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目录表

美国

证券交易委员会

华盛顿特区20549

__________________________

形式 10-K

__________________________

(Mark一）

x			根据1934年《证券交易所法》第13或15（d）条提交的年度报告

日终了的财政年度 9月30日, 2024

或

o			根据1934年《证券交易所法》第13或15（d）条提交的过渡报告

对于从_

委员会档案编号 814-00237

__________________________

格拉德斯通资本公司演说

（章程中规定的注册人的确切名称）

__________________________

马里兰			54-2040781
（州或其他司法管辖区 成立或组织）			（国税局雇主 识别号）
西布兰奇大道1521号, Suite 100 麦克莱恩, 维吉尼亚			22102
（主要行政办公室地址）			(Zip代码）

(703) 287-5800

（注册人的电话号码，包括地区代码）

__________________________

根据该法第12（b）条登记的证券：

每个班级的标题

符号

每个交易所的名称 在哪里注册

普通股，每股面值0.001美金

高兴

纳斯达克证券市场有限责任公司

2028年到期的7.75%票据

格拉德兹

纳斯达克证券市场有限责任公司

根据该法第12（g）条登记的证券：

6.25% A系列累计可赎回优先股，面值每股0.001美金

__________________________

如果注册人是《证券法》第405条所定义的知名经验丰富的发行人，则通过勾选标记进行验证。 是的 o 不是 x

如果注册人无需根据该法案第13条或第15（d）条提交报告，则通过勾选标记进行验证。 是的 o 不是 x

通过勾选标记确定注册人是否：（1）在过去12个月内（或在注册人被要求提交此类报告的较短期限内）提交了1934年证券交易法第13或15（d）条要求提交的所有报告，以及（2）在过去90天内是否遵守此类提交要求。 是的 x 没有 o

通过勾选标记检查注册人是否已在过去12个月内（或在注册人被要求提交此类文件的较短期限内）以电子方式提交了根据S-t法规（本章第232.405条）第405条要求提交的所有交互数据文件。 是的 x 没有 o

通过复选标记来确定注册人是大型加速申报人、加速申报人、非加速申报人、小型报告公司还是新兴成长型公司。 请参阅《交易法》第120条第2条中「大型加速申报人」、「加速申报人」、「小型报告公司」和「新兴成长型公司」的定义。

大型加速文件夹			o			加速档案管理器			o
非加速归档			x			小型上市公司			o
新兴成长型公司			o

如果是新兴成长型公司，请通过勾选标记表明注册人是否选择不利用延长的过渡期来遵守根据《交易法》第13（a）条规定的任何新的或修订的财务会计准则。 o

通过勾选标记检查注册人是否已提交报告并证明其管理层根据《萨班斯-奥克斯利法案》（15 U.S.C.）第404（b）条对其财务报告内部控制有效性的评估7262（b））由编制或发布审计报告的特许会计师事务所执行 o

如果证券是根据该法案第12（b）条登记的，请通过勾选标记表明文件中包含的登记人的财务报表是否反映了对先前发布的财务报表错误的更正。 o

通过勾选标记来验证这些错误更正是否是需要根据§240.10D-1（b）对注册人的任何高管在相关恢复期内收到的激励性补偿进行恢复分析的重述。 o

通过勾选标记检查注册人是否是空壳公司（定义见该法案第120条第2款）。 是的 o 没有 x.

根据纳斯达克全球精选市场当日收盘价每股21.46美金，注册人非关联公司于2024年3月28日持有的有投票权普通股的总市值为2024年4月4日生效的1对2反向股票拆分进行了追溯调整447,799,672.仅就计算此金额而言，注册人的所有董事和执行人员均被视为关联公司。有 22,329,852 注册人普通股股份，每股面值0.001美金，截至2024年11月12日已发行。

通过引用合并的文件。 注册人将根据第14 A条向美国证券交易委员会提交的与注册人2025年股东年度会议相关的最终委托声明的部分内容（将在本协议日期之后提交）通过引用并入本表格10-k的第三部分。 该委托声明将在注册人截至2024年9月30日的财年结束后120天内向美国证券交易委员会提交。

