual results may differ from those estimates.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation in the Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements. Reclassifications did not impact net increase (decrease) in net assets resulting from operations, total assets, total liabilities, or total net assets, or Consolidated Statements of Cash Flows classifications.

Cash and cash equivalents

We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value. We place our funds with financial institutions, and at times, cash held in checking accounts may exceed the Federal Deposit Insurance Corporation insured limit. We seek to mitigate this concentration of credit risk by depositing funds with major financial institutions. Investments in money market funds represent Level 1 investments within the FASB ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy.

Investment Valuation Policy

Accounting Recognition

We record our investments at fair value in accordance with ASC 820 and the 1940 Act. Investment transactions are recorded on the trade date. Realized gains or losses are generally measured by the difference between the net proceeds from the repayment or sale and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Unrealized appreciation or depreciation primarily reflects the change in investment fair values, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Board Responsibility

Our board of directors (the “Board of Directors”) has approved investment valuation policies and procedures pursuant to Rule 2a-5 under the 1940 Act (the “Policy”) and designated the Adviser to serve as the Board of Directors’ valuation designee ("Valuation Designee") under the 1940 Act.

In accordance with the 1940 Act, our Board of Directors has the ultimate responsibility for reviewing the good faith fair value determination of our investments for which market quotations are not readily available based on our Policy and for overseeing the Valuation Designee. Such review and oversight includes receiving written fair value determinations and supporting materials provided by the Valuation Designee, in coordination with the Administrator and with the oversight by the Company's chief valuation officer (collectively, the “Valuation Team”). The Valuation Committee of our Board of Directors (comprised entirely of independent directors) meets to review the valuation determinations and supporting materials, discusses the information provided by the Valuation Team, determines whether the Valuation Team has followed the Policy, and reviews other facts and circumstances, including current valuation risks, conflicts of interest, material valuation matters, appropriateness of valuation methodologies, back-testing results, price challenges/overrides, and ongoing monitoring and oversight of pricing services. After the Valuation Committee concludes its meeting, it and the chief valuation officer, representing the Valuation Designee, present the Valuation Committee’s findings on the Valuation Designee's determinations to the entire Board of Directors so that the full Board of Directors may review the Valuation Designee's determined fair values of such investments in accordance with the Policy.

There is no single standard for determining fair value (especially for privately-held businesses), as fair value depends upon the specific facts and circumstances of each individual investment. In determining the fair value of our investments, the Valuation Team, led by the chief valuation officer, uses the Policy, and each quarter the Valuation Committee and Board of

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Directors review the Policy to determine if changes thereto are advisable and whether the Valuation Team has applied the Policy consistently.

Use of Third Party Valuation Firms

The Valuation Team engages third-party valuation firms to provide independent assessments of fair value of certain of our investments.

A third-party valuation firm generally provides estimates of fair value on our debt investments. The Valuation Team generally assigns the third-party valuation firm’s estimates of fair value to our debt investments where we do not have the ability to effectuate a sale of the applicable portfolio company. The Valuation Team corroborates the third-party valuation firm’s estimates of fair value using one or more of the valuation techniques discussed below. The Valuation Team’s estimate of value on a specific debt investment may significantly differ from the third-party valuation firm’s. When this occurs, our Valuation Committee and Board of Directors review whether the Valuation Team has followed the Policy and the Valuation Committee reviews whether the Valuation Designee’s determined fair value is reasonable in light of the Policy and other relevant facts and circumstances.

We may engage other independent valuation firms to provide earnings multiple ranges, as well as other information, and evaluate such information for incorporation into the total enterprise value (“TEV”) of certain of our investments. Generally, at least once per year, we engage an independent valuation firm to value or review the valuation of each of our significant equity investments, which includes providing the information noted above. The Valuation Team evaluates such information for incorporation into our TEV, including review of all inputs provided by the independent valuation firm. The Valuation Team then presents a determination to our Valuation Committee as to the fair value. Our Valuation Committee reviews the determined fair value and whether it is reasonable in light of the Policy and other relevant facts and circumstances.

Valuation Techniques

In accordance with ASC 820, the Valuation Team uses the following techniques when valuing our investment portfolio:

•Total Enterprise Value — In determining the fair value using a TEV, the Valuation Team first calculates the TEV of the portfolio company by incorporating some or all of the following factors: the portfolio company’s ability to make payments and other specific portfolio company attributes; the earnings of the portfolio company (the trailing or projected twelve month revenue or EBITDA); EBITDA multiples obtained from our indexing methodology whereby the original transaction EBITDA multiple at the time of our closing is indexed to a general subset of comparable disclosed transactions; and EBITDA multiples from recent sales to third parties of similar securities in similar industries; a comparison to publicly traded securities in similar industries; and other pertinent factors. The Valuation Team generally reviews industry statistics and may use outside experts when gathering this information. Once the TEV is determined for a portfolio company, the Valuation Team generally allocates the TEV to the portfolio company’s securities based on the facts and circumstances of the securities, which typically results in the allocation of fair value to securities based on the order of their relative priority in the capital structure. Generally, the Valuation Team uses TEV to value our equity investments and, in the circumstances where we have the ability to effectuate a sale of a portfolio company, our debt investments. When there is equity value or sufficient TEV to cover the principal balance of our debt securities, the fair value of our senior secured debt generally equals or approximates cost.

TEV is primarily calculated using EBITDA and EBITDA multiples; however, TEV may also be calculated using revenue and revenue multiples or a discounted cash flow (“DCF”) analysis whereby future expected cash flows of the portfolio company are discounted to determine a net present value using estimated risk-adjusted discount rates, which incorporate adjustments for nonperformance and liquidity risks.

•Yield Analysis — The Valuation Team generally determines the fair value of our debt investments for which we do not have the ability to effectuate a sale of the applicable portfolio company using the yield analysis, which includes a DCF calculation and assumptions that the Valuation Team believes market participants would use, including, estimated remaining life, current market yield, current leverage, and interest rate spreads. This technique develops a modified discount rate that incorporates risk premiums including increased probability of default, increased loss upon default and increased liquidity risk. Generally, the Valuation Team uses the yield analysis to corroborate both estimates of value provided by our third party valuation firm and market quotes.

•Market Quotes — For our investments for which a limited market exists, we generally base fair value on readily available and reliable market quotations which are corroborated by the Valuation Team (generally by using the yield analysis described above). In addition, the Valuation Team assesses trading activity for similar investments and evaluates variances in quotations and other market insights to determine if any available quoted prices are

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reliable. Typically, the Valuation Team uses the lower indicative bid price (“IBP”) in the bid-to-ask price range obtained from the respective originating syndication agent’s trading desk on or near the valuation date. The Valuation Team may take further steps to consider additional information to validate that price in accordance with the Policy. For securities that are publicly traded, the Valuation Team generally base fair value on the closing market price of the securities we hold as of the reporting date. For restricted securities that are publicly traded, the Valuation Team generally base fair value on the closing market price of the securities we hold as of the reporting date less a discount for the restriction, which includes consideration of the nature and term to expiration of the restriction and the lack of marketability of the security.

•Investments in Funds — For equity investments in other funds for which we cannot effectuate a sale of the fund, the Valuation Team generally determines the fair value of our invested capital at the net asset value (“NAV”) provided by the fund. ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment.

In addition to the valuation techniques listed above, the Valuation Team may also consider other factors when determining the fair value of our investments, including: the nature and realizable value of the collateral, including external parties’ guaranties, any relevant offers or letters of intent to acquire the portfolio company, timing of expected loan repayments, and the markets in which the portfolio company operates.

Fair value measurements of our investments may involve subjective judgments and estimates and due to the uncertainty inherent in valuing these securities, the determinations of fair value may fluctuate from period to period and may differ materially from the values that could be obtained if a ready market for these securities existed. Our NAV could be materially affected if the determinations regarding the fair value of our investments are materially different from the values that we ultimately realize upon our disposal of such securities. Additionally, changes in the market environment and other events that may occur over the life of the investment may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which it is recorded.

Refer to Note 3—Investments for additional information regarding fair value measurements and our application of ASC 820.

Revenue Recognition

Interest Income Recognition

Interest income, including the amortization of premiums, acquisition costs and amendment fees, the accretion of original issue discounts (“OID”), and paid-in-kind (“PIK”) interest, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when a loan becomes 90 days or more past due or if our qualitative assessment indicates that the debtor is unable to service its debt or other obligations, we will place the loan on non-accrual status and cease recognizing interest income on that loan for financial reporting purposes until the borrower has demonstrated the ability and intent to pay contractual amounts due. However, we remain contractually entitled to this interest. Interest payments received on non-accrual loans may be recognized as income or applied to the cost basis depending upon management’s judgment. Generally, non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current, or due to a restructuring such that the interest income is deemed to be collectible. As of December 31, 2025, our loans to B+T Group Acquisition, Inc., Edge Adhesives Holdings, Inc., and WB Xcel Holdings, LLC were on non-accrual status with a cost basis of $28.8 million, or 3.4% of the cost basis of all debt investments in our portfolio, and a fair value of $13.2 million, or 1.6% of the fair value of all debt investments in our portfolio. As of September 30, 2025, our loans to B+T Group Acquisition, Inc., Edge Adhesives Holdings, Inc., and WB Xcel Holdings, LLC were on non-accrual status with a cost basis of $28.8 million, or 3.6% of the cost basis of all debt investments in our portfolio, and a fair value of $13.0 million, or 1.7% of the fair value of all debt investments in our portfolio.

We currently hold, and we expect to hold in the future, some loans in our portfolio that contain OID or PIK provisions. We recognize OID for loans originally issued at discounts and recognize the income over the life of the obligation based on an effective yield calculation. PIK interest, computed at the contractual rate specified in a loan agreement, is added to the principal balance of a loan and recorded as income over the life of the obligation. Thus, the actual collection of PIK income may be deferred until the time of debt principal repayment. To maintain our ability to be taxed as a RIC, we may need to

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pay out both OID and PIK non-cash income amounts in the form of distributions, even though we have not yet collected the cash on either.

As of December 31, 2025 and September 30, 2025, we held three and two OID loans, respectively. We recorded OID income of $32 thousand and $83 thousand during the three months ended December 31, 2025 and December 31, 2024, respectively. The unamortized balance of OID investments as of December 31, 2025 and September 30, 2025 totaled $0.8 million and $0.2 million, respectively. As of December 31, 2025 and September 30, 2025, we had eight and nine investments which had a PIK interest component, respectively. We recorded PIK interest income of $2.3 million and $0.8 million during the three months ended December 31, 2025 and December 31, 2024, respectively. We collected $2.8 million and $4.5 million of PIK interest in cash during the three months ended December 31, 2025 and December 31, 2024, respectively.

Success Fee Income Recognition

We record success fees as income when earned, which often occurs upon receipt of cash. Success fees are generally contractually due upon a change of control in a portfolio company, typically resulting from an exit or sale, and are non-recurring.

Dividend Income Recognition

We accrue dividend income on preferred and common equity securities to the extent that such amounts are expected to be collected and if we have the option to collect such amounts in cash or other consideration.

Related Party Fees

We are party to the Advisory Agreement with the Adviser, which is indirectly owned by our chairman and chief executive officer. In accordance with the Advisory Agreement, we pay the Adviser fees as compensation for its services, consisting of a base management fee and an incentive fee. Additionally, we pay the Adviser a loan servicing fee as compensation for its services as servicer under the terms of our revolving line of credit with KeyBank National Association (“KeyBank”), as administrative agent, lead arranger and lender (as amended and/or restated from time to time, our “Credit Facility”). These fees are accrued at the end of the quarter when the services are performed and generally paid the following quarter.

We are also party to the Administration Agreement with the Administrator, which is indirectly owned and controlled by our chairman and chief executive officer, whereby we pay separately for administrative services. Refer to Note 4 — Related Party Transactions for additional information regarding these related party fees and agreements.

Segment Reporting

In November 2023, the FASB issued Accounting Standards Update 2023-07, “Segment Reporting - Improvements to Reportable Segment Disclosures” (“ASU 2023-07”) to improve reportable segments disclosure requirements. The ASU requires existing annual segment disclosures to also be disclosed on an interim basis and also requires additional disclosures around significant segment expenses and disclosures to identify the title and position of the chief operating decision maker (“CODM”). The standard is effective for fiscal years beginning after December 15, 2023, and interim periods thereafter. We adopted ASU 2023-07 as of September 30, 2025.

Our current business strategy includes one reporting segment which derives investment income from our portfolio companies. Our CODM is our Chief Executive Officer. The CODM assesses performance based on net investment income, net realized and unrealized gains (losses) and net increase (decrease) in net assets resulting from operations, which are reported on the Consolidated Statement of Operations. The expense categories included on the Consolidated Statement of Operations reflect our significant expense categories and are provided to the CODM on a regular basis.

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NOTE 3. INVESTMENTS

Fair Value

In accordance with ASC 820, the fair value of each investment is determined to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between willing market participants on the measurement date. This fair value definition focuses on exit price in the principal, or most advantageous, market and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. ASC 820 also establishes the following three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of a financial instrument as of the measurement date.

•Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical financial instruments in active markets;

•Level 2 — inputs to the valuation methodology include quoted prices for similar financial instruments in active or inactive markets, and inputs that are observable for the financial instrument, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are in those markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers; and

•Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs are those inputs that reflect assumptions that market participants would use when pricing the financial instrument and can include the Valuation Team’s assumptions based upon the best available information.

When a determination is made to classify our investments within Level 3 of the valuation hierarchy, such determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable, or Level 3, inputs, observable inputs (or components that are actively quoted and can be validated to external sources). The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. Investments in funds measured using NAV as a practical expedient are not categorized within the fair value hierarchy.

As of December 31, 2025, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investments in money market funds, which were valued using Level 1 inputs, and our investment in Gladstone Alternative Income Fund (“Gladstone Alternative”), which was valued using NAV as a practical expedient. As of September 30, 2025, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investments in money market funds, which were valued using Level 1 inputs, and our investments in Gladstone Alternative and Leeds Novamark Capital I, L.P. (“Leeds”), which were valued using NAV as a practical expedient.

We transfer investments in and out of Level 1, 2, and 3 of the valuation hierarchy as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period. During the three months ended December 31, 2025 and 2024, there were no investments transferred into or out of Levels 1, 2 or 3 of the valuation hierarchy.

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As of December 31, 2025 and September 30, 2025, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy:

						Fair Value Measurements
						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Fair Value
As of December 31, 2025:
Secured first lien debt						$	—					$	—					$	647,576					$	647,576
Secured second lien debt						—						—						170,662						170,662
Unsecured debt						—						—						346						346
Preferred equity						—						—						36,761						36,761
Common equity/equivalents						—						—						42,492						42,492
Total						$	—					$	—					$	897,837					$	897,837
Investments measured at NAV(A)						—						—						—						5,075
Total Investments						$	—					$	—					$	897,837					$	902,912
Cash Equivalents						1,253						—						—						1,253
Total Investments and Cash Equivalents as of December 31, 2025						$	1,253					$	—					$	897,837					$	904,165

						Fair Value Measurements
						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Fair Value
As of September 30, 2025:
Secured first lien debt						$	—					$	—					$	622,371					$	622,371
Secured second lien debt						—						—						150,542						150,542
Unsecured debt						—						—						333						333
Preferred equity						—						—						31,214						31,214
Common equity/equivalents						—						—						49,553						49,553
Total						$	—					$	—					$	854,013					$	854,013
Investments measured at NAV(A)						—						—						—						5,111
Total Investments						$	—					$	—					$	854,013					$	859,124
Cash Equivalents						31,774						—						—						31,774
Total Investments and Cash Equivalents as of September 30, 2025						$	31,774					$	—					$	854,013					$	890,898

(A)Includes our investment in Gladstone Alternative as of December 31, 2025 and our investments in Gladstone Alternative and Leeds as of September 30, 2025. Investments that are measured at fair value using NAV as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented elsewhere in this quarterly report.

