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目錄表

美國

證券交易委員會

華盛頓特區20549

__________________________

形式 10-K

__________________________

(Mark一）

x			根據1934年《證券交易所法》第13或15（d）條提交的年度報告

日終了的財政年度 9月30日, 2024

或

o			根據1934年《證券交易所法》第13或15（d）條提交的過渡報告

對於從_

委員會檔案編號 814-00237

__________________________

格拉德斯通資本公司演說

（章程中規定的註冊人的確切名稱）

__________________________

馬里蘭			54-2040781
（州或其他司法管轄區 成立或組織）			（國稅局僱主 識別號）
西布蘭奇大道1521號, Suite 100 麥克萊恩, 維吉尼亞			22102
（主要行政辦公室地址）			(Zip代碼）

(703) 287-5800

（註冊人的電話號碼，包括地區代碼）

__________________________

根據該法第12（b）條登記的證券：

每個班級的標題

符號

每個交易所的名稱 在哪裡註冊

普通股，每股面值0.001美金

高興

納斯達克證券市場有限責任公司

2028年到期的7.75%票據

格拉德茲

納斯達克證券市場有限責任公司

根據該法第12（g）條登記的證券：

6.25% A系列累計可贖回優先股，面值每股0.001美金

__________________________

如果註冊人是《證券法》第405條所定義的知名經驗豐富的發行人，則通過勾選標記進行驗證。 是的 o 不是 x

如果註冊人無需根據該法案第13條或第15（d）條提交報告，則通過勾選標記進行驗證。 是的 o 不是 x

通過勾選標記確定註冊人是否：（1）在過去12個月內（或在註冊人被要求提交此類報告的較短期限內）提交了1934年證券交易法第13或15（d）條要求提交的所有報告，以及（2）在過去90天內是否遵守此類提交要求。 是的 x 沒有 o

通過勾選標記檢查註冊人是否已在過去12個月內（或在註冊人被要求提交此類文件的較短期限內）以電子方式提交了根據S-t法規（本章第232.405條）第405條要求提交的所有交互數據文件。 是的 x 沒有 o

通過複選標記來確定註冊人是大型加速申報人、加速申報人、非加速申報人、小型報告公司還是新興成長型公司。 請參閱《交易法》第120條第2條中「大型加速申報人」、「加速申報人」、「小型報告公司」和「新興成長型公司」的定義。

大型加速文件夾			o			加速檔案管理器			o
非加速歸檔			x			小型上市公司			o
新興成長型公司			o

如果是新興成長型公司，請通過勾選標記表明註冊人是否選擇不利用延長的過渡期來遵守根據《交易法》第13（a）條規定的任何新的或修訂的財務會計準則。 o

通過勾選標記檢查註冊人是否已提交報告並證明其管理層根據《薩班斯-奧克斯利法案》（15 U.S.C.）第404（b）條對其財務報告內部控制有效性的評估7262（b））由編制或發布審計報告的特許會計師事務所執行 o

如果證券是根據該法案第12（b）條登記的，請通過勾選標記表明文件中包含的登記人的財務報表是否反映了對先前發布的財務報表錯誤的更正。 o

通過勾選標記來驗證這些錯誤更正是否是需要根據§240.10D-1（b）對註冊人的任何高管在相關恢復期內收到的激勵性補償進行恢復分析的重述。 o

通過勾選標記檢查註冊人是否是空殼公司（定義見該法案第120條第2款）。 是的 o 沒有 x.

根據納斯達克全球精選市場當日收盤價每股21.46美金，註冊人非關聯公司於2024年3月28日持有的有投票權普通股的總市值為2024年4月4日生效的1對2反向股票拆分進行了追溯調整447,799,672.僅就計算此金額而言，註冊人的所有董事和執行人員均被視為關聯公司。有 22,329,852 註冊人普通股股份，每股面值0.001美金，截至2024年11月12日已發行。

通過引用合併的文件。 註冊人將根據第14 A條向美國證券交易委員會提交的與註冊人2025年股東年度會議相關的最終委託聲明的部分內容（將在本協議日期之後提交）通過引用併入本表格10-k的第三部分。 該委託聲明將在註冊人截至2024年9月30日的財年結束後120天內向美國證券交易委員會提交。

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目錄表

格拉德斯通資本公司

截至財政年度的表格10-k

2024年9月30日

目錄

第一部分			項目1			業務			3
			項目1A			危險因素			21
			項目1B			未解決的員工評論			44
			項目1C			網絡安全			44
			項目2			性能			46
			項目3			法律訴訟			46
			專案4			礦山安全披露			46
第二部分			項目5			註冊人普通股市場、相關股東事項和發行人 購買股票證券			47
			項目6			已保留			54
			項目7			管理層對財務狀況和結果的討論與分析 運營			54
			ITEm 7A			關於市場風險的定量和定性披露			70
			項目8			財務報表和補充數據			72
			項目9			會計和財務方面的變化和與公證的分歧 公開			122
			第9A項			控制和程式			122
			ITEm 9 B			其他信息			122
			ITEm 9 C			有關阻止檢查的外國司法管轄區的披露			122
第三部分			項目10			董事、執行官和公司治理			123
			項目11			高管薪酬			123
			項目12			某些受益所有人和管理層的擔保所有權及相關 股東事務			123
			項目13			某些關係和關聯交易以及董事獨立性			123
			項目14			首席公證費用和服務			123
第四部分			項目15			展品和財務報表附表			124
			項目16			表格10-k摘要			127
簽名									128

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前瞻性陳述

本文中的所有陳述，除歷史事實外，都可能構成“前瞻性陳述”。這些陳述可能涉及我們未來的經營業績、我們的業務前景和投資組合公司的前景、與我們的投資顧問Gladstone管理公司(“顧問”)及其附屬公司的實際和潛在的利益衝突、為我們的投資提供資金的借款的使用、我們的融資來源和營運資本的充分性，以及我們共同投資的能力等因素。在某些情況下，您可以通過“估計”、“可能”、“可能”、“相信”、“將會”、“已提供”、“預期”、“未來”、“可能”、“增長”、“計劃”、“計劃”、“打算”、“預期”、“應該”、“將”、“如果”、“尋求”、“可能”等術語來識別前瞻性陳述。“很可能”或此類術語或類似術語的否定或變體。這些前瞻性表述涉及已知和未知的風險、不確定性和其他因素，可能導致我們的實際結果、活動水準、業績或成就與此類前瞻性表述明示或暗示的任何未來結果、活動水準、業績或成就大不相同。這些因素包括：(1)經濟和資本市場的變化，包括股價波動、通貨膨脹、利率上升和衰退的風險；(2)與談判和完成未決和未來交易有關的風險；(3)失去一名或多名高管，特別是David·格拉德斯通、特裡·李·布魯貝克或羅伯特·L·馬科特；(4)我們的投資目標和戰略的變化；(5)可獲得性、條款(包括利率波動的可能性)和資本配置；(6)我們的行業、利率、匯率或整體經濟的變化；(7)我們的業務前景和我們所投資公司的前景；(8)我們競爭的程度和性質；(9)政府監管、稅率和類似事項的變化；(10)我們及時退出投資的能力；(11)我們根據經修訂的1986年《國稅法》(以下簡稱《守則》)第m章，以及根據經修訂的1940年《投資公司法》(《1940年法案》)，保持我們作為受監管投資公司(“RIC”)和作為商業發展公司(BDC)的資格的能力；和(12)本文所述的因素，包括第1A項。本年度報告(以下簡稱“年度報告”)中的“風險因素”。我們告誡讀者不要過度依賴任何此類前瞻性陳述。實際結果可能與我們的前瞻性陳述中預期的大不相同，未來的結果可能與歷史表現大不相同。我們根據本年度報告發布之日掌握的資訊作出前瞻性陳述。除非聯盟證券法要求，否則我們沒有義務在本年度報告發布之日之後公開更新或修改任何前瞻性陳述，無論是由於新資訊、未來事件還是其他原因。雖然我們沒有義務修改或更新任何前瞻性聲明，無論是由於新資訊、未來事件或其他原因，但我們建議您參考我們可能直接向您作出的任何其他披露，或我們已提交或未來可能會不時提交給美國證券交易委員會(“美國證券交易委員會”)的報告，包括10-Q表季度報告和當前的8-k表季報。本年度報告中包含的前瞻性陳述不受1995年《私人證券訴訟改革法》和修訂後的19《證券法》(下稱《證券法》)第27A條所提供的安全港保護。

在本年度報告中，「公司」、「我們」、「我們」和「我們的」是指格萊斯頓資本公司及其全資子公司，除非上下文另有說明。除非另有說明，否則表格中的美金金額（每股金額除外）均以千為單位。

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第一部分

本節包含的信息應與隨附的合併財務報表及其在本年度報告其他地方出現的注釋一起閱讀。

項目1. 業務

概述

組織

格拉德斯通資本公司於2001年5月30日根據《馬里蘭州總公司法》註冊成立。我們是一家外部管理、封閉式、非多元化管理投資公司，根據1940年法案選擇被視為BDS。此外，我們還選擇將其作為該準則下的RIC處理。我們成立的目的是投資在美國（「美國」）運營的老牌私營企業的債務和股權證券。

截至2024年9月30日，我們的普通股股票在納斯達克全球精選市場（「納斯達克」）交易，交易代碼為「GLAC」，我們的2028年到期的7.75%票據（「2028年票據」）在納斯達克交易，交易代碼為「GLADZ」。 我們的6.25% A系列累積可贖回優先股（「A系列優先股」）、2027年到期的3.75%票據（「2027年票據」）和2026年到期的5.125%票據（「2026年票據」）並未在任何交易所或自動報價系統上上市或交易。

本年度報告中公司普通股的流通股數和每股金額已針對2024年4月4日（出於交易目的，2024年4月5日生效）的1對2反向股票拆分（「反向股票拆分」）進行了追溯調整，除非另有說明。

投資顧問兼管理員

根據投資諮詢及管理協定(經不時修訂及/或重述，稱為“諮詢協定”)，本公司由該顧問、一名在美國證券交易委員會註冊的投資顧問及本公司的一間聯屬公司進行外部管理。該顧問負責管理我們的投資活動。我們還與我們的附屬公司Gladstone Administration，LLC(“管理人”)和顧問簽訂了一項管理協定，根據該協定，我們為管理服務單獨支付費用(“管理協定”)。顧問和管理人都是私人持股公司，由我們的董事長兼首席執行官David間接擁有和控制。格拉德斯通先生和我們的首席運營官特裡·李·布魯貝克也是顧問的董事會成員、管理委員會的成員，以及顧問和管理人員的執行官員。管理人聘用(其中包括)我們的首席財務官兼財務主管、首席估值官、首席合規官、總法律顧問和祕書(同時擔任管理人的總裁)及其各自的工作人員。顧問和管理人在我們的業務領域擁有豐富的經驗，並分別為我們的附屬公司提供投資諮詢和行政服務，包括：Gladstone Commercial Corporation(“Gladstone Commercial”)，一家上市的房地產投資信託基金；Gladstone Investment Corporation(“Gladstone Investment”)，一家上市的BDC和RIC；Gladstone Land Corporation，一家上市的房地產投資信託基金(“Gladstone Land”)；和Gladstone Alternative Income Fund，這是一家註冊的、非多元化的封閉式管理投資公司，以區間基金的形式運營(“Gladstone Alternative”，與“Gladstone Land”、“Gladstone Commercial”和“Gladstone Investment”統稱為“關聯公共基金”)。今後，顧問和署長可分別向其他公共和私人基金和公司提供投資諮詢和行政服務。

該顧問於2002年7月2日根據德拉瓦州法律成立為一家公司，是根據修訂的1940年《投資顧問法》在美國證券交易委員會註冊的投資顧問。管理人於2005年3月18日根據德拉瓦州法律成立為有限責任公司。顧問兼行政員總部位於華盛頓特區郊區維吉尼亞州麥克萊恩，地址：維吉尼亞州麥克萊恩Westbranch Drive 1521號22102。該顧問還在其他州設有辦事處。

投資目標與策略

我們的投資目標是：（1）通過投資已建立的中下層市場公司的債務證券來實現和增長當前收入（我們通常將其定義為年息稅折舊及攤銷前利潤（「EBITDA」）為300至2500美金的公司）在美國，我們相信將提供穩定的盈利和現金流來支付費用，支付未償債務的本金和利息，並

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目錄表

(2)通過投資於與我們的債務投資相關的股權證券，為我們的股東提供資產的長期資本增值，我們相信這種證券可以隨著時間的推移而增長，使我們能夠出售我們的股權投資，以獲得資本收益。為了實現我們的目標，我們的主要投資策略是投資於幾類債務和股權證券，每項投資一般從800美元萬到4,000美元萬不等，儘管投資規模可能會有所不同，這取決於我們投資時的總資產或可用資本。我們向需要資金用於增長資本、為收購融資、或對現有債務工具進行資本重組或再融資的借款人放貸。我們尋求避免投資於高風險、處於早期階段的企業。我們的目標投資組合公司通常被認為對於更大的資本市場來說太小了。我們預計，隨著時間的推移，我們的投資組合將包括大約90.0%的債務投資和10.0%的股權投資，按成本計算。截至2024年9月30日，按成本計算，我們的投資組合由約90.1%的債務投資和9.9%的股權投資組成。

我們自己投資或與其他基金和/或投資組合公司的管理層聯合投資，具體取決於機會。2012年7月，SEC授予我們豁免令（「共同投資令」）擴大了我們在某些情況下與我們的某些附屬公司共同投資的能力，包括Gladstone Investment、Gladstone Alternative以及任何未來的BCD或建議的註冊封閉式管理投資公司由顧問提供（或如果其控制基金，則由顧問提供分包建議），或上述的任何組合，但須遵守共同投資令中的條件。我們相信，共同投資令已經增強並將繼續增強我們推進投資目標和戰略的能力。如果我們與一個或多個共同投資者（無論是否是我們的附屬公司）參與投資，我們的投資可能會小於我們單獨投資的情況。

一般來說，我們對債務證券的投資期限不超過七年，按可變利率（通常基於一個月期限的有擔保隔夜融資利率（「SOFR」），在較小程度上，按固定利率）計算。我們尋求按月或至少按季度支付利息的債務工具，可能有成功費或遞延利息準備，並且主要只收取利息，所有本金和任何應計但未付利息在到期時到期。通常，成功費按固定費率累積，並在投資組合公司控制權變更（通常是退出或出售）時根據合同到期。一些債務證券具有遞延利息，即將部分利息支付添加到本金餘額中，以便在到期時與本金一起支付利息。這種形式的遞延利息通常被稱為實物付款（「PIK」）利息。

通常，我們的股權投資包括普通股、優先股、有限責任公司權益或購買上述股份的認購證。通常，這些股權投資與我們的原始投資、企業資本重組或現有債務再融資有關。

自2001年首次公開募股以來，截至2024年9月30日，我們已投資了大約277家不同的公司。我們預計我們的投資組合將主要包括對在美國運營的私營公司的以下三類投資：

•有擔保的第一優先權債務證券： 我們尋求將部分資產投資於有擔保的第一優先權債務證券，也稱為優先貸款、優先定期貸款、信用額度和優先票據。借款人通常使用其資產作為抵押品，使用第一抵押債務來滿足企業的大部分融資需求。這些債務證券通常採取對企業所有或幾乎所有資產的第一優先權優先權的形式。第一優先權債務證券可能包括來自銀團貸款市場的投資。

•有擔保的第二優先權債務證券： 我們尋求將部分資產投資於有擔保的第二優先權債務證券，也稱為次級貸款、次級票據和夾層貸款。這些有擔保的第二優先權債務證券的級別低於有擔保借款人的第一優先權債務證券，並且可以通過企業全部或部分資產的第二優先權優先權擔保。此外，除了成功費用之外或代替成功費用，我們可能會收到其他收益率提升，例如購買普通股和優先股或與這些第二優先權有擔保債務證券相關的有限責任權益的期權。第二優先權債務證券可能包括來自銀團貸款市場的投資。

•優先股和普通股/等效股： 在某些情況下，我們將購買由優先股和普通股或有限責任公司權益組成的股權證券，或收購此類證券的認購證或期權，並與我們對企業的債務投資相結合。此外，我們可能會收到來自對一些現有債務投資的重組的股權投資。在某些情況下，我們將擁有很大一部分股權，在其他情況下，我們可能對我們投資的業務擁有投票控制權。

根據《1940年法案》，我們不得收購《1940年法案》第55條所列類型的資產（稱為「合格資產」，通常包括上述每種投資類型）以外的任何資產，除非當時

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收購完成後，合格資產（與我們的運營相關的某些資產除外）至少占我們總資產的70.0%。看到「-作為BDS的監管-合格資產。”

我們預計，我們收購的大部分（如果不是全部）債務證券不會受到信用評級機構的評級。投資者應該假設這些貸款的質量將低於「投資級」。評級低於投資級別的投資通常被稱為高收益證券或垃圾債券，與投資級債務工具相比，可能被認為風險更高。此外，我們持有的許多債務證券可能不會在到期前攤銷。

投資政策

我們尋求通過投資債務證券和優先股或普通股來實現高水平的當前收入和資本收益，我們通常在收購和其他資本重組中收購這些股票。未經董事會（「董事會」）批准，以下投資政策以及這些投資目標不得更改：

•我們將始終開展業務，以保留我們作為BDS的地位。見「—作為BDS的監管-合格資產。”

•我們將始終努力開展業務，以保留我們作為該準則下RIC的地位。看到「-美國聯邦所得稅的重大考慮因素。”

除了我們作為BDS開展業務的政策外，這些政策不是基本政策，未經股東批准可能會更改。

投資集中度

截至2024年9月30日，我們的投資組合包括投資 49 公司位於 22 個州 13 不同行業，總公允價值為美金796.3 萬截至2024年9月30日，按公允價值計算的五項最大投資總計為美金232.7 百萬元或 29.2占我們總投資組合的%。

下表概述了截至2024年9月30日和2023年9月30日我們按證券類型劃分的投資：

			2024年9月30日																								2023年9月30日
			成本												公平值												成本												公平值
有擔保的第一保留權債務			$	580,736					75.3		%				$	554,937					69.7		%				$	529,376					73.3		%				$	510,701					72.5		%
有擔保的第二保留權債務			113,691						14.8						113,716						14.3						130,252						18.1						127,854						18.1
無擔保債務			198						0.0						32						0.0						198						0.0						24						0.0
債務投資總額			694,625						90.1						668,685						84.0						659,826						91.4						638,579						90.6
優先股權			45,017						5.8						31,346						3.9						35,617						4.9						26,855						3.8
普通股/同等股權			31,369						4.1						96,229						12.1						26,826						3.7						39,381						5.6
股權投資總額			76,386						9.9						127,575						16.0						62,443						8.6						66,236						9.4
總投資			$	771,011					100.0		%				$	796,260					100.0		%				$	722,269					100.0		%				$	704,815					100.0		%

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截至2024年9月30日和2023年9月30日，我們按公允價值計算的投資包括以下行業分類：

行業分類						2024年9月30日												2023年9月30日
						公平值						百分比 總 投資						公平值						百分比 總 投資
多元化/企業集團服務						$	179,032					22.5		%				$	135,060					19.2		%
多元化/企業集團製造						160,264						20.1						158,061						22.4
航空航天和國防						153,096						19.2						97,836						13.9
醫療保健、教育和兒童保育						101,707						12.8						146,438						20.8
飲料、食品和菸草						88,327						11.1						78,788						11.2
汽車						28,286						3.6						27,571						3.9
機械						21,816						2.7						6,411						0.9
油氣						20,554						2.6						27,830						3.9
貨物運輸						20,200						2.5						—						—
個人和非耐用消費品						13,586						1.7						14,576						2.1
其他，< 2.0%						9,392						1.2						12,244						1.7
總投資						$	796,260					100.0		%				$	704,815					100.0		%

截至2024年9月30日和2023年9月30日，我們按公允價值計算的投資包括在以下美國地理區域：

位置						2024年9月30日												2023年9月30日
						公平值						百分比 總 投資						公平值						百分比 總 投資
南						$	314,010					39.4		%				$	273,181					38.8		%
西						249,082						31.3						224,235						31.8
中西部						192,897						24.2						145,122						20.6
東北						40,271						5.1						62,277						8.8
總投資						$	796,260					100.0		%				$	704,815					100.0		%

地理組成表示我們投資組合公司的總部所在地。投資組合公司可能在其他地理區域擁有其他地點。

投資過程

投資與審批流程概述

為了發起投資，顧問的投資專業人員使用廣泛的轉介網路，主要由私募股權贊助商、私人信貸經理、風險資本家、槓桿收購基金、投資銀行家、律師、會計師、商業銀行家和商業經紀人組成。如果潛在機會符合我們的投資目標，投資專業人士將與我們的總裁羅伯特·L·馬科特一起尋求對機會的初步篩選，以授權向潛在投資組合公司提交意向指示(IOI)。如果潛在的投資組合公司通過這一初步篩選，並且IOI被潛在公司接受，投資專業人士將尋求顧問投資委員會向潛在公司發出意向書(LOI)的批准，該委員會目前由David·格拉德斯通、特裡·李·布魯貝克、羅伯特·L·馬科特、勞拉·格拉德斯通和約翰·薩特裡組成。如果發佈了這份意向書，顧問和Gladstone Securities，LLC(“Gladstone Securities”)(統稱為“盡職調查團隊”)將進行盡職調查，並創建一份詳細的簡介，總結未來投資組合公司的歷史財務報表、行業、競爭地位和管理團隊，分析其是否符合我們的一般投資標準。

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潛在投資組合公司特徵

我們已經確定了某些特徵，我們認為這些特徵對於識別和投資潛在的投資組合公司很重要。下面列出的標準為我們的投資決策提供了一般指導方針，儘管並非每個投資組合公司都符合所有這些標準。

•增長和收入導向和正現金流。 我們的投資理念注重從投資者角度進行基本面分析，並具有獨特的增長和收入導向。我們通常投資於銷售額和現金流不斷增長的公司，以確保他們能夠償還債務並隨著時間的推移進行去槓桿化。我們預計不會投資初創公司或我們認為具有周期性行業或投機性商業計劃的公司。

•經驗豐富的管理。 我們通常要求我們投資的企業擁有經驗豐富的管理團隊或制定招聘計劃來建立經驗豐富的管理團隊。我們還要求企業制定適當的激勵措施，以促使管理團隊取得成功並符合我們作為投資者的利益，包括在各自公司的財務業績中擁有重大股權或其他權益。

•在行業中具有強大的競爭地位。 我們尋求投資於那些擁有差異化產品或服務以及在各自市場中相對市場份額較大的企業，並且我們相信這些企業擁有戰略和資源來利用其市場的預期增長。我們尋找相對於競爭對手表現出顯著競爭優勢的企業，我們相信這將有助於保護其市場地位和盈利能力。

•企業抵押品價值。 基於市場可比現金流倍數的企業預測估值是我們投資分析確定債務證券抵押品覆蓋範圍的一個重要因素。

廣泛的盡職調查

盡職調查團隊對我們的潛在投資組合公司和投資機會進行我們認為的廣泛評估和盡職調查。盡職調查通常首先審查公開信息，然後進行深入的業務分析，包括以下任何一項：

•對潛在投資組合公司的歷史和預測財務信息的審查，包括盈利質量或類似分析;

•詳細審查收購或控制任何潛在借款人的私募股權公司或所有權集團的業績記錄;

•訪問潛在投資組合公司的業務網站;

•採訪潛在投資組合公司的管理層、員工、顧問、贊助商、客戶和供應商;

•審查貸款文件和材料合同;

•對潛在投資組合公司的管理團隊和控股股東進行背景調查和管理能力評估;以及

•研究潛在投資組合公司的產品、服務或特定行業及其競爭地位。

完成盡職調查並決定繼續投資後，對投資負有主要責任的顧問投資專業人員將向顧問的投資委員會居間投資機會。然後投資委員會決定是否尋求潛在投資。在完成投資之前，顧問或律師、獨立公證和其他外部顧問（視情況而定）代表我們進行額外的盡職調查。

我們還依賴顧問的投資專業人士與槓桿收購基金、私人信貸經理、投資銀行業者、商業銀行業者、私募股權發起人、律師、公證和商業掮客之間的長期關係。此外，我們的高管和董事總經理在中下層市場公司運營以及向中下層市場公司提供債務和股權資本方面的豐富直接經驗在我們的投資評估和風險評估中發揮著重要作用。

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投資結構

一旦顧問確定一項投資符合我們的標準和投資標準，顧問將與該公司的管理層、控制任何潛在借款人的私募股權公司或所有權集團以及其他資本提供者合作，以我們相信將為我們提供最大的機會來最大化我們的投資回報，同時為公司股東和管理層提供適當的激勵。如上所述，我們通常通過其構建交易的資本類別包括有擔保的第一優先權債務、有擔保的第二優先權債務以及優先股和普通股或同等股權。通過其風險管理流程，顧問尋求通過以下方式限制我們投資的下行風險：

•儘可能在投資組合公司的資本結構中尋求抵押品或優勢地位;

•就與我們的投資相關的契約進行談判，為我們的投資組合公司提供儘可能大的靈活性來管理其業務，同時保持我們的資本;

•確保投資組合公司的董事會觀察權;

•儘可能將呼叫保護納入投資結構;以及

•進行具有預期總回報（包括利息和潛在股權增值）的投資，其認為該投資可以適當補償我們的信用風險。

我們預計將持有大部分債務投資直至到期或償還，但如果發生流動性事件（例如投資組合公司的出售或資本重組），我們可能會提前出售我們的投資（包括我們的股權投資）。有時，我們可能會在私人談判交易中將我們在投資組合公司的部分或全部投資權益出售給第三方，以管理我們的信貸或行業風險或提高我們的投資組合收益率。

競爭優勢

大量實體與我們競爭，進行我們尋求在中低端市場私營企業進行的投資類型。這些競爭對手包括其他BDC、註冊投資公司、私人投資基金和其他融資來源，包括商業銀行等傳統金融服務公司。我們的許多競爭對手比我們大得多，有更多的資金來源，或者能夠更具成本效益地獲得資金。此外，我們的某些競爭對手可能具有更高的風險容忍度或不同的風險評估，這可能使他們能夠考慮更廣泛的投資，為更廣泛的客戶群服務，並建立更大的市場份額。此外，這些競爭對手中的許多人不受1940年法案對我們作為BDC施加的監管限制，也不受我們作為上市公司必須遵守的監管要求的約束。然而，我們認為，與許多其他為中低端市場公司提供融資的提供商相比，我們具有以下競爭優勢。

管理專長

我們的顧問為本公司和每個關聯的公共基金設立了單獨的投資委員會。該公司的顧問投資委員會由格拉德斯通先生、布魯貝克先生、馬科特先生和薩特裡先生以及格拉德斯通女士組成，他們每個人都在我們的業務領域擁有豐富的經驗。格拉德斯通以及格拉德斯通、布魯貝克和薩特裡也是該顧問在其他附屬公共基金的投資委員會成員。格拉德斯通女士在投資中端市場公司方面擁有20多年的經驗，並繼續擔任公司和顧問管理董事的職務。格拉德斯通先生、馬科特先生和薩特裡先生都有30多年投資中端市場公司和經營BDC市場的經驗。格拉德斯通先生和布魯貝克先生還作為執行人員對顧問公司負有主要管理責任，他們在格拉德斯通公司一起工作了20多年。布魯貝克先生在公司收購和運營方面擁有30多年的經驗。這五個人將大量時間用於管理我們的投資組合。我們的高級管理層擁有為中低端市場公司提供資金的豐富經驗。此外，我們還可以利用顧問的投資專業人員和支援人員的資源和專業知識，他們擁有廣泛的交易、財務、管理和投資技能。

通過廣泛的研究能力和聯繫網絡增加投資機會

該顧問尋求通過積極的發起和盡職調查以及通過與眾多私募股權公司和與顧問的投資專業人士有長期關係的其他金融界成員的對話來識別潛在的投資。我們相信，顧問的投資專業人士已經建立了廣泛的

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投資、商業銀行、私募股權和投資管理界的聯繫網絡，以及他們對投資中下層市場公司的聲譽、經驗和對投資的專注使我們能夠尋找和識別定位良好的潛在投資組合公司，提供有吸引力的投資機會。此外，顧問預計將從其公證、顧問、律師和投資組合公司管理團隊等專業網絡中生成信息，以支持顧問的投資活動。

以價值和收入為導向的投資理念，注重資本保護

在做出投資決策時，顧問重點關注每家潛在投資組合公司的風險和回報狀況，尋求在不放棄資本增值潛力的情況下最大限度地降低資本損失風險。我們希望顧問採用其專業人士在管理其他附屬公共基金時使用的相同投資理念，並投入資源來管理下行風險。顧問的方法旨在通過使用以下部分或所有方法來降低我們的投資風險：

•專注於具有可持續市場地位和現金流的公司;

•投資擁有經驗豐富且成熟的管理團隊的企業;

•從長期投資者的角度進行廣泛的盡職調查;

•投資由成功的私募股權發起人或業主運營商支持的企業;以及

•通過借鑑顧問及其附屬公司投資專業人士的經驗，採用靈活的交易結構。

更長的投資期限

與通常組織為有限生命合夥企業（通常為七至十年）的私募股權和私人信貸基金不同，我們不受標準定期資本回報要求的約束。這些結構通常迫使私募股權和私募信貸基金通過導致其投資組合公司比最佳或理想的更快地尋求合併、公開募股或其他流動性事件來尋求投資回報，這可能會導致投資者的總體回報率較低和/或對其投資組合公司產生不利影響。相比之下，我們是一家永久期限的交易所交易公司。我們相信，我們具有長期投資的靈活性，無需傳統私人投資工具的資本回報要求，為我們提供了實現更大長期投資回報的機會。

靈活的交易結構

我們相信，我們的管理團隊廣泛的專業知識和多年的綜合經驗使顧問能夠成功識別、評估和構建公司資本結構各個層面的投資，並管理經濟周期各個階段的潛在風險和回報。我們不受管理銀行等傳統貸款機構的許多監管限制。因此，我們可以靈活地選擇和結構投資、調整投資標準和交易結構，以及在某些情況下我們投資的證券類型。我們相信，這種方法使顧問能夠制定最適合基礎業務投資和增長概況的融資結構，並產生有吸引力的投資機會，從而在整個經濟周期（包括在資本市場動盪時期）繼續產生當前收入和資本收益潛力。

投資和投資組合公司關係的持續管理

顧問的投資專業人士通過持續評估投資組合公司的業績來積極監督每項投資，儘管通常不會控制此類公司或參與日常運營，但將與投資組合公司的管理層合作，無論是應投資組合公司的要求還是與任何董事會觀察員權利有關，識別並整合幫助我們實現預期投資績效的最佳資源和實踐。

監測

顧問的投資專業人員持續監控每家投資組合公司的財務表現、趨勢和不斷變化的風險，以確定每家公司的表現是否在預期範圍內並指導投資組合

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公司管理層採取適當的行動。顧問採用各種方法來評估和監控我們對投資組合公司的投資表現，其中包括以下內容：

•每月或季度財務和運營運績分析;

•根據其業務計劃和我們的投資預期頻繁評估投資組合公司的業績;

•出席和/或參與投資組合公司的董事會或管理層會議;

•評估投資組合公司管理、發起人、治理和戰略方向;

•評估投資組合公司的行業和競爭環境;以及

•審查和評估投資組合公司的經營前景和財務預測。

關係管理

顧問的投資專業人員通過積極與內部和外部投資者互動，包括：

•管理;

•董事會;

•私募股權發起人;

•資本合作夥伴;以及

•顧問和顧問。

管理協助和服務

作為BDC，我們向我們的投資組合公司提供1940年法案定義的重要管理援助，並向此類投資組合公司提供其他服務(此類管理援助除外)。我們和顧問目前都沒有收到與我們提供的管理援助有關的費用。有時，顧問還可以根據某些協定向我們的投資組合公司提供其他服務，並可能獲得管理協助以外的服務費用。這類服務可包括：(1)協助從無關聯的第三方獲得、尋找或安排信貸安排、長期貸款或額外股本；(2)談判重要的合同財務關係；(3)與從無關聯的第三方籌集更多債務和股本有關的有關投資組合公司重組和財務建模的諮詢服務；(4)就增加和保留關鍵投資組合公司管理團隊成員與候選人面試、審查和談判僱用合同方面發揮主要作用。顧問非合同、無條件且不可撤銷地將收到的此類服務的任何費用的100%記入我們將被要求支付給顧問的基本管理費中，如下所述-與關聯方的交易-投資諮詢和管理協定-基礎管理費。“然而，根據《諮詢協定》的規定，顧問將保留其中的一小部分費用，以按成本償還顧問人員完成的任務，主要是對投資組合公司的估值。

Gladstone Securities還向我們的某些投資組合公司提供其他服務（例如投資銀行和盡職調查服務），並收取提供此類服務的費用;請參閱「-與關聯方的交易-其他交易」下面。

估值過程

我們的董事會已根據第2a-5條批准投資估值政策和程式（「政策」）

並於2022年7月指定顧問擔任董事會估值指定人（「估值指定人」）

根據1940年法案。

以下是顧問和管理員的專業人員在我們的首席估值官（直接向我們的董事會匯報的管理員雇員）的監督和指導下，每個季度使用該政策來確定我們投資組合的公允價值。根據1940年法案，我們的董事會對根據我們的政策無法獲得市場報價的投資的善意公允價值確定負有最終責任，並監督估值指定人。顧問根據1940年的要求評估我們的投資

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美國普遍接受的法案和會計原則（「GAAP」）。確定公允價值（尤其是對於私人控股企業）沒有單一的標準，因為公允價值取決於每項投資的具體事實和情況。每個季度，我們的董事會都會審查該政策，以確定是否建議對其進行修改以及估值團隊是否一致地應用該政策。對於我們投資組合的估值，估值團隊每季度執行以下步驟：

•每項投資最初由估值團隊使用該政策進行評估，其中可能包括：

•獲得公允價值報價或利用來自第三方估值公司的估值輸入;以及

•使用技術，例如企業總價值、收益率分析、市場報價和其他因素，包括但不限於：抵押品的性質和可變現價值，包括外部各方的擔保;收購投資組合公司的任何相關報價或意向書;以及投資組合公司運營的市場。

•然後，估值團隊和我們的管理層討論初步估值結論，並記錄下來供董事會審查。公允價值確定和支持材料在季度會議之前發送給董事會。

•董事會估值委員會（完全由獨立董事組成）開會審查估值確定和支持材料，討論估值團隊提供的信息，確定估值團隊是否遵守了政策，並審查其他事實和情況，包括當前估值風險、利益衝突、重大估值事項、估值方法的適當性，回測結果、價格挑戰/覆蓋以及對定價服務的持續監控和監督。估值委員會結束會議後，它和代表估值指定人的首席估值官將估值委員會對估值指定人決定的調查結果提交給整個董事會，以便全體董事會可以審查估值指定人根據政策確定的此類投資的公允價值。

我們投資的公允價值計量可能涉及主觀判斷和估計。由於對這些證券進行估值固有的不確定性，公允價值的確定可能會在不同時期波動，並且可能與如果這些證券存在現成市場則可以獲得的價值存在重大差異。如果有關我們投資公允價值的確定重大，我們的淨資產價值（「NV」）可能會受到重大影響

與我們在處置此類證券時最終實現的價值不同。我們的估值政策、程式和流程在注2中更全面地描述-主要會計政策概要 在我們的陪伴下 綜合財務報表附註 包含在本年度報告的其他地方。

與關聯方的交易

投資諮詢和管理協議

2006年，我們簽訂了《諮詢協定》，最近一次修訂和重申是在2022年4月。根據諮詢協定，我們支付顧問費作為其服務的補償，包括基本管理費和獎勵費。2024年7月9日，我們的董事會，包括大多數非諮詢協定締約方的董事或該各方的利害關係人，一致批准將諮詢協定續期至2025年8月31日。我們的董事長兼首席執行官格拉德斯通先生控制著顧問。董事會考慮了以下因素作為決定續簽諮詢協定的基礎：(1)顧問向我們的股東提供的服務的性質、範圍和質量；(2)公司和顧問的投資業績；(3)顧問及其關聯公司將提供的服務的成本和從與公司的關係中實現的利潤；(4)隨著公司及其關聯公共基金的增長將實現規模經濟的程度，以及諮詢協定下的費用水準是否反映了公司投資者的規模經濟；(5)可比基金的諮詢及行政協定的收費結構；(6)通過本公司為顧問創造的間接利潤；及(7)根據上述考慮因素，根據諮詢協定支付的諮詢費的整體公平性。

根據審查的信息和上述詳細考慮，我們的董事會，包括所有不是1940年法案中定義的「利益相關者」的董事，得出的結論是，投資諮詢費率和條款就所提供的服務而言是公平合理的，並批准諮詢協議，符合我們股東的最大利益。

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基本管理費

根據我們的諮詢協議，基本管理費每季度向顧問支付，按1.75%的年率評估，根據最近完成的兩個季度末我們的平均總資產價值計算（包括本季度），即總資產，包括用借款收益進行的投資，減去借款產生的任何未投資現金或現金等值物，並就期內任何股份發行或回購進行適當調整。我們的董事會可以（正如截至2024年、2023年和2022年9月30日止年度所做的那樣）接受顧問的非合同、無條件和不可撤銷信貸，將銀團貸款參與者的年度1.75%基本管理費降低至0.5%，前提是借款產生的收益用於購買此類銀團貸款參與者。

此外，根據1940年法案的要求，顧問向我們的投資組合公司提供重要的管理援助。顧問還可以根據某些協定向我們的投資組合公司提供其他服務，並可能獲得管理協助以外的服務費用。顧問以非合同、無條件且不可撤銷的方式將這些費用的100%記入我們將被要求支付給顧問的基本管理費中；然而，根據諮詢協定的條款，顧問以按成本償還顧問人員完成的任務的形式保留此類費用的一小部分，主要用於投資組合公司的估值。根據我們與KeyBank National Association(“KeyBank”)的迴圈信用額度支付給顧問的貸款服務費用，作為行政代理、牽頭安排人和貸款人(經不時修訂和重述，我們的“信貸安排”)也將100%計入基本管理費，如下所述：“-根據信貸協定收取貸款服務費。”

獎勵費

激勵費由兩部分組成：基於收入的激勵費和基於資本收益的激勵費。如果我們的季度淨投資收入，則基於收入的激勵費獎勵顧問（在實施任何激勵費用之前）超過我們淨資產的1.75%（2020年4月1日至2023年3月31日期間為2.0%）、我們將其定義為總資產減去債務，並在考慮任何應付或合同到期但在期間不應支付的激勵費用之前期間，在上一個日曆季度結束時，根據期間內的任何股票發行或回購進行適當調整（「門檻利率」）。與我們的預激勵費淨投資收入相關的基於收入的激勵費通常每季度支付給顧問，計算方法如下：

•在我們的激勵費前淨投資收入未超過門檻率的任何日曆季度，均不收取激勵費;

•我們的預激勵費淨投資收益的100.0%，相對於該預激勵費淨投資收益中超過門檻率但低於2.1875%的部分（如果有）（2020年4月1日至2022年3月31日期間為2.4375%，2022年4月1日至2023年3月31日期間為2.50%）我們的淨資產，在任何日曆季度就期間的任何股份發行或回購進行適當調整;和

•超過2.1875%的預激勵費淨投資收益金額的20.0%（如果有的話）（2020年4月1日至2022年3月31日期間為2.4375%，2022年4月1日至2023年3月31日期間為2.50%）我們的淨資產，就任何日曆季度期間的任何股票發行或回購進行適當調整。

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基於淨投資收益的季度激勵費

預激勵費淨投資收益

（以淨資產價值的百分比表示）

預激勵費淨投資收益的百分比

分配給激勵費中與收入相關的部分

獎勵費用的第二部分是基於資本利得的獎勵費用，在每個財政年度結束時(或在諮詢協定終止時，截至終止日期)確定並支付欠款，相當於截至財政年度結束時我們的“已實現淨資本收益”(定義見下文)的20.0%。在確定應支付給顧問的基於資本利得的激勵費用時，我們在每個適用年度結束時，通過從累計已實現資本收益中減去累計已實現資本損失和整個投資組合的未實現資本折舊之和來計算“已實現資本淨收益”。為此，累計已實現資本收益(如果有的話)等於每項投資出售時的淨銷售價格與該投資自成立以來的原始成本之間的差額之和。累計已實現資本損失總額等於每項投資的淨銷售價格在出售時低於該投資自成立以來的原始成本的金額之和。整個投資組合的未實現資本折舊總額(如果有)等於每項投資在適用計算日期的估值與該投資的原始成本之間的差額之和。在適用的會計年度結束時，作為我們計算基於資本利得的激勵費用的基礎的資本利得金額等於累計已實現資本收益減去累計已實現資本損失，再減去整個投資組合的未實現資本折舊總額(如果有的話)。如果這一數位在該財年結束時為正數，則該年度的基於資本利得的激勵費用等於該金額的20.0%，減去之前所有年度就我們的投資組合支付的任何基於資本利得的激勵費用的總額。自我們成立至2024年9月30日，沒有記錄或支付任何基於資本利得的激勵費用，因為累計未實現資本折舊已超過累計已實現資本收益扣除累計已實現資本損失。