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格拉德斯通资本公司

截至财政年度的表格10-k

2024年9月30日

目录

第一部分			项目1			业务			3
			项目1A			危险因素			21
			项目1B			未解决的员工评论			44
			项目1C			网络安全			44
			项目2			性能			46
			项目3			法律诉讼			46
			专案4			矿山安全披露			46
第二部分			项目5			注册人普通股市场、相关股东事项和发行人 购买股票证券			47
			项目6			已保留			54
			项目7			管理层对财务状况和结果的讨论与分析 运营			54
			ITEm 7A			关于市场风险的定量和定性披露			70
			项目8			财务报表和补充数据			72
			项目9			会计和财务方面的变化和与公证的分歧 公开			122
			第9A项			控制和程式			122
			ITEm 9 B			其他信息			122
			ITEm 9 C			有关阻止检查的外国司法管辖区的披露			122
第三部分			项目10			董事、执行官和公司治理			123
			项目11			高管薪酬			123
			项目12			某些受益所有人和管理层的担保所有权及相关 股东事务			123
			项目13			某些关系和关联交易以及董事独立性			123
			项目14			首席公证费用和服务			123
第四部分			项目15			展品和财务报表附表			124
			项目16			表格10-k摘要			127
签名									128

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前瞻性陈述

本文中的所有陈述，除历史事实外，都可能构成“前瞻性陈述”。这些陈述可能涉及我们未来的经营业绩、我们的业务前景和投资组合公司的前景、与我们的投资顾问Gladstone管理公司(“顾问”)及其附属公司的实际和潜在的利益冲突、为我们的投资提供资金的借款的使用、我们的融资来源和营运资本的充分性，以及我们共同投资的能力等因素。在某些情况下，您可以通过“估计”、“可能”、“可能”、“相信”、“将会”、“已提供”、“预期”、“未来”、“可能”、“增长”、“计划”、“计划”、“打算”、“预期”、“应该”、“将”、“如果”、“寻求”、“可能”等术语来识别前瞻性陈述。“很可能”或此类术语或类似术语的否定或变体。这些前瞻性表述涉及已知和未知的风险、不确定性和其他因素，可能导致我们的实际结果、活动水准、业绩或成就与此类前瞻性表述明示或暗示的任何未来结果、活动水准、业绩或成就大不相同。这些因素包括：(1)经济和资本市场的变化，包括股价波动、通货膨胀、利率上升和衰退的风险；(2)与谈判和完成未决和未来交易有关的风险；(3)失去一名或多名高管，特别是David·格拉德斯通、特里·李·布鲁贝克或罗伯特·L·马科特；(4)我们的投资目标和战略的变化；(5)可获得性、条款(包括利率波动的可能性)和资本配置；(6)我们的行业、利率、汇率或整体经济的变化；(7)我们的业务前景和我们所投资公司的前景；(8)我们竞争的程度和性质；(9)政府监管、税率和类似事项的变化；(10)我们及时退出投资的能力；(11)我们根据经修订的1986年《国税法》(以下简称《守则》)第m章，以及根据经修订的1940年《投资公司法》(《1940年法案》)，保持我们作为受监管投资公司(“RIC”)和作为商业发展公司(BDC)的资格的能力；和(12)本文所述的因素，包括第1A项。本年度报告(以下简称“年度报告”)中的“风险因素”。我们告诫读者不要过度依赖任何此类前瞻性陈述。实际结果可能与我们的前瞻性陈述中预期的大不相同，未来的结果可能与历史表现大不相同。我们根据本年度报告发布之日掌握的资讯作出前瞻性陈述。除非联盟证券法要求，否则我们没有义务在本年度报告发布之日之后公开更新或修改任何前瞻性陈述，无论是由于新资讯、未来事件还是其他原因。虽然我们没有义务修改或更新任何前瞻性声明，无论是由于新资讯、未来事件或其他原因，但我们建议您参考我们可能直接向您作出的任何其他披露，或我们已提交或未来可能会不时提交给美国证券交易委员会(“美国证券交易委员会”)的报告，包括10-Q表季度报告和当前的8-k表季报。本年度报告中包含的前瞻性陈述不受1995年《私人证券诉讼改革法》和修订后的19《证券法》(下称《证券法》)第27A条所提供的安全港保护。

在本年度报告中，「公司」、「我们」、「我们」和「我们的」是指格莱斯顿资本公司及其全资子公司，除非上下文另有说明。除非另有说明，否则表格中的美金金额（每股金额除外）均以千为单位。

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第一部分

本节包含的信息应与随附的合并财务报表及其在本年度报告其他地方出现的注释一起阅读。

项目1. 业务

概述

组织

格拉德斯通资本公司于2001年5月30日根据《马里兰州总公司法》注册成立。我们是一家外部管理、封闭式、非多元化管理投资公司，根据1940年法案选择被视为BDS。此外，我们还选择将其作为该准则下的RIC处理。我们成立的目的是投资在美国（「美国」）运营的老牌私营企业的债务和股权证券。