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The following table presents our portfolio investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy and carried at fair value as of December 31, 2025 and September 30, 2025, by caption on our accompanying Consolidated Statements of Assets and Liabilities and by security type:

			Total Recurring Fair Value Measurements Reported in
			Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3)
			December 31, 2025						September 30, 2025
Non-Control/Non-Affiliate Investments
Secured first lien debt			$	540,903					$	517,762
Secured second lien debt			151,870						131,750
Unsecured debt			16						17
Preferred equity			22,643						16,794
Common equity/equivalents			27,981						29,958			(B)
Total Non-Control/Non-Affiliate Investments			$	743,413					$	696,281
Affiliate Investments
Secured first lien debt			$	33,251					$	34,713
Preferred equity			8,648						9,420
Common equity/equivalents			4,817			(A)			4,703			(B)
Total Affiliate Investments			$	46,716					$	48,836
Control Investments
Secured first lien debt			$	73,422					$	69,896
Secured second lien debt			18,792						18,792
Unsecured debt			330						316
Preferred equity			5,470						5,000
Common equity/equivalents			9,694						14,892
Total Control Investments			$	107,708					$	108,896
Total Investments at Fair Value Using Level 3 Inputs			$	897,837					$	854,013

(A)Excludes our investment in Gladstone Alternative with a fair value of $5.1 million as of December 31, 2025, which was valued using NAV as a practical expedient.

(B)Excludes our investments in Gladstone Alternative and Leeds with fair values of $5.1 million and $36 thousand, respectively, as of September 30, 2025, which were valued using NAV as a practical expedient.

In accordance with ASC 820, the following table provides quantitative information about our Level 3 fair value measurements of our investments as of December 31, 2025 and September 30, 2025. The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to our fair value measurements.

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The weighted average calculations in the table below are based on the principal balances for all debt related calculations and on the cost basis for all equity related calculations for the particular input.

Quantitative Information about Level 3 Fair Value Measurements

Range / Weighted Average as of

December 31, 2025

September 30, 2025

Valuation Techniques/ Methodologies

Unobservable Input

December 31, 2025

September 30, 2025

Secured first lien debt(A)

$

570,154

$

548,670

Yield Analysis

Discount Rate

9.0% - 18.0% / 11.2%

9.4% - 19.8% / 11.7%

77,422

73,701

TEV

EBITDA multiple

3.6x – 8.3x / 6.2x

3.5x – 8.0x / 6.0x

EBITDA

$490 - $4,266 / $3,485

$538 - $4,655 / $3,540

Revenue multiple

0.6x – 0.8x / 0.7x

0.6x – 0.8x / 0.7x

Revenue

$8,268 - $22,244 / $14,884

$10,844 - $21,649 / $15,090

Secured second lien debt

151,870

141,750

Yield Analysis

Discount Rate

11.1% - 14.8% / 12.3%

11.4% - 15.2% / 13.1%

18,792

8,792

TEV

EBITDA multiple

5.0x – 5.6x / 5.3x

5.4x – 5.4x / 5.4x

EBITDA

$2,355 - $11,359 / $7,146

$2,345 - $2,345 / $2,345

Unsecured debt

346

333

TEV

EBITDA multiple

8.3x – 8.3x / 8.3x

8.0x – 8.0x / 8.0x

EBITDA

$3,755 - $3,755 / $3,755

$3,804 - $3,804 / $3,804

Revenue multiple

0.9x – 0.9x / 0.9x

0.9x – 0.9x / 0.9x

Revenue

$4,708 - $4,708 / $4,708

$4,846 - $4,846 / $4,846

Preferred and common equity / equivalents(B)

79,253

80,767

TEV

EBITDA multiple

3.6x – 15.1x / 7.0x

3.5x – 14.6x / 6.8x

EBITDA

$490 -$143,118 / $9,727

$538 -$142,549 / $10,222

Revenue multiple

0.6x – 0.9x / 0.7x

0.6x– 0.9x / 0.7x

Revenue

$4,708 -$22,244 / $11,209

$4,846 -$21,649 / $12,394

Total Level 3 Investments, at Fair Value

$

897,837

$

854,013

(A)Fair value as of December 31, 2025 includes one proprietary debt investment totaling $43.6 million, which was valued using the payoff amount as the unobservable input.

(B)Fair value as of December 31, 2025 excludes our investment in Gladstone Alternative with a fair value of $5.1 million, which was valued using NAV as a practical expedient. Fair value as of September 30, 2025 includes one proprietary equity investment totaling $2.2 million, which was valued using the payoff amount as the unobservable input. Fair value as of September 30, 2025 excludes our investments in Gladstone Alternative and Leeds with fair values of $5.1 million and $36 thousand, respectively, which were valued using NAV as a practical expedient.

Fair value measurements can be sensitive to changes in one or more of the valuation inputs. Changes in discount rates, EBITDA or EBITDA multiples (or revenue or revenue multiples), each in isolation, may change the fair value of certain of our investments. Generally, an increase/(decrease) in market yields, discount rates, or a (decrease)/increase in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a (decrease)/increase, respectively, in the fair value of certain of our investments.

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Changes in Level 3 Fair Value Measurements of Investments

The following tables provide the changes in fair value, broken out by security type, during the three months ended December 31, 2025 and 2024 for all investments for which we determine fair value using unobservable (Level 3) inputs.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Three months ended December 31, 2025						Secured First Lien Debt						Secured Second Lien Debt						Unsecured Debt						Preferred Equity						Common Equity/ Equivalents						Total
Fair Value as of September 30, 2025						$	622,371					$	150,542					$	333					$	31,214					$	49,553					$	854,013
Total gains (losses):
Net realized gain (loss)(A)						(112)						—						—						—						1,790						1,678
Net unrealized appreciation (depreciation)(B)						(23)						739						—						607						(4,821)						(3,498)
Reversal of prior period net depreciation (appreciation) on realization(B)						(169)						(145)						—						—						(1,790)						(2,104)
New investments, repayments and settlements: (C)
Issuances/originations						57,276						39,071						13						4,940						—						101,300
Settlements/repayments						(31,767)						(19,545)						—						—						—						(51,312)
Net proceeds from sales						—						—						—						—						(2,240)						(2,240)
Fair Value as of December 31, 2025						$	647,576					$	170,662					$	346					$	36,761					$	42,492					$	897,837

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Three Months Ended December 31, 2024						Secured First Lien Debt						Secured Second Lien Debt						Unsecured Debt						Preferred Equity						Common Equity/ Equivalents						Total
Fair Value as of September 30, 2024						$	554,937					$	113,716					$	32					$	31,346					$	96,191					$	796,222
Total gains (losses):
Net realized gain (loss)(A)						(4,074)						—						—						2,450						59,348						57,724
Net unrealized appreciation (depreciation)(B)						(3,534)						115						5						3,136						12,396						12,118
Reversal of prior period net depreciation (appreciation) on realization(B)						3,581						—						—						(2,450)						(55,140)						(54,009)
New investments, repayments and settlements: (C)
Issuances/originations						111,754						29,244						322						6,262						—						147,582
Settlements/repayments						(76,255)						(15,841)						—						—						—						(92,096)
Net proceeds from sales						—						—						—						(9,450)						(63,631)						(73,081)
Fair Value as of December 31, 2024						$	586,409					$	127,234					$	359					$	31,294					$	49,164					$	794,460

(A)Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the corresponding period.

(B)Included in net unrealized appreciation (depreciation) on investments on our accompanying Consolidated Statements of Operations for the corresponding period.

(C)Includes increases in the cost basis of investments resulting from new portfolio investments, accretion of discounts, PIK, and other non-cash disbursements to portfolio companies, as well as decreases in the cost basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs and other cost-basis adjustments.

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Investment Activity

During the three months ended December 31, 2025, the following significant investment transactions occurred:

•In October 2025, we invested $11.0 million in Total Access Elevator, LLC (“Total Access”), an existing portfolio company, through secured first lien debt. We also extended Total Access a new $9.85 million delayed draw term loan commitment, which was unfunded at close.

•In October 2025, our $28.1 million debt investment in Leadpoint Business Services, LLC paid off at par. We also received a $0.3 million prepayment penalty in conjunction with the payoff.

•In October 2025, the sale of our remaining common equity investment in Sokol & Company Holdings, LLC (“Sokol”) was completed, representing a return of our equity cost basis of $0.5 million and a realized gain of approximately $1.8 million.

•In October 2025, our $17.8 million debt investment in Sea Link International IRB, Inc. (“Sea Link”) paid off at par. We also received a $0.2 million exit fee in conjunction with the payoff. We continue to hold common and preferred equity in Sea Link.

•In November 2025, we invested $15.0 million in Turn Key Health Clinics, LLC (“Turn Key”), an existing portfolio company, through secured first lien debt. We also increased our existing line of credit commitment to Turn Key by $1.0 million to $5.0 million, which was unfunded at close.

•In November 2025, we invested $26.6 million in Sicilian Oven Restaurants LLC through secured first lien debt and preferred equity.

•In December 2025, we invested $30.0 million in RPM Freight Systems, LLC, an existing portfolio company, through secured second lien debt.

•In December 2025, we invested $11.3 million in Flexible Technology Solutions, LLC through secured second lien debt and preferred equity.

Investment Concentrations

As of December 31, 2025, our investment portfolio consisted of investments in 54 portfolio companies located in 22 states in 16 different industries, with an aggregate fair value of $902.9 million. The five largest investments at fair value as of December 31, 2025 totaled $215.7 million, or 23.9% of our total investment portfolio, as compared to the five largest investments at fair value as of September 30, 2025 totaling $196.5 million, or 22.9% of our total investment portfolio. As of December 31, 2025 and September 30, 2025, our average investment by obligor was $17.1 million and $15.9 million at cost, respectively.

The following table outlines our investments by security type as of December 31, 2025 and September 30, 2025:

			December 31, 2025																								September 30, 2025
			Cost												Fair Value												Cost												Fair Value
Secured first lien debt			$	671,528					72.5		%				$	647,576					71.7		%				$	646,131					73.7		%				$	622,371					72.4		%
Secured second lien debt			169,463						18.3						170,662						18.9						149,937						17.1						150,542						17.5
Unsecured debt			568						0.1						346						0.0						555						0.1						333						0.1
Total debt investments			841,559						90.9						818,584						90.6						796,623						90.9						773,246						90.0
Preferred equity			42,369						4.6						36,761						4.1						37,429						4.3						31,214						3.6
Common equity/equivalents			42,112						4.5						47,567						5.3						42,562						4.8						54,664						6.4
Total equity investments			84,481						9.1						84,328						9.4						79,991						9.1						85,878						10.0
Total Investments			$	926,040					100.0		%				$	902,912					100.0		%				$	876,614					100.0		%				$	859,124					100.0		%

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Our investments at fair value consisted of the following industry classifications as of December 31, 2025 and September 30, 2025:

						December 31, 2025												September 30, 2025
Industry Classification						Fair Value						Percentage of Total Investments						Fair Value						Percentage of Total Investments
Healthcare, Education, and Childcare						$	288,403					31.9		%				$	273,262					31.8		%
Diversified/Conglomerate Manufacturing						203,153						22.5						202,466						23.6
Diversified/Conglomerate Service						146,845						16.3						152,042						17.7
Beverage, Food, and Tobacco						77,921						8.6						54,605						6.4
Cargo Transportation						50,000						5.5						20,000						2.3
Home and Office Furnishings, Housewares and Durable Consumer Products						29,928						3.3						30,000						3.5
Machinery						26,467						3.0						26,381						3.1
Personal, Food, and Miscellaneous Supplies						22,751						2.5						23,700						2.7
Oil and Gas						16,746						1.9						17,512						2.0
Personal and Non-Durable Consumer Products						13,576						1.5						13,866						1.6
Automobile						9,264						1.0						27,361						3.2
Printing and Publishing						5,365						0.6						5,809						0.7
Other, < 2.0%						12,493						1.4						12,120						1.4
Total Investments						$	902,912					100.0		%				$	859,124					100.0		%

Our investments at fair value were included in the following U.S. geographic regions as of December 31, 2025 and September 30, 2025:

						December 31, 2025												September 30, 2025
Location						Fair Value						Percentage of Total Investments						Fair Value						Percentage of Total Investments
South						$	320,014					35.4		%				$	287,371					33.5		%
Midwest						266,400						29.5						237,417						27.6
West						213,878						23.7						233,564						27.2
Northeast						102,620						11.4						100,772						11.7
Total Investments						$	902,912					100.0		%				$	859,124					100.0		%

The geographic composition indicates the location of the headquarters for our portfolio companies. A portfolio company may have additional locations in other geographic regions.

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Investment Principal Repayments

The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of December 31, 2025:

												Amount
For the remaining nine months ending September 30:						2026(A)						$	22,553
For the fiscal years ending September 30:						2027						130,873
						2028						200,051
						2029						146,569
						2030						239,554
						Thereafter						103,360
						Total contractual repayments						$	842,960
						Adjustments to cost basis of debt investments						(1,401)
						Investments in equity securities						84,481
						Investments held as of December 31, 2025 at cost:						$	926,040

(A)Includes debt investments with contractual principal amounts totaling $0.4 million for which the maturity date has passed as of December 31, 2025.

Receivables from Portfolio Companies

Receivables from portfolio companies represent non-recurring costs incurred on behalf of such portfolio companies and are included in other assets on our accompanying Consolidated Statements of Assets and Liabilities. We generally maintain an allowance for uncollectible receivables from portfolio companies when the receivable balance becomes 90 days or more past due or if it is determined, based upon management’s judgment, that the portfolio company is unable to pay its obligations. We write off accounts receivable when we have exhausted collection efforts and have deemed the receivables uncollectible. As of December 31, 2025 and September 30, 2025, we had gross receivables from portfolio companies of $2.7 million and $2.4 million, respectively. The allowance for uncollectible receivables was $54 thousand and $52 thousand as of December 31, 2025 and September 30, 2025, respectively.

NOTE 4. RELATED PARTY TRANSACTIONS

Transactions with the Adviser

We have been externally managed by the Adviser pursuant to the Advisory Agreement since October 1, 2004 pursuant to which we pay the Adviser a base management fee and an incentive fee for its services. Our Board of Directors, including a majority of the directors who are not parties to the Advisory Agreement or interested persons of us or the Adviser, unanimously approved the Advisory Agreement.

We also pay the Adviser a loan servicing fee for its role of servicer pursuant to our Credit Facility. The entire loan servicing fee paid to the Adviser by Business Loan is non-contractually, unconditionally and irrevocably credited against the base management fee otherwise payable to the Adviser, since Business Loan is a consolidated subsidiary of ours, and overall, the base management fee (including any loan servicing fee) cannot exceed 1.75% of total assets (including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings) during any given fiscal year pursuant to the Advisory Agreement.