根據公認會計原則，基於資本利得的激勵費用應計專案使用累計已實現資本損益和累計未實現資本增值和折舊計算。如果該金額在期末為正數，則GAAP要求我們記錄基於資本利得的激勵費用，該金額等於該金額的20.0%，減去之前所有年度實際支付的基於資本利得的激勵費用的總額。如果該金額為負數，則該期間沒有應計專案。公認會計原則要求基於資本利得的激勵費用應計專案在計算時考慮累計的未實現資本增值，因為如果實現了此類未實現資本增值，則應支付基於資本利得的激勵費用。不能保證這種未實現的資本增值會在未來實現。從我們成立到2024年9月30日，沒有記錄基於資本利得的激勵費用的GAAP應計專案。

我們的董事會接受了顧問的非合同性、無條件和不可撤銷的信貸，以減少基於收入的激勵費用，但淨投資收益不涵蓋截至2024年9月30日和2022年9月30日止年度向普通股股東分配的100.0%，這些信貸總額為美金0.2 億和$0.4 分別為百萬。 截至2023年9月30日止年度內沒有此類抵免。

根據信貸協議的貸款服務費

該顧問還為我們的全資子公司Gladstone Business Loan，LLC（「Business Loan」）（我們信貸融資項下的借款人）持有的貸款提供服務，作為回報，顧問根據我們信貸融資項下抵押的貸款的每月未償還餘額每月收取1.5%的年費。由於Business Loan是我們的綜合子公司，且根據諮詢協議支付給顧問的基本管理費總額不得超過任何特定日曆年總資產的1.75%（減去借款產生的任何未投資現金或現金等值物，並就期內任何股份發行或回購進行適當調整），因此我們

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將根據我們的信貸安排支付的貸款服務費視為諮詢協議項下基本管理費的預付款。因此，這些貸款服務費由顧問100%非合同、無條件且不可撤銷地返還給我們。

管理協議

我們根據管理協議向管理員報銷管理員在向我們提供服務時發生的可分配部分費用，主要是管理員員工的租金、薪津和福利費用，包括我們的財務長和財務主管、首席合規官、首席估值官以及總法律顧問和秘書（他還擔任署長的主席）及其各自的工作人員。

我們可分配的管理員費用部分通常是通過將管理員的總費用乘以本季度管理員的員工為我們提供服務的時間占他們為管理員服務的所有公司提供服務的時間的大約百分比來得出的。2024年7月9日，我們的董事會，包括不是管理協議當事方或任何一方的利益相關者的大多數董事，批准將管理協議續簽至2025年8月31日。

其他交易

Gladstone先生還擔任我們附屬公司Gladstone Securities的經理董事會成員，Gladstone Securities是一家在金融業監管局註冊並由證券投資者保護公司承保的私募行紀交易商。Gladstone Securities由Gladstone先生100%間接擁有和控制，並為我們的某些投資組合公司提供了其他服務，例如投資銀行和盡職調查服務，Gladstone Securities為此收取費用。投資組合公司向Gladstone Securities支付的任何此類費用不會影響我們向顧問支付的費用或針對基本管理費或激勵費的非合同性、無條件且不可撤銷的信貸。有關更多信息，請參閱注釋4 - 關聯交易 我們的陪伴 合併財務報表附註。

美國聯邦所得稅重大考慮因素

這是適用於我們的某些重大美國聯邦所得稅考慮因素的一般摘要，適用於我們作為本準則第m章下的美國聯邦所得稅目的RIC的資格和徵稅，以及適用於我們股份的所有權和處置。本摘要並不旨在完整描述與此相關的所有稅務考慮因素。特別是，我們沒有描述可能與根據美國聯邦所得稅法受到特殊待遇的某些類型股東相關的某些考慮因素。本摘要不討論州、地方或外國稅法或美國遺產稅或贈送稅的任何方面。敦促股東就其特殊情況以及聯邦、州、地方、非美國或其他稅法的可能適用性以及任何擬議的稅法變更諮詢稅務顧問。

「美國股東」是指出於美國聯邦所得稅目的的股票的受益所有者：

•是美國公民或居民的個人；

•根據美國或哥倫比亞特區任何州的法律或根據其法律創建或組織的公司或就美國聯邦所得稅而言被視為公司的其他實體;

•信託，如果美國境內的法院能夠對其管理實施主要監督，並且一名或多名美國人（定義見《準則》）有權控制其所有實質性決定，或者如果信託根據適用的美國財政部法規進行了有效的選擇，則信託被視為美國聯邦所得稅目的的國內信託;或

•遺產，其收入無論其來源如何，均須繳納美國聯邦所得稅。

RIC狀態

為了獲得《守則》第m小節規定的RIC待遇，我們通常必須在每個課徵年度向我們的股東分配至少90.0%的應稅普通收入加上我們已實現的短期淨資本收益超過我們已實現的淨長期資本損失的部分（「投資公司應稅收入」）。我們將其稱為「年度分配要求」。我們還必須滿足幾項額外要求，包括：

•業務發展公司狀態。 在課徵年度的任何時候，我們都必須保持作為BDS的地位。

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•收入來源要求。 我們每個課徵年度的總收入中至少有90.0%必須來自股息、利息、證券付款、貸款、證券銷售或其他處置收益或與我們的證券投資業務相關的其他收入（包括某些視為包含的收入），以及來自合格公開交易合夥企業權益的淨收入。

•資產多元化要求。 截至我們課徵年度每個季度結束時：（1）我們資產價值的至少50%必須由現金、現金項目、美國政府證券、其他受監管投資公司的證券和其他證券，前提是（a）我們持有該等其他證券發行人未發行有投票權證券的10%以上，並且（b）任何發行人的此類其他證券不超過我們總資產的5%，並且（2）投資於證券的不得超過我們總資產價值的25%（美國政府證券或其他受監管投資公司的證券除外）的（i）一家發行人，（ii）由我們控制並從事相同或類似或相關貿易或業務的兩個或多個發行人，以及（iii）一個或多個合格的公開交易合夥企業。

未能獲得RIC資格

如果我們未能達到上述收入、多元化或分配測試，我們可以在某些情況下治癒這種失敗，包括支付基金級別的稅、支付利息、進行額外分配或處置某些資產。如果我們沒有資格或未能治癒此類失敗，或因其他原因無法獲得RIC治療資格，我們將按常規企業所得稅稅率為我們的所有應納稅所得額繳納美國聯盟所得稅，並將繳納任何適用的州和地方稅，即使我們將我們投資公司的所有應納稅所得額分配給我們的股東。我們將不能扣除對我們股東的分配，也不會被要求出於美國聯邦所得稅的目的進行這樣的分配。分配將作為普通股息收入向我們的股東徵稅，並在受到守則某些限制的情況下，符合適用於符合條件的個人和其他非公司美國股東的股息收入的當前最高稅率，但以我們當前或累積的收益和利潤為限。在守則若干限制的規限下，公司分配者將有資格獲得所收取的股息扣除(如適用)。超過我們當前和累積的收益和利潤的分配將首先被視為股東調整後的稅基範圍內的資本返還，然後被視為資本收益。如果我們連續兩年以上未能達到RIC要求，然後尋求重新認證為RIC，我們通常將因我們資產的任何未實現增值而繳納公司級美國聯盟所得稅，除非我們特別選擇在接下來的五年內為任何此類未實現增值支付公司級美國聯盟所得稅。

RIC資格

如果我們符合RIC資格並滿足年度分配要求，我們將不需要就我們及時分配(或被視為及時分配)給股東的投資公司應納稅所得額和淨資本收益(已實現的長期資本收益超過已實現的短期資本損失淨額)部分繳納美國聯盟所得稅。如果我們未能及時分配至少相當於(1)該日曆年普通收入的98.0%、(2)截至該日曆年10月31日的一年期間資本利得淨額的98.2%(或如果我們被允許選擇，則為該年的11月30日或12月31日)和(3)在上一期間已實現但未分配的任何收入的總和(以不對該數額徵收所得稅的範圍為限)，減去某些適用的扣減(合計為“消費稅分配要求”)，我們將對此類收入的未分配金額中少於根據消費稅分配要求要求分配的金額的部分徵收4%的不可抵扣聯盟消費稅。在截至2023年、2022年和2021年12月31日的日曆年度，我們沒有產生任何消費稅。截至2024年9月30日，我們的資本虧損結轉為$47.4百萬美元。

倘若吾等購入(I)最初以折扣價發行、(Ii)按非固定利率或某些合格浮動利率計息，或(Iii)在債務有效期內不是每年無條件支付的債務債務，吾等將被要求在每年的應課稅收入中計入在債務有效期內累積的原始發行折扣(“OID”)的一部分。此外，按貸款協定中規定的合同利率計算並添加到貸款本金餘額中的PIK利息也是一種非現金收入來源，我們每年都必須包括在應納稅所得額中。OID和PIK收入都將包括在我們的投資公司應納稅所得額中，即使我們沒有收到與此類金額相對應的現金。因此，我們可能被要求進行與此類OID和PIK金額相對應的額外分配，以滿足年度分配要求，並繼續符合RIC的資格，或避免徵收聯盟所得稅和消費稅。在這種情況下，我們可能被要求出售投資或其他資產，以滿足RIC分銷要求。截至2024年9月30日的年度，我們錄得0.4截至2024年9月30日的舊資產收益和舊資產投資未攤銷餘額

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共計$0.6 萬截至2024年9月30日，我們已 八 具有PIk利息成分的投資，我們記錄了PIk利息收入為美金5.7 截至2024年9月30日的一年內，新增100萬美金。

對我們的美國股東徵稅

分配

在我們符合美國聯盟所得稅RIC資格的任何期間，我們向股東分配的投資公司應稅收入一般將按照我們當前或累積的收益和利潤作為普通收入對我們的股東納稅。我們首先將收益和利潤分配給優先股股東(如果有的話)，然後根據資本結構中的優先順序分配給普通股股東。超過我們的收益和利潤的任何分配將首先被視為資本返還，在股東的股票調整基準範圍內，然後被視為資本收益。我們報告的長期資本收益的分配將作為長期資本收益向我們的股東徵稅，無論股東持有股票的時間長短，以及分配是以現金支付還是投資於額外的股票。美國公司股東通常有資格獲得相對於從我們收到的普通收入股息扣除50%的股息，但只有在該金額可歸因於我們從應納稅國內公司收到的股息的範圍內。

擁有兩種或多種股票類別的RIC通常需要根據課徵年度支付給每個類別的總分配百分比，將每種類型的收入（例如普通收入、資本利得、合格股息收入和符合已收股息扣除資格的股息）按比例分配給每個類別。因此，對於我們擁有普通股和優先股的任何課徵年度，我們打算在我們的普通股和優先股之間分配資本收益分配、合格股息收入分配以及符合已收股息扣除資格的分配（如果有），比例與就該課徵年度向每個類別支付的總分配比例。

我們在任何日曆年的10月、11月或12月宣佈的任何分派，在該月的指定日期向我們登記在冊的股東支付，並在下一年1月實際支付，將被視為由我們支付，並在前一年12月31日由我們的股東收到。此外，如果我們(1)在延長的提交該課稅年度或第15個課稅年度報稅表的截止日期之前申報該項分配，我們可選擇(根據守則第855(A)條)將分配追溯至上一個課稅年度。這是(2)在納稅年度結束後的12個月內作出選擇；(3)在納稅年度結束後的12個月期間內，但不遲於申報後的第一次同類型的定期分配付款。任何此類選擇不會改變一般規則，即股東將被視為在進行分配的納稅年度接受分配，但受上述10月、11月、12月規則的約束。

如果普通股股東參與我們的“選擇參與”股息再投資計劃，那麼普通股股東將自動將他們的現金股息和分配再投資於我們普通股的額外股份，而不是接受現金股息和分配。根據該計劃再投資的任何分配將按相同的程度和相同的性質向普通股股東徵稅，就像普通股股東收到現金分配一樣。普通股股東在通過該計劃購買的額外普通股中將有一個調整後的基數，相當於如果美國股東以現金形式收到股息或分配時將收到的美元金額，除非我們發行的新股的交易價格等於或高於資產淨值，在這種情況下，美國股東在新股中的基數通常等於它們的公平市場價值。增加的普通股將有一個新的持有期，從股票記入普通股股東賬戶的次日起計算。計劃代理人根據計劃下的義務在公開市場上購買股票。

出售我們的股份

如果美國股東出售或以其他方式處置我們的普通股股份，美國股東通常會確認應稅損益。如果美國股東持有股份超過一年，則此類出售或處置產生的任何收益通常將被視為長期資本收益或損失。否則，將被歸類為短期資本損益。然而，出售或處置持有六個月或以下的我們股票而產生的任何資本損失將被視為長期資本損失，其金額以已收到的資本收益股息或視為已收到的未分配資本收益的金額為準。如果其他基本相同的股份被視為非自願的，則根據守則的「洗售」規則，應稅股份處置所實現的所有或部分損失將被禁止

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在處分前或處分後30日內購買的。在這種情況下，新購買的股票的基礎將進行調整，以反映不允許的虧損。根據截至本申請之日生效的稅法，美國個人股東的淨資本收益(即一個納稅年度的已實現淨長期資本收益超過已實現短期資本損失淨額)應繳納最高20%的聯盟所得稅，包括投資於我們股票的任何長期資本收益。這一稅率低於個人目前應繳納的普通收入的最高稅率。美國公司股東目前對淨資本收益繳納聯盟所得稅，稅率與其普通收入相同。資本損失對公司和非公司股東的使用都有限制。作為個人、遺產或信託基金的某些美國股東，除其他事項外，還需繳納3.8%的醫療保險稅，用於出售或以其他方式處置我們股票的股息和資本收益。

備用預扣稅和其他要求的預扣稅

我們可能被要求預扣美國聯邦所得稅（即備用預扣稅）向任何非美國公司股東的所有應稅分配（i）未能向我們提供正確的課徵人身份號碼或該股東免於備用預扣稅的證明，或（ii）國稅局（「IRS」）針對誰通知我們該股東未能向國稅局正確報告某些利息和股息收入並對相關通知做出回應。個人的課徵人身份證號碼通常是他或她的社會安全號碼。只要及時向國稅局提供適當的信息，根據備用預扣稅的任何金額都可以作為美國股東聯邦所得稅責任的抵免。

準則第1471-1474節以及根據該準則發佈的美國財政部和美國國稅局指導意見(統稱為“FATCA”)一般要求我們獲得足夠的資訊，以根據FATCA或美國與外國政府之間適用的政府間協定(“IGA”)確定每個股東的身分。如果股東未能提供所要求的資訊或未能遵守FATCA或IGA，根據FATCA，我們可能被要求對該股東支付的普通股息按30%的比率扣繳。美國國稅局和財政部已經發布了擬議的法規，規定這些扣繳規則不適用於我們支付的股票贖回或資本利得股息的總收入。如果一筆付款被FATCA扣留，我們被要求扣繳，即使根據上述適用於外國股東的規則，此類付款將被豁免扣繳(例如，與利息相關的股息)。此外，除某些例外情況外，該法律還對向非金融機構的外國實體支付的款項徵收30%的預扣，除非外國實體證明其在美國的所有者不超過10%，或向扣繳代理人提供每個超過10%的美國所有者的識別資訊。根據非美國股東的身分和通過其持有股票的仲介機構的地位，非美國股東可能需要就其股票的分配和出售股票的收益繳納30%的預扣稅。在某些情況下，非美國股東可能有資格獲得此類稅款的退款或抵免。

信息報告

我們將在每個日曆年結束後向每位美國股東發送一份通知，以每股和每次分配為基礎，提供美國股東當年應稅收入中包含的金額，作為普通收入和長期資本收益（如果有的話）。此外，每年分配的美國聯邦課徵狀況通常會向國稅局報告（包括有資格享受適用於長期資本收益的優惠稅率的股息金額（如果有））。

作為BDS的監管

我們是一家封閉式、非多元化管理投資公司，已根據1940年法案第54條選擇接受BDS監管。因此，我們受到1940年法案的監管。《1940年法案》包含有關BDS與其附屬公司、主要承銷商以及這些附屬公司或承銷商的附屬公司之間交易的禁令和限制，並要求大多數董事是《1940年法案》中定義的「利害關係人」以外的人。此外，《1940年法案》規定，我們不得改變業務性質，以停止成為或撤回我們作為BDS的選舉，除非得到「未發行有投票權證券的多數投票」批准（如1940年法案所定義）。

一般來說，如《1940年法案》第55（a）（1）至（a）（3）條所述，BCD必須在美國成立並在美國設有主要營運地，並且必須以投資合格資產為目的運營。

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合資格資產

根據1940年法案，BDS不得收購1940年法案第55（a）條所列類型資產（稱為合格資產）以外的任何資產，除非在收購時符合條件資產，家具、設備、房地產、或租賃物改良（「運營資產」）至少占總資產的70.0%，不包括運營資產。根據1940年法案，我們可以投資的合格資產類型包括以下：

(1)在不涉及任何公開發行的交易中購買的證券，該證券發行人是合格的投資組合公司。1940年法案中，符合資格的投資組合公司通常定義為符合以下條件的任何發行人：

(a)根據美國任何州的法律組織，並在美國任何州設有主要營運地點;

(b)不是投資公司（由BDS全資擁有或以其他方式排除在投資公司定義之外的小企業投資公司除外）;並且

(c)滿足以下條件之一：

(i)其不擁有掮客或交易商可以為其提供保證金信貸的任何類別證券;

(ii)它由BCD控制，並且BCD的一家附屬公司擔任董事;

(iii)it has total assets of not more than $4.0 million and capital and surplus of not less than $2 million;

(iv)it does not have any class of securities listed on a national securities exchange; or

(v)it has a class of securities listed on a national securities exchange, with an aggregate market value of outstanding voting and non-voting equity of less than $250.0 million.

(2)Securities received in exchange for or distributed on or with respect to securities described in (1) above, or pursuant to the exercise of options, warrants or rights relating to such securities.

(3)Cash, cash items, government securities or high quality debt securities maturing in one year or less from the time of investment.

截至2024年9月30日，我們99.7%的資產為合格資產。

資產覆蓋

根據1940年法案第61（a）（3）條，我們被允許發行多種類別的「代表債務的高級證券」。然而，根據1940年法案第18（c）條，我們僅允許發行一類「股票優先證券」。在任何一種情況下，我們只能發行此類優先證券，前提是此類優先證券在發行後具有1940年法案第18（h）條定義的資產覆蓋率至少為150%。

此外，如果我們的“代表債務的優先證券”的資產覆蓋率不能達到至少150%(在宣佈這種分配並對這種分配進行會計處理時計算)，我們向任何類別股本持有人支付股息或分派(普通股應付股息除外)的能力將受到限制。1940年法案不將這一限制適用於不打算公開分配的私人安排的債務，除非貸款人特別協商了這一限制。此外，我們向普通股股東支付紅利或分派(普通股支付的紅利除外)的能力將受到限制，如果我們的“優先證券”的資產覆蓋率不能達到至少150%(在宣佈這種分派並計入這種分派時計算的)。如果我們的資產價值下降，我們可能無法滿足這些資產覆蓋範圍的要求。為了在我們尋求支付分銷的情況下滿足150%的資產覆蓋率要求，我們可能不得不(I)清算我們投資組合的一部分以償還一部分債務，或(Ii)發行普通股。這可能發生在出售投資組合資產可能不利的時候，或者我們以令人滿意的條款進入資本市場的機會有限的時候。此外，我們用來償還債務或提供成本的任何金額都不能分配給我們的股東。如果我們無法通過這些方法重新獲得必要的資產覆蓋範圍，我們可能會被迫暫停支付此類股息或分配。

重要的管理援助

BDS通常必須為其某些投資組合證券的發行人提供大量管理援助，而BDS將這些證券視為上述70.0%測試的合格資產。提供重要的管理人員

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協助除其他外，是指BDS通過其董事、高級管理人員或員工提出提供（如果接受）有關投資組合公司的管理、運營或業務目標和政策的重要指導和建議的任何安排。重要的管理協助還包括對投資組合公司的管理和政策施加控制影響。然而，對於某些（但不是所有）此類證券，如果BCD與一名或多名其他共同行動的人聯合購買此類證券，集團中的其他人之一可以提供此類管理協助，或者BCD可以共同行使此類控制權。

風險因素摘要

以下是與投資我們的證券相關的主要風險因素的總結。除以下內容外，您還應仔細考慮「中包含的信息危險因素「從本年度報告第21頁開始，連同本年度報告中包含的所有其他信息以及我們向SEC提交或提供的其他報告和文件，以更詳細地討論主要風險以及您在決定投資我們的證券之前應該仔細考慮的某些其他風險。

•市場狀況可能會對我們的業務、運營運績、現金流和財務狀況產生負面影響。

•資本市場的波動可能會使籌集資本變得更加困難，並可能對我們投資的估值產生不利影響。

•由於美國通脹的影響，我們的季度和年度業績可能會出現波動

•市場利率可能會對我們證券的價值產生影響。

•Changes in interest rates may negatively impact our investments and have an adverse effect on our business, financial condition, results of operations, and cash flows.

•The lack of liquidity of our privately held investments may adversely affect our business.

•Our investments in lower middle market companies are extremely risky and could cause you to lose all or a part of your investment.

•We often invest in transactions involving acquisitions, buyouts and recapitalizations of companies, which will subject us to the risks associated with change in control transactions.

•Our portfolio is concentrated in a limited number of companies and industries, which subjects us to an increased risk of significant loss if any one of these companies does not repay us or if the industries experience downturns.

•Any inability to renew, extend or replace our Credit Facility on terms favorable to us, or at all, could adversely impact our liquidity and ability to fund new investments or maintain distributions to our stockholders.

•We are subject to restrictions that may discourage a change of control. Certain provisions contained in our articles of incorporation and Maryland law may prohibit or restrict a change of control and adversely impact the price of our common stock.

•There are significant potential conflicts of interest, including with the Adviser, which could impact our investment returns.

•我們的成功取決於顧問在競爭環境中吸引和留住合格人員的能力。

•我們的激勵費可能會促使顧問進行某些投資，包括投機性投資。

•即使我們遭受損失，我們也可能有義務向顧問支付激勵補償。

•顧問沒有義務提供基本管理費或激勵費的抵免，這可能會對我們的盈利和我們維持當前向股東分配水平的能力產生負面影響。

•您可能無法收到分發，或者分發可能不會隨著時間的推移而增長。

•投資我們的證券可能涉及高於平均水平的風險。

•封閉式投資公司的普通股通常以每股資產淨值的折扣進行交易。

•我們發行無擔保票據所依據的契約對此類票據持有人的保護有限。

•Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, or the operations of businesses in which we invest, a compromise or corruption of our confidential

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information and/or damage to our business relationships, all of which could negatively impact our business, financial condition and operating results.

道德守則

我們和所有格萊斯頓公司已採用了適用於此類公司所有高級官員、董事和人員的道德和商業行為準則，該準則符合S-k法規第406條和1940年法案第17 j-1條規定的準則。根據1940年法案的要求，該守則制定了個人投資程式，限制此類人員的某些交易，並要求此類人員報告某些交易和持有情況。該道德和商業行為準則可在我們網站「治理-治理文件」下的投資者部分公開獲取，網址： www.GladstoneCapital.com. 道德和商業行為準則的附錄A是我們的 內幕交易政策. 我們打算通過在我們的網站或在8-k表格的當前報告中發布有關任何此類修改或豁免的信息，提供對本準則條款的任何修改或豁免的任何要求披露。

合規政策及程式

我們和顧問已採取並實施合理設計的書面政策和程式，以防止違反聯邦證券法，我們的董事會必須每年審查這些合規政策和程式，以評估其實施的充分性和有效性。我們已任命首席合規官John Dellafiora，Jr.，他還擔任所有格萊斯頓公司的首席合規官。

人員配置

我們目前沒有任何員工，預計在可預見的未來也不會有任何員工。目前，我們業務所需的服務分別由顧問和管理員的雇員個人根據諮詢協議和管理員的條款提供。我們預計，顧問和署長的25至30名全職員工將在2024年剩餘時間和2025年全年期間花費大量時間處理我們的事務。截至2024年9月30日，顧問和管理員共有73名全職員工。下表按職能領域匯總了這些員工的詳細信息：

的人數						功能區
13						執行管理
23						會計、行政、合規、人力資源、法律和財務
37						投資管理、投資組合管理和盡職調查

顧問和管理員的目標分別是通過提供有競爭力的基本薪津和花紅結構以及為員工提供適當的專業成長機會來吸引和留住有能力的諮詢和行政人員。

可用信息

我們向SEC提交或提供10-k表格的年度報告、10-Q表格的季度報告、8-k表格的當前報告、委託聲明以及符合1934年證券交易法（經修訂）第13（a）或15（d）條信息要求的其他信息的複本（「交易法」），並通過我們網站的投資者部分免費提供此類報告及其任何修訂 www.GladstoneCapital.com 在此類材料以電子方式提交或提供給SEC後，在合理可行的範圍內儘快。我們網站上包含的信息不會以引用的方式納入本年度報告中。SEC還維護一個網站，其中包含報告、代理和信息聲明以及有關發行人的其他信息，這些信息以電子方式向SEC提交 Www.sec.gov。

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項目1A. 危險因素

您應仔細考慮這些風險因素，以及本年度報告以及我們向SEC提交的其他報告和文件中包含的所有其他信息。以下列出的風險並不是我們面臨的唯一風險。我們目前不知道或我們目前不認為重大的額外風險和不確定性也可能損害我們的運營和績效。如果發生以下任何事件，我們的業務、財務狀況、經營運績和現金流可能會受到重大不利影響。如果發生這種情況，我們證券的交易價格和我們普通股的資產淨值可能會下降，您可能會失去全部或部分投資。下文描述的風險因素是與我們的證券投資相關的主要風險因素，以及通常與投資目標、投資政策、資本結構或交易市場與我們類似的投資公司相關的因素。

與經濟相關的風險

市場狀況可能會對我們的業務、運營運績、現金流和財務狀況產生負面影響。

我們運營的市場受到許多因素的影響，這些因素在很大程度上超出了我們的控制範圍，但仍可能對我們產生潛在的重大負面影響。除其他外，這些因素包括：

•利率和信貸利差的變化以及通貨膨脹對我們和我們的投資組合公司的影響;

•信貸的可用性，包括獲得信貸的價格、條款和條件;

•合適投資的質量、定價和可用性以及我們投資的信用損失;

•獲得準確的市場估值的能力;

•相對於基礎資產價值的投資價值;

•我們投資的貸款的違約率以及相關損失金額;

•預付費率、拖欠率以及服務商預付款的時間和金額;

•競爭;

•經濟和資本市場的實際和感知狀況;

•立法的修改或廢除，或法規或監管解釋的變化，以及政府的過渡，包括有關上述任何內容的不確定性;

•國家和全球政治環境，包括戰爭、武裝衝突、外交關係和貿易政策;

•守則潛在變更的影響;以及

•相對於對中低層市場公司的投資，其他類型的投資的吸引力一般。

這些因素的變化很難預測，一個因素的變化可能會影響其他因素，這可能會對我們的業務、經營運績、財務狀況和現金流造成不利影響。

資本市場的波動可能會使籌集資本變得更加困難，並可能對我們投資的估值產生不利影響。

鑑於資本市場不時經歷的波動和混亂，許多BDS已經面臨並且未來可能面臨具有挑戰性的融資環境。我們未來可能難以獲得債務和股權資本，美國或全球金融市場的嚴重擾亂或信貸和融資條件的惡化可能會對我們的業務、財務狀況、運營運績和現金流產生重大不利影響。此外，資本市場的重大變化已經並可能在未來對我們投資的估值以及涉及我們投資的潛在流動性事件產生負面影響。 無法籌集資本、出於流動性目的而要求出售我們的投資或我們的投資組合公司未能實現流動性事件，可能會對我們的業務、財務狀況、運營運績或現金流產生重大不利影響。

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由於美國通脹的影響，我們的季度和年度業績可能會出現波動

我們投資組合的某些公司所屬的行業已經受到以及未來可能受到通脹影響，例如消費品和服務以及製造業。我們的投資組合公司可能無法將運營成本的增加轉嫁給客戶，這可能會極大地影響他們的經營運績，影響他們償還貸款的能力。此外，預計未來我們投資組合公司的經營運績因通脹而下降，都可能對這些投資的公允價值產生不利影響。我們投資公允價值的任何下降都可能導致未來已實現或未實現損失，從而減少我們因運營而產生的淨資產。

與利率相關的風險

市場利率可能會對我們證券的價值產生影響。

影響我們證券價格的因素之一是我們證券的分配收益率（占證券價格的百分比）相對於市場利率。市場利率上升可能會導致我們證券的潛在購買者預期更高的分銷收益率。此外，較高的利率增加了我們的借貸成本。因此，市場利率上升可能會導致我們證券的市場價格下降。

利率變化可能會對我們的投資產生負面影響，並對我們的業務、財務狀況、運營運績和現金流產生不利影響。

一般來說，浮動利率貸款的利率波動和信用利差的變化可能會對我們的投資和投資機會產生負面影響，從而可能對我們的投資資本回報率、我們的投資淨收入、我們的資產淨值和我們證券的市場價格產生重大不利影響。隨著利率的提高，一般來說，我們的信貸工具下的借貸成本會增加，這可能會影響我們以有利的條件進行新投資的能力，甚至根本不會。我們的債務投資有很大一部分是浮動利率，定期重置，通常基於SOFR。隨著利率的上升，我們投資組合中的某些公司的經營業績受到償債義務增加的影響，因此可能會影響我們的經營業績。此外，如果利率進一步上升，很難或不可能償還欠我們或其他金融贊助商的未償債務，或對近期到期的債務進行再融資，我們投資組合中的一些公司可能無法在到期時償還此類債務，並可能被迫出售資產、進行資本重組或尋求破產保護。利率上升還可能導致借款人將現金從其他生產性用途轉移到支付利息上，這可能會對他們的業務和運營產生實質性的不利影響，隨著時間的推移，可能會導致違約增加。此外，隨著利率上升和借款人違約的風險增加，較高利率貸款的流動資金可能會減少，因為由於借款人違約的風險增加，以及對此類貸款的投資損失風險增加，願意在二級市場購買此類貸款的投資者可能會減少。支付浮動回報率的債務的信貸利差減少，將對我們浮動利率資產的收入產生影響。支付固定回報率的債券的交易價格往往會隨著利率的上升而下降。對於期限較長的固定利率證券，交易價格往往波動更大。如果利率繼續居高不下或未來再次上升，可能會對我們的投資產生負面影響，這可能會對我們的經營業績、財務狀況和現金流產生負面影響。

相反，利率下降（包括最近利率下降）將導致我們的總投資收益減少，除非被利率下限或可變利率債務投資利差增加所抵消。此外，如果我們向顧問支付的基本管理費或激勵費沒有減少或抵免，或者如果我們無法為我們的固定利率債務再融資或以較低利率發行新的固定利率債務，我們的淨投資收入可能會減少。此外，當利率下降時，借款人可能會以較低的利率為貸款再融資，這可能會縮短貸款的平均壽命並降低相關投資回報，並要求顧問及其投資專業人員承擔管理時間和費用來重新部署此類收益，包括條款可能不如我們現有貸款那麼優惠。

A change in interest rates may adversely affect our profitability and any hedging strategy we adopt may expose us to additional risks.

我們預計使用股權以及長期和短期借款的組合為我們的投資活動提供資金。因此，我們收入的一部分將取決於我們借入資金的利率和貸款這些資金的利率之間的利差。利率的上升或下降可能會縮小我們投資利率與借款利率之間的利差，因此，如果我們沒有適當對沖此類事件，會對我們的盈利能力產生不利影響。或者，利率對沖安排可能會限制我們參與對沖投資組合較低利率收益的能力。

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截至2024年9月30日，根據未償債務的總本金餘額，我們的投資組合包括約93.9%的浮動利率貸款和約6.1%的固定利率貸款。

截至2024年9月30日，我們沒有任何對沖安排，例如利率對沖。 雖然對沖安排可能會使我們免受利率不利波動的影響，但它們也可能限制我們參與對沖投資組合較低利率收益的能力。 利率變化或任何未來對沖交易導致的不利發展可能會對我們的業務、財務狀況和經營運績產生重大不利影響。我們根據對沖安排收取付款的能力與該對沖安排的交易對手方支付所需付款的能力有關。如果對沖安排的交易對手方無法根據協議條款付款，我們可能會失去該安排的對沖保護。

此外，我們某些債務投資的公允價值部分基於類似證券的當前市場收益率或利率。利率變化可能會對我們確定這些債務投資的公允價值產生重大影響。此外，利率變化還可能對當時生效的任何對沖安排的公允價值產生影響，從而可能導致未來期間記錄未實現的增值或貶值。因此，利率變化導致的不利發展可能會對我們的業務、財務狀況、經營運績和現金流產生重大不利影響。參閱 「關於市場風險的定量和定性披露」 有關利率波動的更多信息。

與我們投資相關的風險

我們在一個競爭激烈的投資機會市場中運營。

BDC和投資公司市場對第一留置權和第二留置權擔保債務存在競爭壓力，這可能導致投資收益率下降。大量實體與我們競爭，進行我們尋求在中低端市場公司進行的投資類型。我們與公共和私人收購基金、公共和私人信貸基金和其他商業發展中心、商業和投資銀行、商業融資公司競爭，如果它們提供另一種融資形式，還與對沖基金競爭。我們的許多競爭對手比我們大得多，擁有比我們大得多的財務、技術和營銷資源。例如，一些競爭對手可能擁有較低的資金成本和獲得我們無法獲得的資金來源的機會。此外，我們的一些競爭對手可能具有更高的風險容忍度或不同的風險評估，這將使他們能夠考慮更廣泛的投資，並建立比我們更多的關係。此外，我們的許多競爭對手不受1940年法案對我們作為BDC施加的監管限制。我們面臨的競爭壓力可能會對我們的業務、財務狀況和運營結果產生實質性的不利影響。此外，由於這場競爭，我們可能無法不時地利用有吸引力的投資機會，並且我們不能保證我們將能夠識別並做出與我們的投資目標一致的投資。我們不尋求基於我們提供的利率進行競爭，我們相信我們的一些競爭對手可能會以與我們提供的利率相當或更低的利率發放貸款。如果我們與競爭對手的定價、條款和結構不匹配，我們可能會失去投資機會。然而，如果我們與競爭對手的定價、條款和結構相匹配，我們可能會遇到淨利息收入減少和信用損失風險增加的情況。

我們對中低層市場公司的投資風險極高，可能會導致您損失全部或部分投資。

對中下層市場公司的投資面臨一系列重大風險，包括以下風險：

•中下層市場公司可能比大型企業更容易受到經濟衰退的影響。 我們的投資組合公司的資源可能比大型企業少，因此任何經濟衰退或衰退都更有可能對它們產生重大不利影響。當經濟收縮時，中下層市場業務（例如我們投資的業務）的財務業績可能會惡化或較當前水平增長有限，這最終可能導致難以滿足其債務償還要求並增加違約率。 因此，對於任何受到經濟低迷或衰退不利影響的投資組合公司來說，其償還貸款或參與流動性事件（例如出售、資本重組或首次公開募股）的能力都會減弱。

•中下層市場公司的財務資源可能有限，可能無法償還我們向他們提供的貸款。 我們的戰略包括為通常無法隨時獲得融資的投資組合公司提供融資。雖然我們相信這為我們提供了一個有吸引力的利潤機會，但這可能會使投資組合公司難以在到期時償還向我們提供的貸款。一

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借款人償還貸款的能力可能受到許多因素的不利影響，包括未能滿足其業務計劃、行業不景氣或不利的經濟條件，包括當前市場環境造成的情況。借款人的財務狀況和前景惡化通常會伴隨著任何抵押品價值的惡化，以及我們從借款人管理層獲得的任何擔保變現的可能性降低。截至2024年9月30日，我們向B+T Group Acquisition，Inc.(簡稱B&T Group)、Edge Adhesives Holdings，Inc.(簡稱Edge Adhesives)和WB Xcel Holdings，LLC(簡稱WB Xcel)提供的貸款處於非應計狀態，成本基礎為$28.3 百萬元或 4.1我們投資組合中所有債務投資的成本基礎的%，公允價值為$12.8百萬美元，或1.9我們投資組合中所有債務投資的公允價值的%。對於任何被置於非權責發生制狀態的貸款，我們不能向您保證我們改善這些公司的盈利能力和現金流的努力將被證明是成功的。在我們的一些投資組合公司中，我們預計將從屬於高級貸款人，因此，我們對任何抵押品的權益可能從屬於另一家貸款人的擔保權益。

•中下層市場公司的產品線通常比大型企業更窄，市場份額也更小。 由於我們的目標投資組合公司是中下層市場企業，因此它們往往更容易受到競爭對手行為、供應鏈問題和市場狀況以及總體經濟低迷的影響。此外，我們的投資組合公司經常面臨激烈的競爭，包括來自擁有更大財務資源、更廣泛的開發、製造、營銷和其他能力以及更多合格管理或技術人員的公司的競爭。

•有關這些企業的公開信息通常很少或沒有。 由於我們尋求投資私營企業，因此通常很少或沒有有關我們潛在投資組合公司的公開運營和財務信息。因此，我們依靠我們的官員、顧問及其員工、格萊斯頓證券和某些顧問對這些投資組合公司、其運營和前景進行盡職調查。我們可能無法通過調查了解有關這些企業的所有重要信息，以做出明智的投資決策。

•中低端市場公司的經營業績通常較難預測。我們預計，我們的投資組合公司的經營業績可能有很大差異，可能不時面臨訴訟，可能從事快速變化的業務，產品面臨重大過時風險，可能需要大量額外資本來支持其運營、為擴張提供資金或保持其競爭地位，否則可能財務狀況不佳，或可能受到商業週期變化的不利影響。我們的投資組合公司可能無法滿足其高級貸款人通常施加的淨利潤、現金流和其他覆蓋範圍測試。借款人未能履行優先貸款人強加的財務或經營契約可能導致違約，並可能導致其優先信貸安排喪失抵押品贖回權，這可能還會在其他協定中引發交叉違約。如果發生這種情況，借款人償還我們任何貸款的能力可能會受到威脅。

•中下層市場公司更有可能依賴一兩個人。 通常，中下層市場業務的成功還取決於一兩個人或一小群人的管理人才和努力。其中一名或多名人員的死亡、殘疾或辭職可能會對我們的某些投資組合公司產生重大不利影響，進而對我們產生重大不利影響。

•中下層市場公司的運營歷史可能有限。 雖然我們專注於具有良好業績記錄的穩定公司，但我們可能會向符合我們其他投資標準的新公司提供貸款。運營歷史有限的投資組合公司將面臨新企業面臨的所有運營風險，並且可能特別容易受到市場低迷、競爭壓力和關鍵高管離職等風險的影響。

•中低層市場公司的債務證券通常不會受到信用評級機構的評級。 通常，中下層市場私營企業不能或不會花費資源讓信用評級機構對其債務證券進行評級。我們預計，我們收購的大部分（如果不是全部）債務證券將未經評級。投資者應該假設這些貸款的利率低於「投資級」質量。評級低於投資級別的投資通常被稱為高收益證券或垃圾債券，與投資級債務工具相比，可能被視為高風險。

•中下層市場公司的槓桿率可能很高。 我們的一些投資組合公司槓桿率很高，這可能會對這些公司和我們作為投資者產生不利影響。 這些公司m可能會受到限制性財務和運營契約的約束，槓桿可能會損害這些公司為其未來運營和資本需求融資的能力。因此，這些公司應對不斷變化的業務和經濟狀況以及利用商業機會的靈活性可能受到限制。此外，a

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槓桿公司的收入和淨資產往往會以比不使用借入資金更大的速度增加或減少。

•中下層市場公司可能在受監管的行業運營或為政府提供服務。 我們的一些投資組合公司可能在受監管的行業運營和/或向聯邦、州或地方政府提供服務，或者在向受監管的行業或聯邦、州或地方政府提供服務的行業運營，其中任何一種情況都可能導致服務付款延遲或使公司面臨付款和報銷率或其他條款的變化。

由於我們發放的大部分貸款和發放貸款時收到的股票證券都不是公開交易的，因此我們私人持有證券的價值存在不確定性。

我們的大多數投資組合是，我們預計將繼續以未公開交易的證券的形式存在。非公開交易的證券和其他投資的公允價值可能不容易確定。在評估我們的投資組合時，使用了幾種技術，包括企業總價值法、收益率分析、市場報價和獨立的第三方評估。第三方評估公司為我們的專有債務投資提供公允價值估計。另一家第三方估值公司被用來為我們的重大股權投資提供估值輸入，包括收益倍數範圍以及其他資訊。除了這些技術外，在確定我們投資的公允價值時，還會考慮其他因素，包括：抵押品的性質和可變現價值，包括外部各方的擔保；收購投資組合公司的任何相關要約或意向書；以及投資組合公司經營的市場。