截至2024年9月30日，我们的普通股股票在纳斯达克全球精选市场（「纳斯达克」）交易，交易代码为「GLAC」，我们的2028年到期的7.75%票据（「2028年票据」）在纳斯达克交易，交易代码为「GLADZ」。 我们的6.25% A系列累积可赎回优先股（「A系列优先股」）、2027年到期的3.75%票据（「2027年票据」）和2026年到期的5.125%票据（「2026年票据」）并未在任何交易所或自动报价系统上上市或交易。

本年度报告中公司普通股的流通股数和每股金额已针对2024年4月4日（出于交易目的，2024年4月5日生效）的1对2反向股票拆分（「反向股票拆分」）进行了追溯调整，除非另有说明。

投资顾问兼管理员

根据投资咨询及管理协定(经不时修订及/或重述，称为“咨询协定”)，本公司由该顾问、一名在美国证券交易委员会注册的投资顾问及本公司的一间联属公司进行外部管理。该顾问负责管理我们的投资活动。我们还与我们的附属公司Gladstone Administration，LLC(“管理人”)和顾问签订了一项管理协定，根据该协定，我们为管理服务单独支付费用(“管理协定”)。顾问和管理人都是私人持股公司，由我们的董事长兼首席执行官David间接拥有和控制。格拉德斯通先生和我们的首席运营官特里·李·布鲁贝克也是顾问的董事会成员、管理委员会的成员，以及顾问和管理人员的执行官员。管理人聘用(其中包括)我们的首席财务官兼财务主管、首席估值官、首席合规官、总法律顾问和秘书(同时担任管理人的总裁)及其各自的工作人员。顾问和管理人在我们的业务领域拥有丰富的经验，并分别为我们的附属公司提供投资咨询和行政服务，包括：Gladstone Commercial Corporation(“Gladstone Commercial”)，一家上市的房地产投资信托基金；Gladstone Investment Corporation(“Gladstone Investment”)，一家上市的BDC和RIC；Gladstone Land Corporation，一家上市的房地产投资信托基金(“Gladstone Land”)；和Gladstone Alternative Income Fund，这是一家注册的、非多元化的封闭式管理投资公司，以区间基金的形式运营(“Gladstone Alternative”，与“Gladstone Land”、“Gladstone Commercial”和“Gladstone Investment”统称为“关联公共基金”)。今后，顾问和署长可分别向其他公共和私人基金和公司提供投资咨询和行政服务。

该顾问于2002年7月2日根据德拉瓦州法律成立为一家公司，是根据修订的1940年《投资顾问法》在美国证券交易委员会注册的投资顾问。管理人于2005年3月18日根据德拉瓦州法律成立为有限责任公司。顾问兼行政员总部位于华盛顿特区郊区维吉尼亚州麦克莱恩，地址：维吉尼亚州麦克莱恩Westbranch Drive 1521号22102。该顾问还在其他州设有办事处。

投资目标与策略

我们的投资目标是：（1）通过投资已建立的中下层市场公司的债务证券来实现和增长当前收入（我们通常将其定义为年息税折旧及摊销前利润（「EBITDA」）为300至2500美金的公司）在美国，我们相信将提供稳定的盈利和现金流来支付费用，支付未偿债务的本金和利息，并

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(2)通过投资于与我们的债务投资相关的股权证券，为我们的股东提供资产的长期资本增值，我们相信这种证券可以随著时间的推移而增长，使我们能够出售我们的股权投资，以获得资本收益。为了实现我们的目标，我们的主要投资策略是投资于几类债务和股权证券，每项投资一般从800美元万到4,000美元万不等，尽管投资规模可能会有所不同，这取决于我们投资时的总资产或可用资本。我们向需要资金用于增长资本、为收购融资、或对现有债务工具进行资本重组或再融资的借款人放贷。我们寻求避免投资于高风险、处于早期阶段的企业。我们的目标投资组合公司通常被认为对于更大的资本市场来说太小了。我们预计，随著时间的推移，我们的投资组合将包括大约90.0%的债务投资和10.0%的股权投资，按成本计算。截至2024年9月30日，按成本计算，我们的投资组合由约90.1%的债务投资和9.9%的股权投资组成。