David Gladstone (our chairman and chief executive officer) serves as a director and executive officer of the Adviser, which, as of December 31, 2025, is 100% indirectly owned by Mr. Gladstone. Robert Marcotte (our president) also serves as executive vice president of private equity of the Adviser. Michael LiCalsi, our chief administrative officer, co-general counsel, and co-secretary, also serves in the same roles for our Adviser and Administrator (in addition to serving as president of our Administrator). Erich Hellmold, our co-general counsel and co-secretary, serves in the same roles for the Adviser and Administrator.

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The following table summarizes the base management fee, incentive fee, and loan servicing fee and associated non-contractual, unconditional and irrevocable credits reflected in our accompanying Consolidated Statements of Operations:

			Three Months Ended December 31,
			2025						2024
Average total assets subject to base management fee(A)(B)			$	893,486					$	811,886
Multiplied by prorated annual base management fee of 1.75%			0.4375		%				0.4375		%
Base management fee(C)			$	3,909					$	3,552
Portfolio company fee credit			(1,340)						(2,096)
Syndicated loan fee credit			—						(10)
Net Base Management Fee			$	2,569					$	1,446
Loan servicing fee(C)			2,451						2,178
Credit to base management fee - loan servicing fee(C)			(2,451)						(2,178)
Net Loan Servicing Fee			$	—					$	—
Incentive fee(C)			2,699						2,704
Incentive fee credit			—						(239)
Net Incentive Fee			$	2,699					$	2,465
Portfolio company fee credit			(1,340)						(2,096)
Syndicated loan fee credit			—						(10)
Incentive fee credit			—						(239)
Credits to Fees From Adviser - other(C)			$	(1,340)					$	(2,345)

(A)Average total assets subject to the base management fee is defined in the Advisory Agreement as total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective periods and adjusted appropriately for any share issuances or repurchases during the period.

(B)Excludes our investment in Gladstone Alternative valued at the end of the applicable quarters with the respective periods.

(C)Reflected as a line item on our accompanying Consolidated Statements of Operations.

Base Management Fee

The base management fee is payable quarterly to the Adviser pursuant to our Advisory Agreement and is assessed at an annual rate of 1.75%, computed on the basis of the value of our average total assets at the end of the two most recently-completed quarters (inclusive of the current quarter), which are total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings and adjusted appropriately for any share issuances or repurchases during the period.

Additionally, pursuant to the requirements of the 1940 Act, the Adviser makes available significant managerial assistance to our portfolio companies. The Adviser may also provide other services to our portfolio companies under certain agreements and may receive fees for services other than managerial assistance. Such services may include: (i) assistance obtaining, sourcing or structuring credit facilities, long term loans or additional equity from unaffiliated third parties; (ii) negotiating important contractual financial relationships; (iii) consulting services regarding restructuring of the portfolio company and financial modeling as it relates to raising additional debt and equity capital from unaffiliated third parties; and (iv) taking a primary role in interviewing, vetting and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members. The Adviser non-contractually, unconditionally, and irrevocably credits 100% of any fees for such services against the base management fee that we would otherwise be required to pay to the Adviser.

Our Board of Directors accepted a non-contractual, unconditional, and irrevocable credit from the Adviser to reduce the annual base management fee on syndicated loan participations to 0.5%, to the extent that proceeds resulting from borrowings were used to purchase such syndicated loan participations, for the three months ended December 31, 2024. There were no such credits for the three months ended December 31, 2025.

Loan Servicing Fee

The Adviser also services the loans held by Business Loan (the borrower under the Credit Facility), in return for which the Adviser receives a 1.5% annual fee payable monthly based on the aggregate outstanding balance of loans pledged under

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our Credit Facility. As discussed in the notes to the table above, we treat payment of the loan servicing fee pursuant to the Credit Facility as a pre-payment of the base management fee under the Advisory Agreement. Accordingly, these loan servicing fees are 100% non-contractually, unconditionally and irrevocably credited back to us by the Adviser.

Incentive Fee

The incentive fee consists of two parts: an income-based incentive fee and a capital gains-based incentive fee. The income-based incentive fee rewards the Adviser if our quarterly net investment income (before giving effect to any incentive fee) exceeds 1.75% of our net assets, which we define as total assets less indebtedness and before taking into account any incentive fees payable or contractually due but not payable during the period, at the end of the immediately preceding calendar quarter, adjusted appropriately for any share issuances or repurchases during the period (the “hurdle rate”). The income-based incentive fee with respect to our pre-incentive fee net investment income is generally payable quarterly to the Adviser and is computed as follows:

•no incentive fee in any calendar quarter in which our pre-incentive fee net investment income does not exceed the hurdle rate;

•100.0% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.1875% of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter; and

•20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.1875% of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter.

The second part of the incentive fee is a capital gains-based incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date) and equals 20.0% of our “net realized capital gains” (as defined herein) as of the end of the fiscal year. In determining the capital gains-based incentive fee payable to the Adviser, we calculate “net realized capital gains” at the end of each applicable year by subtracting the sum of our cumulative aggregate realized capital losses and our entire portfolio’s aggregate unrealized capital depreciation from our cumulative aggregate realized capital gains. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment, when sold, and the original cost of such investment since inception. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment, when sold, is less than the original cost of such investment since inception. The entire portfolio’s aggregate unrealized capital depreciation, if any, equals the sum of the difference between the valuation of each investment as of the applicable calculation date and the original cost of such investment. At the end of the applicable fiscal year, the amount of capital gains that serves as the basis for our calculation of the capital gains-based incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses, less the entire portfolio’s aggregate unrealized capital depreciation, if any. If this number is positive at the end of such fiscal year, then the capital gains-based incentive fee for such year equals 20.0% of such amount, less the aggregate amount of any capital gains-based incentive fees paid in respect of our portfolio in all prior years. No capital gains-based incentive fee has been recorded or paid since our inception through December 31, 2025, as cumulative unrealized capital depreciation has exceeded cumulative realized capital gains net of cumulative realized capital losses.

In accordance with GAAP, a capital gains-based incentive fee accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation and depreciation. If such amount is positive at the end of a period, then GAAP requires us to record a capital gains-based incentive fee equal to 20.0% of such amount, less the aggregate amount of actual capital gains-based incentive fees paid in all prior years. If such amount is negative, then there is no accrual for such period. GAAP requires that the capital gains-based incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains-based incentive fee would be payable if such unrealized capital appreciation were realized. There can be no assurance that such unrealized capital appreciation will be realized in the future. No GAAP accrual for a capital gains-based incentive fee has been recorded from our inception through December 31, 2025.

Our Board of Directors accepted non-contractual, unconditional and irrevocable credits from the Adviser to reduce the income-based incentive fee to the extent net investment income did not cover 100.0% of distributions to common stockholders for the three months ended December 31, 2024. There were no such credits during the three months ended December 31, 2025.

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Transactions with the Administrator

We have entered into the Administration Agreement with the Administrator to provide administrative services. We reimburse the Administrator pursuant to the Administration Agreement for the portion of expenses the Administrator incurs while performing services for us. The Administrator’s expenses are primarily rent and the salaries, benefits and expenses of the Administrator’s employees, including: our chief financial officer and treasurer, chief compliance officer, chief valuation officer, and co-general counsels and co-secretaries and their respective staffs. David Gladstone (our chairman and chief executive officer) serves as a member of the board of managers and executive officer of the Administrator, which, as of December 31, 2025, is 100% indirectly owned and controlled by Mr. Gladstone. Another of our officers, Michael LiCalsi, our chief administrative officer, co-general counsel and co-secretary, also serves in the same roles for our Adviser and Administrator (in addition to serving as president of our Administrator). Erich Hellmold, our co-general counsel and co-secretary, also serves in the same roles for our Adviser and Administrator.

Our allocable portion of the Administrator’s expenses is generally derived by multiplying the Administrator’s total expenses by the approximate percentage of time during the current quarter the Administrator’s employees performed services for us in relation to their time spent performing services for all companies serviced by the Administrator. On July 10, 2025, our Board of Directors, including a majority of the directors who are not parties to the Administration Agreement or interested persons of either party, approved the renewal of the Administration Agreement through August 31, 2026.

Transactions with Gladstone Securities, LLC

Gladstone Securities, LLC (“Gladstone Securities”), a privately-held broker-dealer registered with the Financial Industry Regulatory Authority and insured by the Securities Investor Protection Corporation, which is 100% indirectly owned and controlled by Mr. Gladstone, our chairman and chief executive officer, has provided other services, such as investment banking and due diligence services, to certain of our portfolio companies, for which Gladstone Securities receives a fee. Any such fees paid by portfolio companies to Gladstone Securities do not impact the fees we pay to the Adviser or the non-contractual, unconditional and irrevocable credits against the base management fee or incentive fee. Gladstone Securities received fees from portfolio companies totaling $0.1 million and $0.2 million during the three months ended December 31, 2025 and 2024, respectively.

We entered into a dealer manager agreement (the “Dealer Manager Agreement”) with Gladstone Securities pursuant to which Gladstone Securities serves as our exclusive dealer manager in connection with the offering of our Series A Preferred Stock (as defined in Note 6—Cumulative Redeemable Preferred Stock Offering). Under the Dealer Manager Agreement, Gladstone Securities provides certain sales, promotional and marketing services to us in connection with the offering of the Series A Preferred Stock (the “Series A Offering”), and we pay Gladstone Securities (i) selling commissions of up to 7.0% of the gross proceeds from sales of Series A Preferred Stock in the offering, and (ii) a dealer manager fee of up to 3.0% of the gross proceeds from sales of Series A Preferred Stock in the offering. Gladstone Securities may, in its sole discretion, reallow a portion of the dealer manager fee to participating broker-dealers in support of the Series A Offering. The terms of the Dealer Manager Agreement were approved by our board of directors, including its independent directors. During the three months ended December 31, 2025 and 2024, we paid Gladstone Securities selling commissions and dealer manager fees totaling $1.1 million and $0.3 million, respectively, related to the offering of Series A Preferred Stock, which are netted against gross proceeds from the sales.

Investment in Affiliated Fund

In December 2024, we invested in Gladstone Alternative, one of our affiliated funds, that is a registered, non-diversified, closed-end management investment company that operates as an interval fund. The fair value of the investment in Gladstone Alternative is excluded from the average total assets subject to base management fee for the purposes of calculating the base management fee we pay to the Adviser.

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Related Party Fees Due

Amounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows:

			December 31, 2025						September 30, 2025
Base management fee due to (from) Adviser			$	119					$	(408)
Loan servicing fee due to Adviser			645						551
Incentive fee due to Adviser			2,699						2,778
Total fees due to Adviser			3,463						2,921
Fee due to Administrator			675						610
Total Related Party Fees Due			$	4,138					$	3,531

In addition to the above fees, other operating expenses due to the Adviser as of each of December 31, 2025 and September 30, 2025 totaled $0.1 million. In addition, net expenses payable to Gladstone Investment Corporation (for reimbursement purposes), which includes certain co-investment expenses, totaled $54 thousand and $52 thousand as of December 31, 2025 and September 30, 2025, respectively. These amounts are generally settled in the quarter subsequent to being incurred and are included in other liabilities on the accompanying Consolidated Statements of Assets and Liabilities as of December 31, 2025 and September 30, 2025.

NOTE 5. BORROWINGS

Revolving Line of Credit

On May 13, 2021, we, through Business Loan, entered into a sixth amended and restated credit agreement with KeyBank as administrative agent, lead arranger, managing agent and lender, the Adviser, as servicer, and certain other lenders party thereto (the “Credit Facility”). On November 25, 2025, we, through Business Loan, entered into Amendment No. 10 to the Credit Facility to increase the total commitment by $20.0 million.

As of December 31, 2025, our Credit Facility had a total commitment amount of $340.0 million with an “accordion” feature that permits us to increase the size of the facility to $400.0 million. The Credit Facility has a revolving period end date of October 31, 2027, and a final maturity date of October 31, 2029 (at which time all principal and interest will be due and payable if the Credit Facility is not extended by the revolving period end date). The interest rate margin is 2.60% during the revolving period and 3.10% thereafter.

The following tables summarize noteworthy information related to our Credit Facility:

			December 31, 2025						September 30, 2025
Commitment amount			$	340,000					$	320,000
Line of credit outstanding, at cost			213,200						—
Availability(A)			113,678						307,467

			For the Three Months Ended December 31,
			2025						2024
Weighted average borrowings outstanding, at cost			$	121,829					$	26,196
Weighted average interest rate(B)			8.1		%				19.1		%
Commitment (unused) fees incurred			$	420					$	678

(A)    Available borrowings are subject to various constraints imposed under our Credit Facility, based on the aggregate loan balance pledged by Business Loan, which varies as loans are added and repaid, regardless of whether such repayments are prepayments or made as contractually required.

(B)     Includes unused commitment fees and excludes the impact of deferred financing costs.

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Our Credit Facility also requires that any interest or principal payments on pledged loans be remitted directly by the borrower into a lockbox account with KeyBank. KeyBank is also the trustee of the account and generally remits the collected funds to us once each month. Amounts collected in the lockbox account with KeyBank are presented as Due from administrative agent on the accompanying Consolidated Statements of Assets and Liabilities as of December 31, 2025 and September 30, 2025.

Our Credit Facility contains covenants that require Business Loan to maintain its status as a separate legal entity, prohibit certain significant corporate transactions (such as mergers, consolidations, liquidations or dissolutions), and restrict material changes to our credit and collection policies without the lenders’ consent. Our Credit Facility also generally limits distributions to our stockholders on a fiscal year basis to the sum of our net investment income, net capital gains and amounts elected to have been paid during the prior year in accordance with Section 855(a) of the Code. Business Loan is also subject to certain limitations on the type of loan investments it can apply as collateral towards the borrowing base to receive additional borrowing availability under our Credit Facility, including restrictions on geographic concentrations, sector concentrations, loan size, payment frequency and status, average life and lien property. Our Credit Facility further requires Business Loan to comply with other financial and operational covenants, which obligate Business Loan to, among other things, maintain certain financial ratios, including asset and interest coverage and a minimum number of 25 obligors required in the borrowing base.

Additionally, we are required to maintain (i) a minimum net worth (defined in our Credit Facility to include any outstanding redeemable preferred stock) of $500.0 million plus 50.0% of all equity and subordinated debt raised after June 23, 2025 less 50% of any equity and subordinated debt retired or redeemed after June 23, 2025, which equates to $483.0 million as of December 31, 2025, (ii) asset coverage with respect to “senior securities representing indebtedness” of at least 150% (or such percentage as may be set forth in Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act), and (iii) our status as a BDC under the 1940 Act and as a RIC under the Code.

As of December 31, 2025, and as defined in our Credit Facility, we had a net worth of $668.1 million, asset coverage on our “senior securities representing indebtedness” of 219.5%, calculated in accordance with the requirements of Section 18 and 61 of the 1940 Act, and an active status as a BDC and RIC. In addition, we had 36 obligors in our Credit Facility’s borrowing base as of December 31, 2025. As of December 31, 2025, we were in compliance with all of our Credit Facility covenants.