我們投資的公允價值計量可能涉及主觀判斷和估計，由於確定這些公允價值的內在不確定性，公允價值的確定可能會在不同時期波動。此外，市場環境的變化和投資期間可能發生的其他事件可能會導致這些投資最終實現的收益或虧損與目前分配的估值不同。此外，此類投資通常受到轉售或其他方面的法律和其他限制，流動性低於上市證券，任何包括OID或PIK權益的投資可能具有不可靠的估值，因為它們的持續應計需要對其延期付款的可收回性及其標的抵押品的價值做出持續判斷。如果我們被要求在強制或清算出售中清算一項組合投資，我們可能會實現遠低於其記錄價值的收益。

如果我們投資的公允價值高於我們在出售此類證券時最終實現的價值，我們的資產淨值將受到不利影響。

我們某些投資組合持有的估值過程會產生利益衝突。

我們的投資組合投資中有很大一部分是市場報價不容易獲得的證券。 在確定這些證券的公允價值方面，我們的估值團隊根據最新的投資組合公司財務報表和每家投資組合公司的預測財務業績準備投資組合公司的估值。顧問的投資專業人士參與我們的估值過程，以及Gladstone先生在顧問中的金錢利益可能會導致利益衝突，因為我們向顧問支付的管理費是基於平均總資產，減去未投資的現金或借款的現金等值物，並根據期內的任何股票發行或回購進行適當調整。

我們的私人持有投資缺乏流動性可能會對我們的業務產生不利影響。

我們通常投資於私人公司，這些公司的證券不在任何公開市場交易。我們目前持有的幾乎所有投資都是，我們預計未來將獲得的投資將受到轉售的法律和其他限制，否則流動性將低於上市交易的證券。如果需要，我們的投資的非流動性可能會使我們很難迅速獲得與我們記錄的投資價值相等的現金。這可能會導致我們錯過預期的重要投資機會，因為我們沒有其他可用的資本來源。此外，如果我們被要求迅速清算我們的全部或部分投資組合，我們可能會在清算時記錄大量已實現虧損。我們清算投資組合公司投資的能力也可能面臨其他限制，前提是我們、顧問、管理人或我們各自的高級管理人員、員工或附屬公司擁有有關該投資組合公司的重要非公開資訊。

由於這些證券估值固有的不確定性，顧問對公允價值的確定可能存在重大差異

如果這些證券存在現成的市場，則可以獲得的價值。我們的資產淨值可能會受到重大影響

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如果顧問對我們投資的公允價值的確定與我們的價值存在重大差異

最終在我們處置此類證券時實現。

當我們是投資組合公司的債務或少數股權投資者時（我們預計通常會是這種情況），我們可能無法控制該實體，其管理層可能會做出可能降低我們投資價值的決定。

我們的大部分投資是，而且我們預計我們的大部分投資將繼續是對我們投資組合公司的債務或少數股權投資。因此，即使我們可能擁有董事會觀察權並且我們的債務協議可能包含某些限制性契約，我們通常不會參與我們投資組合公司的日常運營和決策。因此，我們現在並將繼續面臨這樣的風險：投資組合公司可能做出我們不同意的業務決策，並且該公司的股東和管理層可能會承擔風險或採取不符合我們最大利益的方式。因此，投資組合公司可能會做出可能降低我們債務投資價值的決定。

我們經常投資涉及公司收購、收購和資本重組的交易，這將使我們面臨與控制權交易變更相關的風險。

我們的戰略部分包括對與收購、收購和資本重組相關的公司進行債務和少數股權投資，這使我們面臨與控制權交易變更相關的風險。控制權交易的變更通常會帶來許多不確定性。正在經歷控制權交易變更的公司經常面臨留住關鍵員工以及維護與客戶和供應商關係的挑戰。雖然我們希望通過參與保留管理團隊的交易以及在決定投資之前進行徹底的盡職調查來避免許多困難，但如果我們的投資組合公司遇到一個或多個問題，我們可能無法實現我們預期的投資價值，這可能會損害我們的經營運績、財務狀況和現金流。

我們的投資組合公司可能會產生與我們對此類公司的投資同等或優先的債務，和/或我們可能會面臨貸方責任索賠。

我們主要投資於我們投資組合公司發行的債務證券。在某些情況下，投資組合公司將被允許擁有與我們投資的債務證券同等或優先的其他債務。根據該等債務票據的條款，該等債務票據的持有人有權在吾等有權就吾等所投資的債務證券收取付款的日期或之前收取利息及本金。此外，在投資組合公司破產、清算、解散、重組或破產的情況下，優先於我們在該投資組合公司的投資的債務工具的持有人通常有權在我們收到關於我們投資的任何分配之前獲得全額付款。此外，在債務與我們投資的債務證券並列的情況下，我們必須在投資組合公司破產、清算、解散、重組或破產的情況下，與持有此類債務的其他債權人平等分享任何分配。

此外，儘管我們將部分投資結構化為優先貸款，但如果我們的一家投資組合公司破產，取決於事實和情況，包括我們實際向該投資組合公司提供管理援助的程度，破產法院可能會重新定性我們的債務投資，並將我們的所有或部分債權置於其他債權人的債權之上。在償還此類高級債權人後，此類投資組合公司可能沒有任何剩餘資產可用於償還其對我們的義務。在我們對借款人行使控制權或因提供重大管理援助而採取的行動而導致我們對借款人的業務採取的行動，我們還可能面臨貸方責任索賠。

我們的投資組合公司預付投資可能會對我們的運營運績產生不利影響，並降低我們的股本回報率。

除了與延遲投資資本相關的風險外，我們還面臨我們對投資組合公司的投資可能在到期前償還的風險。截至2024年9月30日的年度，我們收到了總計12420日元的計劃外投資還款。我們通常會首先使用預付款的任何收益來償還我們信貸融資中的任何未償借款。如果在償還未償借款後仍有資金剩餘，那麼我們通常會將這些收益重新投資於政府證券，等待其未來投資於新債務和/或股權證券。這些政府證券的收益率通常遠低於預付債務證券，並且我們在再投資這些金額時可能會出現嚴重延遲。此外，

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一旦收益被再投資於新的投資組合公司，此類新投資的收益率也可能低於正在償還的債務證券的收益率。因此，如果我們的一家或多家投資組合公司選擇預付欠我們的款項，我們的運營運績可能會受到重大不利影響。此外，預付款項可能會對我們的股本回報率產生負面影響，從而導致我們普通股的市場價格下跌。

我們的投資組合集中在有限數量的公司和行業，如果其中任何一家公司不向我們還款或行業經歷衰退，我們面臨的重大損失風險就會增加。

截至2024年9月30日，我們在以下領域進行了投資49投資組合公司，其中我們最大的五筆投資約為232.7百萬美元，或29.2佔我們總投資組合的%，按公允價值計算。集中在有限數量的投資的一個後果是，我們實現的總回報可能會因少數此類投資的不利表現或任何一項投資的大幅減記而受到重大不利影響。除了我們的監管和所得稅多元化要求之外，我們沒有關於行業集中度的固定指導方針，我們的投資可能集中在相對較少的行業。此外，儘管我們不打算在投資時將總資產的25.0%或更多投資於特定行業或行業集團，但隨著我們投資組合公司的價值發生變化，一個行業或一組行業可能佔我們總資產價值的25.0%以上。截至2024年9月30日，按公允價值計算，我們的總投資中最大的行業集中度是多元化/綜合服務公司，佔22.5%；多元化/綜合製造公司，佔20.1%；以及航空航太和國防公司，佔19.2%。因此，我們容易受到這些行業的經濟環境的影響，其中一個或多個行業的低迷可能會對我們的運營業績和財務狀況產生重大不利影響。

除了美國投資固有的風險外，對外國投資組合公司證券的投資（如果有的話）還可能涉及重大風險。

我們可能會投資外國公司的證券。投資外國公司可能會讓我們面臨通常與投資美國公司無關的額外風險。這些風險包括外匯管制法規的變化、政治和社會不穩定、沒收、徵收外國稅、市場流動性較低和可用信息比美國普遍情況更少、交易成本更高、政府對交易所、掮客和發行人的監督較少、破產法欠發達、執行合同義務困難、缺乏統一的會計和審計標準，價格波動較大。

此外，我們進行的任何以外幣計價的投資都將面臨特定貨幣的價值相對於一種或多種其他貨幣發生變化的風險。可能影響貨幣價值的因素包括貿易平衡、短期利率水平、不同貨幣類似資產的相對價值差異、投資和資本收益的長期機會以及政治事態發展。我們可能會採用對沖技術來最大限度地降低這些風險，但我們無法向您保證我們實際上會對沖貨幣風險，或者如果我們這樣做，此類策略將會有效。

我們投資股票證券，這涉及很大程度的風險。

我們投資於投資組合公司的普通股和其他股權證券。普通股的回報率歷來明顯比固定收益證券波動更大。此類股票證券通常不公開交易或流動性，其價值將根據發行證券的公司的活動、一般市場狀況和/或特定的經濟或政治狀況而升降。我們收購的股權證券可能無法升值或可能貶值。

由於優先股代表公司的股權，並且通常在公司資本結構中從屬於債券和其他債務工具，就企業收入的優先權而言，因此它們通常比這些債務工具面臨更大的信用風險。因此，它們的價值通常比債券和其他債務工具對公司財務狀況或前景的實際或感知的變化或對股票市場波動的反應更強烈。優先股股東通常沒有投票權或其投票權僅限於某些非常交易或事件。與債務證券的利息支付不同，優先股股息只有在發行人董事會宣布的情況下才支付。優先股還可能受到選擇性或強制贖回條款的約束。

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我們的投資處置可能會導致或有負債。

目前，我們所有的投資都涉及私人證券。就私募證券投資的處置而言，我們可能需要就基礎投資組合公司的業務和財務事務做出陳述，這是與出售企業有關的典型陳述。如果任何此類陳述被證明不準確或涉及某些潛在責任，我們還可能被要求向此類投資的購買者進行賠償。這些安排可能會導致或有負債，最終產生融資義務，而融資義務必須通過返還之前向我們做出的某些分配來滿足。

針對我們或我們人員的投資組合公司訴訟或其他訴訟或索賠可能會導致額外成本並轉移管理時間和資源。

在投資我們的某些投資組合公司並向其提供重大管理協助的過程中，顧問雇用的某些人員可能會擔任該公司董事會的董事。如果訴訟因我們對這些公司或其他公司的投資而引發，即使沒有法律依據，我們或此類員工也可能被列為此類訴訟的被告，這可能會導致額外費用，包括辯護費用，以及管理時間和資源的轉移。如果我們為可能的或有損失記錄資產負債表準備金，我們可能無法準確估計我們面臨的訴訟風險。因此，我們為支付任何結算或判斷而設立的任何準備金可能不足以支付我們的實際財務風險，這可能會對我們的經營運績、財務狀況或現金流產生重大影響。

雖然我們相信我們將對因我們對任何投資組合公司的投資而提出的潛在索賠擁有有效的辯護，並將大力捍衛任何此類索賠，但我們可能會在辯護成本和費用上花費大量資金。此外，如果我們達成和解或在任何訴訟中遭遇不利結果，我們可能會被要求支付大筆款項。此外，如果我們的任何投資組合公司承擔直接或間接索賠或其他義務，例如訴訟或和解中的辯護費用或損害賠償，我們對此類公司的投資價值可能會減少，我們可能會遭受間接損失。此外，這些事項可能會導致我們在評估和辯護任何索賠方面花費大量的管理時間和精力。

我們投資組合經歷的任何未實現折舊都可能表明未來已實現虧損，這可能會減少我們可供分配的收入。

作為BDS，我們必須以市場價值進行投資，如果無法確定市場價值，則以公允價值進行投資。我們將投資的市值或公允價值的下降記錄為未實現折舊。自成立以來，我們的投資組合有時會出現累積未實現淨折舊。我們投資組合中的任何未實現折舊都可能導致未來的已實現虧損，並最終導致我們未來可分配給股東的收入減少。

與我們的外部融資相關的風險

除了對我們籌集資本能力的監管限制外，我們的信貸融資還包含各種契約，如果不遵守，可能會加速我們在該融資下的還款義務，從而對我們的流動性、財務狀況、經營運績和支付分配的能力產生重大不利影響。

我們將繼續需要資金為我們的投資提供資金。截至2024年9月30日，我們的信貸安排下，按成本計算，我們有7,060美元的萬借款未償還，該安排規定的最高借款金額為#美元。293.7百萬美元，迴圈期間結束日期為2025年10月31日(“迴圈期間結束日期”)。我們的信貸安排允許我們為額外的貸款和投資提供資金，只要我們符合信貸協定中規定的條件。我們的信貸安排包含契約，要求我們的全資子公司Business Loan保持其作為獨立法人實體的地位，禁止某些重大的公司交易(如合併、合併、清算或解散)，並限制在未經貸款人同意的情況下對我們的信貸和催收政策進行重大更改。信貸安排亦根據守則第855(A)節的規定，將按會計年度向本公司股東作出的分配，限制為本公司的淨投資收入、淨資本收益及視為已於上一年度支付的金額之和。我們可以進行的貸款投資類型也受到某些限制，包括地理集中度、行業集中度、貸款規模、利率類型、支付頻率和地位、平均壽命和留置權財產的限制。我們的信貸安排進一步要求我們遵守其他財務和運營契約，這些契約要求我們有義務保持一定的財務比率，包括資產和利息覆蓋範圍，以及借款基礎中至少有25名債務人。此外，我們被要求保持(I)最低淨值(在我們的信貸安排中定義為包括任何已發行的強制贖回優先股)為32500美元的萬外加所有

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2021年5月13日之後籌集的股權和次級債務減去2021年5月13日之後退役或贖回的任何股權和次級債務的50%，相當於美金418.8 截至2024年9月30日，百萬，（ii）有關「代表債務的高級證券」的資產覆蓋率至少為150%（或經1940年法案第61條修改的1940年法案第18條中可能規定的百分比），以及（iii）我們作為1940年法案下的BDS和該代碼下的RIC的地位。持續遵守我們信貸額度中的契約取決於許多因素，其中一些因素超出了我們的控制範圍。

我們投資組合中的任何未實現折舊可能會在未來時期增加，並威脅我們遵守最低淨值契約和信貸機制下其他契約的能力。我們未能滿足這些契約可能會導致我們的貸方取消抵押品贖回權，這將加速我們在該融資下的還款義務，從而對我們的業務、流動性、財務狀況、運營運績和向股東支付分配的能力產生重大不利影響。

任何無法以對我們有利的條款更新、延長或替換我們的信貸額度的行為，都可能會對我們的流動性和為新投資提供資金或維持向股東分配的能力產生不利影響。

如果我們的信貸安排在迴圈期結束日期前沒有續期或延期，所有本金和利息將於2027年10月31日或之前到期並支付。在某些條款和條件的約束下，根據手風琴功能，我們的信貸安排可以擴展到總計35000美元的萬。然而，如果更多的貸款人不願意按其條款加入該貸款，我們將無法擴大該貸款，因此在我們的信貸貸款下為新投資提供資金的可能性將繼續有限。不能保證我們能夠在周轉期結束日之前以對我們有利的條款續訂、延長或更換我們的信貸安排。我們擴大我們的信貸安排的能力，以及在迴圈期結束日期或之前獲得替代融資的能力，將受到當時影響信貸市場的當前經濟狀況的限制。如果我們無法擴大我們的信貸安排，或在迴圈期結束日期前續訂、延長或再融資我們的信貸安排，這可能會對我們的流動性和為新投資提供資金的能力、我們向我們的股東進行分配的能力以及我們根據守則獲得RIC資格的能力產生重大不利影響。

如果我們無法獲得重置融資，我們可能被迫以不利的條款出售某些資產，這可能導致已實現虧損，而此類已實現虧損可能大大超過截至我們最近的資產負債表日期這些資產的任何未實現折舊金額，這將對我們的運營業績產生重大不利影響。除了出售資產，或作為替代方案，我們可能會發行股本，以償還我們的信貸安排下的未償還金額。根據我們普通股的交易價格，這樣的股權發行可能會對我們現有股東對我們的收益、資產和有投票權的權益產生重大稀釋影響。如果我們無法在信貸安排到期前續期、延長或再融資，可能會導致利率和相關費用大幅上升，並可能對使用借來的資金為投資提供資金或維持對股東的分配施加重大限制。

我們的業務計劃依賴於外部融資，而外部融資受到1940年法案的限制。

無法保證我們能夠在不久的將來通過發行股權或債務籌集額外資本。然而，我們的業務需要大量現金來運營和發展。我們可能會從以下來源獲得此類額外資本：

•高級證券。我們可以發行“代表債務的優先證券”(如我們的信貸安排下的借款和我們的應付票據)和“優先證券”(如優先股)，最高可達1940年法案允許的最高金額。1940年法案目前允許我們作為商業數據中心發行此類優先證券的金額，以使我們的資產覆蓋範圍(根據1940年法案第18(H)條的定義)在每次發行此類優先證券後至少為此類優先證券的150%。由於發行高級證券(無論以何種形式)，我們將暴露於與槓桿相關的風險。儘管借錢進行投資增加了收益的可能性，但也增加了虧損的風險。我們投資價值的下降將對我們普通股的價值產生更大的影響，因為我們已經借錢進行投資。借貸成本有可能超過我們用借來的資金進行投資所獲得的收入。此外，如果我們每種優先證券的資產覆蓋率不超過150%，我們支付分派、發行優先證券或回購普通股股票的能力將受到限制。如果我們資產的總價值下降，我們可能無法滿足150%的要求。為了在我們尋求支付分銷的情況下滿足150%的資產覆蓋率要求，我們可能不得不(I)清算我們的貸款組合的一部分，以償還我們的部分債務，或(Ii)發行普通股。這可能發生在出售投資組合資產可能是

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不利，或者當我們以令人滿意的條件進入資本市場的機會有限時。此外，我們用於償還債務、支付優先股股息或用於發行費用的任何金額均不得分配給普通股股東。此外，如果我們必須以低於每股普通股資產淨值的價格發行普通股，任何非參與股東都將受到稀釋，如下所述。根據1940年法案第61（a）（3）條，我們被允許發行多種類別的「代表債務的高級證券」。然而，根據1940年法案第18（c）條，我們僅允許發行一類「股票優先證券」。

•普通股和可轉換優先股。由於上述原因，我們發行債券或優先證券的能力受到限制，因此我們依賴發行股票作為融資來源。如果我們通過發行更多普通股來籌集更多資金，我們普通股股東在發行時的所有權百分比將會下降，我們現有的普通股股東可能會遭到稀釋。此外，根據1940年法案，我們一般不能以低於每股普通股資產淨值的價格向購買者發行普通股，除非我們通過配股向現有普通股股東發行，除非事先獲得我們的股東和獨立董事的批准。如果我們以低於當時普通股每股資產淨值的價格出售普通股，這樣的出售將導致普通股每股資產淨值立即稀釋。這種稀釋將是以低於當時普通股每股資產淨值的價格出售普通股的結果，普通股股東在我們的收益和資產中的權益以及投票權百分比的按比例下降比發行普通股導致的我們資產的增加更大。例如，如果我們以資產淨值5.0%的折扣額外發行和出售10.0%的普通股，普通股股東如果不以其比例權益參與發行，資產淨值將被稀釋至多0.5%，即每1,000美元資產淨值稀釋5美元。當我們的普通股交易價格低於每股資產淨值時，這對我們籌集資本的能力施加了限制。如上所述，1940年法案禁止發行多種類別的“高級證券，即股票”。

我們通過發行高級證券的借入資金和資本為我們的某些投資提供資金，這將放大投資金額的損益潛力，並可能增加投資我們的風險。

槓桿的使用，包括通過發行債務或股票優先證券，放大了投資金額的損益潛力，如果我們產生額外的槓桿，這種潛力將進一步放大。截至2024年9月30日，我們通過信貸融資、A系列優先股、2026年票據、2027年票據和2028年票據產生了槓桿作用。我們打算不時在1940年法案允許的範圍內施加額外的影響力。 槓桿的使用通常被認為是一種投機性投資技術，並增加了與投資我們的證券相關的風險。未來，我們可能會向銀行和其他貸方借款並發行高級證券。這些高級證券的持有者將對我們的資產擁有固定的美金債權，這優於我們普通股持有者的債權，我們預計這些持有者將在發生違約時尋求對我們的資產進行追回。

			我們投資組合的假設回報 (Net費用）
			(10.0)		%	(5.0)		%	0.0		%	5.0		%	10.0		%
相應回報普通股股東(A)			(21.55)		%	(12.92)		%	(4.29)		%	4.33		%	12.96		%

_____________

(A)普通股股東的假設回報是通過將截至2024年9月30日的總資產乘以假設回報率，減去2024年9月30日之後12個月內將支付的所有債務利息，然後將所得差額除以截至2024年9月30日歸屬於普通股的總淨資產來計算的。基於81250美金的總資產、7060美金的信用額度（按成本）、15000美金的2026年應付票據（按成本）、5000美金的2027年應付票據（按成本）、5700美金的2028年應付票據（按成本）、870美金的A系列優先股（按成本），截至2024年9月30日，淨資產均為47090美金。

基於截至2024年9月30日的未償債務總額為33630加元（按成本計算），有效年現金利率為 6.0%截至該日期，我們按公允價值計算的投資組合必須產生至少為 2.5%用於支付未償債務的年度利息。

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與我們的監管和結構相關的風險

如果我們無法滿足《守則》對RIC資格的要求，我們將繳納企業級稅。

為了保持我們的RIC資格，我們必須滿足收入來源、資產多元化和年度分配要求。如果我們每年至少將我們投資公司應納稅所得額的90.0%分配給我們的股東，就滿足了年度分配要求。由於我們使用槓桿，我們受到1940年法案規定的某些資產覆蓋率要求的約束，在某些情況下，可能會受到限制，無法進行有資格成為RIC所需的分配。我們收到的與債務投資有關的認股權證通常會產生OID，我們必須在債務投資期間將其確認為普通收入。同樣，一般在債務投資期間應計但不是以現金支付的PIK利息被確認為普通收入。OID和PIK利息都將增加我們為保持RIC地位而需要分發的金額。因為這樣的OID和PIK利息不會在我們被要求進行分配的同時為我們產生可分配的現金，我們將需要使用其他來源的現金來滿足這種分配要求。截至2024年9月30日的年度，我們確認為0.4截至2024年9月30日，舊ID收入和舊投資未攤銷餘額總計為100萬美元0.6 萬截至2024年9月30日，我們已 八 具有PIk利息成分的投資，我們記錄了PIk利息收入為美金5.7在截至2024年9月30日的一年中，我們募集了$0.2截至2024年9月30日的年度現金PIK利息為100萬英鎊。此外，我們必須在每個日曆季度末滿足資產多樣化和收入來源要求。如果我們無法通過這些測試，我們可能需要迅速處置某些投資，以防止失去RIC地位。由於我們的大部分投資將是非流動性的，即使有可能，這種處置也可能不會以對我們有利的價格進行，並可能導致重大損失。如果我們在一個日曆季度或每年因任何原因不符合RIC的資格，並完全繳納美國聯盟公司所得稅，由此產生的公司稅可能會大幅減少我們的淨資產、可供分配的收入金額和實際分配金額。這樣的失敗將對我們和我們的普通股產生實質性的不利影響。

我們的一些債務投資可能包括成功費，如果業務最終出售，這些費用將向我們產生付款。由於這些成功費用的滿足度以及這些費用的最終支付是不確定的，因此我們通常只在收到付款時才將其視為收入。成功費金額被定性為稅務目的的普通收入，因此，我們需要將此類金額分配給我們的股東以維持RIC狀態。

如果我們沒有將足夠部分的資產投資於符合條件的資產，我們可能無法獲得BDS資格，或者根據我們當前的業務策略被排除投資。

作為BDS，我們不得收購除合格資產之外的任何資產，除非在收購生效時和之後，我們的總資產（不包括運營資產）至少有70%是合格資產，定義見1940年法案第55（a）條。

我們相信，我們未來可能獲得的大部分投資都將構成合格資產。然而，我們可能被禁止投資於我們認為有吸引力的投資，如果此類投資不是1940年法案所規定的合格資產。如果我們不將足夠部分的資產投資於合格資產，我們可能會違反適用於BDC的1940年法案條款。由於這種違反，1940年法案下的特定規則可能會阻止我們對現有投資組合公司進行後續投資(這可能會導致我們的頭寸被稀釋)，或者可能要求我們在不利的時候處置投資，以符合1940法案的規定。如果我們需要迅速處置這些投資，可能很難以優惠的條件處置這些投資。我們可能無法為這些投資找到買家，即使我們找到了買家，我們也可能不得不以巨額虧損出售這些投資。任何此類結果都將對我們的業務、財務狀況、運營結果和現金流產生實質性的不利影響。

如果我們不保持BDS的地位，我們將受到1940年法案下註冊封閉式投資公司的監管。作為一家註冊的封閉式投資公司，我們將受到《1940年法案》下更多的監管限制，這將顯著降低我們的運營靈活性。 此外，任何未能維持我們作為BDS的地位都可能導致未償債務違約事件，這可能會對我們的業務、財務狀況或運營運績產生重大不利影響。

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我們受到可能阻礙控制權變更的限制。我們的公司章程和馬里蘭州法律中包含的某些條款可能會禁止或限制控制權變更，並對我們普通股的價格產生不利影響。

我們的董事會分為三個級別，每三年董事的任期屆滿一次。在每次股東年度會議上，任期在該會議上到期的該類別董事的繼任者將被選舉產生，任期至當選當年後第三年舉行的股東年度會議上到期。選舉後，股東只能因故罷免董事。錯開任期選舉董事，罷免董事的權利有限，這使得敵意競標者更難獲得我們的控制權。該條款的存在可能會對我們證券的價格產生負面影響，並可能會阻止第三方競購我們的證券。該規定可能會減少在控制權交易變更中支付給股東的任何溢價。

適用於我們的馬里蘭州法律的某些條款禁止與以下企業合併：

•任何實際擁有我們股票10.0%或以上投票權的人（「有興趣的股東」）;

•我們的關聯公司在相關日期前兩年內的任何時候都是感興趣的股東;或

•感興趣股東的附屬機構。

這些禁令自感興趣股東成為感興趣股東的最近日期起持續五年。此後，與感興趣股東的任何業務合併必須由我們的董事會推薦，並獲得我們流通股和優先股持有人有權投票的至少80.0%的贊成票批准，作為單一類別一起投票，以及我們普通股持有人有權投票的三分之二的選票（感興趣的股東持有的股份除外）。即使控制權變更符合我們股東的利益，這些要求也可能產生抑制控制權變更的效果。然而，馬里蘭州法律的這些條款不適用於在某人成為有興趣的股東之前獲得我們董事會批准或豁免的企業合併。

我們的公司章程允許董事會發行最多5,000股萬股本。此外，我們的董事會可以在不採取任何股東行動的情況下，不時修改我們的公司章程，以增加或減少我們有權發行的任何類別或系列股票的股份總數或股份數量。我們的董事會可以對任何未發行的普通股或優先股進行分類或重新分類，並確定任何此類股票的優先股、轉換或其他權利、投票權、限制、分配限制、資格以及贖回條款或條件。因此，我們的董事會可以授權發行優先股，其條款和條件可能優先於清算時的分配和應付金額，而不是我們普通股持有人的權利。優先股還可能具有推遲、推遲或阻止我們控制權變更的效果，包括可能為我們普通股持有者提供溢價的特殊交易(如合併、要約收購或出售我們的全部或幾乎所有資產)。

在我們滿足適用於BDS的1940年法案條款下的資產覆蓋率測試之前，我們可能不被允許宣布股息或向股東進行任何分配或回購股份。

管理我們作為BDC和RIC運營的法規將影響我們籌集額外資本或為投資目的借款的能力和方式，這可能會對我們的增長產生負面影響。由於符合RIC的年度分配要求，我們可能需要定期進入資本市場籌集現金，為新的投資提供資金。我們可以發行“代表負債的優先證券”，包括從銀行或其他金融機構借入資金，或“優先證券”，如優先股，其金額必須使我們在每次發生或發行此類債務或發行後，我們對每一種優先證券的資產覆蓋範圍至少等於150%。此外，在我們滿足這些測試之前，我們可能不被允許宣佈股息、向我們的流通股股東進行任何分配或回購股票。我們發行不同類型證券的能力也是有限的。遵守這些要求可能會不利地限制我們的投資機會，並降低我們與其他公司相比，從我們可以借入的利率和我們可以借出的利率之間的有利利差中獲利的能力。因此，作為BDC，我們可能會以比我們的私人競爭對手更頻繁的速度發行股票，這可能會導致更大的股東稀釋。我們利用槓桿來產生資本，以進行額外的投資。如果我們的資產價值下降，我們可能無法滿足1940年法案規定的資產覆蓋範圍測試，該測試可能禁止我們支付分配，並可能阻止我們有資格成為RIC。如果我們無法滿足資產覆蓋範圍測試，我們可能會被要求出售部分投資，並根據我們債務融資的性質，在此類出售和償還可能不利的時候償還部分債務。

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此類事件如果發生，可能會對我們的業務、財務狀況、經營運績和現金流產生重大不利影響。

與我們的外部管理相關的風險

我們依賴於我們的主要管理人員和顧問的主要管理人員，特別是David Gladstone、Terry Lee Brubaker和Robert L。馬科特以及顧問的持續運營，以確保我們未來的成功。

我們沒有員工。我們的首席執行官、首席運營官、首席財務官和財務主管以及顧問的員工並不把所有時間都花在管理我們的活動和投資組合上。我們尤其依賴David·格拉德斯通、特裡·李·布魯貝克和囉伯特·L·馬科特的經驗、技能和網路。我們的管理人員和顧問的員工將他們的一些時間分配給與我們的業務無關的業務和活動，在某些情況下，分配了很大一部分時間。我們沒有單獨的設施，完全依賴顧問，顧問在實施和執行我們的業務戰略和風險管理實踐方面擁有很大的自由裁量權。我們面臨著終止顧問業務或終止諮詢協定的風險，以及一旦發生這種情況，將找不到合適的替代者的風險。我們認為，我們的成功在很大程度上取決於顧問，停止其業務或失去其主要管理人員可能會對我們實現投資目標的能力產生重大不利影響。

我們的成功取決於顧問在競爭環境中吸引和留住合格人員的能力。

顧問在吸引和留住合格人才方面面臨競爭，特別是投資專業人員和高級管理人員，如果我們不能吸引和留住這些人才，我們可能無法維持或發展我們的業務。顧問能否吸引和留住具備必要資歷、經驗和技能的人員，取決於幾個因素，包括提供有競爭力的工資、福利和職業發展機會的能力。該顧問與投資基金(如私募股權基金和夾層基金)和傳統金融服務公司爭奪合格人才，其中許多公司擁有比我們更多的資源。尋找合格的人員可能會把管理層的時間從我們的業務運營中分流出來。如果顧問無法吸引有經驗的投資專業人士和高級管理人員，對現有人力資源造成壓力，可能會對我們的業務產生重大不利影響。

顧問可以提前60天通知辭職，而我們可能無法在此期間找到合適的替代者，從而導致我們的運營中斷，從而可能對我們的財務狀況、業務和運營運績產生不利影響。

顧問有權在不少於60天的書面通知後，根據《諮詢協定》隨時辭職，無論我們是否找到了替代人選。如果顧問辭職，我們可能無法找到新的投資顧問，也無法聘請具有類似專業知識和能力的內部管理人員，以便在60天內以可接受的條件提供相同或同等的服務，甚至根本無法。如果我們不能迅速做到這一點，我們的運營可能會受到幹擾，我們的財務狀況、業務和運營結果以及我們支付分配的能力可能會受到不利影響，我們普通股的市場價格可能會下降。此外，如果我們無法確定並與擁有顧問及其附屬機構所擁有的專業知識的單一機構或高管集團達成協定，我們內部管理和投資活動的協調可能會受到影響。即使我們能夠保留內部或外部的可比管理層，這種管理層的整合以及他們對我們的投資目標的不熟悉可能會導致額外的成本和時間延誤，這可能會對我們的業務、財務狀況、運營結果和現金流產生不利影響。

根據諮詢協議，顧問的責任是有限的，我們必須就某些責任向我們的投資顧問進行賠償，這可能會導致顧問代表我們行事的風險高於為自己行事時的風險。

除提供諮詢協議中所述的服務外，顧問對我們不承擔任何責任，並且對我們董事會拒絕遵循顧問的意見或建議的任何行為不承擔任何責任。根據諮詢協議，顧問及其高級官員、經理、合作夥伴、代理人、員工、控制人員、成員以及與顧問有關聯的任何其他個人或實體將不因其在諮詢協議下的行為而對我們承擔責任，除非有故意不當行為，在履行職責時惡意或重大疏忽，或魯莽無視其根據《公約》所承擔的職責和義務諮詢協議。我們已同意賠償、捍衛和保護顧問及其官員、經理、合作夥伴、代理人、員工，

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控制人員、成員和與顧問有關聯的任何其他人員或實體因顧問履行諮詢協議項下的任何職責或義務或作為我們的投資顧問而產生或以其他方式基於的所有損害賠償、責任、成本和支出，且非故意不當行為所產生，在履行職責時存在惡意或重大疏忽，或魯莽無視諮詢協議下的職責和義務。這些保護可能會導致顧問在代表我們行事時採取的行動比為自己行事時風險更大。

我們的激勵費可能會促使顧問進行某些投資，包括投機性投資。

根據諮詢協議實施的管理層薪酬結構可能會導致顧問投資於高風險投資或承擔其他風險。除了管理費外，根據諮詢協議，顧問還有權部分根據我們實現指定收入水平獲得激勵補償。在評估投資和其他管理策略時，根據淨投資收益賺取激勵報酬的機會可能會導致顧問過度強調淨投資收益的最大化，而犧牲其他標準，例如資本保全、維持足夠的流動性或信用風險或市場風險的管理，以實現更高的激勵報酬。具有較高收益潛力的投資通常風險較高或投機性更強。這可能會導致我們投資組合價值的風險增加。

此外，顧問將部分根據我們投資實現的淨資本收益獲得資本收益激勵費。 與基於收入的激勵費部分不同，基於資本利得的激勵費沒有適用的門檻率。因此，與產生收入的證券相比，顧問可能會尋求將更多資本投資於可能帶來資本收益的投資。這種做法可能會導致我們投資更多的投機性證券，這可能會導致更高的投資損失，特別是在經濟低迷期間。

即使我們遭受損失，我們也可能有義務向顧問支付激勵補償。

該諮詢協議賦予顧問每個財政季度的激勵補償，金額等於該季度投資收入（扣除激勵補償、淨運營虧損和某些其他項目之前）高於該季度回報閾值的部分的百分比。在計算我們的激勵報酬時，我們的激勵前淨投資收入不包括我們在本財年可能發生的已實現和未實現的資本損失，即使此類資本損失導致我們該季度的運營報表出現淨損失。因此，即使我們的投資組合價值下降或我們在該季度出現淨虧損，我們也可能被要求向顧問支付一個財政季度的激勵補償。

We may be required to pay the Adviser incentive compensation on income accrued, but not yet received in cash.

That part of the incentive fee payable by us that relates to our net investment income is computed and paid on income that may include interest that has been accrued but not yet received in cash, such as debt instruments with PIK interest or OID. If a portfolio company defaults on a loan, it is possible that such accrued interest previously used in the calculation of the incentive fee will become uncollectible. Consequently, we may make incentive fee payments on income accruals that we may not collect in the future and with respect to which we do not have a clawback right against the Adviser. Our OID investments totaled $56.9 million as of September 30, 2024, at cost. For the year ended September 30, 2024, we recognized $0.4 million of OID income and the unamortized balance of OID investments as of September 30, 2024 totaled $0.6 million. As of September 30, 2024, we had eight investments which had a PIK interest component and we recorded PIK interest income of $5.7 million during the year ended September 30, 2024. We collected $0.2 million in PIK interest in cash for the year ended September 30, 2024.

The Adviser’s failure to identify and invest in securities that meet our investment criteria or perform its responsibilities under the Advisory Agreement would likely adversely affect our ability for future growth.

Our ability to achieve our investment objectives will depend on our ability to grow, which in turn will depend on the Adviser’s ability to identify and invest in securities that meet our investment criteria. Accomplishing this result on a cost-effective basis will be largely a function of the Adviser’s structuring of the investment process, its ability to provide competent and efficient services to us, and our access to financing on acceptable terms. The Adviser’s senior management team has substantial responsibilities under the Advisory Agreement. In order to grow, the Adviser will need to hire, train, supervise, and manage new employees successfully. Any failure to manage our future growth effectively would likely have a material adverse effect on our business, financial condition, and results of operations.

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There are significant potential conflicts of interest, including with the Adviser, which could impact our investment returns.

Our executive officers and directors, and the officers and directors of the Adviser, serve or may serve as officers, directors, or principals of entities that operate in the same or a related line of business as we do or of investment funds managed by our affiliates. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in our or our stockholders’ best interests. For example, Mr. Gladstone, our chairman and chief executive officer, is the chairman of the board and chief executive officer of each of the Gladstone Companies. In addition, Mr. Brubaker, our chief operating officer, is the vice chairman and chief operating officer of the Adviser and Administrator. Mr. Marcotte is an executive vice president of the Adviser. While portfolio managers and the officers and other employees of the Adviser devote as much time to the management of us as appropriate to enable the Adviser to perform its duties in accordance with the Advisory Agreement, the portfolio managers and other of the Adviser's officers may have conflicts in allocating their time and services among us, on the one hand, and other investment vehicles managed by the Adviser, on the other hand. These activities could be viewed as creating a conflict of interest insofar as the time and effort of the portfolio managers and the officers and employees of the Adviser will not be devoted exclusively to our business but will instead be allocated between our business and the management of these other investment vehicles. Moreover, the Adviser may establish or sponsor other investment vehicles which from time to time may have potentially overlapping investment objectives with ours and accordingly may invest in, whether principally or secondarily, asset classes we target. While the Adviser generally has broad authority to make investments on behalf of the investment vehicles that it advises, the Adviser has adopted investment allocation procedures to address these potential conflicts and intends to direct investment opportunities to us or the Affiliated Public Fund with the investment strategy that most closely fits the investment opportunity. Nevertheless, the management of the Adviser may face conflicts in the allocation of investment opportunities to other entities it manages. As a result, it is possible that we may not be given the opportunity to participate in certain investments made by other funds managed by the Adviser. In certain circumstances, we may make investments in a portfolio company in which one of our affiliates has or will have an investment, subject to satisfaction of any regulatory restrictions and, where required, to the prior approval of our Board of Directors. As of September 30, 2024, our Board of Directors has approved the following types of co-investment transactions:

•Our affiliate, Gladstone Commercial, may, under certain circumstances, lease property to portfolio companies that we do not control. We may pursue such transactions only if (i) the portfolio company is not controlled by us or any of our affiliates, (ii) the portfolio company satisfies the tenant underwriting criteria of Gladstone Commercial, and (iii) the transaction is approved by a majority of our independent directors and a majority of the independent directors of Gladstone Commercial. We expect that any such negotiations between Gladstone Commercial and our portfolio companies would result in lease terms consistent with the terms that the portfolio companies would be likely to receive were they not portfolio companies of ours.

•We may invest simultaneously with our affiliates Gladstone Investment and/or Gladstone Alternative in senior loans in the broadly syndicated market whereby neither we nor any affiliate has the ability to dictate the terms of the loans.

•Pursuant to the Co-Investment Order, under certain circumstances, we may co-invest with Gladstone Investment, Gladstone Alternative and any future BDC or closed-end management investment company that is advised by the Adviser (or sub-advised by the Adviser if it controls the fund), or any combination of the foregoing, subject to the conditions included therein.

Certain of our officers, who are also officers of the Adviser, may from time to time serve as directors of certain of our portfolio companies. If an officer serves in such capacity with one of our portfolio companies, such officer will owe fiduciary duties to stockholders of the portfolio company, which duties may from time to time conflict with the interests of our stockholders.

In the course of our investing activities, we will pay base management and incentive fees to the Adviser and will reimburse the Administrator for certain expenses it incurs. As a result, investors in our common stock will invest on a “gross” basis and receive distributions on a “net” basis after expenses, resulting in, among other things, a lower rate of return than one might achieve through our investors themselves making direct investments. As a result of this arrangement, there may be times when the management team of the Adviser has interests that differ from those of our stockholders, giving rise to a conflict. In addition, as a BDC, we make available significant managerial assistance to our portfolio companies and provide other services to such portfolio companies. While, neither we nor the Adviser currently receives fees in connection with managerial assistance, the Adviser and Gladstone Securities have, at various times, provided other services to certain of our portfolio companies and received fees for these other services.