我们自己投资或与其他基金和/或投资组合公司的管理层联合投资，具体取决于机会。2012年7月，SEC授予我们豁免令（「共同投资令」）扩大了我们在某些情况下与我们的某些附属公司共同投资的能力，包括Gladstone Investment、Gladstone Alternative以及任何未来的BCD或建议的注册封闭式管理投资公司由顾问提供（或如果其控制基金，则由顾问提供分包建议），或上述的任何组合，但须遵守共同投资令中的条件。我们相信，共同投资令已经增强并将继续增强我们推进投资目标和战略的能力。如果我们与一个或多个共同投资者（无论是否是我们的附属公司）参与投资，我们的投资可能会小于我们单独投资的情况。

一般来说，我们对债务证券的投资期限不超过七年，按可变利率（通常基于一个月期限的有担保隔夜融资利率（「SOFR」），在较小程度上，按固定利率）计算。我们寻求按月或至少按季度支付利息的债务工具，可能有成功费或递延利息准备，并且主要只收取利息，所有本金和任何应计但未付利息在到期时到期。通常，成功费按固定费率累积，并在投资组合公司控制权变更（通常是退出或出售）时根据合同到期。一些债务证券具有递延利息，即将部分利息支付添加到本金余额中，以便在到期时与本金一起支付利息。这种形式的递延利息通常被称为实物付款（「PIK」）利息。

通常，我们的股权投资包括普通股、优先股、有限责任公司权益或购买上述股份的认购证。通常，这些股权投资与我们的原始投资、企业资本重组或现有债务再融资有关。

自2001年首次公开募股以来，截至2024年9月30日，我们已投资了大约277家不同的公司。我们预计我们的投资组合将主要包括对在美国运营的私营公司的以下三类投资：

•有担保的第一优先权债务证券： 我们寻求将部分资产投资于有担保的第一优先权债务证券，也称为优先贷款、优先定期贷款、信用额度和优先票据。借款人通常使用其资产作为抵押品，使用第一抵押债务来满足企业的大部分融资需求。这些债务证券通常采取对企业所有或几乎所有资产的第一优先权优先权的形式。第一优先权债务证券可能包括来自银团贷款市场的投资。

•有担保的第二优先权债务证券： 我们寻求将部分资产投资于有担保的第二优先权债务证券，也称为次级贷款、次级票据和夹层贷款。这些有担保的第二优先权债务证券的级别低于有担保借款人的第一优先权债务证券，并且可以通过企业全部或部分资产的第二优先权优先权担保。此外，除了成功费用之外或代替成功费用，我们可能会收到其他收益率提升，例如购买普通股和优先股或与这些第二优先权有担保债务证券相关的有限责任权益的期权。第二优先权债务证券可能包括来自银团贷款市场的投资。

•优先股和普通股/等效股： 在某些情况下，我们将购买由优先股和普通股或有限责任公司权益组成的股权证券，或收购此类证券的认购证或期权，并与我们对企业的债务投资相结合。此外，我们可能会收到来自对一些现有债务投资的重组的股权投资。在某些情况下，我们将拥有很大一部分股权，在其他情况下，我们可能对我们投资的业务拥有投票控制权。

根据《1940年法案》，我们不得收购《1940年法案》第55条所列类型的资产（称为「合格资产」，通常包括上述每种投资类型）以外的任何资产，除非当时

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收购完成后，合格资产（与我们的运营相关的某些资产除外）至少占我们总资产的70.0%。看到「-作为BDS的监管-合格资产。”

我们预计，我们收购的大部分（如果不是全部）债务证券不会受到信用评级机构的评级。投资者应该假设这些贷款的质量将低于「投资级」。评级低于投资级别的投资通常被称为高收益证券或垃圾债券，与投资级债务工具相比，可能被认为风险更高。此外，我们持有的许多债务证券可能不会在到期前摊销。

投资政策

我们寻求通过投资债务证券和优先股或普通股来实现高水平的当前收入和资本收益，我们通常在收购和其他资本重组中收购这些股票。未经董事会（「董事会」）批准，以下投资政策以及这些投资目标不得更改：

•我们将始终开展业务，以保留我们作为BDS的地位。见「—作为BDS的监管-合格资产。”

•我们将始终努力开展业务，以保留我们作为该准则下RIC的地位。看到「-美国联邦所得税的重大考虑因素。”

除了我们作为BDS开展业务的政策外，这些政策不是基本政策，未经股东批准可能会更改。

投资集中度

截至2024年9月30日，我们的投资组合包括投资 49 公司位于 22 个州 13 不同行业，总公允价值为美金796.3 万截至2024年9月30日，按公允价值计算的五项最大投资总计为美金232.7 百万元或 29.2占我们总投资组合的%。