Fair Value

We elected to apply the fair value option of ASC 825, “Financial Instruments,” specifically for the Credit Facility, which was consistent with our application of ASC 820 to our investments. Generally, the fair value of our Credit Facility is determined using a yield analysis which includes a DCF calculation and the assumptions that the Valuation Team believes market participants would use, including the estimated remaining life, counterparty credit risk, current market yield and interest rate spreads of similar securities as of the measurement date. As of December 31, 2025, the discount rate used to determine the fair value of our Credit Facility was one-month Term SOFR, plus 2.60% per annum, plus a 0.45% unused commitment fee. As of September 30, 2025, the discount rate used to determine the fair value of our Credit Facility was one-month Term SOFR, plus 2.60% per annum, plus a 1.00% unused commitment fee. Generally, an increase or decrease in the discount rate used in the DCF calculation may result in a corresponding decrease or increase, respectively, in the fair value of our Credit Facility. As of December 31, 2025 and September 30, 2025, our Credit Facility was valued using Level 3 inputs and any changes in its fair value are recorded in net unrealized depreciation (appreciation) of other on our accompanying Consolidated Statements of Operations.

The following tables present our Credit Facility carried at fair value as of December 31, 2025 and September 30, 2025, on our accompanying Consolidated Statements of Assets and Liabilities for Level 3 of the hierarchy established by ASC 820 and the changes in fair value of our Credit Facility during the three months ended December 31, 2025 and 2024:

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			Total Recurring Fair Value Measurement Reported in
			Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3)
			December 31, 2025						September 30, 2025
Credit Facility			$	213,200					$	—

Fair Value Measurements Using Significant Unobservable Data Inputs (Level 3)
			Three Months Ended December 31,
			2025						2024
Fair value as of September 30, 2025 and 2024, respectively			$	—					$	70,600
Borrowings			233,800						87,500
Repayments			(20,600)						(96,600)
Net unrealized appreciation			—						—
Fair Value as of December 31, 2025 and 2024, respectively			$	213,200					$	61,500

The fair value of the collateral under our Credit Facility totaled approximately $815.7 million and $754.6 million as of December 31, 2025 and September 30, 2025, respectively.

Notes Payable

2030 Convertible Notes

In September 2025, we completed an offering of $149.5 million aggregate principal amount of 5.875% Convertible Notes due 2030 (the “2030 Convertible Notes”) for net proceeds of approximately $142.8 million after deducting underwriting discounts, commissions and offering expenses borne by us. The 2030 Convertible Notes will mature on October 1, 2030, unless earlier converted, redeemed or repurchased. The 2030 Convertible Notes bear interest at a rate of 5.875% per year. Interest is payable semi-annually in arrears on April 1 and October 1 of each year beginning April 1, 2026 (which equates to approximately $8.8 million per year).

At any time prior to the close of business on the business day immediately preceding October 1, 2030, holders may convert all or any portion of their 2030 Convertible Notes. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company's election. The conversion rate was initially 38.4394 shares of common stock per $1,000 principal amount of 2030 Convertible Notes (equivalent to an initial conversion price of $26.02 per share of common stock). The conversion rate is subject to adjustment upon certain events, such as share splits and combinations, mergers, tender or exchange offers, increases in dividends per share and certain changes in control. In no event will the total number of shares of common stock issuable upon conversion exceed 42.2834 per $1,000 principal amount of the 2030 Convertible Notes. The Company has

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determined that the embedded conversion option in the 2030 Convertible Notes is not required to be separately accounted for as a derivative under GAAP.

The following table summarizes certain key terms related to the convertible features of the 2030 Convertible Notes as of December 31, 2025.

						2030 Convertible Notes
Conversion Premium						10.0		%
Closing stock price at issuance						$	23.65
Closing stock price date						September 9, 2025
Conversion price(A)						$	25.90
Conversion rate (shares per $1,000 principal amount)(A)						38.61
Last conversion price calculation date						September 22, 2025

(A)Represents conversion price and conversion rate, as applicable, as of December 31, 2025.

We may redeem for cash all or any portion of the 2030 Convertible Notes (subject to the partial redemption limitation), at our option, on a redemption date on or after October 6, 2028 and on or before the 45th scheduled trading day immediately prior to the maturity date if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the 2030 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

The indenture relating to the 2030 Convertible Notes contains certain covenants including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing and (ii) that we will file with the trustee any documents or reports that we are required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act within 15 days after the same are required to be filed with the SEC; provided that any documents filed by us with the SEC via the EDGAR system will be deemed to be filed with the trustee.

The issuance of the 2030 Convertible Notes is considered part of the if-converted method for calculation of diluted earnings per share as reflected in Note 8—Net Increase (Decrease) in Net Assets Resulting From Operations per Weighted Average Common Share.

The 2030 Convertible Notes are recorded at the principal amount, plus applicable premiums, less discounts and offering costs, on our Consolidated Statements of Assets and Liabilities. The fair value of the 2030 Convertible Notes, based on the indicative bid price offered by a recognized independent data provider was $144.8 million on December 31, 2025, which we consider to be a Level 2 input within the ASC 820 hierarchy.

2028 Notes

In August 2023, we completed an offering of $57.0 million aggregate principal amount of 7.75% Notes due 2028 (the “2028 Notes”) for net proceeds of approximately $55.1 million after deducting underwriting discounts, commissions and offering expenses borne by us. The 2028 Notes traded under the ticker symbol “GLADZ” on the Nasdaq Global Select Market. On October 15, 2025, we voluntarily redeemed the 2028 Notes with an aggregate principal amount outstanding of $57.0 million. In connection with the voluntary redemption of the 2028 Notes, we incurred a loss on extinguishment of debt of $1.2 million, which is primarily comprised of the unamortized deferred issuance costs at the time of redemption. The 2028 Notes would have otherwise matured on September 1, 2028.

2027 Notes

In November 2021, we completed a private placement of $50.0 million aggregate principal amount of 3.75% Notes due 2027 (the “2027 Notes”) for net proceeds of approximately $48.5 million after deducting initial purchasers’ costs, commissions and offering expenses borne by us. The 2027 Notes will mature on May 1, 2027 and may be redeemed in whole or in part at any time or from time to time at the Company’s option prior to maturity at par plus a “make-whole”

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premium, if applicable. The 2027 Notes bear interest at a rate of 3.75% per year. Interest is payable semi-annually on May 1 and November 1 of each year (which equates to approximately $1.9 million per year).

In April 2022, pursuant to the registration rights agreement we entered into in connection with the 2027 Notes, we conducted an exchange offer through which we offered to exchange all of our then outstanding 2027 Notes (the “Restricted Notes”) that were issued on November 4, 2021, for an equal aggregate principal amount of our new 3.75% Notes due 2027 (the “Exchange Notes”) that had been registered with the SEC under the Securities Act of 1933, as amended. The terms of the Exchange Notes are identical to those of the Restricted Notes, except that the transfer restrictions and registration rights relating to the Restricted Notes do not apply to the Exchange Notes, and the Exchange Notes do not provide for the payment of additional interest in the event of a registration default.

The indenture relating to the 2027 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 2027 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements.

The 2027 Notes are recorded at the principal amount, plus applicable premiums, less discounts and offering costs, on our Consolidated Statements of Assets and Liabilities. The fair value, based on a DCF analysis, of the 2027 Notes as of December 31, 2025 was $48.3 million. We consider the 2027 Notes to be Level 3 within the ASC 820 fair value hierarchy.

2026 Notes

In December 2020, we completed an offering of $100.0 million aggregate principal amount of 5.125% Notes due 2026 (the “2026 Notes”) for net proceeds of approximately $97.7 million after deducting underwriting discounts, commissions and offering expenses borne by us. In March 2021, we completed an offering of an additional $50.0 million aggregate principal amount of the 2026 Notes for net proceeds of approximately $50.6 million after adding premiums and deducting underwriting costs, commissions and offering expenses borne by us. On October 31, 2025, we voluntarily redeemed the 2026 Notes with an aggregate principal amount outstanding of $150.0 million. In connection with the voluntary redemption of the 2026 Notes, we incurred a loss on extinguishment of debt of $0.2 million, which is primarily comprised of the unamortized deferred issuance costs at the time of redemption. The 2026 Notes would have otherwise matured on January 31, 2026.

NOTE 6. CUMULATIVE REDEEMABLE PREFERRED STOCK OFFERING

In May 2023, we entered into a Dealer Manager Agreement pursuant to which we may sell a maximum of 6,000,000 shares of 6.25% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), par value $0.001 per share, on a “reasonable best efforts” basis through our affiliated dealer manager, Gladstone Securities, at a public offering price of $25.00 per share. Pursuant to the Dealer Manager Agreement, the offering will terminate on the date that is the earlier of (1) December 31, 2026 (unless earlier terminated or extended by our Board of Directors) and (2) the date on which all 6,000,000 shares of Series A Preferred Stock offered are sold. See Note 4, Related-Party Transactions—Other Transactions, for a discussion of the commissions and fees to be paid to Gladstone Securities in connection with the Series A Offering.

The Series A Preferred Stock is currently being sold pursuant to our shelf registration statement on Form N-2 (File No. 333-275934) (the “2024 Registration Statement”), under the Securities Act of 1933, as amended, and a prospectus supplement, dated November 22, 2024, and a base prospectus dated January 17, 2024. As of December 31, 2025, we had a remaining capacity to sell up to an additional 4,697,923 of Series A Preferred Shares under the Dealer Manager Agreement.

During the three months ended December 31, 2025 and 2024, we sold 440,665 and 100,394 shares of Series A Preferred Stock, respectively, for gross proceeds of $11.0 million and $2.5 million, respectively, and net proceeds of $9.9 million and $2.2 million, respectively. During the three months ended December 31, 2025, we redeemed 4,040 shares of Series A Preferred Stock for a total gross cost of $0.1 million. There were no redemptions of Series A Preferred Stock during the

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three months ended December 31, 2024. There were 1,302,077 and 865,452 shares of Series A Preferred Stock outstanding as of December 31, 2025 and September 30, 2025, respectively.

In accordance with ASC 480-10-S99-3A, the Company’s Series A Preferred Stock has been classified in temporary equity on the Consolidated Statements of Assets and Liabilities. The Series A Preferred Stock is recorded net of offering and issuance costs. Dividend payments to our preferred stockholders are included in preferred stock dividends on our Consolidated Statements of Operations, which totaled $0.5 million and $0.2 million during the three months ended December 31, 2025 and 2024, respectively.

We may be required to mandatorily redeem some or all of the shares of our Series A Preferred Stock if we fail to maintain asset coverage of at least the minimum amount required by Sections 18 and 61 of the 1940 Act (which is currently 150%). The asset coverage on our “senior securities that are stock” as of December 31, 2025 was 203.6%, calculated in accordance with Sections 18 and 61 of the 1940 Act.

We paid cash dividends of $0.130208 per share to holders of our Series A Preferred Stock for each month during the three months ended December 31, 2025 and 2024.

NOTE 7. REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS

Common Stock At-the-Market Offerings

In August 2024, we entered into an equity distribution agreement with Jefferies LLC and Huntington Securities, Inc, under which we have the ability to issue and sell, from time to time, shares of our common stock with an aggregate offering price of up to $150.0 million in an “at the market offering” (the “2024 ATM Program”). During the three months ended December 31, 2024, we sold 99,265 shares of our common stock under the 2024 ATM Program, at a weighted-average price of $24.90 per share and raised $2.5 million of gross proceeds. Net proceeds, after deducting commissions and offering costs borne by us, were approximately $2.4 million. There were no shares sold under the 2024 ATM Program during the three months ended December 31, 2025. As of December 31, 2025, we had a remaining capacity to sell up to an additional $129.4 million of our common stock under the 2024 ATM Program.

Shelf Registration Statement

Our 2024 Registration Statement, which was declared effective on January 17, 2024, permits us to issue, through one or more transactions, up to an aggregate of $700.0 million in securities, consisting of common stock, preferred stock, subscription rights, debt securities and warrants to purchase common stock or preferred stock. As of December 31, 2025, we had the ability to issue up to $508.3 million in securities under the 2024 Registration Statement.

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NOTE 8. NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED AVERAGE COMMON SHARE

The following table sets forth the computation of basic and diluted net increase (decrease) in net assets resulting from operations per weighted average common share for the three months ended December 31, 2025 and 2024:

			Three Months Ended December 31,
			2025						2024
Numerator: basic net increase (decrease) in net assets resulting from operations per common share			$	5,454					$	26,975
Denominator: basic weighted average common share			22,593,069						22,311,501
Basic net increase (decrease) in net assets resulting from operations per common share			$	0.24					$	1.21
Numerator for basic net increase (decrease) in net assets resulting from operations per common share			$	5,454					$	26,975
Adjustment for interest and amortization on 2030 Convertible Notes			2,529						—
Numerator for diluted net increase (decrease) in net assets resulting from operations per common share			$	7,983					$	26,975
Denominator for basic weighted average common shares			22,593,069						22,311,501
Adjustment for dilutive effect of 2030 Convertible Notes			5,771,806						—
Denominator for diluted weighted average common shares			28,364,875						22,311,501
Diluted net increase (decrease) in net assets resulting from operations per common share(A)			$	0.24					$	1.21

(A)    In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended December 31, 2025, there was anti-dilution. For the three months ended December 31, 2024, there was no anti-dilution.

NOTE 9. DISTRIBUTIONS TO COMMON STOCKHOLDERS

To qualify to be taxed as a RIC under Subchapter M of the Code, we must generally distribute to our stockholders, for each taxable year, at least 90% of our taxable ordinary income plus the excess of our net short-term capital gains over net long-term capital losses (“Investment Company Taxable Income”). The amount to be paid out as distributions to our stockholders is determined by our Board of Directors quarterly and is based on management’s estimate of Investment Company Taxable Income. Based on that estimate, our Board of Directors declares three monthly distributions to common stockholders each quarter.

The federal income tax characteristics of all distributions will be reported to stockholders on the IRS Form 1099 after the end of each calendar year. Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of cash distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date.

For the calendar year ended December 31, 2025, 93.7% of distributions to common stockholders were deemed to be paid from ordinary income and 6.3% were deemed to be paid from capital gains for 1099 stockholder reporting purposes. For the calendar year ended December 31, 2024, 83.1% of distributions to common stockholders were deemed to be paid from ordinary income and 16.9% were deemed to be paid from capital gains for 1099 stockholder reporting purposes.

We paid the following monthly distributions to common stockholders for the three months ended December 31, 2025 and 2024:

Fiscal Year

Declaration Date

Record Date

Payment Date

Distribution per Common Share

2026

October 14, 2025

October 24, 2025

October 31, 2025

$

0.15

October 14, 2025

November 17, 2025

November 26, 2025

0.15

October 14, 2025

December 22, 2025

December 31, 2025

0.15

Three Months Ended December 31, 2025:

$

0.45

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Fiscal Year

Declaration Date

Record Date

Payment Date

Distribution per Common Share

2025

October 8, 2024

October 22, 2024

October 31, 2024

$

0.165

October 8, 2024

November 20, 2024

November 29, 2024

0.165

November 12, 2024

December 4, 2024

December 18, 2024(A)

0.400

October 8, 2024

December 20, 2024

December 31, 2024

0.165

Three Months Ended December 31, 2024:

$

0.895

(A)    Represents a supplemental distribution to common stockholders.