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顧問沒有義務提供基本管理費或激勵費的抵免，這可能會對我們的盈利和我們維持當前向股東分配水平的能力產生負面影響。

諮詢協定規定了基於我們總資產的基本管理費和由兩部分組成的激勵費：基於收入的激勵費和基於資本利得的激勵費。我們的董事會歷來接受並可能在未來每季度或年度接受非合同、無條件和不可撤銷的信用來降低年度基數管理費。此外，我們的董事會已按季度接受顧問提供的非合同、無條件和不可撤銷的信貸，以降低基於收入的激勵費用，但淨投資收入不能覆蓋普通股股東分配的100.0%。任何免除的費用可能不會在未來由顧問收回。然而，根據諮詢協定，顧問不需要發放這些或其他費用信用，隨著我們未來投資組合的增長，我們預計這些管理和激勵費用將會增加。如果顧問不在未來幾個季度發放這些信用額度，可能會對我們的收益產生負面影響，並可能損害我們維持目前向股東分配的水準的能力，這可能會對我們的股價產生實質性的不利影響。

我們的業務模式取決於與投資銀行業者、商業掮客和其他中介機構建立和維持強大的轉介關係，我們轉介關係的任何變化都可能會影響我們的業務計劃。

我們依賴與投資銀行業者、商業掮客和傳統貸款機構的非正式關係來為我們提供交易流。如果我們未能維持與此類基金或機構的關係，或者如果我們未能與其他基金建立強有力的推薦關係，我們將無法擴大我們的投資組合併全面執行我們的業務計劃。

我們的基本管理費可能會導致顧問產生槓桿作用。

我們的基本管理費是根據我們的總資產（包括用借款收益進行的任何投資）支付的，這一事實可能會鼓勵顧問利用槓桿進行額外投資。在某些情況下，使用增加的槓桿可能會增加違約的可能性，這將不利於我們證券的持有人。鑑於顧問代表我們做出的投資決策的主觀性，我們將無法監控這種潛在的利益衝突。

與投資我們的證券相關的風險

您可能無法收到分發，或者分發可能不會隨著時間的推移而增長。

我們打算通過每月支付分配的方式將至少90.0%的投資公司應稅收入分配給股東。我們無法向您保證我們將實現投資結果，使我們能夠進行指定水平的現金分配或逐年增加現金分配。此外，我們希望通過首先用已實現的資本損失抵消淨長期資本收益，其次通過視為分配來補充我們的股本並支持我們投資組合的增長來保留部分或全部已實現的長期資本收益，儘管我們的董事會可能會在某些情況下決定將這些收益分配給我們的普通股股東。此外，我們的信貸額度限制了我們允許進行的分配金額。我們無法向您保證我們將實現投資結果或保持允許或要求任何指定水平的現金分配的稅收狀況。

投資我們的證券可能涉及高於平均水平的風險。

我們根據投資目標進行的投資可能會導致比替代投資選項更高的風險以及更高的波動或本金損失風險。我們對投資組合公司的投資可能具有高度投機性，因此，對我們的證券的投資可能不適合風險承受能力較低的人。

對我們股東的分配已經包括、未來可能包括資本返還。

每季度，我們的董事會根據每個財年當時對應稅收入的估計宣布每月分配，該估計可能與實際結果有所不同，而且在過去也有所不同。由於我們的分配是基於對應稅收入的估計，而該估計可能與實際結果不同，因此未來向我們股東支付的分配也可能包括資本回報。此外，如果我們分配的金額超過了當前和累計的收益和利潤，這些分配構成了資本回報，其範圍為普通股股東對其普通股股份的調整稅基。資本回報代表股東原始投資的回報

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我們的普通股股份，不應與收益和利潤的分配混淆。儘管資本分配的回報可能不徵稅，但此類分配可能會通過減少投資者在我們普通股股份中的稅基來增加投資者出售我們普通股股份時的資本收益的課徵義務。由於1940年法案的槓桿限制，這種資本回報減少了我們的資產基礎，並對我們籌集債務資本的能力產生了不利影響，這可能會對我們進行新投資的能力產生重大不利影響。

封閉式投資公司的普通股經常以低於淨資產淨值的價格進行交易。

封閉式投資公司的股票交易價格經常低於每股普通股資產淨值。自我們成立以來，我們的普通股交易有時高於淨資產淨值，有時低於每股淨資產淨值。封閉式投資公司股票的這一特點與我們每股資產淨值下降的風險是分開和截然不同的。與任何股票一樣，我們普通股的價格將隨著市場狀況和其他因素而波動。如果股票被出售，收到的價格可能會高於或低於原始投資。投資者是否會通過出售我們普通股的股票實現收益或損失，將不會直接取決於我們的資產淨值，而將取決於出售時股票的市場價格。由於我們普通股的市場價格將受到市場相對供求、一般市場和經濟狀況等因素的影響，以及其他我們無法控制的因素，因此我們無法預測股票的交易價格是低於還是高於我們的資產淨值。

根據1940年法案，我們一般不能在未獲得我們的普通股股東和獨立董事批准的情況下，以低於每股資產淨值的價格向我們現有股東以外的購買者發行額外的普通股。此外，當我們的普通股交易價格低於每股資產淨值時，我們的股息收益率可能會超過我們預期的加權平均回報率，即我們將利用出售此類股票的收益進行新投資，從而使我們不太可能在這種情況下決定發行額外的股票。因此，只要我們的普通股交易價格低於資產淨值，我們通過發行普通股籌集資金的能力就會受到很大的限制。此外，我們無法籌集資金的較長時間可能會限制我們的增長能力，並對我們增加或維持分配的能力產生不利影響。

與2026年票據、2027年票據和2028年票據（統稱「票據」）相關的風險

該等票據是無擔保的，因此實際上次級於我們已經或未來可能發生的任何有擔保債務，並與我們發行的所有未償還和未來無擔保債務以及我們的一般負債（總負債，減去債務）享有同等權利。

該等票據並非以我們的任何資產或我們子公司的任何資產為抵押。因此，該等票據優先於我們或我們的子公司目前產生和未來可能產生的任何有擔保債務（或我們隨後授予擔保的任何最初無擔保的債務），以擔保此類債務的資產價值為範圍。在任何清算、解散、破產或其他類似程式中，我們任何現有或未來有擔保債務以及我們子公司的有擔保債務的持有人可以對為擔保該債務而抵押的資產主張權利，以便在資產可用於支付其他債權人（包括票據持有人）之前獲得其債務的全額償還。此外，該等票據與我們發行的所有未償還和未來無擔保、非次級債務以及我們的一般負債（總負債，減去債務）享有同等權利。

該票據在結構上從屬於我們子公司的債務和其他負債。

這些票據是本公司獨有的義務，而不是我們任何子公司的義務。我們的任何附屬公司均不是債券的擔保人，而我們日後可能收購或設立的任何附屬公司亦不需要為債券提供擔保。除吾等為對附屬公司有公認債權的債權人外，就該等附屬公司的資產而言，吾等附屬公司債權人的所有債權將優先於吾等於該等附屬公司的權益(以及吾等債權人(包括票據持有人)的債權)。即使我們被確認為我們一家或多家子公司的債權人，我們的債權實際上仍將排在任何此類子公司資產的任何擔保權益以及任何此類子公司的任何債務或其他債務之後。因此，債券在結構上從屬於我們的任何附屬公司和我們未來可能收購或設立的任何附屬公司的所有債務和其他負債。截至2024年9月30日，信貸安排項下未償還的萬為7,060美元。信貸安排下的借款是商業貸款的責任，在結構上優先於票據。此外，我們的附屬公司未來可能會產生大量額外債務，所有這些債務在結構上都將優先於債券。

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發行票據所依據的契約對票據持有人的保護有限。

發行票據所依據的契約為票據持有人提供有限的保護。契約條款不限制我們或我們的任何子公司參與或參與可能對您的票據投資產生不利影響的各種企業交易、情況或事件的能力。特別是，契約和票據的條款並未對我們或我們的子公司的能力施加任何限制：

•發行證券或以其他方式招致額外的債務或其他債務，包括(1)任何債務或其他債務，而該等債務或其他債務將與債券的兌付權相等；(2)任何債務或其他債務，而該等債務或其他債務將會獲得擔保，因此實際上優先於債券的兌付權；(3)由本公司一間或多間附屬公司擔保的債務，因此在結構上優先於債券及(4)證券；由子公司發行或產生的債務或債務，在結構上優先於我們在子公司的股權，因此在結構上優先於我們子公司的資產，但債務或其他義務除外，該債務或其他義務將導致違反經1940年法案第61(A)(2)條或任何後續條款修改的第18(A)(1)(A)條，無論我們是否繼續受1940法案的此類條款的約束，這些條款一般禁止我們產生額外的債務或發行額外的債務或優先證券，除非我們的資產覆蓋範圍如1940年法案所定義的，在發生或發行後至少等於150%；

•支付股息，或購買或贖回股本或其他在票據付款權上排名較低的證券，包括優先股和任何次級債務，但股息、購買、會導致我們的資產覆蓋範圍低於經第61（a）（2）條修改的第18（a）（1）（B）條規定的閾值的贖回或付款1940年法案或任何後續條款的規定，使SEC授予另一家BDS且我們可以合理依賴的任何不採取行動救濟生效（或對我們來說，如果我們決定尋求類似的SEC不採取行動或其他救濟），儘管經第61（a）條修改的第18（a）（1）（B）條中包含的禁令，但允許BDS宣布任何現金股息或分配2）1940年法案，以維持BCD作為《守則》第m小節規定的RIC的地位;

•出售資產（對我們合併、合併或出售所有或幾乎所有資產的能力的某些有限限制除外）;

•與附屬公司進行交易;

•設定優先權（包括對我們子公司股份的優先權）或進行售後回租交易;

•進行投資;或

•對我們的子公司向我們支付股息或其他金額進行限制。

此外，有關2028年票據的契約並不要求我們就控制權變更或任何其他事件提出購買2028年票據的要約，而根據管轄2026年票據和2027年票據的各自契約條款，2026年票據和2027年票據的持有人分別可能要求我們在發生「控制權變更回購事件」時回購100%此類票據，該事件將發生在某些控制權變更導致此類票據降級至投資級別以下時。

此外，如果我們的財務狀況、經營運績或信用評級（如有）發生變化（包括重大不利變化），則票據和票據的條款不保護票據持有人，因為它們不要求我們或我們的子公司遵守任何財務測試或比率或指定水平的淨值、收入、收入、現金流或流動性。

我們進行資本重組、承擔額外債務（包括票據到期前到期的額外債務）以及採取一系列不受票據條款限制的其他行動的能力可能會對您作為票據持有人產生重要後果，包括使我們更難履行有關票據的義務或對票據的交易價值產生負面影響。

我們未來發行或產生的其他債務可能會為其持有人提供比契約和票據更多的保護，包括額外的契約和違約事件。任何此類具有增量保護的債務的發行或發生可能會影響票據的市場、交易水平和價格。

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我們無法向您保證該票據的活躍交易市場將會發展或維持。

我們沒有，亦不打算在未來在任何證券交易所上市2026年債券和2027年債券，或在任何交易商自動報價系統上為債券報價。雖然2028年發行的債券在納斯達克掛牌交易，但會視乎當時的利率、同類證券的市場情況、信用評級、財務狀況、表現及前景、整體經濟狀況或其他相關因素而低於買入價。因此，我們不能向閣下保證，任何債券將會發展及/或維持一個流動的交易市場，持有人將能夠在特定時間出售其債券，或持有人出售其債券時所收取的價格將會是有利的。如果不發展或維持一個活躍的交易市場，債券的流動資金和交易價格可能會受到損害。因此，票據持有人可能須無限期地承擔投資票據的財務風險。

如果我們違約支付其他債務的義務，我們可能無法支付票據。

根據管理吾等債務的協定而發生的任何違約，包括信貸安排下的違約或吾等可能是其中一方的其他債務，如未獲所需貸款人或持有人豁免，以及該等債務持有人所尋求的補救措施，可能會令吾等無法支付票據的本金及利息，並令該等票據的市值大幅下降。如果我們無法產生足夠的現金流，也無法獲得必要的資金來支付我們債務的本金和利息，或者如果我們未能遵守管理我們債務的工具中的各種契約，包括財務和運營契約，根據管理該等債務的協定的條款，我們可能會違約。在發生此類違約的情況下，該債務的持有人可以選擇宣佈所有在此項下借入的資金到期和應付，連同應計和未支付的利息，信貸安排下的貸款人或我們未來可能產生的其他債務可以選擇終止他們的承諾，停止發放更多貸款，並對我們的資產提起止贖程式，我們可能會被迫破產或清算。如果我們的經營業績下降，我們未來可能需要對我們的債務進行再融資或重組，包括債券、出售資產、減少或推遲資本投資、尋求籌集額外資本或尋求獲得信貸安排下所需貸款人的豁免或我們未來可能產生的其他債務，以避免違約。如果我們無法實施其中一個或多個替代方案，我們可能無法履行票據或其他債務項下的付款義務。如果我們違反了我們在信貸安排或其他債務下的契約，並尋求豁免，我們可能無法從所需的貸款人或持有人那裡獲得豁免。如果發生這種情況，我們將在信貸安排或其他債務下違約，貸款人或持有人可以如上所述行使他們的權利，我們可能被迫破產或清算。如果我們無法償還債務，有擔保債務的貸款人，包括信貸安排下的貸款人，可以針對擔保債務的抵押品進行訴訟。由於信貸安排已有，而任何未來的信貸安排可能會有慣常的交叉違約條款，因此，如果票據或信貸安排或任何未來信貸安排下的債務加速，我們可能無法償還或融資到期金額。

當現行利率相對較低時，我們可能會選擇贖回票據。

2026年票據和2027年票據可在到期前隨時或不時根據公司的選擇，按面值加上「整付」溢價（如適用）全部或部分贖回。此外，我們可以選擇在2025年9月1日或之後隨時全部或部分贖回2028年票據。如果贖回時的現行利率較低，而我們贖回票據，您可能無法將贖回收益再投資於類似證券，實際利率與所贖回票據的利率一樣高。

發生控制權變更回購事件後，我們可能無法回購2026年票據或2027年票據。

我們可能無法在控制權變更回購事件中回購2026年或2027年的債券(定義見管理此類債券的契約)，因為我們可能沒有足夠的資金。我們將無法在我們的信貸安排下借入資金，為回購2026年或2027年債券提供資金，我們預計未來的任何信貸安排都將有類似的限制。於控制權變更購回事件發生時，2026年或2027年債券持有人可要求吾等以現金方式購回部分或全部該等債券，回購價格相等於正回購的債券本金總額的100%，另加回購日期(但不包括回購日期)的應計及未付利息。我們的信貸安排的條款還規定，某些控制權變更事件將構成違約事件，從而使貸款人有權在當時加速我們的信貸安排下的任何未償債務，並終止我們的信貸安排。吾等未能在該等控制權變更回購事件發生時購買該等投標票據，將會導致管限該等債券的契約項下的違約事件，以及管限信貸安排的協定項下的交叉違約，從而可能導致該等債務加速增加，以致吾等須立即償還該筆債務。如果2026年票據或2027年票據的持有人行使他們的權利要求我們

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在控制權變更回購事件後回購此類票據，此次回購的財務影響可能會導致我們當前和未來債務工具違約，並且我們可能沒有足夠的資金來償還任何此類加速債務。

評級機構下調、暫停或撤銷授予我們或票據的信用評級或債務市場的變化可能會導致票據的流動性或市值大幅下降。

分配給我們或票據的任何信用評級代表分配評級機構對我們償還到期債務能力的評估。因此，我們信用評級的真實或預期變化通常會影響票據的市值。這些信用評級可能無法反映與票據結構或營銷相關的風險的潛在影響。信用評級由發行人支付，並不是購買、出售或持有任何證券的建議，發行組織可以隨時自行決定修改或撤回。

與我們的優先股相關的風險

A系列優先股不會出現公開市場，因為我們不打算申請在全國性證券交易所上市，除非股份回購計劃終止。

我們的A系列優先股目前沒有公開市場，我們不打算申請在國家證券交易所上市A系列優先股，也不打算將A系列優先股納入任何國家證券市場上市。除非A系列優先股的股票在國家證券交易所上市，否則A系列優先股的持有者可能根本無法出售這些股票，或者如果他們有能力的話，只能以此類股票清算優先股的大幅折扣出售。即使A系列優先股在股票回購計劃終止後在納斯達克或其他國家的證券交易所上市，也存在此類股票成交清淡的風險，而且與其他類型證券的市場相比，此類股票的市場流動性可能相對較差，買賣價格與要約價格之間的價差遠遠大於其他條款和功能類似的證券的價差。此外，由於A系列優先股沒有規定的到期日，您可能會被迫持有A系列優先股，但不能保證獲得此類股票的清算優先權。

A系列優先股的股息支付不得到保證。

儘管A系列優先股的股息是累積的，但我們的董事會必須批准股息的實際支付。我們的董事會可以隨時或不定期選擇不支付任何或所有應計股息。我們的董事會可以因任何原因選擇暫停股息，並可能被禁止在以下情況下批准股息：

•歷史或預計現金流不佳;

•需要償還我們的債務;

•得出結論，支付A系列優先股的股息將導致我們違反任何債務或其他工具或協議的條款;或

•確定支付股息將違反有關向股東非法分配的適用法律。

A系列優先股將承擔我們贖回的風險。

除有限情況外，包括與我們維持1940年法案第18條和第61條要求的資產覆蓋範圍有關的情況外，我們可自行選擇在（1）一周年紀念日（以較早者為準）之前贖回A系列優先股股份（以較早者為準）：（a）12月31日，2026年（除非董事會提前終止或延長）或（b）出售所有6，000，000股A系列優先股的日期（「A系列終止日期」）和（2）2027年1月1日。 然而，在該日期之後，我們可以在該日期之後的任何時間贖回A系列優先股的股份，並且可以在對A系列優先股持有人不利的時間進行贖回。如果市場條件允許我們以低於A系列優先股股息率的股息或利率發行其他優先股或債務證券，我們可能有動力自願贖回A系列優先股。

您要求回購A系列優先股股份的選擇受到5%的季度限制、股份回購計劃的繼續以及我們的資金可用性的限制，並且還可能受到法律的限制。

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我們只會在每個季度回購我們當時已發行的A系列優先股的5%(按已發行股票數量計算)，這是根據上一個日曆季度末的計算得出的。因此，根據回購請求的數量，股東的回購請求可能無法按請求的金額完成。此外，本公司董事會可行使其唯一及絕對酌情權，隨時以任何理由終止或暫停股份回購計劃。因此，我們應A系列優先股持有人的要求回購股份的義務僅限於我們的董事會因任何原因暫停或終止可選回購權利的範圍，包括在股東回購請求提交之後但在相應的股東回購日期之前。我們在A系列優先股持有人的選擇下回購股份的義務也受到限制，前提是我們的董事會以其唯一和絕對的酌情權確定，我們沒有足夠的資金為任何此類回購提供資金，或者我們受到適用法律的限制，不能進行此類回購。如果您提出回購您的A系列優先股的請求，但我們的董事會確定我們沒有足夠的資金用於回購(即使根據適用法律確定有足夠的資金)，則只能回購您的A系列優先股的一部分(如果有的話)。

我們支付A系列優先股股息和/或回購A系列優先股股份的能力可能受到馬里蘭州法律、1940年法案、我們債務安排條款以及我們可能簽訂的未來協議的限制。

根據馬利蘭州法律，公司可以支付股息和回購股票，只要在股息支付或回購生效後，公司有能力在正常業務過程中償還到期債務(股權償付能力測試)，或者除有限情況外，公司的總資產超過其總負債的總和，除非其章程另有許可，否則超過公司在支付股息或回購時解散時所需的金額。滿足股東解散時的優先權利，其解散優先權利優於收到股息的股東或正在回購股票的股東(資產負債表償付能力測試)。如果我們在希望或要求回購A系列優先股股份的任何時候破產，我們可能無法進行此類回購。此外，我們債務融資的條款可能會限制我們在違約事件中以現金回購A系列優先股股票的能力，我們預計未來將達成類似協定，在這種情況下以現金回購。

此外，根據1940年法案，我們不得(1)宣佈任何優先股股份的任何股息，如果在宣佈時(以及在宣佈生效後)，我們對任何代表債務的優先證券的資產覆蓋範圍(根據1940年法案的定義)將低於150%(或在未來可能在1940年法案中或根據1940年法案指定的其他百分比，作為宣佈優先股股息的條件，代表BDC債務的優先證券的最低資產覆蓋範圍)或(2)如果在聲明或贖回時(以及在其生效後)，宣佈對優先股或購買或贖回優先股的任何其他分配，我們對這類代表負債的優先證券的資產覆蓋率將低於150%(或1940年法案中或根據1940年法案未來可能指定為代表BDC負債的優先證券的最低資產覆蓋率，作為聲明其股票的分配、購買或贖回的條件)。

您收到的現金分配可能比您預期的頻率更低或金額更低。

我們的董事會打算在每個月的第五天或大約每個月的第五天，為上個月(或我們的董事會指定的較晚日期)應計的股息支付A系列優先股每月拖欠的分派，金額相當於每年每股1.5625美元。然而，我們的董事會擁有最終決定權來決定這些分發的金額和時間。在作出這一決定時，我們的董事會將考慮所有相關因素，包括可供分配的現金數量、資本支出和準備金要求以及一般運營要求。我們不能向您保證我們將始終能夠產生足夠的可用現金流，以按規定的股息率在A系列優先股上進行資金分配，也不能向您保證將有足夠的現金可用於向您進行分配。我們無法預測您可能收到的分發數量，也可能無法在一段時間內支付分發費用。我們無法獲得額外的投資或盈利，可能會對我們從運營中產生足夠的現金流以支付A系列優先股分配的能力產生負面影響。

如果您選擇參與股份回購計劃，您因選擇性回購請求而收到的現金付款可能比您購買A系列優先股股份的價格大幅折扣。

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要求回購A系列優先股股票的股東，如果在購買之日起三年內提出這樣的要求，將獲得相當大的折扣。根據A系列優先股的股份回購計劃，A系列優先股的每股回購價格將等於A系列優先股的清算優先權加上應計和未支付股息，但已發行不足一年的股票將享受10%的提前回購折扣(或以每股22.5美元的價格回購)，已發行至少一年但未滿兩年的股票將受到6%的提前回購折扣(或每股23.5美元的價格)。而已發行至少兩年但不足三年的股票，將享受3%的提前回購折扣(或每股24.25美元的價格)。如果您要求回購您的股票，這樣的請求可能會導致您的投資損失很大一部分。

A系列優先股持有者將面臨通脹風險。

通貨膨脹是商品和服務價格上漲導致貨幣購買力下降。通貨膨脹風險是指投資的通貨膨脹調整後或「實際」價值或該投資的收入在未來價值下降的風險。隨著通貨膨脹的發生，A系列優先股的實際價值和該股票的應付股息下降。

An investment in the Series A Preferred Stock bears interest rate risk.

The Series A Preferred Stock will pay dividends at a fixed dividend rate. Prices of fixed income investments vary inversely with changes in market yields. The market yields on securities comparable to the Series A Preferred Stock may increase, which could result in a decline in the value or secondary market price of the Series A Preferred Stock.

Holders of the Series A Preferred Stock will bear reinvestment risk.

Given the potential for redemption of the Series A Preferred Stock at our option commencing with the earlier of (1) first anniversary of the Series A Termination Date and (2) January 1, 2027, holders of such Shares may face an increased reinvestment risk, which is the risk that the return on an investment purchased with proceeds from the sale or redemption of the Series A Preferred Stock may be lower than the return previously obtained from the investment in such shares.

General Risk Factors

Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, or the operations of businesses in which we invest, a compromise or corruption of our confidential information and/or damage to our business relationships, all of which could negatively impact our business, financial condition and operating results.

Maintaining our network security is of critical importance because our systems store highly confidential financial models and portfolio company information. Although we have implemented, and will continue to implement, security measures, our technology platform may be vulnerable to intrusion, computer viruses, ransomware attacks, phishing schemes, or similar disruptive problems caused by cyber-attacks. A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of our information resources or those of our portfolio companies. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our information systems or those of our portfolio companies for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, costs to repair system damage, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships or those of our portfolio companies. As our and our portfolio companies’ reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided to us by third-party service providers, and the information systems of our portfolio companies. We have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber incident, do not guarantee that a cyber incident will not occur and/or that our financial results, operations, stock price or confidential information will not be negatively impacted by such an incident. In addition, any such incident, disruption or other loss of information could result in legal claims or proceedings, liability under laws that protect the privacy of personal information, and regulatory penalties, disrupt our operations, and damage our and our Adviser’s reputations, resulting in a loss of confidence in our services and our Adviser’s services, which could adversely affect our business.

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We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends.

Our business is dependent on our and third parties’ communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be:

•sudden electrical or telecommunications outages;

•natural disasters such as earthquakes, tornadoes and hurricanes;

•disease pandemics;

•events arising from local or larger scale political or social matters, including terrorist acts; and

•cyber-attacks.

These events, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our common stock and our ability to pay dividends to our stockholders.

We are subject to risks associated with artificial intelligence and machine learning technology.

Recent technological advances in artificial intelligence and machine learning technology, or Machine Learning Technology, pose risks to us and our portfolio companies. We and our portfolio companies could be exposed to the risks of Machine Learning Technology if third-party service providers or any counterparties use Machine Learning Technology in their business activities. We and the Adviser are not in a position to control the use of Machine Learning Technology in third-party products or services. Use of Machine Learning Technology could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming part accessible by other third-party Machine Learning Technology applications and users. Machine Learning Technology and its applications continue to develop rapidly, and we cannot predict the risks that may arise from such developments.

Machine Learning Technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that Machine Learning Technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of Machine Learning Technology. To the extent we or our portfolio companies are exposed to the risks of Machine Learning Technology use, any such inaccuracies or errors could adversely impact us or our portfolio companies.

Changes in laws or regulations governing our operations, or changes in the interpretation thereof, and any failure by us to comply with laws or regulations governing our operations may adversely affect our business.

We and our portfolio companies are subject to regulation by laws at the local, state and federal levels. These laws and regulations, as well as their interpretation, may be changed from time to time. Accordingly, any change in these laws or regulations, or their interpretation, or any failure by us or our portfolio companies to comply with these laws or regulations may adversely affect our business. For additional information regarding the regulations to which we are subject, see “Business—Material U.S. Federal Income Tax Considerations” and “Business—Regulation as a BDC.”

We are subject to risks related to corporate social responsibility.

Our business (including that of our portfolio companies) may face public scrutiny related to environmental, social and governance (“ESG”) activities. A variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized. Adverse incidents with respect to ESG activities could impact the value of our brand, our relationship with future portfolio companies, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations.

Additionally, new regulatory initiatives related to ESG that are applicable to us and our portfolio companies could adversely affect our business. The SEC has adopted rules that, among other matters, establish a framework for reporting of climate-related risks and other ESG-related rules have been proposed and these or similar rules may be adopted in the

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future. Compliance with these rules may be onerous and expensive. Further, compliance with any new laws, regulations or disclosure obligations increases our regulatory burden and could make compliance more difficult and expensive, affect the manner in which we or our portfolio companies conduct our businesses and adversely affect our profitability.

We and/or our portfolio companies may be subject to risks related to global climate change.

Climate change is widely considered to be a significant threat to the global economy. Our business operations and our portfolio companies may face risks associated with climate change, including risks related to the impact of climate-related legislation and regulation (both domestically and internationally), risks related to climate-related business trends (such as the process of transitioning to a lower-carbon economy), and risks stemming from the physical impacts of climate change, such as the increasing frequency or severity of extreme weather events and rising sea levels and temperatures.

We may experience fluctuations in our quarterly and annual operating results.

We may experience fluctuations in our quarterly and annual operating results due to a number of factors, including, among others, variations in our investment income, the interest rates payable on the debt securities we acquire, the default rates on such securities, variations in and the timing of the recognition of realized and unrealized gains or losses, the level of our expenses, the degree to which we encounter competition in our markets, and general economic conditions, including the impacts of public health emergencies or elevated interest rates. The majority of our portfolio companies are in industries that are directly impacted by inflation, such as manufacturing and consumer goods and services. Our portfolio companies may not be able to pass on to customers increases in their costs of production which could greatly affect their operating results, impacting their ability to repay our loans. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized and unrealized losses and therefore reduce our net assets resulting from operations. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

Public health threats may adversely impact the businesses in which we invest and affect our business, operating results and financial condition.

Public health threats, such as pandemics, may disrupt the operations of the businesses in which we invest. Such threats can create economic and political uncertainties and can contribute to global economic instability. In the event of a future public health threat, our portfolio companies may face limitations on their business activities for an unknown period of time, including shutdowns that may be requested or mandated by governmental authorities, or that they may experience disruptions in their supply chains or decreased consumer demand. Certain of our portfolio companies have experienced increases in health and safety expenses, payroll costs and other operating expenses and future increases are possible. These adverse economic impacts may decrease the value of the collateral securing our loans in such portfolio companies, as well as the value of our equity investments. In addition, these adverse impacts could cause certain of our portfolio companies to have difficulty meeting their debt service requirements, which in turn could lead to an increase in defaults, and/or could diminish the ability of certain of our portfolio companies to engage in liquidity events. These negative impacts on our portfolio companies and their performance may reduce the interest income we receive and/or increase realized and unrealized losses related to our investments, which may, in turn, adversely impact our business, financial condition or results of operations.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

Risk Management and Strategy

Our Adviser and Administrator have implemented ongoing processes that are designed to continually identify, assess, manage, monitor and mitigate the dynamic and evolving material risks to us from cybersecurity threats. Our Adviser’s and Administrator’s resource management, information technology (“IT”), and compliance departments work in conjunction with an independent third-party information technology service provider (“ISP”) engaged by our Adviser to manage our information technology strategy. The ISP regularly performs cyber assessments and assist our Adviser and Administrator

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in monitoring our cyber and information security programs. The ISP proposes recommendations for improvements to our Adviser’s Head of Resource Management, Director of IT, and Chief Compliance Officer (“CCO”), which then are considered by other relevant officers of our Adviser and Administrator before implementation.

In addition, regular ongoing cybersecurity threat risk assessments, which also cover third-party business applications, are performed throughout the year and reported to our officers and Board of Directors by our CCO no less than quarterly. Cybersecurity risks are assessed in general as part of the overall enterprise risk management for us, but also specifically between the ISP and our Adviser and Administrator in monitoring and determining not only the risks but also in assessing corresponding processes and procedures to mitigate those risks appropriately.

Our ISP constantly monitors information technology risk and cybersecurity threats globally. When risks are detected the Director of IT, Head of Resource Management, and CCO consult with the ISP to assess if the risk is a cybersecurity threat to our information technology systems or data. If a risk to our information systems or data is identified, we, through our Adviser and Administrator, work in conjunction with the ISP to implement recommended processes, improvements, or safeguards to our systems or processes to address the risks as needed. Relevant examples of such efforts include but are not limited to:

•implementation of industry leading Cloud solutions and business applications which possess integrated cybersecurity safeguards;

•anti-malware, antivirus and threat detection software;

•ransomware containment and isolation software;

•enhanced password requirements and multifactor authentication requirements;

•endpoint encryption;

•intrusion detection and response system conduct file integrity monitoring;

•email archiving, firewalls, and quarantine capabilities;

•mobile device management of business applications;

•frequent systems backups with recovery capabilities; and

•regular vulnerability scans and penetration testing.

Contractually, we require the ISP to annually provide a third-party report on its systems and on the suitability of the design and operating effectiveness of its controls relevant to information and cyber security. In addition to the ongoing dialogue and technology interaction between the director of IT, our Adviser and Administrator and the ISP, any significant findings in these reports are shared with us, including our Board of Directors and other officers, to enhance ongoing monitoring and assessment of our information technology and cybersecurity risk management.

Our Adviser and Administrator also regularly trains employees working on our behalf on the evolving threats and educates them on cybersecurity risks to provide an additional protection barrier through end-user knowledge.

Notwithstanding our risk management and strategy described above, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. We are not currently aware of any known cybersecurity risks that may materially impact our operations and we may not be able to determine the likelihood of such risks. See “Risk Factors - Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, or the operations of businesses in which we invest, a compromise or corruption of our confidential information and/or damage to our business relationships, all of which could negatively impact our business, financial condition and operating results.” for a discussion of risks related to cybersecurity and cyber incidents.

Governance

Our Board of Directors is actively engaged in overseeing our cybersecurity and information security program. Our Board of Directors receives regular reports during board meetings from our CCO on our and our Adviser’s and Administrator’s efforts concerning information security and addressing information technology and cybersecurity risks, no less than quarterly, and regularly receives updates from third parties on various business risks, which include cybersecurity matters. The reports are distributed to our Board of Directors, and our CCO engages in detailed discussions with the independent board members during the independent members’ session. The reports cover potentially material cybersecurity threats

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facing us, as well as key risks and mitigation efforts undertaken by us and our Adviser and Administrator. As significant threats or events are identified by management or the ISP between regular reporting periods, our CCO will inform our Board of Directors immediately and keep it informed as to the developments of assessing the risks, mitigating efforts, and potential disclosure. Appropriate members of management and third party providers will be involved as deemed necessary based on the potential impact.

Our Head of Resources Management, who is also a member of our Board of Directors, and our CCO lead our cybersecurity program. Our Head of Resources Management has more than 30 years of overall experience and more than 20 years directly assessing and managing our cyber information technology and human resources systems, and the associated security concerns. Our CCO has more than 30 years of overall experience as a CPA, with more than 15 years managing information technology systems and databases, and more than 15 years supporting our Adviser’s and Administrator’s resource management department. This includes identifying, assessing, mitigating, and monitoring cyber information security risks. Our Director of IT has over 20 years of experience in IT, with a focus in the implementation of information security projects to enhance organizations’ resilience against emerging threats, and has collaborated closely with security vendors/partners to contain and address cybersecurity incidents. These managers, as well as other management personnel, attend various professional continuing education programs, which include cybersecurity matters. Certain members of our Board of Directors have, or previously held, positions with other companies, including other public companies, that involved managing risks associated with their cyber and information technology systems.

ITEM 2. PROPERTIES

We do not own any real estate or other physical properties material to our operations. The Adviser is the current leaseholder of all properties in which we operate. We occupy these premises pursuant to the Advisory and Administration Agreements with the Adviser and Administrator, respectively.

ITEM 3. LEGAL PROCEEDINGS

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5.     MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Our common stock is traded on Nasdaq under the symbol “GLAD.” The following table reflects, by quarter, the high and low intraday sales prices per share of our common stock on the Nasdaq, the high and low intraday sales prices as a percentage of NAV per share and quarterly distributions declared per common share for each fiscal quarter during the last two completed fiscal years and the current fiscal year through November 12, 2024.

Quarter Ended/ Ending(C)												Sales Prices												Premium / (Discount) of High to NAV(B)						Premium (Discount) of Low to NAV(B)						Declared Common Stock Distributions
						NAV(A)						High						Low
Fiscal Year ended September 30, 2023:
12/31/2022						$	18.12					$	21.34					$	16.46					17.8		%				(9.2)		%				$	0.42
3/31/2023						18.38						21.74						17.74						18.3						(3.5)						0.45
6/30/2023						18.54						19.84						18.22						7.0						(1.7)						0.48
9/30/2023						18.78						22.56						19.08						20.1						1.6						0.54
Fiscal Year ended September 30, 2024
12/31/2023						$	19.22					$	21.64					$	18.40					12.6		%				(4.3)		%				$	0.495
3/31/2024						19.80						22.48						19.40						13.5						(2.0)						0.495
6/30/2024						20.18						23.34						19.20						15.7						(4.9)						0.495
9/30/2024						21.18						24.73						21.40						16.8						1.0						0.495
Fiscal Year ending September 30, 2025:
12/31/2024 (through 11/12/2024)						*						$	25.60					$	23.70					*						*						$	0.895

(A)NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low intraday sales prices. The NAVs per share shown are based on outstanding shares at the end of each period.

(B)The premiums (discounts) set forth in these columns represent the high or low, as applicable, intraday sale prices per share for the relevant quarter minus the NAV per share as of the end of such quarter, and therefore may not reflect the premium (discount) to NAV per share on the date of the high and low intraday sales prices.

(C)Per share data has been adjusted on a retroactive basis to reflect the 1-for-2 reverse stock split (the “Reverse Stock Split”) effected on April 4, 2024 (effective April 5, 2024 for trading purposes) for all activity prior to that date, as described in See Note 2 — Summary of Significant Accounting Policies in the accompanying Consolidated Financial Statements included elsewhere in this Annual Report.

*    Not yet available, as the NAV per share as of the end of this quarter has not yet been determined.

As of November 12, 2024, there were 28 record owners of our common stock.

Distributions

We generally intend to distribute in the form of cash distributions a minimum of 90.0% of our Investment Company Taxable Income, if any, on a quarterly basis to our stockholders in the form of monthly distributions. We generally intend to retain some or all of our long-term capital gains, if any, but generally intend to designate the retained amount as a deemed distribution, after giving effect to any prior year realized losses that are carried forward, to supplement our equity capital and support the growth of our portfolio. However, in certain cases, our Board of Directors may choose to distribute our net realized long-term capital gains, if any, by paying a one-time special distribution. Additionally, our Credit Facility contains a covenant that limits distributions to our stockholders on an annual basis to the sum of our net investment income, net capital gains and amounts deemed to have been paid during the prior year in accordance with Section 855(a) of the Code.

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Recent Sales of Unregistered Securities

We did not sell any unregistered shares of stock during the fiscal year ended September 30, 2024. See “Capital Raising” below for information regarding the unregistered sale of the 2027 Notes in November 2021.

Purchases of Equity Securities

We did not repurchase any shares of our stock during the fourth quarter ended September 30, 2024.

Stock Performance Graph

The following graph shows the total stockholder return on an investment of $100 in cash on September 30, 2019 for (i) our common stock, (ii) the Nasdaq’s 100 total return index (“Nasdaq 100 TR”), (iii) the Standard & Poor’s 500 total return index (the “S&P 500 TR”) and (iv) the Standard and Poor’s BDC index (“S&P BDC”). The graph and other information furnished under the heading “Stock Performance Graph” shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that we specifically incorporate it by reference and shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C under, or to the liabilities of Section 18 of, the Exchange Act.

The returns on each investment assume reinvestment of dividends. This stock performance graph and the related textual information are not necessarily indicative of future performance. Per share data has been adjusted on a retroactive basis to reflect the Reverse Stock Split effected on April 4, 2024.

			GLAD						Nasdaq 100 TR						S&P 500 TR						S&P BDC Index
9/30/2019			$	100.00					$	100.00					$	100.00					$	100.00
9/30/2020			84.76						148.75						115.15						80.26
9/30/2021			139.80						192.74						149.70						123.88
9/30/2022			113.01						145.09						126.54						105.51
9/29/2023			141.09						196.33						153.89						141.81
9/30/2024			193.27						269.90						209.83						164.88

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Fees and Expenses

The following table is intended to assist you in understanding the costs and expenses that an investor in the Company will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this Annual Report contains a reference to fees or expenses paid by “us” or the “Company,” or that “we” will pay fees or expenses, stockholders will indirectly bear such fees or expenses. The following annualized percentages were calculated based on actual expenses incurred in the quarter ended September 30, 2024 and average net assets for the quarter ended September 30, 2024.

Stockholder Transaction Expenses:
Sales load (as a percentage of offering price)(1)			—		%
Offering expenses (as a percentage of offering price)(1)			—		%
Dividend reinvestment plan expenses(2)			Up to a $25.00 Transaction Fee
Total stockholder transaction expenses(1)			—		%
Annual expenses (as a percentage of net assets attributable to common stock)(3):
Base Management fee(4)			3.07		%
Loan servicing fee(5)			1.97		%
Incentive fee (20% of realized capital gains and 20% of pre-incentive fee net investment income)(6)			2.37		%
Interest payments on borrowed funds(7)			5.29		%
Preferred stock dividends(8)			0.10		%
Other expenses(9)			1.04		%
Total annual expenses(10)			13.84		%

__________

(1)The amounts set forth in this table do not reflect the impact of any sales load, sales commission or other offering expenses borne by the Company and its stockholders. If applicable, the prospectus or prospectus supplement relating to an offering of our common stock will disclose the offering price and the estimated offering expenses and total stockholder transaction expenses borne by the Company and its common stockholders as a percentage of the offering price. In the event that shares of our common stock are sold to or through underwriters, the applicable prospectus or prospectus supplement will also disclose the applicable sales load.

(2)The expenses of the dividend reinvestment plan, if any, are included in stock record expenses, a component of “other expenses.” If a participant elects by written notice to the plan agent prior to termination of his or her account to have the plan agent sell part or all of the shares held by the plan agent in the participant’s account and remit the proceeds to the participant, the plan agent is authorized to deduct a transaction fee, plus per share brokerage commissions, from the proceeds. The participants in the dividend reinvestment plan will bear a pro rata share of brokerage commissions incurred with respect to open market purchases, if any. See “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Distributions and Dividends to Stockholders—Dividend Reinvestment Plan” for information on the dividend reinvestment plan.

