Gladstone Capital Corporation Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

RELATED PARTY TRANSACTIONS (Tables)

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Dec. 31, 2025

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.

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