Aggregate distributions declared and paid to our common stockholders were approximately $10.2 million and $20.0 million for the three months ended December 31, 2025 and 2024, respectively, and were declared based on estimates of Investment Company Taxable Income. For the fiscal year ended September 30, 2025, our current and accumulated earnings and profits exceeded common stock distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $5.5 million of the first common distributions paid to common stockholders in the subsequent fiscal year as having been paid in the prior year.

For the three months ended December 31, 2025 and the fiscal year ended September 30, 2025, we recorded the following adjustments for book-tax differences to reflect tax character. Results of operations, total net assets, and cash flows were not affected by these adjustments.

			Three Months Ended December 31, 2025						Year Ended September 30, 2025
Undistributed net investment income			$	(1,665)					$	(946)
Accumulated net realized gain (loss)			1,667						1,053
Capital in excess of par value			(2)						(107)

NOTE 10. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

We are party to certain legal proceedings incidental to the normal course of our business. We are required to establish reserves for litigation matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves. Based on current knowledge, we do not believe that loss contingencies, if any, arising from pending investigations, litigation or regulatory matters will have a material adverse effect on our financial condition, results of operations or cash flows. Additionally, based on our current knowledge, we do not believe such loss contingencies are both probable and estimable and therefore, as of December 31, 2025 and September 30, 2025, we had no established reserves for such loss contingencies.

Escrow Holdbacks

From time to time, we enter into arrangements relating to exits of certain investments whereby specific amounts of the proceeds are held in escrow to be used to satisfy potential obligations, as stipulated in the sales agreements. We record escrow amounts in Restricted cash and cash equivalents, if received in cash but subject to potential obligations or other contractual restrictions, or as escrow receivables in Other assets, net, if not yet received in cash, on our accompanying Consolidated Statements of Assets and Liabilities. We establish reserves and holdbacks against escrow amounts if we determine that it is probable and estimable that a portion of the escrow amounts will not ultimately be released or received at the end of the escrow period. Reserves and holdbacks against escrow amounts were $1.5 million as of December 31, 2025 and September 30, 2025.

Financial Commitments and Obligations

We have lines of credit, delayed draw term loans, and an uncalled capital commitment with certain of our portfolio companies that have not been fully drawn. Since these commitments have expiration dates and we expect many will never be fully drawn, the total commitment amounts do not necessarily represent future cash requirements. We estimate the fair value of the combined unused lines of credit, the unused delayed draw term loans and the uncalled capital commitment as of December 31, 2025 and September 30, 2025 to be immaterial.

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The following table summarizes the amounts of our unused lines of credit, delayed draw term loans and uncalled capital commitment, at cost, as of December 31, 2025 and September 30, 2025, which are not reflected as liabilities in the accompanying Consolidated Statements of Assets and Liabilities:

			December 31, 2025						September 30, 2025
Unused line of credit commitments(A)			$	48,867					$	54,553
Delayed draw term loans(A)			20,850						11,000
Uncalled capital commitment			—						843
Total			$	69,717					$	66,396

(A)    There may be specific covenant requirements that temporarily limit a portfolio company’s availability to draw on an unused line of credit commitment or a delayed draw term loan.

NOTE 11. FINANCIAL HIGHLIGHTS

			Three Months Ended December 31,
			2025						2024
Per Common Share Data:
Net asset value at beginning of period(A)			$	21.34					$	21.18
Income from operations(B)
Net investment income			0.50						0.50
Net realized and unrealized gain (loss) on investments			(0.18)						0.71
Net realized and unrealized gain (loss) on other			(0.06)						—
Preferred stock dividends			(0.02)						—
Total from operations			0.24						1.21
Distributions to common stockholders from(B)(C)
Net investment income			(0.42)						(0.50)
Realized gains			(0.03)						(0.40)
Total distributions			(0.45)						(0.90)
Capital share transactions(B)
Anti-dilutive effect of common stock issuance(D)			—						0.02
Total capital share transactions			—						0.02
Net asset value at end of period(A)			$	21.13					$	21.51
Per common share market value at beginning of period			$	21.87					$	24.05
Per common share market value at end of period			20.66						28.44
Total return(E)			(3.43)		%				22.22		%
Common stock outstanding at end of period(A)			22,593,069						22,329,852
Statement of Assets and Liabilities Data:
Net assets at end of period			$	477,322					$	480,316
Average net assets(F)			482,071						479,320
Senior Securities Data:
Borrowings under line of credit, at cost			213,200						61,500
Preferred Stock			32,552						11,258
Notes Payable			199,500						257,000
Ratios/Supplemental Data:
Ratio of net expenses to average net assets – annualized(G)(H)			10.99		%				8.96		%
Ratio of net investment income to average net assets – annualized(I)			9.35		%				9.37		%

(A)    Based on actual shares outstanding at the end of the corresponding period.

(B)    Based on weighted average basic per share data.

(C)    The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP.

(D)    During the three months ended December 31, 2024, the anti-dilution was a result of issuing common shares during the period at a price above the then current NAV per share.

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(E)    Total return equals the change in the ending market value of our common stock from the beginning of the fiscal year, taking into account distributions reinvested in accordance with the terms of our dividend reinvestment plan. Total return does not take into account distributions that may be characterized as a return of capital. For further information on the estimated character of our distributions to common stockholders, refer to Note 9—Distributions to Common Stockholders.

(F)    Computed using the average of the balance of net assets at the end of each month of the reporting period.

(G)    Ratio of net expenses to average net assets is computed using total expenses, net of credits from the Adviser, to the base management, loan servicing and incentive fees.

(H)    Had we not received any non-contractual, unconditional and irrevocable credits of fees from the Adviser, the ratio of net expenses to average net assets would have been 14.17% and 12.77% for the three months ended December 31, 2025 and 2024, respectively.

(I)    Had we not received any non-contractual, unconditional and irrevocable credits of fees from the Adviser, the ratio of net investment income to average net assets would have been 6.22% and 5.61% for the three months ended December 31, 2025 and 2024, respectively.

NOTE 12. SUBSEQUENT EVENTS

Portfolio Activity

In January 2026, our $42.8 million debt investment in Vet's Choice Radiology LLC paid off at par. We also received a $0.9 million prepayment penalty in conjunction with the payoff.

In January 2026, we invested $6.0 million in IMX Power Holdings Inc. (“IMX”) through secured first lien debt. We also extended IMX a $1.5 million line of credit commitment and a $3.0 million delayed draw term loan commitment, both of which were unfunded at close.

Revolving Line of Credit

On February 3, 2026, we, through Business Loan, entered into Amendment No. 11 to the Credit Facility to increase the total commitment by $25.0 million.

Distributions and Dividends

On January 13, 2026, our Board of Directors declared the following distributions to common and preferred stockholders:

Record Date

Payment Date

Distribution per Common Share

January 23, 2026

January 30, 2026

$

0.15

February 18, 2026

February 27, 2026

0.15

March 23, 2026

March 31, 2026

0.15

Total for the Quarter:

$

0.45

Record Date

Payment Date

Distribution per Series A Preferred Stock

January 27, 2026

February 5, 2026

$

0.130208

February 24, 2026

March 5, 2026

0.130208

March 25, 2026

April 3, 2026

0.130208

Total for the Quarter:

$

0.390624

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

All statements contained herein, other than historical facts, may constitute “forward-looking statements.” These statements may relate to, among other things, our future operating results, our business prospects and the prospects of our portfolio companies, actual and potential conflicts of interest with Gladstone Management Corporation (the “Adviser”), our investment adviser, and its affiliates, the use of borrowed money to finance our investments, the adequacy of our financing sources and working capital, and our ability to co-invest, among other factors. In some cases, you can identify forward-looking statements by terminology such as “estimate,” “may,” “might,” “believe,” “will,” “provided,” “anticipate,” “future,” “could,” “growth,” “plan,” “project,” “intend,” “expect,” “should,” “would,” “if,” “seek,” “possible,” “potential,” “likely” or the negative or variations of such terms or comparable terminology. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Such factors include: (1) changes in the economy and the capital markets, including stock price volatility, inflation, elevated interest rates, geopolitical conflicts, tariffs and trade wars and risks of recession; (2) risks associated with negotiation and consummation of pending and future transactions; (3) the loss of one or more of our executive officers, in particular David Gladstone or Robert L. Marcotte; (4) changes in our investment objectives and strategy; (5) availability, terms (including the possibility of interest rate volatility) and deployment of capital; (6) changes in our industry, interest rates, exchange rates or the general economy; (7) our business prospects and the prospects of our portfolio companies; (8) the degree and nature of our competition; (9) changes in governmental regulation, tax rates and similar matters; (10) our ability to exit investments in a timely manner; (11) our ability to maintain our qualification as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”); and (12) those factors described herein, including Item 1A. “Risk Factors” of this Quarterly Report on Form 10-Q and in the “Risk Factors” section of our Annual Report on Form 10-K (our “Annual Report”) for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission (“SEC”) on November 17, 2025. We caution readers not to place undue reliance on any such forward-looking statements. Actual results could differ materially from those anticipated in our forward-looking statements and future results could differ materially from historical performance. We have based forward-looking statements on information available to us on the date of this report. Except as required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this Quarterly Report on Form 10-Q. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the SEC from time to time, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The forward-looking statements contained in this Quarterly Report on Form 10-Q are excluded from the safe harbor protection provided by the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act of 1933, as amended.

The following analysis of our financial condition and results of operations should be read in conjunction with our accompanying Consolidated Financial Statements and the notes thereto contained elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report. Historical financial condition and results of operations and percentage relationships among any amounts in the financial statements are not necessarily indicative of financial condition or results of operations for any future periods. Except per share amounts, dollar amounts in the tables included herein are in thousands unless otherwise indicated.

OVERVIEW

General

We were incorporated under the Maryland General Corporation Law on May 30, 2001. We operate as an externally managed, closed-end, non-diversified management investment company, and have elected to be treated as a BDC under the 1940 Act. In addition, for federal income tax purposes we have elected to be treated as a RIC under the Code. To continue to qualify as a RIC for federal income tax purposes and obtain favorable RIC tax treatment, we must meet certain requirements, including certain minimum distribution requirements.

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We were established for the purpose of investing in debt and equity securities of established private businesses operating in the U.S. Our investment objectives are to: (1) achieve and grow current income by investing in debt securities of established lower middle market companies in the U.S. that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness and make distributions to stockholders that grow over time; and (2) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities, in connection with our debt investments, that we believe can grow over time to permit us to sell our equity investments for capital gains. To achieve our investment objectives, our primary investment strategy is to invest in several categories of debt and equity securities, with each investment generally ranging from $8 million to $40 million, although investment size may vary, depending upon our total assets or available capital at the time of investment. We expect that our investment portfolio over time will consist of approximately 90.0% debt investments and 10.0% equity investments, at cost. As of December 31, 2025, our investment portfolio was made up of approximately 90.9% debt investments and 9.1% equity investments, at cost.

We focus on investing in lower middle market companies (which we generally define as companies with annual earnings before interest, taxes, depreciation and amortization of $3 million to $25 million) in the U.S. that meet certain criteria, including the following: the sustainability of the business’ free cash flow and its ability to grow it over time, adequate assets for loan collateral, experienced management teams with a significant ownership interest in the borrower, reasonable capitalization of the borrower, including an ample equity contribution or cushion based on prevailing enterprise valuation multiples and, to a lesser extent, the potential to realize appreciation and gain liquidity in our equity position, if any. We lend to borrowers that need funds for growth capital or to finance acquisitions or recapitalize or refinance their existing debt facilities. We seek to avoid investing in high-risk, early-stage enterprises. Our targeted portfolio companies are generally considered too small for the larger capital marketplace.

We invest by ourselves or jointly with other funds and/or management of the portfolio company, depending on the opportunity. In July 2012, the SEC granted us an exemptive order (the “Co-Investment Order”) that expanded our ability to co-invest, under certain circumstances, with certain of our affiliates, including Gladstone Investment, Gladstone Alternative and any future BDC or registered closed-end management investment company that is advised (or sub-advised if it controls the fund) by the Adviser, or any combination of the foregoing, subject to the conditions in the Co-Investment Order. In September 2025, the SEC granted us a new Co-Investment Order that contains a more flexible requirement that allocations be “fair and equitable” to us and that the Adviser consider the interests of us in allocations and which minimizes certain board approval requirements from the prior Co-Investment Order. We believe the Co-Investment Order has enhanced and will continue to enhance our ability to further our investment objectives and strategies. If we are participating in an investment with one or more co-investors, whether or not an affiliate of ours, our investment is likely to be smaller than if we were investing alone.

We are externally managed by the Adviser, an investment adviser registered with the SEC and an affiliate of ours, pursuant to an investment advisory and management agreement. The Adviser manages our investment activities. We have also entered into an administration agreement with Gladstone Administration, LLC (the “Administrator”), an affiliate of ours and the Adviser, whereby we pay separately for administrative services.

Additionally, Gladstone Securities, LLC (“Gladstone Securities”), a privately-held broker-dealer registered with the Financial Industry Regulatory Authority and insured by the Securities Investor Protection Corporation, which is 100% indirectly owned and controlled by Mr. Gladstone, our chairman and chief executive officer, has provided other services, such as investment banking and due diligence services, to certain of our portfolio companies, for which Gladstone Securities receives a fee.

Business

Portfolio and Investment Activity

In general, our investments in debt securities have a term of no more than seven years, accrue interest at variable rates (generally based on one-month Term Secured Overnight Financing Rate (“SOFR”)) and, to a lesser extent, at fixed rates. We seek debt instruments that pay interest monthly or, at a minimum, quarterly, may have a success fee or deferred interest provision and are primarily interest only, with all principal and any accrued but unpaid interest due at maturity. Generally, success fees accrue at a set rate and are contractually due upon a change of control of a portfolio company, typically from an exit or sale. Some debt securities have deferred interest whereby some portion of the interest payment is added to the principal balance so that the interest is paid, together with the principal, at maturity. This form of deferred interest is often called paid-in-kind (“PIK”) interest.

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Typically, our equity investments consist of common stock, preferred stock, limited liability company interests, or warrants to purchase the foregoing. Often, these equity investments occur in connection with our original investment, recapitalizing a business, or refinancing existing debt.

During the three months ended December 31, 2025, we invested $37.8 million in two new portfolio companies and extended $61.3 million in investments to existing portfolio companies. In addition, we exited three portfolio companies during the three months ended December 31, 2025. We received a total of $52.8 million in combined net proceeds and principal repayments from the aforementioned portfolio company exits, as well as principal repayments by existing portfolio companies, during the three months ended December 31, 2025. Our overall portfolio consists of 54 portfolio companies as of December 31, 2025 and increased by $49.4 million at cost since September 30, 2025. From our initial public offering in August 2001 through December 31, 2025, we have made 715 different loans to, or investments in, 294 companies for a total of approximately $3.3 billion, before giving effect to principal repayments on investments and divestitures.

During the three months ended December 31, 2025, the following significant transactions occurred:

•In October 2025, we invested $11.0 million in Total Access Elevator, LLC (“Total Access”), an existing portfolio company, through secured first lien debt. We also extended Total Access a new $9.85 million delayed draw term loan commitment, which was unfunded at close.

•In October 2025, our $28.1 million debt investment in Leadpoint Business Services, LLC paid off at par. We also received a $0.3 million prepayment penalty in conjunction with the payoff.