(3)The percentages presented in this table are gross of credits to any fees.

(4)In accordance with our Advisory Agreement, our annual base management fee is 1.75% (0.4375% quarterly) of our average gross assets, which are defined as total assets of the Company, 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. In accordance with the requirements of the SEC, the table above shows the Company’s management fee as a percentage of average net assets attributable to common shareholders. For purposes of the table, the gross base management fee has been converted to 3.07% of the average net assets as of September 30, 2024 by dividing the total dollar amount of the management fee by our average net assets. The base management fee for the quarter ended September 30, 2024 before application of any credits was $3.5 million. From time to time, the Adviser has non-contractually, unconditionally and irrevocably agreed to reduce the 1.75% 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 quarter ended September 30, 2024, this credit to the base management fee was $18 thousand.

Under the Advisory Agreement, the Adviser has provided and continues to provide managerial assistance to our portfolio companies. It may also provide services other than managerial assistance to our portfolio companies and receive fees therefor. 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

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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) primary role in interviewing, vetting and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members. Generally, at the end of each quarter, 100.0% of the fees for such services are non-contractually, unconditionally and irrevocably credited against the base management fee that we would otherwise be required to pay to the Adviser; however, a small percentage of certain of such fees, primarily for valuation of the portfolio company, is retained by the Adviser in the form of reimbursement at cost for certain tasks completed by personnel of the Adviser. For the quarter ended September 30, 2024, the base management fee credit was $0.4 million. See “Item 1. Business — Transactions with Related Parties — Investment Advisory and Management Agreement” for additional information.

(5)The Adviser services, administers and collects on the loans held by Business Loan in return for which the Adviser receives a 1.5% annual loan servicing fee payable monthly by Business Loan based on the monthly aggregate balance of loans held by Business Loan in accordance with the Credit Facility. For the quarter ended September 30, 2024, the total loan servicing fee was $2.2 million. The entire loan servicing fee paid to the Adviser by Business Loan is generally non-contractually, unconditionally and irrevocably credited against the base management fee otherwise payable to the Adviser since Business Loan is a consolidated subsidiary of the Company, 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. See “Item 1. Business—Transactions with Related Parties—Loan Servicing Fee Pursuant to Credit Facility” and footnote 4 above for additional information.

(6)In accordance with our Advisory Agreement, the incentive fee consists of two parts: an income-based fee and a capital gains-based fee. The income-based fee is payable quarterly in arrears, and equals 20.0% of the excess, if any, of our pre-incentive fee net investment income that exceeds a 1.75% quarterly (7.0% annualized) hurdle rate of our net assets (2.0% quarterly and 8.0% annualized during the period from April 1, 2020 through March 31, 2023), subject to a “catch-up” provision measured as of the end of each calendar quarter. The “catch-up” provision requires us to pay 100.0% of our pre-incentive fee net investment income with respect to that portion of such income, if any, that exceeds the hurdle rate but is less than 125.0% of the quarterly hurdle rate (or 2.1875%, 2.4375% during the period from April 1, 2020 through March 31, 2022, and 2.50% during the period from April 1, 2022 through March 31, 2023) in any calendar quarter (8.75% annualized, 9.75% annualized during the period from April 1, 2020 through March 31, 2022, 10.0% annualized during the period from April 1, 2022 through March 31, 2023). The catch-up provision is meant to provide the Adviser with 20.0% of our pre-incentive fee net investment income as if a hurdle rate did not apply when our pre-incentive fee net investment income exceeds 125.0% of the quarterly hurdle rate in any calendar quarter (8.75% annualized, 9.75% annualized during the period from April 1, 2020 through March 31, 2022, and 10.0% annualized during the period from April 1, 2022 through March 31, 2023). The income-based incentive fee is computed and paid on income that may include interest that is accrued but not yet received in cash. Our pre-incentive fee net investment income used to calculate this part of the income-based incentive fee is also included in the amount of our gross assets used to calculate the 1.75% base management fee (see footnote 4 above). The capital gains-based incentive fee equals 20.0% of our net realized capital gains since our inception, if any, computed net of all realized capital losses and unrealized capital depreciation since our inception, less any prior payments, and is payable at the end of each fiscal year. We have not recorded any capital gains-based incentive fee from our inception through September 30, 2024. The income-based incentive fee for the quarter ended September 30, 2024 was $2.7 million.

From time to time, the Adviser has non-contractually, unconditionally and irrevocably agreed to waive a portion of the incentive fees, to the extent net investment income did not cover 100.0% of the distributions to common stockholders during the period. The incentive fee credit for the quarter ended September 30, 2024 was $0.1 million. There can be no guarantee that the Adviser will continue to credit any portion of the fees under the Advisory Agreement in the future.

Examples of how the incentive fee would be calculated are as follows:

•Assuming pre-incentive fee net investment income of 0.55%, there would be no income-based incentive fee because such income would not exceed the hurdle rate of 1.75%.

•Assuming pre-incentive fee net investment income of 2.00%, the income-based incentive fee would be as follows:

= 100% x (2.00% - 1.75%)

= 0.25%

•Assuming pre-incentive fee net investment income of 2.30%, the income-based incentive fee would be as follows:

= (100% x (“catch - up”: 2.1875% - 1.75%)) + (20% x (2.30% - 2.1875%))

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= (100% x 0.4375%) + (20% x 0.1125%)

= 0.4375%+ 0.0225%

= 0.46%

•Assuming net realized capital gains of 6% and realized capital losses and unrealized capital depreciation of 1%, the capital gains-based incentive fee would be as follows:

= 20% x (6% - 1%)

= 20% x 5%

= 1%

For a more detailed discussion of the calculation of the two-part incentive fee, see “Item 1. Business — Transactions with Related Parties — Investment Advisory and Management Agreement.”

(7)Includes amortization of deferred financing costs. As of September 30, 2024, we had $70.6 million in borrowings outstanding under our Credit Facility and $254.0 million in notes payable, net. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources— Revolving Line of Credit” for additional information regarding the Credit Facility and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations— Liquidity and Capital Resources—Notes Payable” for additional information regarding our notes payable.

(8)Includes amounts paid to preferred stockholders.

(9)Includes our overhead expenses, including payments under the Administration Agreement based on our projected allocable portion of overhead and other expenses estimated to be incurred by the Administrator in performing its obligations under the Administration Agreement for the current fiscal year. See “Item 1. Business—Transactions with Related Parties—Administration Agreement” for additional information.

(10)Total annualized gross expenses, based on actual amounts incurred for the quarter ended September 30, 2024 (except as set forth in footnote 10), would be $62.6 million. After all non-contractual, unconditional and irrevocable credits described in footnote 4, footnote 5, and footnote 6 above are applied to the base management fee, the loan servicing fee, and the incentive fee, total annualized expenses, based on actual amounts incurred for the quarter ended September 30, 2024, would be $51.5 million or 11.39% as a percentage of net assets.

Examples

The following examples demonstrate the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed we would have no additional leverage and that our quarterly operating expenses would remain at the levels set forth in the table above and are gross of credits to any fees. The amounts set forth below do not reflect the impact of sales load or offering expenses to be borne by the Company or its stockholders. In the prospectus supplement relating to an offering of securities pursuant to the applicable prospectus, the examples below will be restated to reflect the impact of the estimated offering expenses borne by the Company and its stockholders and, if applicable, the impact of the applicable sales load. The examples below and the expenses in the table above should not be considered a representation of our future expenses, and actual expenses (including the cost of debt, incentive fees, if any, and other expenses) may be greater or less than those shown. While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%.

			1 Year						3 Years						5 Years						10 Years
You would pay the following expenses on a $1,000 investment:
assuming a 5% annual return consisting entirely of ordinary income (1)(2)			$	121					$	339					$	527					$	890
assuming a 5% annual return consisting entirely of capital gains (2)(3)			$	130					$	360					$	555					$	920

(1)While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. Additionally, we have assumed that the entire amount of such 5% annual return would constitute ordinary income as we have not historically realized positive capital gains (computed net of all realized capital losses) on our investments. Because the assumed 5% annual return is significantly below the hurdle rate of 7%

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that we must achieve under the Advisory Agreement to trigger the payment of an income-based incentive fee, we have assumed, for purposes of this example, that no income-based incentive fee would be payable if we realized a 5% annual return on our investments.

(2)While the example assumes reinvestment of all dividends and distributions at NAV, participants in our dividend reinvestment plan will receive a number of shares of our common stock, determined by dividing the total dollar amount of the dividend payable to a participant by the average cost of shares of our common stock purchased in the open market in the period beginning on or before the payment date of the distribution and ending when the plan agent has expended for such purchases all of the cash that would have been otherwise payable to participants. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Distributions and Dividends to Stockholders—Dividend Reinvestment Plan” for additional information regarding our dividend reinvestment plan.

(3)For purposes of this example, we have assumed that the entire amount of such 5% annual return would constitute capital gains and that no accumulated capital losses or unrealized depreciation exist that would have to be overcome first before a capital gains based incentive fee is payable.

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Senior Securities

Information about our senior securities is shown in the following table for the audited periods as of our last ten fiscal years. The information has been derived from our audited financial statements for each respective period, which have been audited by PricewaterhouseCoopers LLP, our independent registered public accounting firm. The report of our independent registered public accounting firm, PricewaterhouseCoopers LLP, on the senior securities table as of September 30, 2024, is included elsewhere in this Annual Report.                                     

Class and Year						Total Amount Outstanding(1)						Asset Coverage per Unit (2)						Involuntary Liquidating Preference per Unit (3)						Average Market Value per Unit (4)
Revolving Credit Facilities
September 30, 2024						70,600,000						$	2,436					$	—					N/A
September 30, 2023						47,800,000						2,311						—						N/A
September 30, 2022						141,800,000						1,904						—						N/A
September 30, 2021						50,500,000						2,307						—						N/A
September 30, 2020						128,000,000						2,026						—						N/A
September 30, 2019						66,900,000						3,369						—						N/A
September 30, 2018						110,000,000						3,590						—						N/A
September 30, 2017						93,000,000						3,882						—						N/A
September 30, 2016						71,300,000						4,623						—						N/A
September 30, 2015						127,300,000						2,946						—						N/A
Series 2021 Term Preferred Stock (5)
September 30, 2016						$	61,000,000					$	2,495					$	25.00					$	25.55
September 30, 2015						61,000,000						1,993						25.00						25.02
Series 2024 Term Preferred Stock (6)
September 30, 2019						$	51,750,000					$	2,385					$	25.00					$	24.99
September 30, 2018						51,750,000						2,444						25.00						25.63
September 30, 2017						51,750,000						2,496						25.00						25.09
6.25% Series A Cumulative Redeemable Preferred Stock
September 30, 2024						$	8,748,275					$	2,373					$	25.00					N/A
September 30, 2023						—						2,311						25.00						N/A
6.125% Notes due 2023 (7)
September 30, 2020						57,500,000						2,026						—						25.28
September 30, 2019						57,500,000						3,369						—						26.18
5.375% Notes due 2024 (8)
September 30, 2021						$	38,812,500					$	2,307					$	—					$	25.33
September 30, 2020						38,812,500						2,026						—						24.49
5.125% Notes due 2026
September 30, 2024						$	150,000,000					$	2,436					$	—					N/A
September 30, 2023						150,000,000						2,311						—						N/A
September 30, 2022						150,000,000						1,904						—						N/A
September 30, 2021						150,000,000						2,307						—						N/A
3.75% Notes due 2027
September 30, 2024						50,000,000						$	2,436					$	—					N/A
September 30, 2023						50,000,000						2,311						—						N/A
September 30, 2022						50,000,000						1,904						—						N/A
7.75% Notes due 2028
September 30, 2024						$	57,000,000					$	2,436					$	25.00					$	25.55
September 30, 2023						57,000,000						$	2,311					25.00						25.06

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(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage ratio for a class of our “senior securities representing indebtedness” means the ratio of the value of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of “senior securities representing indebtedness” and asset coverage ratio for a class of our “senior securities that are stock” means the ratio of the value of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of “senior securities representing indebtedness” plus the aggregate involuntary liquidation preference of a class of “senior security that is stock.” Asset coverage per unit is the asset coverage ratio expressed in terms of dollar amounts per one thousand dollars of indebtedness.

(3)The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it.

(4)Only applicable to our Term Preferred Stock, 6.125% notes due 2023 (the “2023 Notes”), 5.375% notes due 2024 (“the 2024 Notes”), and 7.75% notes due 2028 (the “2028 Notes”) because the other senior securities are not registered for public trading. Average market value per unit is the average of the closing prices of the securities on the Nasdaq during the last 10 trading days of the period. Average market value per unit for our Series 2024 Term Preferred Stock for September 30, 2017 is the average of the closing prices of the shares on the Nasdaq during the last seven trading days of the period as the stock began trading on September 21, 2017.

(5)In May 2014, we issued 2,440,000 shares of 6.75% Series 2021 Term Preferred Stock (the “Series 2021 Term Preferred Stock”) through a public offering and subsequent exercise of an overallotment option. In September 2017, we voluntarily redeemed all outstanding shares of our Series 2021 Term Preferred Stock and therefore had no Series 2021 Term Preferred Stock outstanding at September 30, 2017.

(6)In September 2017, we issued 2,070,000 shares of 6.0% Series 2024 Term Preferred Stock through a public offering and subsequent exercise of an overallotment option. In October 2019, we voluntarily redeemed all outstanding shares of our Series 2024 Term Preferred Stock.

(7)In November 2018, we completed a public debt offering of $57.5 million aggregate principal amount of the 2023 Notes, inclusive of the overallotment option. In January 2021, we voluntarily redeemed all of the 2023 Notes.

(8)In October 2019, we completed a public debt offering of $38.8 million aggregate principal amount of the 2024 Notes, inclusive of the overallotment option. In November 2021, we voluntarily redeemed all of the 2024 Notes.

ITEM 6. RESERVED

ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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 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, results of operations or percentage relationships 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.

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

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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 September 30, 2024, our investment portfolio was made up of approximately 90.1% debt investments and 9.9% 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 the Co-Investment Order that expanded our ability to co-invest, under certain circumstances, with certain of our affiliates, including Gladstone Investment, a BDC also managed by the Adviser, Gladstone Alternative, an interval fund also managed by the Adviser, 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. 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.

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 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 PIK interest.

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.

From our initial public offering in August 2001 through September 30, 2024, we have made 667 different loans to, or investments in, 277 companies for a total of approximately $2.8 billion, before giving effect to principal repayments on investments and divestitures.

During the year ended September 30, 2024, we invested $53.3 million in four new portfolio companies and extended $124.4 million in investments to existing portfolio companies. In addition, we received a total of $136.3 million in combined net proceeds and principal repayments from portfolio company exits and principal repayments by existing portfolio companies during the year ended September 30, 2024.

During the year ended September 30, 2024, the following significant transactions occurred:

Proprietary Investments

•In November 2023, we invested $11.0 million in Quality Environmental Midco, Inc. (“Quality”) through secured first lien debt and preferred equity. We also extended Quality a $2.0 million secured first lien line of credit commitment, which was unfunded at close. In February 2024, we invested an additional $5.0 million in Quality

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through new secured first lien debt and preferred equity and increased the secured first lien line of credit commitment to $3.0 million.

•In November 2023, we extended Cafe Zupas, an existing portfolio company, a new $10.5 million secured first lien delayed draw term loan commitment, which was unfunded at close. We funded $1.4 million on the delayed draw term loan in December 2023. In addition, our existing term loan was paid down by $7.3 million.

•In November 2023, our remaining investment in PIC 360, LLC was sold resulting in a net realized gain of $0.3 million.

•In December 2023, we invested an additional $14.3 million in ALS Education, LLC, an existing portfolio company, through secured first lien debt.

•In December 2023, we invested an additional $12.0 million in Leadpoint Business Services, LLC, an existing portfolio company, through secured first lien debt.

•In December 2023, we invested an additional $7.0 million in Salt & Straw, LLC, an existing portfolio company, through preferred equity. We also increased our delayed draw term loan commitment to Salt & Straw, LLC by $2.9 million.

•In February and March 2024, we invested a total of an additional $13.5 million in SpaceCo Holdings, LLC (“SpaceCo”), an existing portfolio company, through secured first lien debt.

•In February 2024, we invested $15.0 million in Perimeter Solutions Group through secured second lien debt.

•In March 2024, we received net cash proceeds of $8.4 million from the sale of Trowbridge Chicago, LLC (“Trowbridge”), an existing portfolio company. In conjunction with the sale, we received $0.2 million in prepayment fees and recorded a net realized gain of $0.2 million on our equity. In September 2024, our remaining debt investment in Trowbridge paid off at par for net cash proceeds of $0.3 million.

•In April 2024, we invested $7.3 million in Total Access Elevator, LLC (“Total Access”) through secured first lien debt and common equity. We also extended Total Access a $3.0 million line of credit commitment and a $2.5 million delayed draw term loan commitment, both of which were unfunded at close.

•In April 2024, our debt investment in Giving Home Healthcare, LLC (“Giving Home”) paid off at par for net cash proceeds of $29.7 million including a $0.9 million prepayment penalty. We also exercised our warrant position for common equity in Giving Home, which we continue to hold, and received a $2.5 million distribution associated with this investment.

•In May 2024, our debt investment in Gray Matter Systems, LLC paid off at par for net cash proceeds of $14.0 million including a $0.2 million prepayment penalty.

•In May 2024, our debt investment in Pansophic Learning, Ltd. (“Pansophic”) paid off at par for net cash proceeds of $33.0 million.

•In May 2024, we invested $20.0 million in RPM Freight Systems, LLC (“RPM”) through secured second lien debt. We also extended RPM a $5.0 million delayed draw term loan commitment, which was unfunded at close.

•In May 2024, our remaining shares in Funko were sold representing an exit of our investment and a return of our equity cost basis of $21 thousand and a realized gain of $2 thousand.

•In June 2024, we invested an additional $7.4 million in Workforce QA, LLC, an existing portfolio company, through secured first lien debt.

•In July 2024, we invested an additional $6.5 million in Turn Key Health Clinics, LLC (“Turn Key”), an existing portfolio company, through secured first lien debt. We also extended Turn Key an additional $2.0 million line of credit commitment which was funded in July 2024.

•In September 2024, we invested an additional $13.5 million in Arc Drilling Holdings LLC, an existing portfolio company, through secured first lien debt and common equity. We also extended Arc Drilling an additional $4.0 million line of credit commitment and funded $0.9 million under the line of credit at close.

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Syndicated Investments

•In January 2024, our investment in CHA Holdings, Inc. paid off at par for net proceeds of $3.0 million.

•In July 2024, our investment in Tailwind Smith Cooper Immediate Corporation paid off at par for net proceeds of $5.0 million.

Refer to Note 14—Subsequent Events in the accompanying Consolidated Financial Statements included elsewhere in this Annual Report for portfolio activity occurring subsequent to September 30, 2024.

Capital Raising

We have been able to meet our capital needs through extensions of and increases to our line of credit under the Credit Facility and by accessing the capital markets in the form of public equity offerings of common stock and public and private debt offerings. We have successfully extended the Credit Facility’s revolving period multiple times, most recently to October 2025, and currently have a total commitment amount of $293.7 million. We sold 476,138 and 8,774,101 common shares under our at-the-market program during the years ended September 30, 2024 and 2023, respectively. In August 2023, we completed an offering of $57.0 million aggregate principal amount of the 2028 Notes. In November 2021, we completed a private placement of $50.0 million aggregate principal amount of the 2027 Notes. Refer to “Liquidity and Capital Resources — Revolving Line of Credit,” “Liquidity and Capital Resources — Equity — Common Stock,” and “Liquidity and Capital Resources — Notes Payable” for further discussion.

Although we were 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 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 through sales to our then-existing stockholders pursuant to a rights offering. On September 30, 2024, the closing market price of our common stock was $24.05 per share, a 13.6% premium to our September 30, 2024 NAV per share of $21.18.

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 September 30, 2024, our asset coverage on our “senior securities representing indebtedness” was 243.6% and our asset coverage on our “senior securities that are stock” was 237.3%.

Recent Developments

Distributions

On October 8, 2024, our Board of Directors declared the following distributions to common and preferred stockholders:

Record Date

Payment Date

Distribution per Common Share

October 22, 2024

October 31, 2024

$

0.1650

November 20, 2024

November 29, 2024

0.1650

December 20, 2024

December 31, 2024

0.1650

Total for the Quarter

$

0.4950

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Record Date

Payment Date

Distribution per Series A Preferred Stock

October 24, 2024

November 4, 2024

$

0.130208

November 27, 2024

December 4, 2024

0.130208

December 23, 2024

January 3, 2025

0.130208

Total for the Quarter

$

0.390624

In November 2024, our Board of Directors declared the following supplemental distribution to common stockholders:

Record Date

Payment Date

Distribution per Common Share

December 4, 2024

December 18, 2024

$

0.4000

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RESULTS OF OPERATIONS

Comparison of the Year Ended September 30, 2024 to the Year Ended September 30, 2023

			For the Year Ended September 30,
			2024						2023						$ Change						% Change
INVESTMENT INCOME
Interest income			$	93,294					$	83,030					$	10,264					12.4		%
Other income			3,327						3,404						(77)						(2.3)
Total investment income			96,621						86,434						10,187						11.8
EXPENSES
Base management fee			13,609						11,998						1,611						13.4
Loan servicing fee			8,862						8,053						809						10.0
Incentive fee			11,410						10,255						1,155						11.3
Administration fee			1,970						1,716						254						14.8
Interest expense			21,715						20,847						868						4.2
Amortization of deferred financing costs			1,864						1,529						335						21.9
Other expenses			3,165						2,458						707						28.8
Expenses, before credits from Adviser			62,595						56,856						5,739						10.1
Credit to base management fee – loan servicing fee			(8,862)						(8,053)						(809)						10.0
Credit to fees from Adviser – other			(3,171)						(3,389)						218						(6.4)
Total expenses, net of credits			50,562						45,414						5,148						11.3
NET INVESTMENT INCOME			46,059						41,020						5,039						12.3
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments			2,008						12,345						(10,337)						NM
Net realized gain (loss) on other			3,951						319						3,632						NM
Net unrealized appreciation (depreciation) of investments			42,703						(11,016)						53,719						NM
Net gain (loss) from investments and other			48,662						1,648						47,014						NM
PREFERRED STOCK DIVIDENDS			215						—						215						NM
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$	94,506					$	42,668					$	51,838					121.5		%
PER BASIC AND DILUTED COMMON SHARE
Net investment income(A)			$	2.11					$	2.20					$	(0.09)					(4.1)		%
Net increase (decrease) in net assets resulting from operations(A)			$	4.34					$	2.29					$	2.05					89.5		%

NM Not Meaningful

(A) Per share amounts have been adjusted on a retroactive basis to reflect the Reverse Stock Split effected on April 4, 2024. Refer to Note 2—Summary of Significant Accounting Policies in the accompanying Notes to Consolidated Financial Statements for additional information.

Investment Income

Interest income increased by 12.4% for the year ended September 30, 2024, as compared to the prior year. 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 year ended September 30, 2024 was $665.5 million, compared to $626.5 million for the year ended September 30, 2023, an increase of $39.0 million, or 6.2%. The weighted average yield on our interest-bearing investments is based on the current stated interest rate on interest-bearing investments, which increased to 13.9% for the year ended September 30, 2024, compared to 13.3% for the year ended September 30, 2023, inclusive of any allowances on interest receivables made during those periods. The increase in the weighted average yield was driven mainly by increases in interest rates.

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As of September 30, 2024, our loans to B+T Group, Edge Adhesives, and WB Xcel were on non-accrual status with a cost basis of $28.3 million, or 4.1% of the cost basis of all debt investments in our portfolio, and a fair value of $12.8 million, or 1.9% of the fair value of all debt investments in our portfolio. As of September 30, 2023, our loan to Edge Adhesives was on non-accrual status with a cost basis of $6.1 million, or 0.9% of the cost basis of all debt investments in our portfolio, and a fair value of $2.9 million, or 0.5% of the fair value of all debt investments in our portfolio.

Other income decreased by 2.3% during the year ended September 30, 2024, as compared to the prior year period primarily due to a $0.6 million decrease in success fees received and a $0.1 million decrease in dividend income year over year, partially offset by a $0.7 million increase in prepayment fees received year over year.

As of September 30, 2024, our investment in Antenna Research Associates, Inc. represented 11.4% of the total investment portfolio at fair value. As of September 30, 2023, 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 $5.1 million, or 11.3%, for the year ended September 30, 2024 as compared to the prior year. This increase was primarily due to a $2.0 million increase in the net base management fee, a $1.0 million increase in the net incentive fee, and a $0.9 million increase in interest expense.

Total interest expense on borrowings and notes payable increased by $0.9 million, or 4.2%, during the year ended September 30, 2024 as compared to the prior year. This increase was driven primarily by a shift in the composition of our debt outstanding. Interest expense on notes payable increased by $3.9 million period over period with the issuance of our 2028 Notes in August 2023. Interest expense on our Credit Facility decreased by $3.0 million period over period, driven primarily by a decrease in the weighted average balance outstanding on our Credit Facility, partially offset by an increase in the effective interest rate on our Credit Facility and an increase in unused commitment fees, period over period. The effective interest rate on our Credit Facility, including unused commitment fees incurred, but excluding the impact of deferred financing costs, was 11.0% during the year ended September 30, 2024, compared to 8.0% during the prior year. The increase in the effective interest rate was driven primarily by an increase in unused commitment fees. The weighted average balance outstanding on our Credit Facility was $70.6 million during the year ended September 30, 2024, as compared to $133.7 million in the prior year, a decrease of 47.2%.

The net base management fee earned by the Adviser increased by $2.0 million, or 23.6%, during the year ended September 30, 2024, as compared to the prior year, resulting from an increase in average total assets subject to the base management fee and a decrease in credits to the base management fee from the Adviser for new deal origination fees, year over year.

The income-based incentive fee increased by $1.2 million, or 11.3%, for the year ended September 30, 2024, as compared to the prior year, primarily due to an increase in pre-incentive fee net investment income, coupled with an increase in net assets, which drives the hurdle rate.

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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:

			Year Ended September 30,
			2024						2023
Average total assets subject to base management fee(A)			$	777,657					$	685,600
Multiplied by annual base management fee of 1.75%			1.75		%				1.75		%
Base management fee(B)			13,609						11,998
Portfolio company fee credit			(2,866)						(3,263)
Syndicated loan fee credit			(101)						(126)
Net Base Management Fee			$	10,642					$	8,609
Loan servicing fee(B)			$	8,862					$	8,053
Credit to base management fee - loan servicing fee(B)			(8,862)						(8,053)
Net Loan Servicing Fee			$	—					$	—
Incentive fee (B)			$	11,410					$	10,255
Incentive fee credit			(204)						—
Net Incentive Fee			$	11,206					$	10,255
Portfolio company fee credit			$	(2,866)					$	(3,263)
Syndicated loan fee credit			(101)						(126)
Incentive fee credit			(204)						—
Credit to Fees from Adviser—Other(B)			$	(3,171)					$	(3,389)

(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 two most recently completed quarters within the respective years and adjusted appropriately for any share issuances or repurchases during the period.

(B)Reflected, on a gross basis, as a line item on our accompanying Consolidated Statement of Operations located elsewhere in this Annual Report.

Net Realized Gain (Loss) on Investments

For the year ended September 30, 2024, we recorded a net realized gain on investments of $2.0 million, which resulted primarily from a $1.5 million realized gain recognized on our investment in Giving Home.

For the year ended September 30, 2023, we recorded a net realized gain on investments of $12.3 million, which resulted primarily from a $5.9 million realized gain recognized on the sale of our investment in Targus Cayman HoldCo, Ltd. (“Targus”), a $4.1 million realized gain recognized on our investment in Leeds Novamark Capital I, L.P. (“Leeds”), and a $3.7 million realized gain recognized on our investment in PIC 360, LLC.

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Net Unrealized Appreciation (Depreciation) of Investments

During the year ended September 30, 2024, we recorded net unrealized appreciation of investments in the aggregate amount of $42.7 million. The net realized gain (loss) and unrealized appreciation (depreciation) across our investments for the year ended September 30, 2024 were as follows:

						Year Ended September 30, 2024
Portfolio Company						Realized Gain (Loss)						Unrealized Appreciation (Depreciation)						Reversal of Unrealized Depreciation (Appreciation)						Net Gain (Loss)
Antenna Research Associates, Inc.						$	—					$	40,987					$	—					$	40,987
Lonestar EMS, LLC						—						8,284						—						8,284
MCG Energy Solutions, LLC						—						3,555						—						3,555
Salt & Straw, LLC						—						3,041						—						3,041
Giving Home Health Care, LLC						1,465						1,220						—						2,685
Sokol & Company Holdings, LLC						—						1,520						—						1,520
TNCP Intermediate HoldCo, LLC						—						1,239						—						1,239
Café Zupas						—						996						—						996
Quality Environmental Midco, Inc.						—						972						—						972
Ohio Armor Holdings, LLC						—						850						—						850
NeoGraf Solutions, LLC						—						839						—						839
Arc Drilling Holdings LLC						—						784						—						784
8th Avenue Food & Provisions, Inc.						—						746						—						746
Total Access Elevator, LLC						—						679						—						679
Leadpoint Business Services, LLC						—						636						—						636
Canopy Safety Brands, LLC						—						629						—						629
ENET Holdings, LLC						—						576						—						576
Tailwind Smith Cooper Intermediate Corporation						—						683						(121)						562
OCI, LLC						—						549						—						549
Trowbridge Chicago, LLC						332						(23)						109						418
SpaceCo Holdings, LLC						—						414						—						414
Axios Industrial Group, LLC						—						367						—						367
ALS Education, LLC						—						317						—						317
Viva Railings, L.L.C.						—						311						—						311
Sea Link International IRB, Inc.						—						252						—						252
DKI Ventures, LLC						—						(668)						—						(668)
Technical Resource Management, LLC						—						(829)						—						(829)
Defiance Integrated Technologies, Inc.						—						(1,000)						—						(1,000)
Encore Dredging Holdings, LLC						—						(1,097)						—						(1,097)
Engineering Manufacturing Technologies, LLC						—						(1,173)						—						(1,173)
Edge Adhesives Holdings, Inc.						—						(2,515)						—						(2,515)
HH-Inspire Acquisition, Inc.						—						(2,817)						—						(2,817)
B+T Group Acquisition Inc.						—						(3,586)						—						(3,586)
Eegee's LLC						—						(4,568)						—						(4,568)
FES Resources Holdings LLC						—						(4,670)						—						(4,670)
WB Xcel Holdings, LLC						—						(4,830)						—						(4,830)
Other, net (<$500)						211						257						(212)						256
Total:						$	2,008					$	42,927					$	(224)					$	44,711

The primary driver of net unrealized appreciation of $42.7 million for the year ended September 30, 2024 was improvement in the financial and operational performance of certain of our portfolio companies partially offset by the

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decrease in comparable transaction multiples used to estimate the fair value of certain of our other portfolio companies, and the decline in the financial and operational performance of certain of our other portfolio companies.

During the year ended September 30, 2023, we recorded net unrealized depreciation of investments in the aggregate amount of $11.0 million. The net realized gain (loss) and unrealized appreciation (depreciation) across our investments for the year ended September 30, 2023 were as follows:

						Year Ended September 30, 2023
Portfolio Company						Realized Gain (Loss)						Unrealized Appreciation (Depreciation)						Reversal of Unrealized Depreciation (Appreciation)						Net Gain (Loss)
Antenna Research Associates, Inc.						$	—					$	4,702					$	—					$	4,702
FES Resources Holdings LLC						—						4,508						—						4,508
Defiance Integrated Technologies, Inc.						—						2,801						—						2,801
Giving Home Health Care, LLC						—						2,775						—						2,775
Encore Dredging Holdings, LLC						—						1,495						840						2,335
Imperative Holdings Corporation						510						1,094						—						1,604
Canopy Safety Brands, LLC						—						1,316						—						1,316
HH-Inspire Acquisition, Inc.						—						1,496						(200)						1,296
Triple H Food Processors, LLC						—						990						—						990
TNCP Intermediate HoldCo, LLC						—						736						—						736
PIC 360, LLC						3,700						1,092						(4,262)						530
Targus Cayman HoldCo, Ltd.						5,916						—						(5,916)						—
Circuitronics EMS Holdings LLC						(921)						—						921						—
NetFortris Holdings LLC						(789)						(206)						526						(469)
8th Avenue Food & Provisions, Inc.						—						(510)						—						(510)
MCG Energy Solutions, LLC						—						(685)						—						(685)
Leeds Novamark Capital I, L.P.						4,118						75						(5,018)						(825)
Technical Resource Management, LLC						—						(960)						—						(960)
DKI Ventures, LLC						—						(1,393)						—						(1,393)
Salvo Technologies, Inc.						—						(1,959)						—						(1,959)
NeoGraf Solutions, LLC						—						(3,154)						—						(3,154)
Engineering Manufacturing Technologies, LLC						—						(3,181)						—						(3,181)
B+T Group Acquisition Inc.						—						(3,751)						—						(3,751)
WB Xcel Holdings, LLC						—						(5,687)						—						(5,687)
Other, net (<$500)						(189)						108						391						310
Total:						$	12,345					$	1,702					$	(12,718)					$	1,329

The primary driver of net unrealized depreciation of $11.0 million for the year ended September 30, 2023 was the reversal of unrealized appreciation associated with the exit of our investment in Targus, the reversal of unrealized appreciation associated with our investment in PIC 360, and the sale of underlying assets within Leeds, as well as the decrease in comparable transaction multiples used to estimate the fair value of certain of our other portfolio companies, and the decline in the financial and operational performance of certain of our other portfolio companies.

As of September 30, 2024, the fair value of our investment portfolio was greater than its cost basis by approximately $25.2 million and our entire investment portfolio was valued at 103.3% of cost, as compared to cumulative net unrealized depreciation of $17.5 million and a valuation of our entire portfolio at 97.6% of cost as of September 30, 2023.

Comparison of the Year Ended September 30, 2023 to the Year Ended September 30, 2022

The comparison of the fiscal year ended September 30, 2023 to the fiscal year ended September 30, 2022 can be found in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023, as filed with the SEC on November 13, 2023, located within Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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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 and notes payable, make distributions to our stockholders, pay management and administrative fees to the Adviser and Administrator, and for other operating expenses.

Net cash provided by operating activities for the year ended September 30, 2024 was $3.2 million as compared to net cash used in operating activities of $10.9 million for the year ended September 30, 2023. The change was primarily due to an increase in repayments and net proceeds from sales year over year. Repayments and net proceeds from sales were $140.2 million during the year ended September 30, 2024 compared to $125.5 million during the year ended September 30, 2023.

As of September 30, 2024, we had loans to, syndicated participations in or equity investments in 49 companies, with an aggregate cost basis of approximately $771.0 million. As of September 30, 2023, we had loans to, syndicated participations in or equity investments in 51 companies, with an aggregate cost basis of approximately $722.3 million.

The following table summarizes our total portfolio investment activity during the years ended September 30, 2024 and 2023:

			Year Ended September 30,
			2024						2023
Beginning investment portfolio, at fair value			$	704,815					$	649,615
New investments			53,250						103,916
Disbursements to existing portfolio companies			124,399						71,561
Scheduled principal repayments			(9,288)						(8,311)
Unscheduled principal repayments			(124,183)						(99,194)
Net proceeds from sales of investments			(2,799)						(17,686)
Net unrealized appreciation (depreciation) of investments			42,927						1,702
Reversal of prior period net depreciation (appreciation) of investments			(224)						(12,718)
Net realized gain (loss) on investments(A)			2,008						12,345
Increase in investment balance due to PIK interest (B)			5,525						3,699
Net change in premiums, discounts and amortization			(170)						(114)
Ending Investment Portfolio, at Fair Value			$	796,260					$	704,815

(A)Excludes net realized gain (loss) on other.

(B)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.

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The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of September 30, 2024.

Year Ending September 30,						Amount
2025(A)						$	16,322
2026						160,366
2027						227,287
2028						193,374
2029						78,697
Thereafter						20,000
Total contractual repayments						$	696,046
Adjustments to cost basis of debt investments						(1,421)
Investments in equity securities						76,386
Investments held as of September 30, 2024 at cost:						$	771,011

(A)Includes debt investments with contractual principal amounts totaling $0.2 million for which the maturity date has passed as of September 30, 2024.

Financing Activities

Net cash used in financing activities for the year ended September 30, 2024 was $2.3 million, which consisted primarily of $43.1 million in distributions to common shareholders, partially offset by $22.8 million in net borrowings on our Credit Facility, $11.0 million in gross proceeds from the issuance of common stock, and $7.8 million in net proceeds from the issuance of preferred stock.

Net cash provided by financing activities for the year ended September 30, 2023 was $10.2 million, which consisted primarily of $87.4 million in gross proceeds from the issuance of common stock and $57.0 million in gross proceeds from the issuance of notes payable, partially offset by $94.0 million in net repayments on our Credit Facility and $35.4 million in distributions to common shareholders.

Net cash provided by financing activities for the year ended September 30, 2022 was $77.7 million, which consisted primarily of $91.3 million in net borrowings on our Credit Facility and $50.0 million in gross proceeds from the issuance of notes payable, partially offset by $38.8 million used in the redemption of our 2024 Notes and $27.3 million in distributions to common shareholders.

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, during the year ended September 30, 2024, we paid monthly cash distributions of $0.165 per common share. These distributions totaled an aggregate of $43.1 million. In October 2024, our Board of Directors declared a monthly distribution of $0.165 per common share for each of October, November, and December 2024. In November 2024, our Board of Directors declared a supplemental distribution of $0.40 per common share payable in December 2024. Our Board of Directors declared these distributions to our stockholders based on our estimates of our Investment Company Taxable Income for the fiscal year ended September 30, 2025.

For the fiscal years ended September 30, 2024 and September 30, 2023, 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 $6.6 million and $5.0 million, respectively, of the first common distributions paid to common stockholders in the subsequent fiscal year as having been paid in the prior year. For the fiscal year ended September 30, 2022 distributions

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declared and paid exceeded taxable income available for common distributions resulting in a partial return of capital of approximately $1.4 million.

Preferred Stock Dividends

We paid monthly cash dividends of $0.130208 per share to holders of our Series A Preferred Sock for each month from January through September during the year ended September 30, 2024, which totaled an aggregate of $0.2 million. In October 2024, our Board of Directors declared monthly cash dividends of $0.130208 per share to holders of our Series A Preferred stock for each of October, November, and December 2024. 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 on Form N-2 (File No. 333-275934) (the “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 September 30, 2024, we had the ability to issue up to $689.0 million in securities under the 2024 Registration Statement.

Common Stock

In August 2024, we entered into an equity distribution agreement with Jefferies LLC and Huntington Securities, Inc, (the “2024 Sales Agreement”) 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 year ended September 30, 2024, we sold 476,138 shares of our common stock under the 2024 Sales Agreement, at a weighted-average price of $23.10 per share and raised $11.0 million of gross proceeds. Net proceeds, after deducting commissions and offering costs borne by us, were approximately $10.8 million. As of September 30, 2024, we had a remaining capacity to sell up to an additional $139.0 million of our common stock under the 2024 ATM Program.

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.

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”).

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As of September 30, 2024, our Credit Facility had a total commitment amount of $293.7 million with an “accordion” feature that permits us to increase the size of the facility to $350.0 million. The Credit Facility has a revolving period end date of October 31, 2025 and a final maturity date of October 31, 2027 (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 3.00% during the revolving period and 3.50% thereafter (in each case plus a 10 basis point SOFR credit spread adjustment).

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 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’ consents. Our Credit Facility 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 $325.0 million plus 50.0% of all equity and subordinated debt raised after May 13, 2021 less 50% of any equity and subordinated debt retired or redeemed after May 13, 2021, which equates to $418.8 million as of September 30, 2024, (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 September 30, 2024, and as defined in our Credit Facility, we had a net worth of $723.9 million, asset coverage on our “senior securities representing indebtedness” of 243.6% and an active status as a BDC and RIC. In addition, as of September 30, 2024, we had 33 obligors in our Credit Facility’s borrowing base and 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 Annual Report for additional information regarding our Credit Facility.

Notes Payable

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 are traded under the ticker symbol “GLADZ” on the Nasdaq Global Select Market. The 2028 Notes will mature on September 1, 2028 and may be redeemed in whole or in part at any time or from time to time at our option on or after September 1, 2025. The 2028 Notes bear interest at a rate of 7.75% per year. Interest is payable quarterly on March 1, June 1, September 1, and December 1 of each year (which equates to approximately $4.4 million per year).

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. The terms of the Exchange Notes

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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 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. The 2026 Notes will mature on January 31, 2026 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 2026 Notes bear interest at a rate of 5.125% per year. Interest is payable semi-annually on January 31 and July 31 of each year (which equates to approximately $7.7 million per year).

In October 2019, we completed an offering of $38.8 million aggregate principal amount of 5.375% Notes due 2024 (the “2024 Notes”), inclusive of the overallotment option exercised by the underwriters, for net proceeds of approximately $37.5 million after deducting underwriting discounts, commissions and offering expenses borne by us. On November 1, 2021, we voluntarily redeemed the 2024 Notes with an aggregate principal amount outstanding of $38.8 million. The 2024 Notes would have otherwise matured on November 1, 2024.

The indenture relating to the 2028 Notes, the 2027 Notes and the 2026 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 2028 Notes, the 2027 Notes and the 2026 Notes, as applicable, and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements.

Off-Balance Sheet Arrangements

We generally recognize success fee income when the payment has been received. As of September 30, 2024 and 2023, we had off-balance sheet success fee receivables on our accruing debt investments of $5.8 million and $4.0 million (or approximately $0.26 per common share and $0.18 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 September 30, 2024 and 2023 to be immaterial.

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The following table shows our contractual obligations as of September 30, 2024, at cost:

Contractual Obligations(A)						Payments Due by Period
						Less than 1 Year						1-3 Years						3-5 Years						More than 5 Years						Total
Credit Facility(B)						$	—					$	—					$	70,600					$	—					$	70,600
Notes Payable						—						200,000						57,000						—						257,000
Interest expense on debt obligations(C)						20,457						28,102						6,308						—						54,867
Total						$	20,457					$	228,102					$	133,908					$	—					$	382,467

(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 $57.6 million, at cost, as of September 30, 2024.

(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, 2028 Notes, 2027 Notes, and 2026 Notes. The amount of interest expense calculated for purposes of this table was based upon rates and balances as of September 30, 2024.

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 Annual Report. Additionally, refer to Note 3—Investments in our accompanying Notes to Consolidated Financial Statements included elsewhere in this Annual 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 Annual 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 syndicated 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.

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The following table reflects risk ratings for all proprietary loans in our portfolio as of September 30, 2024 and 2023, representing approximately 99.5% and 98.2%, respectively, of the principal balance of all debt investments in our portfolio at the end of each period:

						As of September 30,
Rating						2024						2023
Highest						10.0						10.0
Average						7.8						7.1
Weighted Average						8.1						7.5
Lowest						3.0						3.0

The following table reflects the risk ratings for all syndicated loans in our portfolio that were rated by an NRSRO as of September 30, 2024 and 2023, representing approximately 0.5% and 1.3%, respectively, of the principal balance of all debt investments in our portfolio at the end of each period:

						As of September 30,
Rating						2024						2023
Highest						3.0						5.0
Average						3.0						3.5
Weighted Average						3.0						4.2
Lowest						3.0						3.0

The following table reflects the risk ratings for all syndicated loans in our portfolio that were not rated by an NRSRO as of September 30, 2023 representing approximately 0.5% of the principal balance of all debt investments in our portfolio at the end of the period:

Rating						As of September 30, 2023
Highest						5.0
Average						5.0
Weighted Average						5.0
Lowest						5.0

There were no syndicated loans in our portfolio that were not rated by an NRSRO as of September 30, 2024.

Tax Status

We intend to continue to maintain our qualification as a RIC under Subchapter M of the Code for federal income tax purposes and also to limit certain federal excise taxes imposed on RICs. Refer to Note 10—Federal and State Income Taxes in our accompanying Notes to Consolidated Financial Statements included elsewhere in this Annual Report for additional information regarding our tax status.

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 Annual Report for a description of recent accounting pronouncements.

ITEM 7A. 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 due to 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

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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 September 30, 2024, our portfolio of debt investments on a principal basis consisted of the following:

Variable rates						93.9		%
Fixed rates						6.1
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 September 30, 2024 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 200 basis points						$	13,058					$	1,412					$	11,646
Up 100 basis points						6,523						706						5,817
Up 50 basis points						3,256						353						2,903
Down 50 basis points						(3,229)						(353)						(2,876)
Down 100 basis points						(6,458)						(706)						(5,752)
Down 200 basis points						(12,917)						(1,412)						(11,505)

(A)Illustrates the potential impact of changes in market rates as compared to one-month SOFR of 4.85% as of September 30, 2024.

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

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.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Index to Consolidated Financial Statements

Management’s Annual Report on Internal Control over Financial Reporting			73
Report of Independent Registered Public Accounting Firm (PCAOB ID 238)			74
Consolidated Statements of Assets and Liabilities as of September 30, 2024 and 2023			76
Consolidated Statements of Operations for the years ended September 30, 2024, 2023 and 2022			77
Consolidated Statements of Changes in Net Assets for the years ended September 30, 2024, 2023 and 2022			79
Consolidated Statements of Cash Flows for the years ended September 30, 2024, 2023 and 2022			80
Consolidated Schedules of Investments as of September 30, 2024 and 2023			81
Notes to Consolidated Financial Statements			93

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Management’s Annual Report on Internal Control over Financial Reporting

To the Stockholders and Board of Directors of Gladstone Capital Corporation:

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and include those policies and procedures that: (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and the dispositions of our assets; (2) provide reasonable assurance that our transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with appropriate authorizations; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

Under the supervision and with the participation of our management, we assessed the effectiveness of our internal control over financial reporting as of September 30, 2024, using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013). Based on its assessment, management has concluded that our internal control over financial reporting was effective as of September 30, 2024.

November 13, 2024

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Gladstone Capital Corporation

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of Gladstone Capital Corporation and its subsidiaries (the “Company”) as of September 30, 2024 and 2023, and the related consolidated statements of operations, of changes in net assets and of cash flows for each of the three years in the period ended September 30, 2024, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2024 and 2023, and the results of its operations, changes in its net assets and its cash flows for each of the three years in the period ended September 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

We have also previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated statements of assets and liabilities, including the consolidated schedules of investments, of the Company as of September 30, 2022, 2021, 2020, 2019, 2018, 2017, 2016, and 2015, and the related consolidated statements of operations, changes in net assets and cash flows for the years ended September 30, 2021, 2020, 2019, 2018, 2017, 2016, and 2015 (none of which are presented herein), and we expressed unqualified opinions on those consolidated financial statements. In our opinion, the information set forth in the Senior Securities table of the Company for each of the ten years in the period ended September 30, 2024, appearing on pages 53-54 under Item 5 of this Form 10-K, is fairly stated, in all material respects, in relation to the consolidated financial statements from which it has been derived.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of September 30, 2024 and 2023 by correspondence with the custodian, agent banks and portfolio company investees; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

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Valuation of Level 3 Investments

As described in Notes 2 and 3 to the consolidated financial statements, the Company held $796.22 million of total level 3 investments at fair value as of September 30, 2024. Management uses significant unobservable inputs in estimating the fair value of its level 3 investments, including (i) with respect to investments valued using a total enterprise value, portfolio company earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA multiples, revenue and revenue multiples, or a discounted cash flow analysis using estimated risk-adjusted discount rates; (ii) with respect to investments valued using a yield analysis, a modified discount rate; and (iii) with respect to investments valued using market quotations for which a limited market exists, the lower indicative bid price in the bid-to-ask price range. The principal considerations for our determination that performing procedures relating to the valuation of level 3 investments is a critical audit matter are (i) the significant judgment by management to determine the fair value of these level 3 investments using a total enterprise value or yield analysis due to the use of significant unobservable inputs, which in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence related to the EBITDA and EBITDA multiples and revenue and revenue multiples used in a total enterprise value and the modified discount rate used in a yield analysis, and (ii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, either (i) testing management’s process for determining the fair value estimate, including testing the completeness and accuracy of data provided by management, evaluating the appropriateness of management’s valuation methods, and evaluating the reasonableness of the EBITDA and EBITDA multiples and revenue and revenue multiples used in a total enterprise value and the modified discount rate used in a yield analysis by considering current and past performance of the investment, consistency of the unobservable inputs with external market data and evidence obtained in other areas of the audit, and management’s historical forecasting accuracy, or (ii) the involvement of professionals with specialized skill and knowledge to assist in developing an independent fair value estimate for certain level 3 investments and comparison of management’s estimate to the independently developed estimate. Developing an independent fair value estimate involved testing the completeness and accuracy of data provided by management and independently developing significant unobservable inputs related to the modified discount rate for those investments valued using a yield analysis and the EBITDA and EBITDA multiples or revenue and revenue multiples for those investments valued using a total enterprise value.

/s/ PricewaterhouseCoopers LLP

Washington, District of Colombia

November 13, 2024

We have served as the Company’s auditor since 2002.

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GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

			September 30, 2024						September 30, 2023
ASSETS
Investments, at fair value:
Non-Control/Non-Affiliate investments (Cost of $716,481 and $671,397, respectively)			$	750,904					$	663,544
Affiliate investments (Cost of $16,746 and $16,746, respectively)			7,438						10,421
Control investments (Cost of $37,784 and $34,126, respectively)			37,918						30,850
Cash and cash equivalents			2,172						1,306
Restricted cash and cash equivalents			132						95
Interest receivable, net			5,923						6,100
Due from administrative agent			2,802						2,936
Deferred financing costs, net			1,053						1,335
Other assets, net			4,126						2,911
TOTAL ASSETS			$	812,468					$	719,498
LIABILITIES
Line of credit at fair value (Cost of $70,600 and $47,800, respectively)			$	70,600					$	47,800
Notes payable, net of unamortized deferred financing costs of $2,990 and $3,886, respectively			254,010						253,114
Accounts payable and accrued expenses			1,230						1,006
Interest payable			2,916						2,956
Fees due to Adviser(A)			3,889						3,872
Fee due to Administrator(A)			569						479
Other liabilities			513						1,576
TOTAL LIABILITIES			$	333,727					$	310,803
Commitments and contingencies(B)
Preferred stock, $0.001 par value per share, 6,000,000 and 6,000,000 shares authorized, respectively, and 349,931 and 0 shares issued and outstanding, respectively			$	7,846					$	—
NET ASSETS
Common stock, $0.001 par value per share, 44,000,000 and 44,000,000 shares authorized, respectively, and 22,230,587 and 21,754,449 shares issued and outstanding, respectively(C)			$	44					$	44
Capital in excess of par value			492,305						481,480
Cumulative net unrealized appreciation (depreciation) of investments			25,249						(17,454)
Under distributed net investment income			6,144						4,741
Accumulated net realized losses			(52,847)						(60,116)
Total distributable loss			(21,454)						(72,829)
TOTAL NET ASSETS			$	470,895					$	408,695
NET ASSET VALUE PER COMMON SHARE(C)			$	21.18					$	18.79

(A)Refer to Note 4—Related Party Transactions for additional information.

(B)Refer to Note 11—Commitments and Contingencies for additional information.

(C)Issued and outstanding shares of common stock and net asset value per share have been adjusted on a retroactive basis to reflect the 1-for-2 reverse stock split (the “Reverse Stock Split”) effected on April 4, 2024. Refer to Note 2—Summary of Significant Accounting Policies 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)

			Year ended September 30,
			2024						2023						2022
INVESTMENT INCOME
Interest income
Non-Control/Non-Affiliate investments			$	85,698					$	72,656					$	43,771
Affiliate investments			—						3,799						3,523
Control investments			1,784						2,889						2,454
Cash and cash equivalents			136						136						11
Total interest income (excluding PIK interest income)			87,618						79,480						49,759
PIK interest income
Non-Control/Non-Affiliate investments			5,429						2,737						4,014
Affiliate investments			—						510						215
Control investments			247						303						—
Total PIK interest income			5,676						3,550						4,229
Total interest income			93,294						83,030						53,988
Success fee income
Non-Control/Non-Affiliate investments			380						935						3,231
Affiliate investments			—						—						1,563
Total success fee income			380						935						4,794
Dividend income
Non-Control/Non-Affiliate investments			1,417						830						2,181
Control investments			—						691						1,281
Total dividend income			1,417						1,521						3,462
Other income			1,530						948						906
Total investment income			96,621						86,434						63,150
EXPENSES
Base management fee(A)			13,609						11,998						10,247
Loan servicing fee(A)			8,862						8,053						6,329
Incentive fee(A)			11,410						10,255						7,511
Administration fee(A)			1,970						1,716						1,610
Interest expense on line of credit and notes payable			21,715						20,847						12,966
Amortization of deferred financing costs			1,864						1,529						1,175
Professional fees			948						980						803
Other general and administrative expenses			2,217						1,478						1,362
Expenses, before credits from Adviser			62,595						56,856						42,003
Credit to base management fee - loan servicing fee(A)			(8,862)						(8,053)						(6,329)
Credit to fees from Adviser - other(A)			(3,171)						(3,389)						(4,803)
Total expenses, net of credits			50,562						45,414						30,871
NET INVESTMENT INCOME			46,059						41,020						32,279
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss):
Non-Control/Non-Affiliate investments			1,749						9,661						504
Affiliate investments			—						—						13,408
Control investments			259						2,684						(8,496)
Other			3,951						319						(243)
Total net realized gain (loss)			5,959						12,664						5,173

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

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Net unrealized appreciation (depreciation):
Non-Control/Non-Affiliate investments			42,276						(10,928)						(3,960)
Affiliate investments			(2,983)						3,996						(21,920)
Control investments			3,410						(4,084)						8,342
Other			—						—						—
Total net unrealized appreciation (depreciation)			42,703						(11,016)						(17,538)
Net realized and unrealized gain (loss)			48,662						1,648						(12,365)
PREFERRED STOCK DIVIDENDS			215						—						—
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$	94,506					$	42,668					$	19,914
BASIC AND DILUTED PER COMMON SHARE:
Net investment income(B)			$	2.11					$	2.20					$	1.88
Net increase (decrease) in net assets resulting from operations(B)			$	4.34					$	2.29					$	1.16
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic and Diluted(B)			21,781,074						18,657,961						17,175,832

(A)Refer to Note 4—Related Party Transactions for additional information.

(B)Per share amounts and weighted average common shares outstanding have been adjusted on a retroactive basis to reflect the Reverse Stock Split effected on April 4, 2024. Refer to Note 2—Summary of Significant Accounting Policies 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)

			Year ended September 30,
			2024						2023						2022
OPERATIONS
Net investment income			$	46,059					$	41,020					$	32,279
Net realized gain (loss) on investments			2,008						12,345						5,416
Net realized gain (loss) on other			3,951						319						(243)
Net unrealized appreciation (depreciation) of investments			42,703						(11,016)						(17,538)
Preferred stock dividends			(215)						—						—
Net increase (decrease) in net assets from operations			94,506						42,668						19,914
DISTRIBUTIONS
Distributions to common stockholders from net investment income ($1.98, $1.89, and $1.52 per share, respectively)(A)(B)			(43,141)						(35,407)						(25,916)
Distributions to common stockholders from return of capital ($0.00, $0.00, and $0.08 per share, respectively)(A)(B)			—						—						(1,406)
Net decrease in net assets from distributions			(43,141)						(35,407)						(27,322)
CAPITAL TRANSACTIONS
Issuance of common stock			10,998						87,394						4,533
Offering costs for issuance of common stock			(163)						(1,447)						(77)
Net increase (decrease) in net assets from capital transactions			10,835						85,947						4,456
NET INCREASE (DECREASE) IN NET ASSETS			62,200						93,208						(2,952)
NET ASSETS, BEGINNING OF YEAR			408,695						315,487						318,439
NET ASSETS, END OF YEAR			$	470,895					$	408,695					$	315,487

(A)Refer to Note 9 – Distributions to Common Stockholders for additional information.

(B)Per share amounts have been adjusted on a retroactive basis to reflect the Reverse Stock Split effected on April 4, 2024. Refer to Note 2—Summary of Significant Accounting Policies 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)

			Year ended September 30,
			2024						2023						2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations			$	94,506					$	42,668					$	19,914
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchase of investments			(177,649)						(175,477)						(274,898)
Principal repayments on investments			133,471						107,505						159,992
Proceeds from sale of investments			6,750						18,005						15,848
Increase in investments due to paid-in-kind interest or other			(5,525)						(3,699)						(4,532)
Net change in premiums, discounts and amortization			170						114						(445)
Net realized gain on investments			(2,008)						(12,345)						(5,416)
Net unrealized depreciation (appreciation) of investments			(42,703)						11,016						17,538
Net realized loss (gain) on other			(3,951)						(319)						243
Amortization of deferred financing costs			1,864						1,529						1,175
Changes in assets and liabilities:
Decrease (increase) in interest receivable, net			177						(3,363)						(376)
Decrease (increase) in funds due from administrative agent			134						263						(248)
Decrease (increase) in other assets, net			(1,224)						(572)						(787)
Increase (decrease) in accounts payable and accrued expenses			224						506						10
Increase (decrease) in interest payable			(40)						439						720
Increase (decrease) in fees due to Adviser(A)			17						1,768						(151)
Increase (decrease) in fee due to Administrator(A)			90						56						41
Increase (decrease) in other liabilities			(1,063)						1,046						(5,029)
Net cash provided by (used in) operating activities			3,240						(10,860)						(76,401)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit			221,200						149,000						328,900
Repayments on line of credit			(198,400)						(243,000)						(237,600)
Proceeds from issuance of notes payable			—						57,000						50,000
Redemption of notes payable			—						—						(38,813)
Financing costs			(686)						(3,522)						(1,968)
Proceeds from issuance of common stock			10,998						87,394						4,533
Proceeds from issuance of preferred stock			7,846						—						—
Offering costs for issuance of common stock			(154)						(1,311)						(68)
Distributions paid to common stockholders			(43,141)						(35,407)						(27,322)
Net cash provided by (used in) financing activities			(2,337)						10,154						77,662
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS			903						(706)						1,261
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR			1,401						2,107						846
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF YEAR			$	2,304					$	1,401					$	2,107
CASH PAID DURING YEAR FOR INTEREST			$	21,755					$	20,408					$	12,246
NON-CASH ACTIVITIES(B)			—						2,416						7,489

(A)Refer to Note 4—Related Party Transactions for additional information.

(B)Non-cash activities relate to estimated tax liabilities and escrows associated with portfolio company exits and the following transactions:

•In October 2022, our investment in Targus Cayman HoldCo Ltd. was sold for net proceeds of approximately $8.0 million, resulting in a realized gain of approximately $5.9 million. As part of the proceeds, we received an interest in B. Riley Financial, Inc. 6.75% senior notes in the amount of $2.4 million.

•In June 2022, our investment in LWO Acquisitions Company LLC was restructured, resulting in non-cash activity of $6.8 million and new investments in Lonestar EMS, LLC, which are listed on the accompanying Consolidated Schedule of Investments as of September 30, 2022.

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, 2024 (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) – 159.5%
Secured First Lien Debt – 114.8%
Aerospace and Defense – 19.7%
Antenna Research Associates, Inc. – Term Debt (S + 10.0%, 14.8% Cash, 4.0% PIK, Due 11/2026)(E)(U)						$	31,267					$	31,267					$	31,267
Ohio Armor Holdings, LLC – Term Debt (S + 8.0%, 12.8% Cash, Due 2/2026)(C)						16,563						16,563						16,563
SpaceCo Holdings, LLC – Line of Credit, $0 available (S + 6.4%, 11.0% Cash, Due 12/2025)(C)(H)						2,000						2,000						2,000
SpaceCo Holdings, LLC – Term Debt (S + 6.4%, 11.0% Cash, Due 12/2025)(C)(H)						42,757						42,376						42,757
												92,206						92,587
Beverage, Food, and Tobacco – 15.2%
Café Zupas – Line of Credit, $700 available (S + 7.5%, 12.3% Cash, Due 12/2027)(C)						1,050						1,050						1,061
Café Zupas – Delayed Draw Term Loan, $3,150 available (S + 7.5%, 12.3% Cash, Due 12/2027)(C)						7,350						7,350						7,424
Café Zupas – Term Debt (S + 7.5%, 12.3% Cash, Due 12/2027)(C)						26,250						26,074						26,513
Eegee’s LLC – Line of Credit, $500 available (S + 7.8%, 12.6% Cash, Due 6/2026)(C)						1,500						1,500						1,135
Eegee’s LLC – Delayed Draw Term Loan, $0 available (S + 7.8%, 8.0% Cash, 4.6% PIK, Due 6/2026)(C)						3,145						3,145						2,380
Eegee’s LLC – Term Debt (S + 7.8%, 8.0% Cash, 4.6% PIK, Due 6/2026)(C)						17,824						17,824						13,486
Salt & Straw, LLC – Line of Credit, $2,000 available (S + 9.1%, 13.9% Cash, Due 9/2027)(C)						—						—						—
Salt & Straw, LLC – Delayed Draw Term Loan, $3,500 available (S + 9.1%, 13.9% Cash, Due 9/2027)(C)						10,850						10,693						10,850
Sokol & Company Holdings, LLC – Term Debt (S + 6.8%, 11.6% Cash, Due 8/2027)(C)						8,500						8,500						8,500
												76,136						71,349
Buildings and Real Estate – 0.5%
GFRC 360, LLC – Line of Credit, $95 available (S + 8.0%, 12.8% Cash, Due 9/2025)(C)						1,355						1,355						1,355
GFRC 360, LLC – Term Debt (S + 8.0%, 12.8% Cash, Due 9/2025)(C)						1,000						1,000						1,000
												2,355						2,355
Diversified/Conglomerate Manufacturing – 24.2%
Engineering Manufacturing Technologies, LLC – Line of Credit, $3,000 available (S + 8.3%, 13.1% Cash, Due 10/2026)(E)						—						—						—
Engineering Manufacturing Technologies, LLC – Term Debt (S + 8.3%, 10.0% Cash, 3.1% PIK, Due 10/2026)(E)						22,230						22,230						19,283
NeoGraf Solutions LLC – Line of Credit, $4,500 available (S + 7.0%, 11.0% Cash, 0.8% PIK, Due 1/2028)(C)						—						—						—
NeoGraf Solutions LLC – Term Debt (S + 7.0%, 11.0% Cash, 0.8% PIK, Due 1/2028)(C)						27,524						27,524						26,350
OCI, LLC – Term Debt (S + 7.5%, 12.3% Cash, Due 5/2028)(C)						18,500						18,500						18,685
Torrent Photonics Holdco LLC – Term Debt (S + 9.5%, 14.3% Cash, Due 4/2027)(C)						12,149						12,128						12,265
Unirac Holdings, Inc. – Line of Credit, $1,244 available (S + 6.5%, 11.3% Cash, Due 9/2027)(C)						978						978						978
Unirac Holdings, Inc. – Delayed Draw Term Loan, $0 available (S + 6.5%, 11.3% Cash, Due 9/2027)(C)						1,097						1,097						1,108
Unirac Holdings, Inc. – Term Debt (S + 6.5%, 11.3% Cash, Due 9/2027)(C)						14,738						14,494						14,885
Viva Railings, LLC – Line of Credit, $4,000 available (S + 7.1%, 11.9% Cash, Due 5/2027)(C)						—						—						—
Viva Railings, LLC – Term Debt (S + 7.1%, 11.9% Cash, Due 5/2027)(C)						20,202						20,202						20,202
												117,153						113,756
Diversified/Conglomerate Service – 30.9%
Axios Industrial Group, LLC – Term Debt (S + 9.6%, 14.4% Cash, Due 10/2027)(C)						11,325						11,301						11,357
Axios Industrial Group, LLC – Term Debt (S + 12.6%, 17.4% Cash, Due 10/2027)(C)						3,000						2,925						3,008
DKI Ventures, LLC – Line of Credit, $25 available (9.0% Cash, Due 12/2025)(E)(F)						350						350						159
DKI Ventures, LLC – Term Debt (9.0% Cash, Due 12/2025)(E)(F)						5,915						5,915						2,684
ENET Holdings, LLC – Line of Credit, $2,500 available (S + 7.3%, 12.1% Cash, Due 4/2025)(C)						—						—						—
ENET Holdings, LLC – Term Debt (S + 7.3%, 12.1% Cash, Due 4/2028)(C)						22,289						22,289						21,973

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, 2024 (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)						Principal/ Shares/ Units(I)(J)						Cost						Fair Value
Fix-It Group, LLC – Line of Credit, $3,000 available (S + 7.1%, 11.9% Cash, Due 12/2026)(C)						—						—						—
Fix-It Group, LLC – Term Debt (S + 7.1%, 11.9% Cash, Due 12/2026)(C)						13,324						13,324						13,457
Fix-It Group, LLC – Delayed Draw Term Loan, $0 available (S + 7.1%, 11.9% Cash, Due 12/2026)(C)						6,781						6,781						6,781
Leadpoint Business Services, LLC – Term Debt (S + 8.5%, 13.3% Cash, Due 2/2028)(C)						25,500						25,475						26,010
MCG Energy Solutions, LLC – Term Debt (S + 7.6%, 12.4% Cash, 3.5% PIK, Due 3/2026)(E)						20,290						20,264						20,290
Quality Environmental Midco, Inc. – Line of Credit, $3,000 available (12.0% Cash, Due 11/2028)(C)(F)						—						—						—
Quality Environmental Midco, Inc. – Term Debt (12.0% Cash, Due 11/2028)(C)(F)						13,000						13,000						13,390
Total Access Elevator, LLC – Line of Credit, $3,000 available (S + 6.9%, 11.7% Cash, Due 4/2029)(C)						—						—						—
Total Access Elevator, LLC – Term Debt (S + 6.9%, 11.7% Cash, Due 4/2029)(C)						6,500						6,500						6,695
Total Access Elevator, LLC – Delayed Draw Term Loan, $2,500 available (S + 6.9%, 11.7% Cash, Due 4/2029)(C)						—						—						—
WorkforceQA, LLC – Line of Credit, $800 available (S + 6.5%, 11.3% Cash, Due 12/2026)(C)						1,200						1,200						1,200
WorkforceQA, LLC – Term Debt (S + 6.5%, 11.3% Cash, Due 12/2026)(C)						16,306						16,286						16,306
WorkforceQA, LLC – Term Debt (S + 7.5%, 12.3% Cash, Due 12/2026)(C)						2,406						2,403						2,406
												148,013						145,716
Healthcare, Education, and Childcare – 20.2%
ALS Education, LLC – Line of Credit, $3,000 available (S + 6.8%, 11.6% Cash, Due 12/2028)(C)						—						—						—
ALS Education, LLC – Term Debt (S + 6.8%, 11.6% Cash, Due 12/2028)(C)						31,680						31,680						31,997
HH-Inspire Acquisition, Inc. – Line of Credit, $110 available (S + 8.0%, 12.8% Cash, Due 4/2028)(C)(H)						1,727						1,727						1,677
HH-Inspire Acquisition, Inc. – Term Debt (S + 8.0%, 12.8% Cash, Due 4/2028)(C)(H)						15,852						15,852						15,399
HH-Inspire Acquisition, Inc. – Term Debt (S + 8.0%, 12.8% Cash, Due 4/2028)(C)(H)						3,193						3,193						3,102
Technical Resource Management, LLC – Line of Credit, $1,000 available (S + 8.0%, 12.8% Cash, Due 4/2028)(C)						2,000						2,000						2,008
Technical Resource Management, LLC – Term Debt (S + 8.0%, 12.8% Cash, 2.5% PIK, Due 4/2028)(C)						23,234						23,158						23,327
Turn Key Health Clinics, LLC – Line of Credit, $4,000 available (S + 7.3%, 12.1% Cash, Due 6/2026)(C)						—						—						—
Turn Key Health Clinics, LLC – Term Debt (S + 7.3%, 12.1% Cash, Due 6/2026)(C)						17,500						17,500						17,500
												95,110						95,010
Machinery – 3.6%
Arc Drilling Holdings LLC – Line of Credit, $4,000 available (S + 7.0%, 11.8% Cash, Due 9/2029)(C)						1,000						1,000						1,000
Arc Drilling Holdings LLC – Term Debt (S + 7.0%, 11.8% Cash, Due 9/2029)(C)						16,000						16,000						16,000
												17,000						17,000
Oil and Gas – 0.0%
FES Resources Holdings LLC – Term Debt (4.5% Cash, Due 12/2024)(E)(F)						325						325						163
Telecommunications – 0.5%
B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (S + 2.0%, 7.0% Cash, Due 12/2026)(E)(P)						1,320						1,320						471
B+T Group Acquisition, Inc.(S) – Line of Credit, $127 available (S + 2.0%, 7.0% Cash, Due 6/2025)(E)(P)						323						323						115
B+T Group Acquisition, Inc.(S) – Term Debt (S + 2.0%, 7.0% Cash, Due 12/2026)(E)(P)						6,000						6,000						2,139
												7,643						2,725
Total Secured First Lien Debt												$	555,941					$	540,661
Secured Second Lien Debt – 22.3%
Automobile – 3.4%
Sea Link International IRB, Inc. – Term Debt (11.3% Cash, 2.0% PIK, Due 12/2025)(C)(F)						12,331						12,314						12,331
Sea Link International IRB, Inc. – Term Debt (12.0% Cash, 2.0% PIK, Due 12/2025)(C)(F)						4,079						4,079						4,079
												16,393						16,410
Beverage, Food, and Tobacco – 0.7%
8th Avenue Food & Provisions, Inc. – Term Debt (S + 7.9%, 12.7% Cash, Due 10/2026)(D)						3,683						3,683						3,241

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, 2024 (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)						Principal/ Shares/ Units(I)(J)						Cost						Fair Value
Cargo Transportation – 4.3%
RPM Freight Systems, LLC – Term Debt (S + 7.7%, 12.5% Cash, Due 11/2029)(C)						20,000						20,000						20,200
RPM Freight Systems, LLC – Delayed Draw Term Loan, $5,000 available (S + 7.7% 12.5% Cash, Due 11/2029)(C)						—						—						—
												20,000						20,200
Diversified/Conglomerate Manufacturing – 6.9%
OCI, LLC – Term Debt (7.0% Cash, 7.0% PIK, Due 11/2028)(C)(F)						2,159						2,159						2,303
Springfield, Inc. – Term Debt (S + 11.1%, 15.9% Cash, Due 12/2026)(C)						30,000						30,000						30,000
												32,159						32,303
Diversified/Conglomerate Service – 3.2%
Perimeter Solutions Group – Term Debt (S + 8.5%, 13.3% Cash, Due 2/2029)(C)(U)						15,000						15,000						15,000
Oil and Gas – 3.8%
Imperative Holdings Corporation – Term Debt (S + 9.8%, 14.6% Cash, Due 8/2028)(C)						18,015						17,909						18,015
Total Secured Second Lien Debt												$	105,144					$	105,169
Unsecured Debt – 0.1%
Diversified/Conglomerate Service – 0.1%
Frontier Financial Group Inc. – Convertible Debt (6.0% Cash, Due 6/2022)(E)(F)						198						198						32
Preferred Equity – 5.8%
Automobile – 0.1%
Sea Link International IRB, Inc. – Preferred Stock(E)(G)						98,039						98						220
Beverage, Food, and Tobacco – 2.0%
Salt & Straw, LLC – Preferred Equity(E)(G)						7,000,000						7,000						9,450
Triple H Food Processors, LLC – Preferred Stock(E)(G)						75						75						167
												7,075						9,617
Buildings and Real Estate – 0.0%
GFRC 360, LLC – Preferred Stock(E)(G)						1,000						1,025						—
Diversified/Conglomerate Manufacturing – 0.1%
Torrent Photonics Holdco LLC – Preferred Stock(E)(G)						2,650						2,650						552
Diversified/Conglomerate Service – 2.9%
Frontier Financial Group Inc. – Preferred Stock(E)(G)						766						500						—
Frontier Financial Group Inc. – Preferred Stock Warrant(E)(G)						168						—						—
MCG Energy Solutions, LLC – Preferred Stock(E)(G)						7,000,000						7,000						9,954
Quality Environmental Midco, Inc. – Preferred Equity(E)(G)						3,000,000						3,000						3,582
												10,500						13,536
Healthcare, Education, and Childcare – 0.2%
HH-Inspire Acquisition, Inc. – Preferred Stock(E)(G)						1,329,054						2,251						1,047
Oil and Gas – 0.5%
FES Resources Holdings LLC – Preferred Equity Units(E)(G)						6,350						6,350						—
Imperative Holdings Corporation – Preferred Equity Units(E)(G)						972,569						488						2,275
												6,838						2,275
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(S) – Preferred Stock(E)(G)						6,130						2,024						—
Total Preferred Equity												$	32,461					$	27,247
Common Equity – 16.5%
Aerospace and Defense – 12.8%
Antenna Research Associates, Inc. – Common Equity Units(E)(G)(U)						4,283						4,283						59,423
Ohio Armor Holdings, LLC – Common Equity(E)(G)						100						1,000						1,086
												5,283						60,509
Automobile – 0.1%
Sea Link International IRB, Inc.– Common Equity Units(E)(G)						823,333						823						160
Beverage, Food, and Tobacco – 0.9%
Salt & Straw, LLC – Common Warrant(E)(G)						0.4		%				—						47
Sokol & Company Holdings, LLC – Common Stock(E)(G)						1,500,000						1,500						2,727
Triple H Food Processors, LLC – Common Stock(E)(G)						250,000						250						1,346
												1,750						4,120

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, 2024 (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 – Common Stock Warrants(E)(G)						45.0		%				—						—
Diversified/Conglomerate Manufacturing – 0.2%
Engineering Manufacturing Technologies, LLC – Common Stock(E)(G)						6,000						3,000						—
OCI, LLC – Common Units (E)(G)						306						—						—
NeoGraf Solutions LLC – Common Stock(E)(G)						2,000,000						2,000						859
												5,000						859
Diversified/Conglomerate Service – 0.3%
Total Access Elevator, LLC – Common Equity(E)(G)						750,000						750						1,234
WorkforceQA, LLC – Common Stock(E)(G)						532						532						346
												1,282						1,580
Healthcare, Education, and Childcare – 1.2%
Giving Home Health Care, LLC – Warrant(E)(G)						10,667						—						3,995
GSM MidCo LLC – Common Stock(E)(G)						767						767						1,583
Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment)(G)(L)(R)						3.5		%				—						38
Technical Resource Management, LLC – Common Stock(E)(G)						2,000,000						2,000						34
												2,767						5,650
Machinery – 1.0%
Arc Drilling Holdings LLC – Common Stock(E)(G)						53,333						5,333						4,816
Oil and Gas – 0.0%
FES Resources Holdings LLC – Common Equity Units(E)(G)						6,233						—						—
Total Safety Holdings, LLC – Common Equity(E)(G)						435						499						101
												499						101
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(S) – Common Stock Warrant(E)(G)						1.5		%				—						—
Total Common Equity												$	22,737					$	77,795
Total Non-Control/Non-Affiliate Investments												$	716,481					$	750,904
AFFILIATE INVESTMENTS(N) – 1.6%
Secured First Lien Debt – 0.1%
Diversified/Conglomerate Manufacturing – 0.1%
Edge Adhesives Holdings, Inc. (S) – Term Debt (S + 5.5%, 10.3% Cash, Due 8/2026)(E)(P)						6,140						6,140						380
Preferred Equity – 0.9%
Diversified/Conglomerate Manufacturing – 0.0%
Edge Adhesives Holdings, Inc.(S) – Preferred Stock(E)(G)						5,466						5,466						$	—
Diversified/Conglomerate Service– 0.7%
Encore Dredging Holdings, LLC – Preferred Stock(E)(G)						3,840,000						3,840						3,168
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2%
Canopy Safety Brands, LLC – Preferred Stock(E)(G)						500,000						500						931
Total Preferred Equity												$	9,806					$	4,099
Common Equity – 0.6%
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.6%
Canopy Safety Brands, LLC – Common Stock(E)(G)						1,170,370						800						2,959
Total Affiliate Investments												$	16,746					$	7,438
CONTROL INVESTMENTS(O) – 8.0%
Secured First Lien Debt – 3.0%
Diversified/Conglomerate Manufacturing – 0.9%
Lonestar EMS, LLC – Term Debt (12.0% Cash, Due 6/2027)(E)(F)						4,200						4,130						4,200
Personal and Non-Durable Consumer Products (Manufacturing Only) – 2.1%
WB Xcel Holdings, LLC – Line of Credit, $0 available (S + 10.5%, 15.3% Cash, Due 11/2026)(E)(P)						4,750						4,750						3,171
WB Xcel Holdings, LLC – Term Debt (S + 10.5%, 15.3% Cash, Due 11/2026)(E)(P)						9,775						9,775						6,525
												14,525						9,696

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, 2024 (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												$	18,655					$	13,896
Secured Second Lien Debt – 1.8%
Automobile – 1.8%
Defiance Integrated Technologies, Inc. – Term Debt (S + 9.6%, 14.4% Cash, Due 1/2027)(E)						8,547						8,547						8,547
Preferred Equity – 0.0%
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
WB Xcel Holdings, LLC – Preferred Stock(E)(G)						333						2,750						$	—
Common Equity – 3.2%
Automobile – 0.6%
Defiance Integrated Technologies, Inc. – Common Stock(E)(G)						33,321						581						2,949
Diversified/Conglomerate Manufacturing – 1.7%
Lonestar EMS, LLC – Common Units(E)(G)						100.0		%				6,750						8,214
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
WB Xcel Holdings, LLC – Common Warrant(E)(G)						1						1						$	—
Printing and Publishing – 0.9%
TNCP Intermediate HoldCo, LLC – Common Equity Units(E)(G)						790,000						500						4,312
Total Common Equity												$	7,832					$	15,475
Total Control Investments												$	37,784					$	37,918
TOTAL INVESTMENTS(T) – 169.1%												$	771,011					$	796,260

(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 $714.4 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, 2024, our investment in Leeds Novamark Capital I, L.P. (“Leeds”) is considered a non-qualifying asset under Section 55 of the 1940 Act. Such non-qualifying assets represent less than 0.1% of total investments, at fair value, as of September 30, 2024.

(B)Unless indicated otherwise, all cash interest rates are indexed to one-month Secured Overnight Financing Rate (“SOFR” or “S”), which was 4.85% as of September 30, 2024. 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 the indicative bid price on or near September 30, 2024, offered by the respective syndication agent’s trading desk.

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

(F)Debt security has a fixed interest rate.

(G)Security is non-income producing.

(H)The cash interest rate on this investment was indexed to 90-day SOFR, which was 4.59% as of September 30, 2024.

(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, 2024.

(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.

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

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

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

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

(T)Cumulative gross unrealized depreciation for federal income tax purposes is $66.1 million; cumulative gross unrealized appreciation for federal income tax purposes is $85.8 million. Cumulative net unrealized appreciation is $19.7 million, based on a tax cost of $776.5 million.