•In October 2025, the sale of our remaining common equity investment in Sokol & Company Holdings, LLC (“Sokol”) was completed, representing a return of our equity cost basis of $0.5 million and a realized gain of approximately $1.8 million.

•In October 2025, our $17.8 million debt investment in Sea Link International IRB, Inc. (“Sea Link”) paid off at par. We also received a $0.2 million exit fee in conjunction with the payoff. We continue to hold common and preferred equity in Sea Link.

•In November 2025, we invested $15.0 million in Turn Key Health Clinics, LLC (“Turn Key”), an existing portfolio company, through secured first lien debt. We also increased our existing line of credit commitment to Turn Key by $1.0 million to $5.0 million, which was unfunded at close.

•In November 2025, we invested $26.6 million in Sicilian Oven Restaurants LLC through secured first lien debt and preferred equity.

•In December 2025, we invested $30.0 million in RPM Freight Systems, LLC, an existing portfolio company, through secured second lien debt.

•In December 2025, we invested $11.3 million in Flexible Technology Solutions, LLC through secured second lien debt and preferred equity.

Refer to Note 12 — Subsequent Events in the accompanying Consolidated Financial Statements included elsewhere in this Quarterly Report for portfolio activity occurring subsequent to December 31, 2025.

Capital Raising

We have been able to meet our capital needs through extensions of and amendments to our line of credit with KeyBank National Association (“KeyBank”), as administrative agent, lead arranger and lender (as amended and/or restated from time to time, our “Credit Facility”) and by accessing the capital markets in the form of public equity offerings of common and preferred stock and public and private debt offerings. We have successfully extended the Credit Facility’s revolving period multiple times, most recently to October 2027, and currently have a total commitment amount of $340.0 million. During the quarter ended December 31, 2025, we sold 440,665 shares of 6.25% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) for gross proceeds of $11.0 million. In September 2025, we completed an offering of $149.5 million aggregate principal amount of our 5.875% Convertible Notes due 2030 (the “2030 Convertible Notes”). Refer to “Liquidity and Capital Resources — Revolving Line of Credit,” “Liquidity and Capital Resources — Equity — Preferred Stock,” and “Liquidity and Capital Resources — Notes Payable” for further discussion.

Although we have been able to access the capital markets historically and in recent years, market conditions may affect the trading price of our capital stock and thus may inhibit our ability to finance new investments through the issuance of equity in the future. When our common stock trades below net asset value (“NAV”) per common share, our ability to issue equity is constrained by provisions of the 1940 Act, which generally prohibits the issuance and sale of our common stock below NAV per common share without first obtaining approval from our stockholders and our independent directors, other than

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through sales to our then-existing stockholders pursuant to a rights offering. On December 31, 2025, the closing market price of our common stock was $20.66 per share, a 2.2% discount to our December 31, 2025 NAV per share of $21.13.

Regulatory Compliance

Our ability to seek external debt financing, to the extent that it is available under current market conditions, is further subject to the asset coverage limitations of the 1940 Act, which require us to have an asset coverage (as defined in Sections 18 and 61 of the 1940 Act) of at least 150% on our “senior securities representing indebtedness” and our “senior securities that are stock.”

On April 10, 2018, our Board of Directors, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) thereof, approved the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. As a result, the Company’s asset coverage requirements for senior securities changed from 200% to 150%, effective April 10, 2019.

As of December 31, 2025, our asset coverage on our “senior securities representing indebtedness” was 219.5% and our asset coverage on our “senior securities that are stock” was 203.6%.

Recent Developments

Distributions

On January 13, 2026, our Board of Directors declared the following distributions to common and preferred stockholders:

Record Date

Payment Date

Distribution per Common Share

January 23, 2026

January 30, 2026

$

0.15

February 18, 2026

February 27, 2026

0.15

March 23, 2026

March 31, 2026

0.15

Total for the Quarter:

$

0.45

Record Date

Payment Date

Distribution per Series A Preferred Stock

January 27, 2026

February 5, 2026

$

0.130208

February 24, 2026

March 5, 2026

0.130208

March 25, 2026

April 3, 2026

0.130208

Total for the Quarter:

$

0.390624

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RESULTS OF OPERATIONS

Comparison of the Three Months Ended December 31, 2025 to the Three Months Ended December 31, 2024

			Three Months Ended December 31,
			2025						2024						$ Change						% Change
INVESTMENT INCOME
Interest income			$	23,896					$	21,320					$	2,576					12.1		%
Other income			615						640						(25)						(3.9)
Total investment income			24,511						21,960						2,551						11.6
EXPENSES
Base management fee			3,909						3,552						357						10.1
Loan servicing fee			2,451						2,178						273						12.5
Incentive fee			2,699						2,704						(5)						(0.2)
Administration fee			519						474						45						9.5
Interest expense on line of credit and notes payable			5,928						4,743						1,185						25.0
Amortization of deferred financing costs			727						518						209						40.3
Other expenses			805						1,090						(285)						(26.1)
Expenses, before credits from Adviser			17,038						15,259						1,779						11.7
Credit to base management fee – loan servicing fee			(2,451)						(2,178)						(273)						12.5
Credits to fees from Adviser – other			(1,340)						(2,345)						1,005						(42.9)
Total expenses, net of credits			13,247						10,736						2,511						23.4
NET INVESTMENT INCOME			11,264						11,224						40						0.4
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments			1,711						57,724						(56,013)						(97.0)
Net realized gain (loss) on other			(1,415)						90						(1,505)						NM
Net unrealized appreciation (depreciation) of investments			(5,638)						(41,892)						36,254						(86.5)
Net gain (loss) from investments and other			(5,342)						15,922						(21,264)						NM
PREFERRED STOCK DIVIDENDS			468						171						297						173.7
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$	5,454					$	26,975					$	(21,521)					(79.8)		%

NM - Not Meaningful

Investment Income

Interest income increased by 12.1% for the three months ended December 31, 2025, as compared to the prior year period. Generally, the level of interest income from investments is directly related to the principal balance of our interest-bearing investment portfolio outstanding during the period multiplied by the weighted-average yield. The weighted average principal balance of our interest-bearing investment portfolio for the three months ended December 31, 2025 was $772.3 million, compared to $642.4 million for the three months ended December 31, 2024, an increase of $129.9 million, or 20.2%. The weighted average yield on our interest-bearing investments is based on the current stated interest rate on interest-bearing investments, which decreased to 12.2% for the three months ended December 31, 2025, compared to 13.1% for the three months ended December 31, 2024, inclusive of any allowances on interest receivables made during those periods. The decrease in the weighted average yield was driven mainly by decreases in interest rates.

As of December 31, 2025, our loans to B+T Group Acquisition, Inc., Edge Adhesives Holdings, Inc., and WB Xcel Holdings, LLC were on non-accrual status with a cost basis of $28.8 million, or 3.4% of the cost basis of all debt investments in our portfolio, and a fair value of $13.2 million, or 1.6% of the fair value of all debt investments in our portfolio. As of September 30, 2025, our loans to B+T Group Acquisition, Inc., Edge Adhesives Holdings, Inc., and WB Xcel Holdings, LLC were on non-accrual status with a cost basis of $28.8 million, or 3.6% of the cost basis of all debt investments in our portfolio, and a fair value of $13.0 million, or 1.7% of the fair value of all debt investments in our portfolio.

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Success fee, dividend and other income decreased by 3.9% during the three months ended December 31, 2025, as compared to the prior year period, primarily due to a decrease in prepayment fees received period over period, partially offset by an increase in success fees received period over period.

As of each of December 31, 2025 and September 30, 2025, no single investment represented greater than 10% of the total investment portfolio at fair value.

Expenses

Expenses, net of any non-contractual, unconditional and irrevocable credits to fees from the Adviser, increased $2.5 million, or 23.4%, for the three months ended December 31, 2025, as compared to the prior year period. This increase was primarily due to a $1.2 million increase in interest expense and a $1.1 million increase in the net base management fee earned by the Adviser.

Total interest expense on borrowings and notes payable increased by $1.2 million, or 25.0%, during the three months ended December 31, 2025, driven by an increase in the weighted average balance outstanding on our Credit Facility, partially offset by a decrease in the effective interest rate on our Credit Facility. Interest expense on our Credit Facility increased by $1.2 million due primarily to an increase in the weighted average balance outstanding which was $121.8 million during the three months ended December 31, 2025, as compared to $26.2 million in the prior year period, an increase of 364.9%. The effective interest rate on our Credit Facility, including unused commitment fees incurred, but excluding the impact of deferred financing costs, was 8.1% during the three months ended December 31, 2025, compared to 19.1% during the prior year period. The decrease in the effective interest rate was driven primarily by a $0.3 million decrease in unused commitment fees on the undrawn portion of the Credit Facility and a decrease in interest rates on the drawn portion of the Credit Facility during the three months ended December 31, 2025.

The net base management fee earned by the Adviser increased by $1.1 million, or 77.7%, for the three months ended December 31, 2025, as compared to the prior year period, resulting from a decrease in credits to the base management fee from the Adviser for new deal origination fees period over period and an increase in average total assets subject to the base management fee period over period.

The income-based incentive fee was largely unchanged for the three months ended December 31, 2025 as compared to the prior year period. During the three months ended December 31, 2024, our Board of Directors accepted non-contractual, unconditional and irrevocable credits from the Adviser of $0.2 million to reduce the income-based incentive fee to the extent net investment income did not cover 100.0% of distributions to common stockholders. There were no such credits during the three months ended December 31, 2025.

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The base management, loan servicing and incentive fees, and associated non-contractual, unconditional and irrevocable credits, are computed quarterly, as described under “Transactions with the Adviser” in Note 4—Related Party Transactions of the Notes to Consolidated Financial Statements and are summarized in the following table:

			Three Months Ended December 31,
			2025						2024
Average total assets subject to base management fee(A)(B)			$	893,486					$	811,886
Multiplied by prorated annual base management fee of 1.75%			0.4375		%				0.4375		%
Base management fee(C)			$	3,909					$	3,552
Portfolio company fee credit			(1,340)						(2,096)
Syndicated loan fee credit			—						(10)
Net Base Management Fee			$	2,569					$	1,446
Loan servicing fee(C)			2,451						2,178
Credit to base management fee - loan servicing fee(C)			(2,451)						(2,178)
Net Loan Servicing Fee			$	—					$	—
Incentive fee(C)			2,699						2,704
Incentive fee credit			—						(239)
Net Incentive Fee			$	2,699					$	2,465
Portfolio company fee credit			(1,340)						(2,096)
Syndicated loan fee credit			—						(10)
Incentive fee credit			—						(239)
Credits to Fees From Adviser - other(C)			$	(1,340)					$	(2,345)

(A)Average total assets subject to the base management fee is defined as total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective periods and adjusted appropriately for any share issuances or repurchases during the periods.

(B)Excludes our investment in Gladstone Alternative valued at the end of the applicable quarters within the respective periods.

(C)Reflected, on a gross basis, as a line item on our Consolidated Statements of Operations.

Net Realized Gain (Loss) on Investments

For the three months ended December 31, 2025, we recorded a net realized gain on investments of $1.7 million, which resulted primarily from a $1.8 million realized gain recognized on the redemption of our equity investment in Sokol.

For the three months ended December 31, 2024, we recorded a net realized gain on investments of $57.7 million, which resulted from a $59.3 million realized gain recognized on the sale of our investment in Antenna Research Associates, Inc. and a $2.5 million realized gain recognized on our investment in Salt & Straw, LLC, partially offset by a $4.1 million realized loss recognized on the sale of our investment in DKI Ventures, LLC.

Net Realized Gain (Loss) on Other

During the three months ended December 31, 2025, we recorded net realized losses on other of $1.4 million, due to the write-off of unamortized deferred offering costs upon the redemption of our 5.125% 2026 Notes due 2026 (the “2026 Notes”) and 7.75% Notes due 2028 (the “2028 Notes”).

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Net Unrealized Appreciation (Depreciation) of Investments

During the three months ended December 31, 2025, we recorded net unrealized depreciation of investments in the aggregate amount of $5.6 million. The net realized gain (loss) and unrealized appreciation (depreciation) across our investments for the three months ended December 31, 2025 were as follows:

						Three Months Ended December 31, 2025
Portfolio Company						Realized Gain (Loss)						Unrealized Appreciation (Depreciation)						Reversal of Unrealized (Appreciation) Depreciation						Net Gain (Loss)
Axios Industrial Group, LLC						$	—					$	663					$	—					$	663
RPM Freight Systems, LLC						—						591						—						591
Vet's Choice Radiology LLC						—						507						—						507
Alsay Incorporated						—						470						—						470
Sokol & Company Holdings, LLC						1,790						—						(1,790)						—
Encore Dredging Holdings, LLC						—						(1,101)						—						(1,101)
Lonestar EMS, LLC						—						(2,067)						—						(2,067)
Eegee Acquisition Corp.						—						(2,693)						—						(2,693)
Other, net (<$500)						(79)						132						(350)						(297)
Total:						$	1,711					$	(3,498)					$	(2,140)					$	(3,927)

The primary drivers of net unrealized depreciation of $5.6 million for the three months ended December 31, 2025 were the decline in the financial and operational performance of Eegee Acquisition Corp. and Lonestar EMS, LLC, and the reversal of unrealized appreciation recognized on our investment in Sokol.

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During the three months ended December 31, 2024, we recorded net unrealized depreciation of investments in the aggregate amount of $41.9 million. The net realized gain (loss) and unrealized appreciation (depreciation) across our investments for the three months ended December 31, 2024 were as follows:

						Three Months Ended December 31, 2024
Portfolio Company						Realized Gain (Loss)						Unrealized Appreciation (Depreciation)						Reversal of Unrealized (Appreciation) Depreciation						Net Gain (Loss)
Sokol & Company Holdings, LLC						$	—					$	5,730					$	—					$	5,730
Antenna Research Associates, Inc.						59,348						—						(55,140)						4,208
Lonestar EMS, LLC						—						3,443						—						3,443
Arc Drilling Holdings LLC						—						1,838						—						1,838
NeoGraf Solutions, LLC						—						1,737						—						1,737
Salvo Technologies, Inc.						—						1,592						—						1,592
Giving Home Health Care, LLC						—						930						—						930
HH-Inspire Acquisition, Inc.						—						663						—						663
Quality Environmental Midco, Inc.						—						657						—						657
Triple H Food Processors, LLC						—						501						—						501
TNCP Intermediate HoldCo, LLC						—						468						—						468
ENET Holdings, LLC						—						—						316						316
Imperative Holdings Corporation						—						282						—						282
Technical Resource Management, LLC						—						206						—						206
Salt & Straw, LLC						2,450						100						(2,607)						(57)
DKI Ventures, LLC						(4,074)						—						3,422						(652)
Eegee's LLC						—						(756)						—						(756)
Engineering Manufacturing Technologies, LLC						—						(1,060)						—						(1,060)
Defiance Integrated Technologies, Inc.						—						(1,941)						—						(1,941)
WB Xcel Holdings, LLC						—						(2,684)						—						(2,684)
Other, net (<$500)						—						411						—						411
Total:						$	57,724					$	12,117					$	(54,009)					$	15,832

The primary driver of net unrealized depreciation of $41.9 million for the three months ended December 31, 2024 was the

reversal of unrealized appreciation from the exit of our investment in Antenna Research Associates, Inc., partially offset by the increase in the financial and operational performance of several of our other portfolio companies.