(U)Investment was exited subsequent to September 30, 2024. Refer to Note 14 – Subsequent Events 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, 2023 (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) – 162.4%
Secured First Lien Debt – 120.3%
Aerospace and Defense – 19.3%
Antenna Research Associates, Inc. – Term Debt (S + 10.0%, 15.3% Cash, 4.0% PIK, Due 11/2026)(E)						$	30,048					$	30,048					$	30,048
Ohio Armor Holdings, LLC – Term Debt (S + 8.0%, 13.3% Cash, Due 2/2026)(C)						17,738						17,738						17,294
SpaceCo Holdings, LLC – Line of Credit, $550 available (S + 7.2%, 12.5% Cash, Due 12/2025)(C)(U)						1,450						1,450						1,434
SpaceCo Holdings, LLC – Term Debt (S + 7.2%, 12.5% Cash, Due 12/2025)(C)(U)						30,284						29,961						29,944
												79,197						78,720
Beverage, Food, and Tobacco – 17.8%
Café Zupas – Line of Credit, $1,500 available (S + 6.8%, 12.1% Cash, Due 12/2024)(C)						—						—						—
Café Zupas – Delayed Draw Term Loan, $2,070 available (S + 6.8%, 12.1% Cash, Due 12/2024)(C)						7,970						7,970						7,850
Café Zupas – Term Debt (S + 6.8%, 12.1% Cash, Due 12/2024)(C)						23,460						23,460						23,108
Eegee’s LLC – Line of Credit, $1,000 available (S + 7.8%, 13.1% Cash, Due 6/2026)(C)						—						—						—
Eegee’s LLC – Delayed Draw Term Loan, $4,500 available (S + 7.8%, 13.1% Cash, Due 6/2026)(C)						3,000						3,000						2,865
Eegee’s LLC – Term Debt (S + 7.8%, 13.1% Cash, Due 6/2026)(C)						17,000						17,000						16,235
Salt & Straw, LLC – Line of Credit, $2,000 available (S + 9.1%, 14.4% Cash, Due 9/2027)(C)						—						—						—
Salt & Straw, LLC – Delayed Draw Term Loan, $1,300 available (S + 9.1%, 14.4% Cash, Due 9/2027)(C)						10,200						10,133						9,715
Sokol & Company Holdings, LLC – Term Debt (S + 7.0%, 12.3% Cash, Due 8/2027)(C)						13,500						13,500						13,095
												75,063						72,868
Buildings and Real Estate – 0.5%
GFRC 360, LLC – Line of Credit, $175 available (S + 8.0%, 13.3% Cash, Due 9/2024)(C)						1,275						1,275						1,205
GFRC 360, LLC – Term Debt (S + 8.0%, 13.3% Cash, Due 9/2024)(C)						1,000						1,000						945
												2,275						2,150
Diversified/Conglomerate Manufacturing – 27.9%
Engineering Manufacturing Technologies, LLC – Line of Credit, $3,000 available (S + 8.3%, 13.6% Cash, Due 10/2026)(C)						—						—						—
Engineering Manufacturing Technologies, LLC – Term Debt (S + 8.3%, 13.6% Cash, Due 10/2026)(C)						21,500						21,500						19,726
NeoGraf Solutions LLC – Line of Credit, $4,500 available (S + 7.0%, 11.0% Cash, 1.3% PIK, Due 1/2028)(C)						—						—						—
NeoGraf Solutions LLC – Term Debt (S + 7.0%, 11.0% Cash, 1.3% PIK, Due 1/2028)(C)						27,154						27,154						26,000
OCI, LLC – Term Debt (S + 7.5%, 12.8% Cash, Due 5/2028)(C)						20,000						20,000						19,800
Salvo Technologies, Inc. – Term Debt (S + 9.5%, 14.8% Cash, Due 4/2027)(C)						11,768						11,768						10,900
Unirac Holdings, Inc. – Line of Credit, $1,244 available (S + 6.5%, 11.8% Cash, Due 9/2027)(C)						978						978						980
Unirac Holdings, Inc. – Delayed Draw Term Loan, $1,669 available (S + 6.5%, 11.8% Cash, Due 9/2027)(C)						1,108						1,108						1,111
Unirac Holdings, Inc. – Term Debt (S + 6.5%, 11.8% Cash, Due 9/2027)(C)						14,888						14,577						14,925
Viva Railings, LLC – Line of Credit, $4,000 available (S + 7.1%, 12.4% Cash, Due 5/2027)(C)						—						—						—
Viva Railings, LLC – Term Debt (S + 7.1%, 12.4% Cash, Due 5/2027)(C)						20,747						20,747						20,436
												117,832						113,878
Diversified/Conglomerate Service – 25.5%
Axios Industrial Group, LLC – Term Debt (S + 8.6%, 13.9% Cash, Due 10/2027)(C)						11,550						11,519						11,291
DKI Ventures, LLC – Line of Credit, $170 available (9.0% Cash, Due 12/2025)(C)(F)						205						205						113
DKI Ventures, LLC – Term Debt (9.0% Cash, Due 12/2025)(C)(F)						5,915						5,915						3,253
ENET Holdings, LLC – Term Debt (S + 8.3%, 13.6% Cash, Due 4/2025)(C)						22,289						22,289						21,397
Fix-It Group, LLC – Line of Credit, $2,500 available (S + 8.1%, 13.4% Cash, Due 12/2026)(C)						500						500						499
Fix-It Group, LLC – Term Debt (S + 8.1%, 13.4% Cash, Due 12/2026)(C)						12,200						12,200						12,170
Fix-It Group, LLC – Delayed Draw Term Loan, $0 available (S + 8.1%, 13.4% Cash, Due 12/2026)(C)						6,911						6,911						6,894

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, 2023 (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)						Principal/ Shares/ Units(I)(J)						Cost						Fair Value
Leadpoint Business Services, LLC – Term Debt (S + 8.5%, 13.8% Cash, Due 2/2028)(C)						13,500						13,500						13,399
MCG Energy Solutions, LLC – Term Debt (S + 7.6%, 12.9% Cash, 3.5% PIK, Due 3/2026)(C)						20,146						20,107						17,628
Trowbridge Chicago, LLC – Line of Credit, $2,000 available (S + 7.0%, 12.3% Cash, Due 6/2029)(C)						—						—						—
Trowbridge Chicago, LLC – Term Debt (S + 7.0%, 12.3% Cash, Due 6/2029)(C)						5,750						5,750						5,664
WorkforceQA, LLC – Line of Credit, $1,600 available (S + 6.5%, 11.8% Cash, Due 12/2026)(C)						400						400						400
WorkforceQA, LLC – Term Debt (S + 8.4%, 13.7% Cash, Due 12/2026)(C)(H)						10,000						9,971						9,987
WorkforceQA, LLC – Term Debt (S + 9.3%, 14.6% Cash, Due 12/2026)(C)(H)						1,600						1,595						1,598
												110,862						104,293
Healthcare, Education, and Childcare – 26.5%
ALS Education, LLC – Line of Credit, $3,000 available (S + 7.0%, 12.3% Cash, Due 5/2025)(C)						—						—						—
ALS Education, LLC – Term Debt (S + 7.0%, 12.3% Cash, Due 5/2025)(C)						18,700						18,700						18,700
HH-Inspire Acquisition, Inc. – Line of Credit, $478 available (S + 8.0%, 13.4% Cash, Due 4/2028)(C)(U)						1,359						1,359						1,347
HH-Inspire Acquisition, Inc. – Term Debt (S + 8.0%, 13.4% Cash, Due 4/2028)(C)(U)						16,013						16,013						15,872
HH-Inspire Acquisition, Inc. – Term Debt (S + 8.0%, 13.4% Cash, Due 4/2028)(C)(U)						3,225						3,225						3,197
Pansophic Learning, Ltd. – Term Debt (S + 7.5%, 12.9% Cash, Due 3/2027)(C)(U)						28,000						27,968						27,965
Pansophic Learning, Ltd. – Term Debt (S + 7.5%, 12.9% Cash, Due 3/2027)(C)(U)						5,000						4,994						4,994
Technical Resource Management, LLC – Line of Credit, $1,000 available (S + 8.0%, 13.3% Cash, Due 4/2028)(C)						2,000						2,000						1,970
Technical Resource Management, LLC – Term Debt (S + 8.0%, 13.3% Cash, Due 4/2028)(C)						23,000						23,000						22,655
Technical Resource Management, LLC – Delayed Draw Term Loan, $2,500 available (S + 8.0%, 13.3% Cash, Due 4/2028)(C)						—						—						—
Turn Key Health Clinics, LLC – Line of Credit, $1,500 available (S + 7.3%, 12.6% Cash, Due 6/2026)(C)						500						500						499
Turn Key Health Clinics, LLC – Term Debt (S + 7.3%, 12.6% Cash, Due 6/2026)(C)						11,000						11,000						10,986
												108,759						108,185
Machinery – 1.4%
Arc Drilling Holdings LLC – Line of Credit, $1,000 available (S + 11.5%, 10.5% Cash, 6.3% PIK, Due 2/2024)(C)						—						—						—
Arc Drilling Holdings LLC – Term Debt (S + 11.5%, 10.5% Cash, 6.3% PIK, Due 2/2024)(C)						5,928						5,928						5,724
												5,928						5,724
Telecommunications – 1.4%
B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (S + 2.0%, 7.3% Cash, Due 12/2024)(C)						1,200						1,200						978
B+T Group Acquisition, Inc.(S) – Term Debt (S + 2.0%, 7.3% Cash, Due 12/2024)(C)						6,000						6,000						4,890
												7,200						5,868
Total Secured First Lien Debt												$	507,116					$	491,686
Secured Second Lien Debt – 29.5%
Automobile – 3.8%
Sea Link International IRB, Inc. – Term Debt (11.3% Cash, 2.0% PIK, Due 12/2025)(C)(F)						12,083						12,053						11,675
Sea Link International IRB, Inc. – Term Debt (12.0% Cash, 2.0% PIK, Due 12/2025)(C)(F)						4,000						4,000						4,000
												16,053						15,675
Beverage, Food, and Tobacco – 0.6%
8th Avenue Food & Provisions, Inc. – Term Debt (S + 7.9%, 13.2% Cash, Due 10/2026)(D)						3,683						3,683						2,495
Diversified/Conglomerate Manufacturing – 8.9%
OCI, LLC – Term Debt (7.0% Cash, 7.0% PIK, Due 11/2028)(C)(F)						2,012						2,012						1,992
Springfield, Inc. – Term Debt (S + 10.1%, 15.4% Cash, Due 12/2026)(C)						30,000						30,000						29,850
Tailwind Smith Cooper Intermediate Corporation – Term Debt (S + 9.0%, 14.4% Cash, Due 5/2027)(D)(U)						5,000						4,856						4,294
												36,868						36,136
Diversified/Conglomerate Service – 4.0%
CHA Holdings, Inc. – Term Debt (S + 9.0%, 14.4% Cash, Due 4/2026)(D)(U)						3,000						2,974						2,820

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, 2023 (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)						Principal/ Shares/ Units(I)(J)						Cost						Fair Value
Gray Matter Systems, LLC – Term Debt (12.0% Cash, 2.0% PIK, Due 12/2026)(C)(F)						13,645						13,578						13,645
												16,552						16,465
Healthcare, Education, and Childcare – 7.1%
Giving Home Health Care, LLC – Term Debt (12.5% Cash, Due 2/2028)(C)(F)						28,800						28,800						28,800
Oil and Gas – 5.1%
Imperative Holdings Corporation – Term Debt (S + 9.8%, 15.1% Cash, Due 8/2028)(C)						21,015						20,871						20,858
Total Secured Second Lien Debt												$	122,827					$	120,429
Unsecured Debt – 0.0%
Diversified/Conglomerate Service – 0.0%
Frontier Financial Group Inc. – Convertible Debt (6.0% Cash, Due 6/2022)(E)(F)						198						198						24
Preferred Equity – 5.3%
Automobile – 0.0%
Sea Link International IRB, Inc. – Preferred Stock(E)(G)						98,039						98						183
Beverage, Food, and Tobacco – 0.0%
Triple H Food Processors, LLC – Preferred Stock(E)(G)						75						75						141
Buildings and Real Estate – 0.1%
GFRC 360, LLC – Preferred Stock(E)(G)						1,000						1,025						253
Diversified/Conglomerate Manufacturing – 0.3%
Salvo Technologies, Inc. – Preferred Stock(E)(G)						2,500						2,500						1,225
Diversified/Conglomerate Service – 2.4%
Frontier Financial Group Inc. – Preferred Stock(E)(G)						766						500						—
Frontier Financial Group Inc. – Preferred Stock Warrant(E)(G)						168						—						—
MCG Energy Solutions, LLC – Preferred Stock(E)(G)						7,000,000						7,000						8,904
Trowbridge Chicago, LLC – Preferred Stock(E)(G)						242,105						750						750
												8,250						9,654
Healthcare, Education, and Childcare – 0.8%
HH-Inspire Acquisition, Inc. – Preferred Stock(E)(G)						1,329,054						2,251						3,451
Oil and Gas – 1.7%
FES Resources Holdings LLC – Preferred Equity Units(E)(G)						6,350						6,350						4,508
Imperative Holdings Corporation – Preferred Equity Units(E)(G)						972,569						488						2,318
												6,838						6,826
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(S) – Preferred Stock(E)(G)						6,130						2,024						—
Total Preferred Equity												$	23,061					$	21,733
Common Equity – 7.3%
Aerospace and Defense – 4.7%
Antenna Research Associates, Inc. – Common Equity Units(E)(G)						4,283						4,283						18,436
Ohio Armor Holdings, LLC – Common Equity(E)(G)						100						1,000						680
												5,283						19,116
Automobile – 0.1%
Sea Link International IRB, Inc.– Common Equity Units(E)(G)						823,333						823						340
Beverage, Food, and Tobacco – 0.8%
Salt & Straw, LLC – Common Warrant(E)(G)						0.4		%				—						31
Sokol & Company Holdings, LLC – Common Stock(E)(G)						1,500,000						1,500						1,612
Triple H Food Processors, LLC – Common Stock(E)(G)						250,000						250						1,641
												1,750						3,284
Buildings and Real Estate – 0.0%
GFRC 360, LLC – Common Stock Warrants(E)(G)						45.0		%				—						—
Diversified/Conglomerate Manufacturing – 0.0%
Engineering Manufacturing Technologies, LLC – Common Stock(E)(G)						6,000						3,000						—
OCI, LLC – Common Units (E)(G)						306						—						—
NeoGraf Solutions LLC – Common Stock(E)(G)						2,000,000						2,000						—
												5,000						—
Diversified/Conglomerate Service – 0.1%
WorkforceQA, LLC – Common Stock(E)(G)						532						532						359

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, 2023 (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)						Principal/ Shares/ Units(I)(J)						Cost						Fair Value
Healthcare, Education, and Childcare – 1.5%
Giving Home Health Care, LLC – Warrant(E)(G)						10,667						19						2,794
GSM MidCo LLC – Common Stock(E)(G)						767						767						1,562
Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment)(G)(L)(R)						3.5		%				—						231
Technical Resource Management, LLC – Common Stock(E)(G)						2,000,000						2,000						1,415
												2,786						6,002
Machinery – 0.1%
Arc Drilling Holdings LLC – Common Stock(E)(G)						15,000						1,500						403
Oil and Gas – 0.0%
FES Resources Holdings LLC – Common Equity Units(E)(G)						6,233						—						—
Total Safety Holdings, LLC – Common Equity(E)(G)						435						499						146
												499						146
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
Funko Acquisition Holdings, LLC(S) – Common Units(G)(T)						4,239						22						22
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(S) – Common Stock Warrant(E)(G)						1.5		%				—						—
Total Common Equity												$	18,195					$	29,672
Total Non-Control/Non-Affiliate Investments												$	671,397					$	663,544
AFFILIATE INVESTMENTS(N) – 2.6%
Secured First Lien Debt – 0.7%
Diversified/Conglomerate Manufacturing – 0.7%
Edge Adhesives Holdings, Inc. (S) – Term Debt (S + 5.5%, 10.8% Cash, Due 8/2024)(E)(P)						6,140						6,140						2,895
Preferred Equity – 1.3%
Diversified/Conglomerate Manufacturing – 0.0%
Edge Adhesives Holdings, Inc.(S) – Preferred Stock(E)(G)						5,466						5,466						$	—
Diversified/Conglomerate Service– 1.1%
Encore Dredging Holdings, LLC – Preferred Stock(E)(G)						3,840,000						3,840						4,265
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2%
Canopy Safety Brands, LLC – Preferred Stock(E)(G)						500,000						500						857
Total Preferred Equity												$	9,806					$	5,122
Common Equity – 0.6%
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.6%
Canopy Safety Brands, LLC – Common Stock(E)(G)						1,170,370						800						2,404
Total Affiliate Investments												$	16,746					$	10,421
CONTROL INVESTMENTS(O) – 7.5%
Secured First Lien Debt – 3.9%
Diversified/Conglomerate Manufacturing – 0.9%
Lonestar EMS, LLC – Term Debt (8.0% PIK, Due 6/2027)(E)(F)						3,927						3,927						3,927
Personal and Non-Durable Consumer Products (Manufacturing Only) – 2.8%
WB Xcel Holdings, LLC – Line of Credit, $32 available (S + 10.5%, 15.8% Cash, Due 11/2026)(E)						1,468						1,468						1,468
WB Xcel Holdings, LLC – Term Debt (S + 10.5%, 15.8% Cash, Due 11/2026)(E)						9,825						9,825						9,825
												11,293						11,293
Printing and Publishing – 0.2%
TNCP Intermediate HoldCo, LLC – Line of Credit, $1,100 available (8.0% Cash, Due 10/2024)(E)(F)						900						900						900
Total Secured First Lien Debt												$	16,120					$	16,120
Secured Second Lien Debt – 1.8%
Automobile – 1.8%
Defiance Integrated Technologies, Inc. – Term Debt (S + 9.6%, 14.9% Cash, Due 5/2026)(E)						7,425						7,425						7,425
Preferred Equity – 0.0%
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%

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, 2023 (DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)						Principal/ Shares/ Units(I)(J)						Cost						Fair Value
WB Xcel Holdings, LLC – Preferred Stock(E)(G)						333						2,750						$	—
Common Equity – 1.8%
Automobile – 1.0%
Defiance Integrated Technologies, Inc. – Common Stock(E)(G)						33,321						580						3,948
Diversified/Conglomerate Manufacturing – 0.0%
Lonestar EMS, LLC – Common Units(E)(G)						100.0		%				6,750						—
Machinery – 0.1%
PIC 360, LLC – Common Equity Units(E)(G)						750						1						284
Printing and Publishing – 0.7%
TNCP Intermediate HoldCo, LLC – Common Equity Units(E)(G)						790,000						500						3,073
Total Common Equity												$	7,831					$	7,305
Total Control Investments												$	34,126					$	30,850
TOTAL INVESTMENTS(V) – 172.5%												$	722,269					$	704,815

(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 $628.3 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, 2023, our investments in Leeds Novamark Capital I, L.P. (“Leeds”) and Funko Acquisition Holdings, LLC (“Funko”) are considered non-qualifying assets under Section 55 of the 1940 Act. Such non-qualifying assets represent less than 0.1% of total investments, at fair value, as of September 30, 2023.

(B)Unless indicated otherwise, all cash interest rates are indexed to one-month Secured Overnight Financing Rate (“SOFR” or “S”), which was 5.32% as of September 30, 2023. If applicable, paid-in-kind (“PIK”) interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or 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 the indicative bid price on or near September 30, 2023, offered by the respective syndication agent’s trading desk.

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

(F)Debt security has a fixed interest rate.

(G)Security is non-income producing.

(H)The Company has entered into an agreement that entitles it to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder.

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

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

(K)Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of September 30, 2023.

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

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

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

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

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

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

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

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

(T)Our investment in Funko was valued using Level 2 inputs within ASC 820 of the fair value hierarchy. Our common units in Funko are convertible to class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of

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

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shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(U)The cash interest rate on this investment was indexed to 90-day SOFR, which was 5.40% as of September 30, 2023.

(V)Cumulative gross unrealized depreciation for federal income tax purposes is $56.9 million; cumulative gross unrealized appreciation for federal income tax purposes is $33.7 million. Cumulative net unrealized depreciation is $23.2 million, based on a tax cost of $728.0 million.

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

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GLADSTONE CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2024

(DOLLAR AMOUNTS 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 subsidiaries. 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 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

Basis of Presentation

We prepare our Consolidated Financial Statements and the accompanying notes in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and conform to Regulation S-X. Management believes it has made all necessary adjustments so that our accompanying Consolidated Financial Statements are presented fairly and that all such adjustments are of a normal recurring nature. Our accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

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 subsidiaries.

Retroactive Adjustments for Reverse Stock Split

The outstanding shares and per share amounts of the Company’s common stock in this Annual Report have been retroactively adjusted for the 1-for-2 reverse stock split (the “Reverse Stock Split”) effected on April 4, 2024 (effective April 5, 2024 for trading purposes) for all activity prior to that date, unless stated otherwise.

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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 in net assets resulting from operations, total assets, total liabilities, or total net assets, or Consolidated Statements of Cash Flows classifications.

Classification of Investments

In accordance with the provisions of the 1940 Act applicable to BDCs, we classify portfolio investments on our accompanying Consolidated Financial Statements into the following categories:

•Control Investments—Control investments 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 of such portfolio company;

•Affiliate Investments—Affiliate investments are those in which we own, with the power to vote, between 5.0% and 25.0% of the issued and outstanding voting securities that are not classified as Control investments; and

•Non-Control/Non-Affiliate Investments—Non-Control/Non-Affiliate investments 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.

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 is carried at cost, which approximates fair value. We place our cash 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.

Restricted Cash and Cash Equivalents

Restricted cash is cash held in escrow that was generally received as part of an investment exit. Restricted cash is carried at cost, which approximates fair value.

Investment Valuation Policy

Accounting Recognition

We record our investments at fair value in accordance with the FASB ASC Topic 820, “Fair Value Measurements and Disclosures” (“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, in July 2022, designated the Adviser to serve as the Board of Directors’ valuation designee (“Valuation Designee”) under the 1940 Act.

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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 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 this 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

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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 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 bases 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 bases 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. Any invested capital that is not yet reflected in the NAV provided by the fund is valued at par value. The Valuation Team may also determine fair value of our investments in other investment funds based on the capital accounts of the underlying entity.

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.

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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 September 30, 2024, 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 $28.3 million, or 4.1% of the cost basis of all debt investments in our portfolio, and a fair value of $12.8 million, or 1.9% of the fair value of all debt investments in our portfolio. As of September 30, 2023, our loan to Edge Adhesives Holdings, Inc. was on non-accrual status with a cost basis of $6.1 million, or 0.9% of the cost basis of all debt investments in our portfolio, and a fair value of $2.9 million, or 0.5% 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 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 September 30, 2024 and 2023, we held two and four OID loans, respectively. We recorded OID income of $0.4 million, $0.2 million, and $0.5 million during the years ended September 30, 2024, 2023, and 2022, respectively. The unamortized balance of OID investments as of September 30, 2024 and 2023 totaled $0.6 million and $0.7 million, respectively. As of each of September 30, 2024 and 2023, we had eight investments which had a PIK interest component. We recorded PIK interest income of $5.7 million, $3.6 million, and $4.2 million during the years ended September 30, 2024, 2023, and 2022, respectively. We collected $0.2 million, $1.1 million, and $2.4 million of PIK interest in cash during the years ended September 30, 2024, 2023, and 2022, 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.

Deferred Financing and Offering Costs

Deferred financing and offering costs consist of costs incurred to obtain financing, including lender fees and legal fees. Certain costs associated with our Credit Facility (as defined below) are deferred and amortized using the straight-line method, which approximates the effective interest method, over the term of our Credit Facility’s revolving period. Costs associated with the issuance of our notes payable are presented as discounts to the principal amount of the notes payable and are amortized using the straight-line method, which approximates the effective interest method, over the term of the notes. Refer to Note 5 — Borrowings for further discussion.

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Related Party Fees

We are party to the Advisory Agreement with the Adviser, which is indirectly owned and controlled 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 amend 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.

Income Taxes

We intend to continue to qualify for treatment as a RIC under subchapter M of the Code, which generally allows us to avoid paying corporate income taxes on any income or gains that we distribute to our stockholders. We intend to continue to distribute sufficient dividends to eliminate taxable income. Refer to Note 10— Federal and State Income Taxes for additional information regarding our RIC requirements.

ASC 740, “Income Taxes” requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authorities. Tax positions not deemed to satisfy the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current fiscal year. We have evaluated the implications of ASC 740, for all open tax years and in all major tax jurisdictions, and determined that there is no material impact on our accompanying Consolidated Financial Statements. Our federal tax returns for fiscal years 2021 to 2023 remain subject to examination by the Internal Revenue Service (“IRS”).

Distributions

Distributions to stockholders are recorded on the ex-dividend date. We are required to pay out at least 90.0% of our Investment Company Taxable Income (as defined below), which is generally our net ordinary income plus the excess of our net short-term capital gains over net long-term capital losses for each taxable year as a distribution to our stockholders in order to maintain our ability to be taxed as a RIC under Subchapter M of the Code. It is our policy to pay out as a distribution up to 100.0% of those amounts. The amount to be paid is determined by our Board of Directors each quarter and is based on the annual earnings estimated by our management. Based on that estimate, a distribution is declared each quarter and is paid out monthly over the course of the respective quarter. Refer to Note 9—Distributions to Common Stockholders for further information.

Our transfer agent, Computershare, Inc., offers a dividend reinvestment plan for our common stockholders. 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 not 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. As plan agent, Computershare, Inc. purchases shares in the open market in connection with the obligations under the plan.

Recent Accounting Pronouncements

In June 2022, the FASB issued Accounting Standards Update 2022-03, “Fair Value Measurement (Topic 820): Fair Value

Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”), which clarifies the measurement and presentation of fair value for equity securities subject to contractual restrictions that prohibit the sale of the equity security. ASU 2022-03 is effective for annual reporting periods beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. Our early adoption of ASU 2022-03 did not have a material impact on our financial position, results of operations or cash flows.

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NOTE 3. INVESTMENTS

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 those in 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 September 30, 2024, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in Leeds Novamark Capital I, L.P. (“Leeds”), which was valued using NAV as a practical expedient. As of September 30, 2023, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in Funko Acquisition Holdings, LLC (“Funko”), which was valued using Level 2 inputs, and our investment in Leeds, which was 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 years ended September 30, 2024 and 2023, there were no investments transferred into or out of Levels 1, 2 or 3 of the valuation hierarchy.

As of September 30, 2024 and 2023, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy:

												Fair Value Measurements
						Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
As of September 30, 2024:
Secured first lien debt						$	554,937					$	—					$	—					$	554,937
Secured second lien debt						113,716						—						—						113,716
Unsecured debt						32						—						—						32
Preferred equity						31,346						—						—						31,346
Common equity/equivalents						96,191			(A)			—						—						96,191
Total Investments as of September 30, 2024:						$	796,222					$	—					$	—					$	796,222

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						Fair Value						Fair Value Measurements
												Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
As of September 30, 2023:
Secured first lien debt						$	510,701					$	—					$	—					$	510,701
Secured second lien debt						127,854						—						—						127,854
Unsecured debt						24						—						—						24
Preferred equity						26,855						—						—						26,855
Common equity/equivalents						39,150			(A)			—						22			(B)			39,128
Total Investments as of September 30, 2023:						$	704,584					$	—					$	22					$	704,562

(A)Excludes our investment in Leeds with a fair value of $38 thousand and $0.2 million as of September 30, 2024 and 2023, respectively. Leeds was valued using NAV as a practical expedient.

(B)Fair value was determined based on the closing market price of shares of Funko, Inc. (our units in Funko can be converted into common shares of Funko, Inc.) at the reporting date less a discount for lack of marketability as our investment was subject to certain restrictions.

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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 September 30, 2024 and 2023 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)
			September 30, 2024						September 30, 2023
Non-Control/Non-Affiliate Investments
Secured first lien debt			$	540,661					$	491,686
Secured second lien debt			105,169						120,429
Unsecured debt			32						24
Preferred equity			27,247						21,733
Common equity/equivalents			77,757			(A)			29,419			(B)
Total Non-Control/Non-Affiliate Investments			$	750,866					$	663,291
Affiliate Investments
Secured first lien debt			$	380					$	2,895
Preferred equity			4,099						5,122
Common equity/equivalents			2,959						2,404
Total Affiliate Investments			$	7,438					$	10,421
Control Investments
Secured first lien debt			$	13,896					$	16,120
Secured second lien debt			8,547						7,425
Preferred equity			—						—
Common equity/equivalents			15,475						7,305
Total Control Investments			$	37,918					$	30,850
Total Investments at Fair Value Using Level 3 Inputs			$	796,222					$	704,562

(A)Excludes our investment in Leeds with fair value of $38 thousand as of September 30, 2024. Leeds was valued using NAV as a practical expedient.

(B)Excludes our investments in Leeds and Funko with fair values of $0.2 million and $22 thousand, respectively, as of September 30, 2023. Leeds was valued using NAV as a practical expedient, and Funko was valued using Level 2 inputs.

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In accordance with ASC 820, the following table provides quantitative information about our Level 3 fair value measurements of our investments as of September 30, 2024 and 2023. 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. 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

September 30, 2024

September 30, 2023

Valuation Techniques/ Methodologies

Unobservable Input

September 30, 2024

September 30, 2023

Secured first lien debt

$

464,090

$

461,638

Yield Analysis

Discount Rate

10.8%–17.3% / 12.6%

11.8%–29.9% / 14.8%

90,847

49,063

TEV

EBITDA multiple

4.1x–13.9x / 10.0x

4.7x–6.8x / 6.7x

EBITDA

$3,020–$16,211 / $10,309

$995–$14,002 / $13,624

Revenue multiple

0.2x–4.6x / 2.1x

0.3x–0.8x / 0.6x

Revenue

$6,336–$21,118 / $13,981

$14,934–$16,283 / $15,361

Secured second lien debt

101,928

110,820

Yield Analysis

Discount Rate

12.2%–16.0% / 14.1%

12.5%—15.6% / 14.5%

3,241

9,609

Market Quote

IBP

88.0%–88.0% / 88.0%

67.8%–94.0% / 82.2%

8,547

7,425

TEV

EBITDA multiple

5.4x–5.4x / 5.4x

5.6x–5.6x / 5.6x

EBITDA

$3,343–$3,343 / $3,343

$3,690–$3,690 / $3,690

Unsecured debt

32

24

TEV

Revenue multiple

1.0x–1.0x / 1.0x

1.0x–1.0x / 1.0x

Revenue

$7,834–$7,834 / $7,834

$5,044–$5,044 / $5,044

Preferred and common equity / equivalents(A)

127,537

65,983

TEV

EBITDA multiple

4.1x–13.9x / 8.0x

4.7x–13.0x / 6.9x

EBITDA

$1,182–$144,458 / $10,847

$995–$112,841 / $10,570

Revenue multiple

0.2x–4.6x / 2.0x

0.3x–3.0x / 1.2x

Revenue

$4,672–$21,118 / $12,587

$4,213–$16,283 / $14,959

Total Level 3 Investments, at Fair Value

$

796,222

$

704,562

(A)Fair value as of September 30, 2024 excludes our investment in Leeds with fair value of $38 thousand. Fair value as of September 30, 2023 excludes our investments in Leeds and Funko with fair values of $0.2 million and $22 thousand, respectively. Leeds was valued using NAV as a practical expedient as of both September 30, 2024 and 2023, and Funko was valued using Level 2 inputs as of September 30, 2023.

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 years ended September 30, 2024 and 2023 for all investments for which we determine fair value using unobservable (Level 3) inputs.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Year Ended September 30, 2024						Secured First Lien Debt						Secured Second Lien Debt						Unsecured Debt						Preferred Equity						Common Equity/ Equivalents						Total
Fair Value as of September 30, 2023						$	510,701					$	127,854					$	24					$	26,855					$	39,128					$	704,562
Total gains (losses):
Net realized gain (loss)(A)						(50)						—						—						332						1,724						2,006
Net unrealized appreciation (depreciation)(B)						(7,071)						2,445						8						(5,039)						52,781						43,124
Reversal of prior period net depreciation (appreciation) on realization(B)						(53)						(22)						—						130						(283)						(228)
New investments, repayments and settlements:(C)
Issuances/originations						131,462						36,978						—						10,150						4,585						183,175
Settlements/repayments						(80,102)						(53,539)						—						—						—						(133,641)
Net proceeds from sales						50						—						—						(1,082)						(1,744)						(2,776)
Transfers						—						—						—						—						—						—
Fair Value as of September 30, 2024						$	554,937					$	113,716					$	32					$	31,346					$	96,191					$	796,222

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Year Ended September 30, 2023						Secured First Lien Debt						Secured Second Lien Debt						Unsecured Debt						Preferred Equity						Common Equity/ Equivalents						Total
Fair Value as of September 30, 2022						$	463,858					$	115,928					$	55					$	27,046					$	36,273					$	643,160
Total gains (losses):
Net realized gain (loss)(A)						(107)						—						(95)						(279)						8,695						8,214
Net unrealized appreciation (depreciation)(B)						(7,577)						617						(31)						(1,829)						10,563						1,743
Reversal of prior period net depreciation (appreciation) on realization(B)						850						6						95						526						(9,257)						(7,780)
New investments, repayments and settlements:(C)
Issuances/originations						154,762						15,421						—						2,045						4,532						176,760
Settlements/repayments						(101,085)						(4,118)						—						—						—						(105,203)
Net proceeds from sales						—						—						—						(654)						(11,678)						(12,332)
Transfers						—						—						—						—						—						—
Fair Value as of September 30, 2023						$	510,701					$	127,854					$	24					$	26,855					$	39,128					$	704,562

(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

Proprietary Investments

As of September 30, 2024 and 2023, we held 47 and 47 proprietary investments with an aggregate fair value of $792.9 million and $695.1 million, or 99.6% and 98.6% of the total portfolio at fair value, respectively. The following significant proprietary investment transactions occurred during the year ended September 30, 2024:

•In November 2023, we invested $11.0 million in Quality Environmental Midco, Inc. (“Quality”) through secured first lien debt and preferred equity. We also extended Quality a $2.0 million secured first lien line of credit commitment, which was unfunded at close. In February 2024, we invested an additional $5.0 million in Quality through new secured first lien debt and preferred equity and increased the secured first lien line of credit commitment to $3.0 million.

•In November 2023, we extended Cafe Zupas, an existing portfolio company, a new $10.5 million secured first lien delayed draw term loan commitment, which was unfunded at close. We funded $1.4 million on the delayed draw term loan in December 2023. In addition, our existing term loan was paid down by $7.3 million.

•In November 2023, our remaining investment in PIC 360, LLC was sold resulting in a net realized gain of $0.3 million.

•In December 2023, we invested an additional $14.3 million in ALS Education, LLC, an existing portfolio company, through secured first lien debt.

•In December 2023, we invested an additional $12.0 million in Leadpoint Business Services, LLC, an existing portfolio company, through secured first lien debt.

•In December 2023, we invested an additional $7.0 million in Salt & Straw, LLC, an existing portfolio company, through preferred equity. We also increased our delayed draw term loan commitment to Salt & Straw, LLC by $2.9 million.

•In February and March 2024, we invested a total of an additional $13.5 million in SpaceCo Holdings, LLC (“SpaceCo”), an existing portfolio company, through secured first lien debt.

•In February 2024, we invested $15.0 million in Perimeter Solutions Group through secured second lien debt.

•In March 2024, we received net cash proceeds of $8.4 million from the sale of Trowbridge Chicago, LLC (“Trowbridge”), an existing portfolio company. In conjunction with the sale, we received $0.2 million in prepayment fees and recorded a net realized gain of $0.2 million on our equity. In September 2024, our remaining debt investment in Trowbridge paid off at par for net cash proceeds of $0.3 million.

•In April 2024, we invested $7.3 million in Total Access Elevator, LLC (“Total Access”) through secured first lien debt and common equity. We also extended Total Access a $3.0 million line of credit commitment and a $2.5 million delayed draw term loan commitment, both of which were unfunded at close.

•In April 2024, our debt investment in Giving Home Healthcare, LLC (“Giving Home”) paid off at par for net cash proceeds of $29.7 million including a $0.9 million prepayment penalty. We also exercised our warrant position for common equity in Giving Home, which we continue to hold, and received a $2.5 million distribution associated with this investment.

•In May 2024, our debt investment in Gray Matter Systems, LLC paid off at par for net cash proceeds of $14.0 million including a $0.2 million prepayment penalty.

•In May 2024, our debt investment in Pansophic Learning, Ltd. (“Pansophic”) paid off at par for net cash proceeds of $33.0 million.

•In May 2024, we invested $20.0 million in RPM Freight Systems, LLC (“RPM”) through secured second lien debt. We also extended RPM a $5.0 million delayed draw term loan commitment, which was unfunded at close.

•In May 2024, our remaining shares in Funko were sold representing an exit of our investment and a return of our equity cost basis of $21 thousand and a realized gain of $2 thousand.

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•In June 2024, we invested an additional $7.4 million in Workforce QA, LLC, an existing portfolio company, through secured first lien debt.

•In July 2024, we invested an additional $6.5 million in Turn Key Health Clinics, LLC (“Turn Key”), an existing portfolio company, through secured first lien debt. We also extended Turn Key an additional $2.0 million line of credit commitment which was funded in July 2024.

•In September 2024, we invested an additional $13.5 million in Arc Drilling Holdings LLC, an existing portfolio company, through secured first lien debt and common equity. We also extended Arc Drilling an additional $4.0 million line of credit commitment and funded $0.9 million under the line of credit at close.

Syndicated Investments

As of September 30, 2024 and 2023, we held two and four syndicated investments with an aggregate fair value of $3.3 million and $9.7 million, or 0.4% and 1.4% of the total portfolio at fair value, respectively. The following significant syndicated investment transactions occurred during the year ended September 30, 2024:

•In January 2024, our investment in CHA Holdings, Inc. paid off at par for net proceeds of $3.0 million.

•In July 2024, our investment in Tailwind Smith Cooper Immediate Corporation paid off at par for net proceeds of $5.0 million.

Investment Concentrations

As of September 30, 2024, our investment portfolio consisted of investments in 49 portfolio companies located in 22 states in 13 different industries, with an aggregate fair value of $796.3 million. The five largest investments at fair value as of September 30, 2024 totaled $232.7 million, or 29.2% of our total investment portfolio, as compared to the five largest investments at fair value as of September 30, 2023 totaling $176.9 million, or 25.1% of our total investment portfolio. As of September 30, 2024 and 2023, our average investment by obligor was $15.7 million and $14.2 million at cost, respectively.

The following table outlines our investments by security type as of September 30, 2024 and 2023:

			September 30, 2024																								September 30, 2023
			Cost												Fair Value												Cost												Fair Value
Secured first lien debt			$	580,736					75.3		%				$	554,937					69.7		%				$	529,376					73.3		%				$	510,701					72.5		%
Secured second lien debt			113,691						14.8						113,716						14.3						130,252						18.1						127,854						18.1
Unsecured debt			198						0.0						32						0.0						198						0.0						24						0.0
Total debt investments			694,625						90.1						668,685						84.0						659,826						91.4						638,579						90.6
Preferred equity			45,017						5.8						31,346						3.9						35,617						4.9						26,855						3.8
Common equity/equivalents			31,369						4.1						96,229						12.1						26,826						3.7						39,381						5.6
Total equity investments			76,386						9.9						127,575						16.0						62,443						8.6						66,236						9.4
Total Investments			$	771,011					100.0		%				$	796,260					100.0		%				$	722,269					100.0		%				$	704,815					100.0		%

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Our investments at fair value consisted of the following industry classifications as of September 30, 2024 and 2023:

Industry Classification						September 30, 2024												September 30, 2023
						Fair Value						Percentage of Total Investments						Fair Value						Percentage of Total Investments
Diversified/Conglomerate Service						$	179,032					22.5		%				$	135,060					19.2		%
Diversified/Conglomerate Manufacturing						160,264						20.1						158,061						22.4
Aerospace and Defense						153,096						19.2						97,836						13.9
Healthcare, Education, and Childcare						101,707						12.8						146,438						20.8
Beverage, Food, and Tobacco						88,327						11.1						78,788						11.2
Automobile						28,286						3.6						27,571						3.9
Machinery						21,816						2.7						6,411						0.9
Oil and Gas						20,554						2.6						27,830						3.9
Cargo Transportation						20,200						2.5						—						—
Personal and Non-Durable Consumer Products						13,586						1.7						14,576						2.1
Other, < 2.0%						9,392						1.2						12,244						1.7
Total Investments						$	796,260					100.0		%				$	704,815					100.0		%

Our investments at fair value were included in the following U.S. geographic regions as of September 30, 2024 and 2023:

Location						September 30, 2024												September 30, 2023
						Fair Value						Percentage of Total Investments						Fair Value						Percentage of Total Investments
South						$	314,010					39.4		%				$	273,181					38.8		%
West						249,082						31.3						224,235						31.8
Midwest						192,897						24.2						145,122						20.6
Northeast						40,271						5.1						62,277						8.8
Total Investments						$	796,260					100.0		%				$	704,815					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.

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 September 30, 2024:

Year Ending September 30,						Amount
2025(A)						$	16,322
2026						160,366
2027						227,287
2028						193,374
2029						78,697
Thereafter						20,000
Total contractual repayments						$	696,046
Adjustments to cost basis of debt investments						(1,421)
Investments in equity securities						76,386
Investments held as of September 30, 2024 at cost:						$	771,011

(A)Includes debt investments with contractual principal amounts totaling $0.2 million for which the maturity date has passed as of September 30, 2024.

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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 September 30, 2024 and 2023, we had gross receivables from portfolio companies of $1.7 million and $0.8 million, respectively. The allowance for uncollectible receivables was $75 thousand and $9 thousand as of September 30, 2024 and 2023, 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. On July 9, 2024, our Board of Directors, including a majority of the directors who are not parties to the Advisory Agreement or interested persons of such party, unanimously approved the renewal of the Advisory Agreement through August 31, 2025.

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.

Two of our executive officers, David Gladstone (our chairman and chief executive officer) and Terry Lee Brubaker (our chief operating officer), serve as directors and executive officers of the Adviser, which is 100% indirectly owned and controlled by Mr. Gladstone. Robert Marcotte (our president) also serves as executive vice president of private equity (debt) of the Adviser. Michael LiCalsi, our general counsel and secretary (who also serves as the Administrator’s president, general counsel and secretary), is also the executive vice president of administration of our Adviser.