LIQUIDITY AND CAPITAL RESOURCES

Operating Activities

Our cash flows from operating activities are primarily generated from the interest payments on debt securities that we receive from our portfolio companies, as well as net proceeds received through repayments or sales of our investments. We utilize this cash primarily to fund new investments, make interest payments on our Credit Facility, make distributions to our stockholders, pay management and administrative fees to the Adviser and Administrator, and for other operating expenses.

Net cash used in operating activities for the three months ended December 31, 2025 was $33.8 million, as compared to net cash provided by operating activities of $24.0 million for the three months ended December 31, 2024. The change was primarily due to a decrease in principal repayments and net proceeds from sales period over period, partially offset by a decrease in purchases of investments period over period. Repayments and net proceeds from sales were $52.7 million during the three months ended December 31, 2025 compared to $165.4 million during the three months ended December 31, 2024. Purchases of investments were $99.2 million during the three months ended December 31, 2025, compared to $151.6 million during the three months ended December 31, 2024.

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As of December 31, 2025, we had loans to or equity investments in 54 companies, with an aggregate cost basis of approximately $926.0 million. As of September 30, 2025, we had loans to or equity investments in 55 companies, with an aggregate cost basis of approximately $876.6 million.

The following table summarizes our total portfolio investment activity during the three months ended December 31, 2025 and 2024:

			Three Months Ended December 31,
			2025						2024
Beginning investment portfolio, at fair value			$	859,124					$	796,260
New investments			37,828						107,159
Disbursements to existing portfolio companies			61,336						44,457
Scheduled principal repayments on investments			(1,855)						(2,211)
Unscheduled principal repayments on investments			(48,631)						(90,051)
Net proceeds from sale of investments			(2,273)						(73,081)
Net unrealized appreciation (depreciation) of investments			(3,498)						12,117
Reversal of prior period depreciation (appreciation) of investments on realization			(2,140)						(54,009)
Net realized gain (loss) on investments			1,711						57,724
Increase in investments due to PIK(A)			2,136						966
Net change in premiums, discounts and amortization			(826)						166
Investment Portfolio, at Fair Value			$	902,912					$	799,497

(A)PIK interest is a non-cash source of income and is calculated at the contractual rate stated in a loan agreement and added to the principal balance of a loan.

The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of December 31, 2025:

												Amount
For the remaining nine months ending September 30:						2026(A)						$	22,553
For the fiscal years ending September 30:						2027						130,873
						2028						200,051
						2029						146,569
						2030						239,554
						Thereafter						103,360
						Total contractual repayments						$	842,960
						Adjustments to cost basis of debt investments						(1,401)
						Investments in equity securities						84,481
						Investments held as of December 31, 2025 at cost:						$	926,040

(A)Includes debt investments with contractual principal amounts totaling $0.4 million for which the maturity date has passed as of December 31, 2025.

Financing Activities

Net cash provided by financing activities for the three months ended December 31, 2025 was $5.6 million, which consisted primarily of $213.2 million in net borrowings on our Credit Facility, partially offset by $207.0 million used in gross redemptions of long term debt.

Net cash used in financing activities for the three months ended December 31, 2024 was $24.4 million, which consisted primarily of $20.0 million in distributions to our common stockholders and $9.1 million in net repayments on our Credit Facility.                                                        

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Distributions to Stockholders

Common Stock Distributions

To qualify to be taxed as a RIC and thus avoid corporate level federal income tax on the income we distribute to our stockholders, we are required to distribute to our stockholders on an annual basis at least 90.0% of our Investment Company Taxable Income. Additionally, our Credit Facility has a covenant that generally restricts the amount of distributions to stockholders that we can pay out to be no greater than our aggregate net investment income, net capital gains and amounts elected to have been paid during the prior year in accordance with Section 855(a) of the Code. In accordance with these requirements, we paid monthly cash distributions of $0.15 per common share for each month during the three months ended December 31, 2025. In January 2026, our Board of Directors declared a monthly distribution of $0.15 per common share for each of January, February, and March 2026. Our Board of Directors declared these distributions to our stockholders based on our estimates of our Investment Company Taxable Income for the fiscal year ending September 30, 2026.

For the fiscal year ended September 30, 2025, our current and accumulated earnings and profits exceeded common stock distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $5.5 million of the

first common distributions paid to common stockholders in the subsequent fiscal year as having been paid in the prior year.

The characterization of the common stockholder distributions declared and paid for the fiscal year ending September 30, 2026 will be determined at fiscal year end, based upon our investment company taxable income for the full fiscal year and distributions paid during the full fiscal year. Such a characterization made on a quarterly basis may not be representative of the actual full fiscal year characterization.

Preferred Stock Dividends

We paid monthly cash dividends of $0.130208 per share to holders of our Series A Preferred Stock for each month during the three months ended December 31, 2025. In January 2026, our Board of Directors declared monthly cash dividends of $0.130208 per share to holders of our Series A Preferred Stock for each of January, February, and March 2026. Dividend payments to our preferred stockholders are included in preferred stock dividends on our Consolidated Statements of Operations. For federal income tax purposes, the dividends paid by us to preferred stockholders generally constitute ordinary income to the extent of our current and accumulated earnings and profits and is reported after the end of the calendar year based on tax information for the full fiscal year.

Dividend Reinvestment Plan

Our common stockholders who hold their shares through our transfer agent, Computershare, Inc. (“Computershare”), have the option to participate in a dividend reinvestment plan offered by Computershare, as the plan agent. This is an “opt in” dividend reinvestment plan, meaning that common stockholders may elect to have their cash distributions automatically reinvested in additional shares of our common stock. Common stockholders who do make such election will receive their distributions in cash. Common stockholders who receive distributions in the form of stock will be subject to the same federal, state and local tax consequences as stockholders who elect to receive their distributions in cash. The common stockholder will have an adjusted basis in the additional common shares purchased through the plan equal to the amount of the reinvested distribution. The additional shares will have a new holding period commencing on the day following the date on which the shares are credited to the common stockholder’s account. Computershare purchases shares in the open market in connection with the obligations under the plan.

Equity

Registration Statement

Our shelf registration statement permits us to issue, through one or more transactions, up to an aggregate of $700.0 million in securities, consisting of common stock, preferred stock, subscription rights, debt securities and warrants to purchase common stock, preferred stock or debt securities. As of December 31, 2025, we had the ability to issue up to an additional $508.3 million in securities under the registration statement.

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Common Stock

We anticipate issuing equity securities to obtain additional capital in the future. However, we cannot determine the timing or terms of any future equity issuances or whether we will be able to issue equity on terms favorable to us, or at all. To the extent that our common stock trades at a market price below our NAV per share, we will generally be precluded from raising equity capital through public offerings of our common stock, other than pursuant to stockholder and independent director approval or a rights offering to existing common stockholders.

Preferred Stock

We anticipate issuing preferred stock through our affiliated dealer manager. In May 2023, we entered into a Dealer Manager Agreement pursuant to which we may sell a maximum of 6,000,000 shares of 6.25% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), par value $0.001 per share, on a “reasonable best efforts” basis through our affiliated dealer manager, Gladstone Securities, at a public offering price of $25.00 per share. Pursuant to the Dealer Manager Agreement, the offering will terminate on the date that is the earlier of (1) December 31, 2026 (unless earlier terminated or extended by our Board of Directors) and (2) the date on which all 6,000,000 shares of Series A Preferred Stock offered are sold.

Revolving Line of Credit

On May 13, 2021, we, through Business Loan, entered into a ninth amended and restated credit agreement with KeyBank as administrative agent, lead arranger, managing agent and lender, the Adviser, as servicer, and certain other lenders party thereto (the “Credit Facility”). On November 25, 2025, we, through Business Loan, entered into Amendment No. 10 to the Credit Facility to increase the total commitment by $20.0 million.

As of December 31, 2025, our Credit Facility had a total commitment amount of $340.0 million with an “accordion” feature that permits us to increase the size of the facility to $400.0 million. The Credit Facility has a revolving period end date of October 31, 2027, and a final maturity date of October 31, 2029 (at which time all principal and interest will be due and payable if the Credit Facility is not extended by the revolving period end date). The interest rate margin is 2.60% during the revolving period and 3.10% thereafter.

Interest is payable monthly during the term of our Credit Facility. Available borrowings are subject to various constraints imposed under our Credit Facility, based on the aggregate loan balance pledged by Business Loan, which varies as loans are added and repaid, regardless of whether such repayments are prepayments or made as contractually required. Our Credit Facility also requires that any interest or principal payments on pledged loans be remitted directly by the borrower into a lockbox account with KeyBank and with The Bank of New York Mellon Trust Company, N.A. as custodian. KeyBank, which also serves as the trustee of the account, generally remits the collected funds to us once a month.

Our Credit Facility also requires that any interest or principal payments on pledged loans be remitted directly by the borrower into a lockbox account with KeyBank. KeyBank is also the trustee of the account and generally remits the collected funds to us once each month. Amounts collected in the lockbox account with KeyBank are presented as Due from administrative agent on the accompanying Consolidated Statement of Assets and Liabilities as of December 31, 2025 and September 30, 2025.

Our Credit Facility contains covenants that require Business Loan to maintain its status as a separate legal entity, prohibit certain significant corporate transactions (such as mergers, consolidations, liquidations or dissolutions), and restrict material changes to our credit and collection policies without the lenders’ consent. Our Credit Facility also generally limits distributions to our stockholders on a fiscal year basis to the sum of our net investment income, net capital gains and amounts elected to have been paid during the prior year in accordance with Section 855(a) of the Code. Business Loan is also subject to certain limitations on the type of loan investments it can apply as collateral towards the borrowing base to receive additional borrowing availability under our Credit Facility, including restrictions on geographic concentrations, sector concentrations, loan size, payment frequency and status, average life, portfolio company leverage and lien property. Our Credit Facility further requires Business Loan to comply with other financial and operational covenants, which obligate Business Loan to, among other things, maintain certain financial ratios, including asset and interest coverage and a minimum number of 25 obligors required in the borrowing base.

Additionally, we are required to maintain (i) a minimum net worth (defined in our Credit Facility to include any outstanding mandatorily redeemable preferred stock) of $500.0 million plus 50.0% of all equity and subordinated debt

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raised after May 13, 2021 less 50% of any equity and subordinated debt retired or redeemed after May 13, 2021, which equates to $483.0 million as of December 31, 2025, (ii) asset coverage with respect to “senior securities representing indebtedness” of at least 150% (or such percentage as may be set forth in Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act), and (iii) our status as a BDC under the 1940 Act and as a RIC under the Code.

As of December 31, 2025, and as defined in our Credit Facility, we had a net worth of $668.1 million, asset coverage on our “senior securities representing indebtedness” of 219.5%, calculated in accordance with the requirements of Section 18 and 61 of the 1940 Act, and an active status as a BDC and RIC. In addition, we had 36 obligors in our Credit Facility’s borrowing base as of December 31, 2025. As of December 31, 2025, we were in compliance with all of our Credit Facility covenants. Refer to Note 5—Borrowings of the notes to our Consolidated Financial Statements included elsewhere in this Quarterly Report for additional information regarding our Credit Facility.

Notes Payable

In September 2025, we completed an offering of $149.5 million aggregate principal amount of 2030 Convertible Notes for net proceeds of approximately $142.8 million after deducting underwriting discounts, commissions and offering expenses borne by us. The 2030 Convertible Notes will mature on October 1, 2030, unless earlier converted, redeemed or repurchased. The 2030 Convertible Notes bear interest at a rate of 5.875% per year. Interest is payable semi-annually in arrears on April 1 and October 1 of each year beginning April 1, 2026 (which equates to approximately $8.8 million per year).

At any time prior to the close of business on the business day immediately preceding October 1, 2030, holders may convert all or any portion of their 2030 Convertible Notes. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company's election. The conversion rate was initially 38.4394 shares of common stock per $1,000 principal amount of 2030 Convertible Notes (equivalent to an initial conversion price of $26.02 per share of common stock). The conversion rate is subject to adjustment upon certain events, such as share splits and combinations, mergers, tender or exchange offers, increases in dividends per share and certain changes in control. In no event will the total number of shares of common stock issuable upon conversion exceed 42.2834 per $1,000 principal amount of the 2030 Convertible Notes.

In August 2023, we completed an offering of $57.0 million aggregate principal amount of the 2028 Notes for net proceeds of approximately $55.1 million after deducting underwriting discounts, commissions and offering expenses borne by us. The 2028 Notes traded under the ticker symbol “GLADZ” on the Nasdaq Global Select Market. On October 15, 2025, we voluntarily redeemed the 2028 Notes with an aggregate principal amount outstanding of $57.0 million. In connection with the voluntary redemption of the 2028 Notes, we incurred a loss on extinguishment of debt of $1.2 million, which is primarily comprised of the unamortized deferred issuance costs at the time of redemption. The 2028 Notes would have otherwise matured on September 1, 2028.

In November 2021, we completed a private placement of $50.0 million aggregate principal amount of 3.75% Notes due 2027 (the “2027 Notes”) for net proceeds of approximately $48.5 million after deducting initial purchasers’ costs, commissions and offering expenses borne by us. The 2027 Notes will mature on May 1, 2027 and may be redeemed in whole or in part at any time or from time to time at the Company’s option prior to maturity at par plus a “make-whole” premium, if applicable. The 2027 Notes bear interest at a rate of 3.75% per year. Interest is payable semi-annually on May 1 and November 1 of each year (which equates to approximately $1.9 million per year).

In April 2022, pursuant to the registration rights agreement we entered into in connection with the 2027 Notes, we conducted an exchange offer through which we offered to exchange all of our then outstanding 2027 Notes (the “Restricted Notes”) that were issued on November 4, 2021, for an equal aggregate principal amount of our new 3.75% Notes due 2027 (the “Exchange Notes”) that had been registered with the SEC under the Securities Act of 1933, as amended. The terms of the Exchange Notes are identical to those of the Restricted Notes, except that the transfer restrictions and registration rights relating to the Restricted Notes do not apply to the Exchange Notes, and the Exchange Notes do not provide for the payment of additional interest in the event of a registration default.

In December 2020, we completed an offering of $100.0 million aggregate principal amount of the 2026 Notes for net proceeds of approximately $97.7 million after deducting underwriting discounts, commissions and offering expenses borne by us. In March 2021, we completed an offering of an additional $50.0 million aggregate principal amount of the 2026 Notes for net proceeds of approximately $50.6 million after adding premiums and deducting underwriting costs, commissions and offering expenses borne by us. On October 31, 2025, we voluntarily redeemed the 2026 Notes with an

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aggregate principal amount outstanding of $150.0 million. In connection with the voluntary redemption of the 2026 Notes, we incurred a loss on extinguishment of debt of $0.2 million, which is primarily comprised of the unamortized deferred issuance costs at the time of redemption. The 2026 Notes would have otherwise matured on January 31, 2026.

The indenture relating to the 2027 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 2027 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements.

The indenture relating to the 2030 Convertible Notes similarly contains certain covenants including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing and (ii) that we will file with the trustee any documents or reports that we are required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act within 15 days after the same are required to be filed with the SEC; provided that any documents filed by us with the SEC via the EDGAR system will be deemed to be filed with the trustee.