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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:

			Year Ended September 30,
			2024						2023						2022
Average total assets subject to base management fee(A)			$	777,657					$	685,600					$	585,543
Multiplied by annual base management fee of 1.75%			1.75		%				1.75		%				1.75		%
Base management fee(B)			13,609						11,998						10,247
Portfolio company fee credit			(2,866)						(3,263)						(4,196)
Syndicated loan fee credit			(101)						(126)						(170)
Net Base Management Fee			$	10,642					$	8,609					$	5,881
Loan servicing fee(B)			$	8,862					$	8,053					$	6,329
Credit to base management fee - loan servicing fee(B)			(8,862)						(8,053)						(6,329)
Net Loan Servicing Fee			$	—					$	—					$	—
Incentive fee (B)			$	11,410					$	10,255					$	7,511
Incentive fee credit			(204)						—						(437)
Net Incentive Fee			$	11,206					$	10,255					$	7,074
Portfolio company fee credit			$	(2,866)					$	(3,263)					$	(4,196)
Syndicated loan fee credit			(101)						(126)						(170)
Incentive fee credit			(204)						—						(437)
Credit to Fees from Adviser—Other(B)			$	(3,171)					$	(3,389)					$	(4,803)

(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 two most recently completed quarters within the respective years and adjusted appropriately for any share issuances or repurchases during the period.

(B)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; however, pursuant to the terms of the Advisory Agreement, a small percentage of certain of such fees, totaling $8 thousand, $0, and $8 thousand for the years ended September 30, 2024, 2023, and 2022, respectively, was retained by the Adviser in the form of reimbursement, at cost, for tasks completed by personnel of the Adviser primarily for the valuation of portfolio companies.

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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 each of the years ended September 30, 2024 and 2023.

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 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% (2.0% during the period from April 1, 2020 through March 31, 2023) 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% (2.4375% during the period from April 1, 2020 through March 31, 2022 and 2.50% from April 1, 2022 through March 31, 2023) 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% (2.4375% during the period from April 1, 2020 through March 31, 2022 and 2.50% from April 1, 2022 through March 31, 2023) 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 September 30, 2024, 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

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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 September 30, 2024.

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 100.0% cover distributions to common stockholders for the years ended September 30, 2024 and 2022, which credits totaled $0.2 million and $0.4 million, respectively. There were no such credits during the year ended September 30, 2023.

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 general counsel and secretary (who also serves as the Administrator’s president, general counsel and secretary) and their respective staffs. Two of our executive officers, David Gladstone (our chairman and chief executive officer) and Terry Lee Brubaker (our chief operating officer) serve as members of the board of managers and executive officers of the Administrator, which is 100% indirectly owned and controlled by Mr. Gladstone. Another of our officers, Michael LiCalsi (our general counsel and secretary), serves as the Administrator’s president as well as the executive vice president of administration for the Adviser.

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 9, 2024, 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, 2025.

Other Transactions

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 $0.4 million, $0.8 million, and $1.1 million during the years ended September 30, 2024, 2023, and 2022, 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 year ended September 30, 2024, we paid Gladstone Securities selling commissions and dealer manager fees totaling $0.9 million related to the offering of Series A Preferred Stock, which are netted against gross proceeds from the sales. There were no such fees paid in the prior year.

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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:

			September 30, 2024						September 30, 2023
Base management fee due to (from) Adviser			$	809					$	670
Loan servicing fee due to Adviser			509						455
Incentive fee due to (from) Adviser			2,571						2,747
Total fees due to (from) Adviser			3,889						3,872
Fee due to Administrator			569						479
Total Related Party Fees Due			$	4,458					$	4,351

In addition to the above fees, other operating expenses due to the Adviser as of September 30, 2024 and 2023 totaled $52 thousand and $65 thousand, respectively. In addition, net expenses payable to Gladstone Investment Corporation (for reimbursement purposes), which includes certain co-investment expenses, totaled $75 thousand and $19 thousand as of September 30, 2024 and 2023, 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 September 30, 2024 and 2023.

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”).

As of September 30, 2024, our Credit Facility had a total commitment amount of $293.7 million with an “accordion” feature that permits us to increase the size of the facility to $350.0 million. The Credit Facility has a revolving period end date of October 31, 2025 and a final maturity date of October 31, 2027 (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 3.00% during the revolving period and 3.50% thereafter (in each case plus a 10 basis point SOFR credit spread adjustment).

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

			As of September 30,
			2024						2023
Commitment amount			$	293,659					$	223,659
Borrowings outstanding, at cost			70,600						47,800
Availability(A)			200,381						169,060

			Year Ended September 30,
			2024						2023						2022
Weighted average borrowings outstanding, at cost			$	70,572					$	133,692					$	56,122
Weighted average interest rate(B)			11.0		%				8.0		%				6.1		%
Commitment (unused) fees incurred			$	1,696					$	624					$	1,105

(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.

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

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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 September 30, 2024 and 2023.

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 mandatorily redeemable preferred stock) of $325.0 million plus 50.0% of all equity and subordinated debt raised after May 13, 2021 less 50% of any equity and subordinated debt retired or redeemed after May 13, 2021, which equates to $418.8 million as of September 30, 2024, (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 September 30, 2024, and as defined in our Credit Facility, we had a net worth of $723.9 million, asset coverage on our “senior securities representing indebtedness” of 243.6%, 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 33 obligors in our Credit Facility’s borrowing base as of September 30, 2024. As of September 30, 2024, 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 September 30, 2024, the discount rate used to determine the fair value of our Credit Facility was one-month Term SOFR, plus 3.10% per annum, plus a 1.00% unused commitment fee. As of September 30, 2023, the discount rate used to determine the fair value of our Credit Facility was one-month Term SOFR, plus 3.10% 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 September 30, 2024 and 2023, 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 September 30, 2024 and 2023, 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 years ended September 30, 2024 and 2023:

			Total Recurring Fair Value Measurement Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) As of September 30,
			2024						2023
Credit Facility			$	70,600					$	47,800

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Fair Value Measurements Using Significant Unobservable Data Inputs (Level 3)

			Year Ended September 30,
			2024						2023
Fair value as of September 30, 2023 and 2022, respectively			$	47,800					$	141,800
Borrowings			221,200						149,000
Repayments			(198,400)						(243,000)
Net unrealized (appreciation) depreciation (A)			—						—
Fair Value as of September 30, 2024 and 2023, respectively			$	70,600					$	47,800

(A)Included in net unrealized (appreciation) depreciation of other on our accompanying Consolidated Statements of Operations for the years ended September 30, 2024 and 2023.

The fair value of the collateral under our Credit Facility totaled approximately $714.4 million and $628.3 million as of September 30, 2024 and 2023, respectively.

Notes Payable

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 are traded under the ticker symbol “GLADZ” on the Nasdaq Global Select Market. The 2028 Notes will mature on September 1, 2028 and may be redeemed in whole or in part at any time or from time to time at our option on or after September 1, 2025. The 2028 Notes bear interest at a rate of 7.75% per year. Interest is payable quarterly on March 1, June 1, September 1, and December 1 of each year beginning December 1, 2023 (which equates to approximately $4.4 million per year).

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 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. The 2026 Notes will mature on January 31, 2026 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 2026 Notes bear interest at a rate of 5.125% per year. Interest is payable semi-annually on January 31 and July 31 of each year (which equates to approximately $7.7 million per year).

The indenture relating to the 2028 Notes, the 2027 Notes, and the 2026 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

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will provide the holders of the 2028 Notes, the 2027 Notes, and the 2026 Notes, as applicable, and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements.

The 2028 Notes, 2027 Notes, and 2026 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 the last quoted closing price, of the 2028 Notes as of September 30, 2024 was $58.3 million. We consider the trading price of the 2028 Notes to be a Level 1 input within the ASC 820 hierarchy. The fair value, based on a DCF analysis, of the 2027 Notes as of September 30, 2024 was $47.0 million. The fair value, based on a DCF analysis, of the 2026 Notes as of September 30, 2024 was $147.8 million. We consider the 2027 Notes and 2026 Notes to be Level 3 within the ASC 820 fair value hierarchy.

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 being sold pursuant to our shelf registration statement on Form N-2 (File No. 333-261398) (the “2021 Registration Statement”), under the Securities Act of 1933, as amended, and a prospectus supplement, dated May 31, 2023, and a base prospectus dated December 22, 2021. As of September 30, 2024, we had the ability to issue up to an additional $142.3 million in securities under the 2021 Registration Statement.

During the year ended September 30, 2024, we sold 349,931 shares of Series A Preferred Stock for gross proceeds of $8.7 million and net proceeds of $7.8 million. There were no shares sold during the year ended September 30, 2023. There were 349,931 and 0 shares of Series A Preferred Stock outstanding as of September 30, 2024 and September 30, 2023, 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 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 $0.2 million during the year ended September 30, 2024.

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 September 30, 2024 was 237.3%, calculated in accordance with Sections 18 and 61 of the 1940 Act.

We paid monthly cash dividends of $0.130208 per share to holders of our Series A Preferred Sock for each month from January through September during the year ended September 30, 2024.

NOTE 7. REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS

Reverse Stock Split

On April 4, 2024, we completed a 1-for-2 Reverse Stock Split of the Company’s issued and outstanding common stock, by the filing of Articles of Amendment with the State Department of Assessments and Taxation of Maryland pursuant to the Maryland General Corporation Law. The Reverse Stock Split became effective at 4:05 p.m. Eastern Time on April 4, 2024. The Reverse Stock Split was effective for purposes of trading as of the opening of business on the Nasdaq Global Select Market on April 5, 2024.

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As a result of the Reverse Stock Split, every two shares of common stock issued and outstanding were automatically combined into one new share of common stock. The Reverse Stock Split did not modify any rights or preferences of the shares of common stock. The common stock issued pursuant to the Reverse Stock Split remains fully paid and non-assessable. The Reverse Stock Split did not affect the number of authorized shares of common stock or the par value of the common stock.

Common Stock At-the-Market Offerings

In August 2024, we entered into an equity distribution agreement with Jefferies LLC and Huntington Securities, Inc, (the “2024 Sales Agreement”) 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 year ended September 30, 2024, we sold 476,138 shares of our common stock under the 2024 Sales Agreement, at a weighted-average price of $23.10 per share and raised $11.0 million of gross proceeds. Net proceeds, after deducting commissions and offering costs borne by us, were approximately $10.8 million. As of September 30, 2024, we had a remaining capacity to sell up to an additional $139.0 million of our common stock under the 2024 ATM Program.

In May 2021, we entered into an equity distribution agreement with Jefferies LLC, as amended in August 2022 (the “Sales Agreement”), under which we had the ability to issue and sell, from time to time, shares of our common stock with an aggregate offering price of up to $100.0 million in an “at the market offering” (the “ATM Program”). In July 2023, we amended and restated the Sales Agreement to add Huntington Securities, Inc. as a sales agent under the ATM Program in addition to Jefferies LLC. During the year ended September 30, 2023, we sold 8,774,101 shares of our common stock under the Sales Agreement, at a weighted-average price of $9.96 per share and raised $87.4 million of gross proceeds. Net proceeds, after deducting commissions and offering costs borne by us, were approximately $85.9 million. This ATM program terminated in connection with our entry into the 2024 ATM Program.

Shelf Registration Statement

Our shelf registration statement on Form N-2 (File No. 333-275934) (the “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 September 30, 2024, we had the ability to issue up to $689.0 million in securities under the 2024 Registration Statement.

NOTE 8. NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER 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 years ended September 30, 2024, 2023, and 2022:

			Year Ended September 30,
			2024						2023						2022
Numerator for basic and diluted net increase (decrease) in net assets resulting from operations per common share			$	94,506					$	42,668					$	19,914
Denominator for basic and diluted weighted average common shares(A)			21,781,074						18,657,961						17,175,832
Basic and diluted net increase (decrease) in net assets resulting from operations per common share(A)			$	4.34					$	2.29					$	1.16

(A)    Per share data and shares outstanding have been adjusted on a retroactive basis to reflect the Reverse Stock Split effected on April 4, 2024, as described in Note 2— Summary of Significant Accounting Policies.

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.

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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, 2023, 100.0% of distributions to common stockholders were deemed to be paid from ordinary income for 1099 stockholder reporting purposes. For the calendar year ended December 31, 2022, 93.2% of distributions to common stockholders were deemed to be paid from ordinary income and 6.8% of distributions were deemed to be return of capital for 1099 stockholder reporting purposes.

We paid the following monthly distributions to common stockholders for the years ended September 30, 2024 and 2023:

Fiscal Year

Declaration Date

Record Date

Payment Date

Distribution per Common Share(A)

2024

October 10, 2023

October 20, 2023

October 31, 2023

$

0.165

October 10, 2023

November 20, 2023

November 30, 2023

0.165

October 10, 2023

December 18, 2023

December 29, 2023

0.165

January 9, 2024

January 23, 2024

January 31, 2024

0.165

January 9, 2024

February 21, 2024

February 29, 2024

0.165

January 9, 2024

March 21, 2024

March 29, 2024

0.165

April 9, 2024

April 19, 2024

April 30, 2024

0.165

April 9, 2024

May 17, 2024

May 31, 2024

0.165

April 9, 2024

June 19, 2024

June 28, 2024

0.165

July 9, 2024

July 22, 2024

July 31, 2024

0.165

July 9, 2024

August 21, 2024

August 30, 2024

0.165

July 9, 2024

September 20, 2024

September 30, 2024

0.165

Year Ended September 30, 2024:

$

1.98

2023

October 11, 2022

October 21, 2022

October 31, 2022

$

0.14

October 11, 2022

November 18, 2022

November 30, 2022

0.14

October 11, 2022

December 20, 2022

December 30, 2022

0.14

January 10, 2023

January 20, 2023

January 31, 2023

0.15

January 10, 2023

February 17, 2023

February 28, 2023

0.15

January 10, 2023

March 17, 2023

March 31, 2023

0.15

April 11, 2023

April 21, 2023

April 28, 2023

0.16

April 11, 2023

May 23, 2023

May 31, 2023

0.16

April 11, 2023

June 21, 2023

June 30, 2023

0.16

July 11, 2023

July 21, 2023

July 31, 2023

0.165

July 11, 2023

August 23, 2023

August 31, 2023

0.165

July 11, 2023

September 7, 2023

September 15, 2023(B)

0.04

July 11, 2023

September 21, 2023

September 29, 2023

0.165

Year Ended September 30, 2023:

$

1.89

(A)    Per share data has been adjusted on a retroactive basis to reflect the Reverse Stock Split effected on April 4, 2024, as described in Note 2— Summary of Significant Accounting Policies.

(B)    Represents a supplemental distribution to common stockholders.

Aggregate distributions declared and paid to our common stockholders were approximately $43.1 million and $35.4 million for the years ended September 30, 2024 and 2023, respectively, and were declared based on estimates of Investment Company Taxable Income. For the fiscal years ended September 30, 2024 and September 30, 2023, 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 $6.6 million and $5.0 million, respectively of the first common distributions paid to common stockholders in the subsequent fiscal year as having been paid in the prior year. For the fiscal year ended

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September 30, 2022 distributions declared and paid exceeded taxable income available for common distributions resulting in a partial return of capital of approximately $1.4 million.

The components of our net assets on a tax basis were as follows:

			Year Ended September 30,
			2024						2023
Common stock			$	44					$	44
Capital in excess of par value			492,305						481,480
Cumulative net unrealized appreciation (depreciation) of investments			25,249						(17,454)
Undistributed ordinary income			6,590						4,978
Capital loss carryforward			(47,435)						(54,425)
Other temporary differences			(5,858)						(5,928)
Net Assets			$	470,895					$	408,695

We intend to retain some or all of our realized capital gains first to the extent we have available capital loss carryforwards and second, through treating the retained amount as a “deemed distribution.” As of September 30, 2024, we had $47.4 million of capital loss carryforwards that do not expire.

For the years ended September 30, 2024 and 2023, we recorded the following adjustments for permanent book-tax differences to reflect tax character. Results of operations, total net assets, and cash flows were not affected by these adjustments.

			Year Ended September 30,
			2024						2023
Undistributed net investment income			$	(1,299)					$	(373)
Accumulated net realized losses			1,310						373
Capital in excess of par value			(11)						—

NOTE 10. FEDERAL AND STATE INCOME TAXES

We intend to continue to maintain our qualifications as a RIC for federal income tax purposes. As a RIC, we are generally not subject to federal income tax on the portion of our taxable income and gains that we distribute to stockholders. To maintain our qualification as a RIC, we must meet certain source-of-income and asset diversification requirements. In addition, to qualify to be taxed as a RIC, we must also meet certain annual stockholder distribution requirements. To satisfy the RIC annual distribution requirement, we must distribute to stockholders at least 90.0% of our Investment Company Taxable Income. Our policy generally is to make distributions to our stockholders in an amount up to 100.0% of our Investment Company Taxable Income. Because we have distributed more than 90.0% of our Investment Company Taxable Income, no income tax provisions have been recorded for the years ended September 30, 2024, 2023, and 2022.

In an effort to limit certain federal excise taxes imposed on RICs, a RIC has to distribute to stockholders, during each calendar year, an amount close to the sum of (1) 98.0% of our ordinary income for the calendar year, (2) 98.2%, of our capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (3) any ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. No excise tax provisions have been recorded for the years ended September 30, 2024, 2023, and 2022.

Under the RIC Modernization Act, we are permitted to carry forward capital losses that we may incur in taxable years beginning after September 30, 2011 for an unlimited period, and such capital loss carryforwards will retain their character as either short-term or long-term capital losses.

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NOTE 11. 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 September 30, 2024 and 2023, 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 $0.1 million and $0.6 million as of September 30, 2024 and September 30, 2023, respectively.

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 September 30, 2024 and 2023 to be immaterial.

The following table summarizes the amounts of our unused lines of credit, delayed draw term loans and uncalled capital commitment, at cost, as of September 30, 2024 and 2023, which are not reflected as liabilities in the accompanying Consolidated Statements of Assets and Liabilities:

			As of September 30,
			2024						2023
Unused line of credit commitments(A)			$	42,601					$	32,349
Delayed draw term loans(A)			14,150						12,039
Uncalled capital commitment			843						843
Total			$	57,594					$	45,231

(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.

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NOTE 12. FINANCIAL HIGHLIGHTS

			As of and for the Year Ended September 30,
			2024						2023						2022						2021						2020						2019						2018						2017						2016						2015
Per Common Share Data:
Net asset value at beginning of year(A)			$	18.79					$	18.16					$	18.56					$	14.80					$	16.44					$	16.64					$	16.80					$	17.24					$	18.12					$	19.02
Income from operations(B)
Net investment income			2.11						2.20						1.88						1.58						1.62						1.68						1.70						1.68						1.68						1.68
Net realized and unrealized gain (loss) on investments			2.05						0.07						(0.70)						3.58						(1.68)						(0.30)						(0.32)						(0.24)						(0.70)						(1.00)
Net realized and unrealized gain (loss) on other			0.18						0.02						(0.02)						(0.08)						(0.06)						(0.02)						—						(0.10)						—						0.12
Total from operations			4.34						2.29						1.16						5.08						(0.12)						1.36						1.38						1.34						0.98						0.80
Distributions to common stockholders from(B)(C)
Net Investment Income			(1.98)						(1.89)						(1.52)						(1.50)						(1.60)						(1.64)						(1.68)						(1.68)						(1.40)						(1.68)
Realized gains			—						—						—						—						—						—						—						—						(0.28)						—
Return of capital			—						—						(0.08)						(0.06)						(0.02)						(0.04)						—						—						—						—
Total distributions			(1.98)						(1.89)						(1.60)						(1.56)						(1.62)						(1.68)						(1.68)						(1.68)						(1.68)						(1.68)
Capital share transactions(B)
Issuance of common stock			—						—						—						—						—						—						—						—						—						0.12
Discounts, commissions, and offering costs			—						—						—						(0.02)						—						(0.02)						(0.02)						(0.08)						(0.10)						(0.02)
Repurchase of common stock			—						—						—						—						—						—						—						—						0.04						—
Net anti-dilutive (dilutive) effect of equity offering(D)			0.05						0.26						0.04						0.30						0.10						0.14						0.16						(0.04)						(0.10)						(0.12)
Total capital share transactions			0.05						0.26						0.04						0.28						0.10						0.12						0.14						(0.12)						(0.16)						(0.02)
Other, net(B)(E)			(0.02)						(0.03)						—						(0.04)						—						—						—						0.02						(0.02)						—
Net asset value at end of period / year(A)			$	21.18					$	18.79					$	18.16					$	18.56					$	14.80					$	16.44					$	16.64					$	16.80					$	17.24					$	18.12
Per common share market value at beginning of year			$	19.28					$	16.98					$	22.60					$	14.82					$	19.50					$	19.00					$	19.00					$	16.26					$	16.26					$	17.54
Per common share market value at end of year			24.05						19.28						16.98						22.60						14.82						19.50						19.00						19.00						16.26						16.26
Total return(F)			36.61		%				24.85		%				(19.16)		%				64.93		%				(15.75)		%				12.55		%				9.53		%				27.90		%				11.68		%				2.40		%
Common stock outstanding at end of year(A)			22,230,587						21,754,449						17,367,398						17,152,186						15,783,425						15,172,962						14,250,990						13,080,342						11,672,211						10,565,811
Statement of Assets and Liabilities Data:
Net assets at end of year			$	470,895					$	408,695					$	315,487					$	318,439					$	233,743					$	249,330					$	237,092					$	219,650					$	201,207					$	191,444
Average net assets(G)			431,796						349,518						320,838						275,509						235,266						239,851						234,092						215,421						193,228						198,864
Senior Securities Data:
Borrowings under line of credit, at cost			$	70,600					$	47,800					$	141,800					$	50,500					$	128,000					$	66,900					$	110,000					$	93,000					$	71,300					$	127,300
Mandatorily redeemable preferred stock			8,748						—						—						—						—						51,750						51,750						51,750						61,000						61,000
Notes Payable			257,000						257,000						200,000						188,813						96,313						57,500						—						—						—						—
Ratios/Supplemental Data:
Ratio of net expenses to average net assets(H)(I)			11.71		%				12.99		%				9.62		%				10.04		%				9.69		%				10.61		%				9.61		%				8.26		%				10.16		%				10.24		%
Ratio of net investment income to average net assets(J)			10.67						11.74						10.06						9.48						10.70						10.25						9.86						9.95						10.08						8.90

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(A)Based on actual shares outstanding at the beginning or end of the corresponding year, as appropriate. Per share data and shares outstanding have been adjusted on a retroactive basis to reflect the 1-for-2 Reverse Stock Split effected on April 4, 2024, as described in Note 2— Summary of Significant Accounting Policies.

(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 fiscal years ended September 30, 2023, 2022, 2021, 2020, 2019, and 2018, the anti-dilution was a result of issuing common shares during the period at a price above the then-current NAV per share. During the fiscal years ended September 30, 2017, 2016, and 2015, the net dilution was a result of issuing common shares during the period at a price below the then-current NAV per share.

(E)Represents the impact of the different share amounts (weighted average shares outstanding during the fiscal year and shares outstanding at the end of the fiscal year) in the per share data calculations and rounding impacts.

(F)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 or any sales load paid by a stockholder. For further information on the estimated character of our distributions to common stockholders, refer to Note 9—Distributions to Common Stockholders.

(G)Computed using the average of the balance of net assets at the end of each month of the fiscal year.

(H)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.

(I)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 14.53%, 16.31%, 13.13%, 13.17%, 14.36%, 14.18%, 13.12%, 12.14%, 13.40%, and 13.65% for the fiscal years ended September 30, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, and 2015, respectively.

(J)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 7.90%, 8.49%, 6.61%, 6.40%, 6.11%, 6.74%, 6.41%, 6.13%, 6.90%, and 5.55% for the fiscal years ended September 30, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, and 2015, respectively.

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NOTE 13. UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES

In accordance with the SEC’s Regulation S-X, we do not consolidate portfolio company investments. Further, in accordance with 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 subsidiaries.

We did not have any unconsolidated subsidiaries that met any of the significance conditions under Rule l-02(w)(2) of the SEC’s Regulation S-X as of or during at least one of the years ended September 30, 2024, 2023, and 2022.

NOTE 14. SUBSEQUENT EVENTS

Portfolio Activity

In October 2024, our debt investment in Perimeter Solutions Group paid off at par for net cash proceeds of $15.5 million, including a $0.5 million prepayment penalty.

In October 2024, our investment in Antenna Research Associates, Inc. was sold which resulted in a realized gain of approximately $59.3 million and the repayment of our debt investment of $31.3 million at par.

In November 2024, we invested an additional $28.9 million in Giving Home, an existing portfolio company, through secured first lien debt.

Distributions

On October 8, 2024, our Board of Directors declared the following distributions to common and preferred stockholders:

Record Date

Payment Date

Distribution per Common Share

October 22, 2024

October 31, 2024

$

0.1650

November 20, 2024

November 29, 2024

0.1650

December 20, 2024

December 31, 2024

0.1650

Total for the Quarter

$

0.4950

Record Date

Payment Date

Distribution per Series A Preferred Stock

October 24, 2024

November 4, 2024

$

0.130208

November 27, 2024

December 4, 2024

0.130208

December 23, 2024

January 3, 2025

0.130208

Total for the Quarter

$

0.390624

In November 2024, our Board of Directors declared the following supplemental distribution to common stockholders:

Record Date

Payment Date

Distribution per Common Share

December 4, 2024

December 18, 2024

$

0.4000

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

a) Disclosure Controls and Procedures

As of September 30, 2024 (the end of the period covered by this report), we, 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 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 evaluating 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) Management’s Annual Report on Internal Control Over Financial Reporting

Refer to the Management’s Annual Report on Internal Control over Financial Reporting located in Item 8 of this Form 10-K.

c) Attestation Report of the Registered Public Accounting Firm

Not Applicable.

d) Change in Internal Control over Financial Reporting

There were no changes in internal controls for the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

During the three months ended September 30, 2024, 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) (“Rule 10b5-1 trading arrangement”) or any “non-Rule 10b5-1 trading arrangement.” In addition, during the three months ended September 30, 2024, we did not adopt or terminate any Rule 10b5-1 trading arrangement.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

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PART III

We will file a definitive Proxy Statement for our 2025 Annual Meeting of Stockholders (the “2025 Proxy Statement”) with the SEC, pursuant to Regulation 14A, not later than 120 days after the end of our fiscal year. Accordingly, certain information required by Part III has been omitted under General Instruction G(3) to Form 10-K. Only those sections of the 2025 Proxy Statement that specifically address the items set forth herein are incorporated herein by reference.

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information required by Item 10 is hereby incorporated by reference from our 2025 Proxy Statement.

We have adopted a Code of Business Conduct and Ethics (the “Code of Conduct”) that applies to all of our officers and directors and to the employees of our Adviser and our Administrator. The Code of Conduct is available in the Investors section of our website under “Governance – Governance Documents” at www.GladstoneCapital.com.

ITEM 11. EXECUTIVE COMPENSATION

The information required by Item 11 is hereby incorporated by reference from our 2025 Proxy Statement.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information required by Item 12 is hereby incorporated by reference from our 2025 Proxy Statement.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information required by Item 13 is hereby incorporated by reference from our 2025 Proxy Statement.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required by Item 14 is hereby incorporated by reference from our 2025 Proxy Statement.

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PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

a.DOCUMENTS FILED AS PART OF THIS ANNUAL REPORT ON FORM 10-K

1.The following financial statements are filed herewith:

Management’s Annual Report on Internal Controls over Financial Reporting			73
Report of Independent Registered Public Accounting Firm			74
Consolidated Statements of Assets and Liabilities as of September 30, 2024 and 2023			76
Consolidated Statements of Operations for the years ended September 30, 2024, 2023 and 2022			77
Consolidated Statements of Changes in Net Assets for the years ended September 30, 2024, 2023 and 2022			79
Consolidated Statements of Cash Flows for the years ended September 30, 2024, 2023 and 2022			80
Consolidated Schedules of Investments as of September 30, 2024 and 2023			81
Notes to Consolidated Financial Statements			93

2.The following financial statement schedule is filed herewith:

Schedule 12-14 Investments in and Advances to Affiliates as of September 30, 2024 and 2023			129

No other financial statement schedules are filed herewith because (1) such schedules are not required or (2) the information has been presented in the aforementioned financial statements.

3.Exhibits

The following exhibits are filed as part of this report or are hereby incorporated by reference to exhibits previously filed with the SEC:

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.
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.

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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, 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.l0 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 November 4, 2021.
4.6			Fifth 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 August 17, 2023, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No. 814-00237), filed August 17, 2023.
4.7*			Description of Securities
10.1			Stock Transfer Agency Agreement between the Registrant and The Bank of New York, incorporated by reference to Exhibit 99.k.1 to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-63700), filed July 27, 2001.
10.2			Custody Agreement between the Registrant and The Bank of New York, dated as of May 5, 2006, incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q (File No. 814-00237), filed August 1, 2006.
10.3			Administration Agreement between the Registrant and Gladstone Administration, LLC, dated as of October 1, 2006, incorporated by reference to Exhibit 99.2 to the Current Report on Form 8-K (File No. 814-00237), filed October 5, 2006.
10.4			Custodial Agreement, incorporated by reference to Exhibit 2.j.2 to Post-Effective Amendment No. 1 to Form N-2 (File No. 333-185191), filed December 23, 2013.
10.5			Amendment No. 1 to Custodial Agreement, incorporated by reference to Exhibit 2.j.3 to Post-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-185191), filed December 23, 2013.
10.6			Amendment No. 2 to Custodial Agreement, incorporated by reference to Exhibit 2.j.4 to Post-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-185191), filed December 23, 2013.
10.7			Fourth Amended and Restated Investment Advisory and Management Agreement between the Registrant and Gladstone Management Corporation, dated as of April 12, 2022, incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q (File No. 814-00237), filed on May 3, 2022.

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10.8			Sixth Amended and Restated Credit Agreement dated as of May 13, 2021 by and among Gladstone Business Loan, LLC as Borrower, Gladstone Management Corporation as Servicer, KeyBank National Association, as Administrative Agent and the financial institutions from the time to time party thereto, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No. 814-00237), filed May 13, 2021.
10.9			Amendment No. 1 to the Sixth Amended and Restated Credit Agreement dated as of September 12, 2022 by and among Gladstone Business Loan, LLC as Borrower, Gladstone Management Corporation as Servicer, KeyBank National Association, as Administrative Agent and the financial institutions from the time to time party thereto, incorporated by reference to Exhibit 10.9 to the Annual Report on Form 10-K (File No. 814-00237), filed November 11, 2022.
10.10			Amendment No. 2 to the Sixth Amended and Restated Credit Agreement dated as of September 20, 2022 by and among Gladstone Business Loan, LLC as Borrower, Gladstone Management Corporation as Servicer, KeyBank National Association, as Administrative Agent and the financial institutions from the time to time party thereto, incorporated by reference to Exhibit 10.10 to the Annual Report on Form 10-K (File No. 814-00237), filed November 11, 2022.
10.11			Amendment No. 3 to the Sixth Amended and Restated Credit Agreement dated as of October 31, 2022 by and among Gladstone Business Loan, LLC as Borrower, Gladstone Management Corporation as Servicer, KeyBank National Association, as Administrative Agent and the financial institutions from the time to time party thereto, incorporated by reference to Exhibit 10.11 to the Annual Report on Form 10-K (File No. 814-00237), filed November 11, 2022.
10.12			Amendment No. 4 to Sixth Amended and Restated Credit Agreement, dated as of June 16, 2023 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, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No. 814-00237), filed on June 22, 2023.
10.13			Amendment No. 5 to the Sixth Amended and Restated Credit Agreement dated as of December 13, 2023 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, incorporated by reference to Exhibit 10.7 to the Quarterly Report on Form 10-Q (File No. 814-00237), filed February 5, 2024.
10.14			Amendment No. 6 to Sixth Amended and Restated Credit Agreement dated as of March 28, 2024 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, incorporated by reference to Exhibit 10.8 to the Quarterly Report on Form 10-Q (File No. 814-00237), filed May 1, 2024.
10.15			Amendment No. 7 to Sixth Amended and Restated Credit Agreement dated as of June 27, 2024 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, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No. 814-00237), filed June 27, 2024.
10.16			Amendment No. 8 to Sixth Amended and Restated Credit Agreement dated as of August 12, 2024 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, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No. 814-00237), filed August 12, 2024.
14*			Code of Ethics
19			Insider Trading Policy For Gladstone Capital Corporation, incorporated by reference to Exhibit 14 filed herewith.
21*			Subsidiaries of the Registrant.
23.1*			Consent of PricewaterhouseCoopers LLP.
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.
97.1*			Clawback Policy
99.1*			Estimated Value methodology for Series A Cumulative Redeemable Preferred Stock at September 30, 2024
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 Annual Report on Form 10-K are the following materials, formatted in Inline eXtensible Business Reporting Language (iXBRL): (i) the Consolidated Statements of Assets and Liabilities as of September 30, 2024 and 2023, (ii) the Consolidated Statements of Operations for the years ended September 30, 2024, 2023 and 2022, (iii) the Consolidated Statements of Changes in Net Assets for the years ended September 30, 2024, 2023 and 2022, (iv) the Consolidated Statements of Cash Flows for the years ended September 30, 2024, 2023 and 2022, (v) the Consolidated Schedules of Investments as of September 30, 2024 and 2023 and (vi) the Notes to Consolidated Financial Statements.

ITEM 16. FORM 10-K SUMMARY

None.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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
Date: November 13, 2024			By:			/s/ NICOLE SCHALTENBRAND
						Nicole Schaltenbrand
						Chief Financial Officer and Treasurer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: November 13, 2024			By:			/s/ DAVID GLADSTONE
						David Gladstone
						Chief Executive Officer and Chairman of the Board of Directors (principal executive officer)
Date: November 13, 2024			By:			/s/ NICOLE SCHALTENBRAND
						Nicole Schaltenbrand
						Chief Financial Officer and Treasurer (principal financial and accounting officer)
Date: November 13, 2024			By:			/s/ ANTHONY W. PARKER
						Anthony W. Parker
						Director
Date: November 13, 2024			By:			/s/ JOHN OUTLAND
						John Outland
						Director
Date: November 13, 2024			By:			/s/ MICHELA A. ENGLISH
						Michela A. English
						Director
Date: November 13, 2024			By:			/s/ PAUL ADELGREN
						Paul Adelgren
						Director
Date: November 13, 2024			By:			/s/ WALTER H. WILKINSON, JR.
						Walter H. Wilkinson, Jr.
						Director
Date: November 13, 2024			By:			/s/ PAULA NOVARA
						Paula Novara
						Director
Date: November 13, 2024			By:			/s/ KATHARINE CORNELL GORKA
						Katharine Cornell Gorka
						Director

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SCHEDULE 12-14

GLADSTONE CAPITAL CORPORATION

INVESTMENTS IN AND ADVANCES TO AFFILIATES

(AMOUNTS IN THOUSANDS)

Company and Investment(A)(B)(I)(L)(M)						Principal/ Shares/Units(K)						Net Realized Gain (Loss) for Period						Amount of Investment Income(C)						Value as of September 30, 2023						Gross Additions(D)						Gross Reductions(E)						Net Unrealized Appreciation (Depreciation)						Value as of September 30, 2024
AFFILIATE INVESTMENTS—1.6%
Secured First Lien Debt—0.1%
Diversified/Conglomerate Manufacturing—0.1%
Edge Adhesives Holdings, Inc.—Term Debt (S + 5.5%. 10.3% Cash, Due 8/2026)						$	6,140					—						—						$	2,895					—						—						$	(2,515)					$	380
Preferred Equity —0.9%
Diversified/Conglomerate Manufacturing —0.0%
Edge Adhesives Holdings, Inc.—Preferred Stock						5,466						—						—						—						—						—						—						—
Diversified/Conglomerate Service—0.7%
Encore Dredging Holdings, LLC—Preferred Stock						3,840,000						—						—						4,265						—						—						(1,097)						3,168
Personal and Non-Durable Consumer Products (Manufacturing Only)—0.2%
Canopy Safety Brands, LLC—Preferred Stock						500,000						—						—						857						—						—						74						931
Total Preferred Equity												$	—					$	—					$	5,122					$	—					$	—					$	(1,023)					$	4,099
Common Equity—0.6%
Personal and Non-Durable Consumer Products (Manufacturing Only)—0.6%
Canopy Safety Brands, LLC—Common Stock						1,170,370						—						—						$	2,404					—						—						$	555					$	2,959
TOTAL AFFILIATE INVESTMENTS												$	—					$	—					$	10,421					$	—					$	—					$	(2,983)					$	7,438
CONTROL INVESTMENTS—8.0%
Secured First Lien Debt—3.0%
Diversified/Conglomerate Manufacturing—0.9%
Lonestar EMS, LLC—Term Debt (12.0% Cash, Due 6/2027)(F)						4,200						—						$	394					$	3,927					$	203					—						$	70					$	4,200
Lonestar EMS, LLC — Delayed Draw Term Loan(G)						—						—						8						—						100						$	(100)					—						—
												$	—					$	402					$	3,927					$	303					$	(100)					$	70					$	4,200

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Company and Investment(A)(B)(I)(L)(M)						Principal/ Shares/Units(K)						Net Realized Gain (Loss) for Period						Amount of Investment Income(C)						Value as of September 30, 2023						Gross Additions(D)						Gross Reductions(E)						Net Unrealized Appreciation (Depreciation)						Value as of September 30, 2024
Personal and Non-Durable Consumer Products (Manufacturing Only) — 2.1%
WB Xcel Holdings, LLC—Line of Credit, $0 available (S + 10.5%, 15.3% Cash, Due 11/2026)						4,750						—						$	59					$	1,468					$	3,282					—						$	(1,579)					$	3,171
WB Xcel Holdings, LLC—Term Loan (S + 10.5%, 15.3% Cash, Due 11/2026)						9,775						—						402						9,825						—						$	(50)					(3,250)						6,525
												$	—					$	461					$	11,293					$	3,282					$	(50)					$	(4,829)					$	9,696
Printing and Publishing — 0.0%
TNCP Intermediate HoldCo, LLC—-Line of Credit, $2,000 available (11.0% Cash, Due 10/2027)(F)						—						—						$	68					$	900					—						$	(900)					—						—
Total Secured First Lien Debt												$	—					$	931					$	16,120					$	3,585					$	(1,050)					$	(4,759)					$	13,896
Secured Second Lien Debt—1.8%
Automobile—1.8%
Defiance Integrated Technologies, Inc.—Term Debt (S + 9.6%, 14.4% Cash, Due 1/2027)						8,547						—						$	1,143					$	7,425					$	1,362					$	(240)					—						$	8,547
Preferred Equity—0.0%
Personal and Non-Durable Consumer Products (Manufacturing Only) —0.0%
WB Xcel Holdings, LLC - Preferred Stock						333						—						—						—						—						—						—						—
Common Equity—3.2%
Automobile– 0.6%
Defiance Integrated Technologies, Inc.—Common Stock						33,321						—						—						3,948						1						—						$	(1,000)					2,949
Diversified/Conglomerate Manufacturing—1.7%
Lonestar EMS, LLC - Common Units						100		%				—						—						—						—						—						8,214						8,214
Machinery—0.0%
PIC 360, LLC—Common Equity Units(G)						—						$	259					—						284						—						(1)						(283)						—
Personal and Non-Durable Consumer Products (Manufacturing Only) —0.0%
WB Xcel Holdings, LLC - Common Warrant						1						—						—						—						1						—						(1)						—
Printing and Publishing—0.9%
TNCP Intermediate HoldCo, LLC—Common Equity Units						790,000						—						—						3,073						—						—						1,239						4,312
Total Common Equity												$	259					$	—					$	7,305					$	2					$	(1)					$	8,169					$	15,475
TOTAL CONTROL INVESTMENTS												$	259					$	2,074					$	30,850					$	4,949					$	(1,291)					$	3,410					$	37,918

(A)Certain of the securities listed in this schedule are issued by affiliate(s) of the indicated portfolio company.

(B)Common stock, warrants, options, membership units and, in some cases, preferred stock are generally non-income producing and restricted.

(C)Represents the total amount of interest, dividends and other income credited to investment income for the portion of the fiscal year an investment was a control or affiliate investment, as appropriate.

(D)Gross additions include increases in investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and fees, and the exchange of one or more existing securities for one or more new securities.

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(E)Gross reductions include decreases in investments resulting from principal collections related to investment repayments or sales, the amortization of premiums and acquisition costs, and the exchange of one or more existing securities for one or more new securities.

(F)Debt security has a fixed interest rate.

(G)Investment was exited/paid off during the year ended September 30, 2024.

(H)Reserved.

(I)Interest rate percentages represent cash interest rates in effect at September 30, 2024, and due dates represent the contractual maturity date. Unless indicated otherwise, all cash interest rates are indexed to one-month Secured Overnight Financing Rate (“SOFR” or “S”), which was 4.85% as of September 30, 2024. If applicable, paid-in-kind 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.

(J)Reserved.

(K)Represents the principal balance for debt investments and the number of shares/units held for equity investments as of September 30, 2024. Warrants are represented as a percentage of ownership, as applicable.

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

(M)Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of September 30, 2024.

**    Information related to the amount of equity in the net profit and loss for the year for the investments listed has not been included in this schedule. This information is not considered to be meaningful due to the complex capital structures of the portfolio companies, with different classes of equity securities outstanding with different preferences in liquidation. These investments are not consolidated, nor are they accounted for under the equity method of accounting.

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