Off-Balance Sheet Arrangements

We generally recognize success fee income when the payment has been received. As of December 31, 2025 and September 30, 2025, we had off-balance sheet success fee receivables on our accruing debt investments of $6.2 million and $6.0 million (or approximately $0.27 per common share and $0.27 per common share), respectively, that would be owed to us, generally upon a change of control of the portfolio companies. Consistent with GAAP, we generally have not recognized our success fee receivables and related income in our Consolidated Financial Statements until earned. Due to the contingent nature of our success fees, there are no guarantees that we will be able to collect all of these success fees or know the timing of such collections.

Contractual Obligations

We have lines of credit, delayed draw term loans, and an uncalled capital commitment with certain of our portfolio companies that have not been fully drawn. Since these commitments have expiration dates and we expect many will never be fully drawn, the total commitment amounts do not necessarily represent future cash requirements. We estimate the fair value of the combined unused lines of credit, the unused delayed draw term loans, and the uncalled capital commitment as of December 31, 2025 and September 30, 2025 to be immaterial.

The following table shows our contractual obligations as of December 31, 2025, at cost:

						Payments Due by Period
Contractual Obligations(A)						Less than 1 Year						1-3 Years						3-5 Years						More than 5 Years						Total
Credit Facility(B)						$	—					$	—					$	213,200					$	—					$	213,200
Notes Payable						—						50,000						149,500						—						199,500
Interest expense on debt obligations(C)						24,905						46,685						27,243						—						98,833
Total						$	24,905					$	96,685					$	389,943					$	—					$	511,533

(A)Excludes our unused line of credit commitments, unused delayed draw term loans, and uncalled capital commitments to our portfolio companies in an aggregate amount of $69.7 million, at cost, as of December 31, 2025.

(B)Principal balance of borrowings outstanding under our Credit Facility, based on the maturity date following the current contractual revolver period end date.

(C)Includes estimated interest payments on our Credit Facility, 2030 Convertible Notes, and 2027 Notes. The amount of interest expense calculated for purposes of this table was based upon rates and balances as of December 31, 2025.

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Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported consolidated amounts of assets and liabilities, including disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the period reported. Actual results could differ materially from those estimates under different assumptions or conditions. We have identified our investment valuation policy (which has been approved by our Board of Directors) as our most critical accounting policy, which is described in Note 2— Summary of Significant Accounting Policies in the accompanying notes to our Consolidated Financial Statements included elsewhere in this Quarterly Report. Additionally, refer to Note 3—Investments in our accompanying Notes to Consolidated Financial Statements included elsewhere in this Quarterly Report for additional information regarding fair value measurements and our application of Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures.” We have also identified our revenue recognition policy as a critical accounting policy, which is described in Note 2— Summary of Significant Accounting Policies in our accompanying Notes to Consolidated Financial Statements included elsewhere in this Quarterly Report.

Investment Valuation

Credit Monitoring and Risk Rating

The Adviser monitors a wide variety of key credit statistics that provide information regarding our portfolio companies to help us assess credit quality and portfolio performance and, in some instances, used as inputs in our valuation techniques. Generally, we, through the Adviser, participate in periodic board meetings of our portfolio companies in which we hold board seats and also require them to provide annual audited and monthly unaudited financial statements. Using these statements or comparable information and board discussions, the Adviser calculates and evaluates certain credit statistics.

The Adviser risk rates all of our investments in debt securities. The Adviser does not risk rate our equity securities. For loans that have been rated by an SEC registered Nationally Recognized Statistical Rating Organization (“NRSRO”), the Adviser generally uses the average of two corporate level NRSRO’s risk ratings for such security. For all other debt securities, the Adviser uses a proprietary risk rating system. While the Adviser seeks to mirror the NRSRO systems, we cannot provide any assurance that the Adviser’s risk rating system will provide the same risk rating as an NRSRO would for these securities. The Adviser’s risk rating system is used to estimate the probability of default on debt securities and the expected loss if there is a default. The Adviser’s risk rating system uses a scale of 0 to >10, with >10 being the lowest probability of default. It is the Adviser’s understanding that most debt securities of medium-sized companies do not exceed the grade of BBB on an NRSRO scale, so there would be no debt securities in the middle market that would meet the definition of AAA, AA or A. Therefore, the Adviser’s scale begins with the designation >10 as the best risk rating which may be equivalent to a BBB from an NRSRO; however, no assurance can be given that a >10 on the Adviser’s scale is equal to a BBB or Baa2 on an NRSRO scale. The Adviser’s risk rating system covers both qualitative and quantitative aspects of the business and the securities we hold.

The following table reflects risk ratings for all loans in our portfolio as of December 31, 2025 and September 30, 2025.

Rating						As of December 31, 2025						As of September 30, 2025
Highest						10.0						10.0
Average						7.4						7.4
Weighted Average						7.7						8.0
Lowest						3.0						3.0

Tax Status

We intend to continue to maintain our qualification as a RIC under Subchapter M of the Code for federal income tax purposes. As a RIC, we generally are not subject to federal income tax on the portion of our taxable income and gains distributed to our stockholders. To maintain our qualification as a RIC, we must maintain our status as a BDC and meet certain source-of-income and asset diversification requirements. In addition, in order to qualify to be taxed as a RIC, we must distribute to stockholders at least 90% of our Investment Company Taxable Income, determined without regard to the dividends paid deduction. Our policy generally is to make distributions to our stockholders in an amount up to 100% of our

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Investment Company Taxable Income. We may retain some or all of our net long-term capital gains, if any, and designate them as deemed distributions, or distribute such gains to stockholders in cash.

To avoid a 4% federal excise tax on undistributed amounts of income, we must distribute to stockholders, during each calendar year, an amount at least equal to the sum of: (1) 98% of our ordinary income for the calendar year, (2) 98.2% of our capital gain net income (both long-term and short-term) for the one-year period ending on October 31 of the calendar year, and (3) any income realized, but not distributed, in the preceding year (to the extent that income tax was not imposed on such amounts) less certain over-distributions in prior years. Under the RIC Modernization Act, we are permitted to carryforward any capital losses that we may incur for an unlimited period, and such capital loss carryforwards will retain their character as either short-term or long-term capital losses.

Recent Accounting Pronouncements

Refer to Note 2—Summary of Significant Accounting Policies in the notes to our accompanying Consolidated Financial Statements included elsewhere in this Quarterly Report for a description of recent accounting pronouncements, if any.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. The prices of securities held by us may decline in response to certain events, including those directly involving the companies whose securities are owned by us; conditions affecting the general economy; overall market changes, including inflation; local, regional or global political, social or economic instability; and interest rate fluctuations.

The primary risk we believe we are exposed to is interest rate risk. Because we borrow money to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. We use a combination of debt and equity capital to finance our investing activities. We may use interest rate risk management techniques from time to time to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act.

All of our variable-rate debt investments have rates generally associated with the current SOFR rate. As of December 31, 2025, our portfolio of debt investments on a principal basis consisted of the following:

Variable rates			88.6		%
Fixed rates			11.4		%
Total:			100.0		%

To illustrate the potential impact of changes in market interest rates on our net increase in net assets resulting from operations, we have performed the following hypothetical analysis, which assumes that our balance sheet and contractual interest rates remain constant as of December 31, 2025 and no further actions are taken to alter our existing interest rate sensitivity.

Basis Point Change(A)						Increase (Decrease) in Interest Income						Increase (Decrease) in Interest Expense						Net Increase (Decrease) in Net Assets Resulting from Operations(B)
Up 150 basis points						$	11,095					$	3,198					$	7,897
Up 100 basis points						7,387						2,132						5,255
Up 50 basis points						3,694						1,066						2,628
Down 50 basis points						(3,694)						(1,066)						(2,628)
Down 100 basis points						(7,242)						(2,132)						(5,110)
Down 150 basis points						(10,626)						(3,198)						(7,428)

(A)Illustrates the potential impact of changes in market rates as compared to one-month SOFR of 3.69% as of December 31, 2025.

(B)Excludes the potential impact of changes in incentive fees.

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Although management believes that this analysis is indicative of our existing interest rate sensitivity, it does not adjust for potential changes in credit quality, size and composition of our loan portfolio on the balance sheet and other business developments, that could affect net increase in net assets resulting from operations or otherwise impact our results or operations. Accordingly, actual results could differ significantly from those in the hypothetical analysis in the table above.

We may also experience risk associated with investing in securities of companies with foreign operations. Some of our portfolio companies have operations located outside the U.S. These risks include fluctuations in foreign currency exchange rates, imposition of foreign taxes, changes in exportation regulations and political and social instability.

ITEM 4. CONTROLS AND PROCEDURES

a) Evaluation of Disclosure Controls and Procedures

As of December 31, 2025 (the end of the period covered by this report), our management, including our chief executive officer and chief financial officer, evaluated the effectiveness and design and operation of our disclosure controls and procedures. Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were effective at a reasonable assurance level in timely alerting management, including the chief executive officer and chief financial officer, of material information about us required to be included in periodic SEC filings. However, in evaluation of the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

b) Changes in Internal Control over Financial Reporting

There were no changes in internal controls for the three months ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II–OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

From time to time, we may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While we do not expect that the resolution of these matters, if they arise, would materially affect our business, financial condition, results of operations or cash flows, resolution of these matters will be subject to various uncertainties and could result in the expenditure of significant financial and managerial resources. Neither we, nor any of our subsidiaries are currently subject to any material legal proceeding, nor, to our knowledge, is any material legal proceeding pending or threatened against us or any of our subsidiaries.

ITEM 1A. RISK FACTORS.

Our business is subject to certain risks and events that, if they occur, could adversely affect our financial condition and results of operations and the trading price of our securities. For a discussion of these risks, please refer to the section captioned “Item 1A. Risk Factors” in Part I of our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, as filed with the SEC on November 17, 2025. The risks described in our annual report are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Sales of Unregistered Securities

Not applicable.

Issuer Purchases of Equity Securities

Not applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

During the three months ended December 31, 2025, none of our officers or directors adopted or terminated any contract,

instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense

conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

ITEM 6. EXHIBITS.

Exhibit						Description
3.1						Articles of Amendment and Restatement to the Articles of Incorporation, incorporated by reference to Exhibit 99.a.2 to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-63700), filed July 27, 2001.

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3.2						Articles Supplementary Establishing and Fixing the Rights and Preferences of Term Preferred Shares, including Appendix A thereto relating to the Term Preferred Shares, 7.125% Series 2016, incorporated by reference to Exhibit 2.a.2 to Post-Effective Amendment No. 5 to the Registration Statement on Form N-2 (File No. 333-162592), filed October 31, 2011.
3.3						Certificate of Correction to Articles Supplementary Establishing and Fixing the Rights and Preferences of Term Preferred Shares, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 814-00237), filed October 29, 2015.
3.4						Articles Supplementary, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 814-00237), filed September 21, 2017.
3.5						Articles Supplementary for 6.25% Series A Cumulative Redeemable Preferred Stock, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 814-00237), filed on June 1, 2023.
3.6						Articles of Amendment to the Articles of Incorporation, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 814-00237), filed April 5, 2024.
3.7						Articles of Amendment to the Articles of Incorporation, incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K (File No. 814-00237), filed April 5, 2024.
3.8						Bylaws, incorporated by reference to Exhibit 99.b to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-63700), filed July 27, 2001.
3.9						Amendment to Bylaws, incorporated by reference to Exhibit 3.3 to the Quarterly Report on Form 10-Q (File No. 814-00237), filed February 17, 2004.
3.10						Second Amendment to Bylaws, incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K (File No. 814-00237), filed July 10, 2007.
3.11						Third Amendment to Bylaws, incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K (File No. 814-00237), filed June 10, 2011.
3.12						Fourth Amendment to Bylaws, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 814-00237), filed November 29, 2016.
3.13						Fifth Amendment to Bylaws of Gladstone Capital Corporation, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 814-00237), filed October 10, 2023.
4.1						Form of Certificate for Common Stock, incorporated by reference to Exhibit 99.d.2 to Pre-Effective Amendment No. 3 to the Registration Statement on Form N-2 (File No. 333-63700), filed August 23, 2001.
4.2						Form of Certificate for 6.25% Series A Cumulative Redeemable Preferred Stock, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No. 814-00237), filed on June 1, 2023.
4.3						Indenture between the Registrant and U.S. Bank National Association, dated as of November 6, 2018, incorporated by reference to Exhibit 2.d.10 to Post-Effective Amendment No. 7 to the Registration Statement on Form N-2 (File No. 333-208637), filed November 6, 2018.
4.4						Third Supplemental Indenture between Gladstone Capital Corporation and U.S. Bank National Association, dated as of December 15, 2020, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No. 814-00237), filed December 15, 2020.
4.5						Fourth Supplemental Indenture between Gladstone Capital Corporation and U.S. Bank National Association, dated as of November 4, 2021, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No. 814-00237), filed on November 4, 2021.
4.6						Sixth Supplemental Indenture between Gladstone Capital Corporation and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), dated as of September 12, 2025, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No. 814-00237), filed on September 12, 2025.
10.1						Amendment No. 10 to Sixth Amended and Restated Credit Agreement, dated as of November 25, 2025 by and among Gladstone Business Loan, LLC, as Borrower, Gladstone Management Corporation, as Servicer, KeyBank National Association, as administrative agent, swingline lender, managing agent and lead arranger and certain other lenders party thereto.*
10.2						Amendment No. 11 to Sixth Amended and Restated Credit Agreement, dated as of February 3, 2026 by and among Gladstone Business Loan, LLC, as Borrower, Gladstone Management Corporation, as Servicer, KeyBank National Association, as administrative agent, swingline lender, managing agent and lead arranger and certain other lenders party thereto.*
31.1						Certification of Chief Executive Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002.*

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31.2						Certification of Chief Financial Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002.*
32.1						Certification of Chief Executive Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002.+
32.2						Certification of Chief Financial Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002.+
99.1						Estimated Value methodology for Series A Cumulative Redeemable Preferred Stock at December 31, 2025.*
101.INS						XBRL Instance Document
101.SCH						XBRL Taxonomy Extension Schema Document
101.LAB						XBRL Taxonomy Extension Label Linkbase Document
101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF						XBRL Definition Linkbase
104						Cover Page Interactive Data File (formatted in iXBRL and contained in Exhibit 101)

______________________

* Filed herewith

+ Furnished herewith

Attached as Exhibit 101 to this Quarterly Report on Form 10-Q are the following materials, formatted in Inline eXtensible Business Reporting Language (iXBRL): (i) the Consolidated Statements of Assets and Liabilities as of December 31, 2025 and September 30, 2025, (ii) the Consolidated Statements of Operations for the three months ended December 31, 2025 and 2024, (iii) the Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2025 and 2024, (iv) the Consolidated Statements of Cash Flows for the three months ended December 31, 2025 and 2024, (v) the Consolidated Schedules of Investments as of December 31, 2025 and September 30, 2025, and (vi) the Notes to Consolidated Financial Statements.

All other exhibits for which provision is made in the applicable regulations of the Securities and Exchange Commission are not required under the related instruction or are inapplicable and therefore have been omitted.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			GLADSTONE CAPITAL CORPORATION
			By:			/s/ Nicole Schaltenbrand
			Nicole Schaltenbrand
			Chief Financial Officer and Treasurer (principal financial and accounting officer)

Date: February 4, 2026

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