下表概述了截至2024年9月30日和2023年9月30日我们按证券类型划分的投资：

			2024年9月30日																								2023年9月30日
			成本												公平值												成本												公平值
有担保的第一保留权债务			$	580,736					75.3		%				$	554,937					69.7		%				$	529,376					73.3		%				$	510,701					72.5		%
有担保的第二保留权债务			113,691						14.8						113,716						14.3						130,252						18.1						127,854						18.1
无担保债务			198						0.0						32						0.0						198						0.0						24						0.0
债务投资总额			694,625						90.1						668,685						84.0						659,826						91.4						638,579						90.6
优先股权			45,017						5.8						31,346						3.9						35,617						4.9						26,855						3.8
普通股/同等股权			31,369						4.1						96,229						12.1						26,826						3.7						39,381						5.6
股权投资总额			76,386						9.9						127,575						16.0						62,443						8.6						66,236						9.4
总投资			$	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，我们按公允价值计算的投资包括以下行业分类：

行业分类						2024年9月30日												2023年9月30日
						公平值						百分比 总 投资						公平值						百分比 总 投资
多元化/企业集团服务						$	179,032					22.5		%				$	135,060					19.2		%
多元化/企业集团制造						160,264						20.1						158,061						22.4
航空航天和国防						153,096						19.2						97,836						13.9
医疗保健、教育和儿童保育						101,707						12.8						146,438						20.8
饮料、食品和烟草						88,327						11.1						78,788						11.2
汽车						28,286						3.6						27,571						3.9
机械						21,816						2.7						6,411						0.9
油气						20,554						2.6						27,830						3.9
货物运输						20,200						2.5						—						—
个人和非耐用消费品						13,586						1.7						14,576						2.1
其他，< 2.0%						9,392						1.2						12,244						1.7
总投资						$	796,260					100.0		%				$	704,815					100.0		%

截至2024年9月30日和2023年9月30日，我们按公允价值计算的投资包括在以下美国地理区域：

位置						2024年9月30日												2023年9月30日
						公平值						百分比 总 投资						公平值						百分比 总 投资
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
东北						40,271						5.1						62,277						8.8
总投资						$	796,260					100.0		%				$	704,815					100.0		%

地理组成表示我们投资组合公司的总部所在地。投资组合公司可能在其他地理区域拥有其他地点。

投资过程

投资与审批流程概述

为了发起投资，顾问的投资专业人员使用广泛的转介网路，主要由私募股权赞助商、私人信贷经理、风险资本家、杠杆收购基金、投资银行家、律师、会计师、商业银行家和商业经纪人组成。如果潜在机会符合我们的投资目标，投资专业人士将与我们的总裁罗伯特·L·马科特一起寻求对机会的初步筛选，以授权向潜在投资组合公司提交意向指示(IOI)。如果潜在的投资组合公司通过这一初步筛选，并且IOI被潜在公司接受，投资专业人士将寻求顾问投资委员会向潜在公司发出意向书(LOI)的批准，该委员会目前由David·格拉德斯通、特里·李·布鲁贝克、罗伯特·L·马科特、劳拉·格拉德斯通和约翰·萨特里组成。如果发布了这份意向书，顾问和Gladstone Securities，LLC(“Gladstone Securities”)(统称为“尽职调查团队”)将进行尽职调查，并创建一份详细的简介，总结未来投资组合公司的历史财务报表、行业、竞争地位和管理团队，分析其是否符合我们的一般投资标准。

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潜在投资组合公司特征

我们已经确定了某些特征，我们认为这些特征对于识别和投资潜在的投资组合公司很重要。下面列出的标准为我们的投资决策提供了一般指导方针，尽管并非每个投资组合公司都符合所有这些标准。

•增长和收入导向和正现金流。 我们的投资理念注重从投资者角度进行基本面分析，并具有独特的增长和收入导向。我们通常投资于销售额和现金流不断增长的公司，以确保他们能够偿还债务并随著时间的推移进行去杠杆化。我们预计不会投资初创公司或我们认为具有周期性行业或投机性商业计划的公司。

•经验丰富的管理。 我们通常要求我们投资的企业拥有经验丰富的管理团队或制定招聘计划来建立经验丰富的管理团队。我们还要求企业制定适当的激励措施，以促使管理团队取得成功并符合我们作为投资者的利益，包括在各自公司的财务业绩中拥有重大股权或其他权益。

•在行业中具有强大的竞争地位。 我们寻求投资于那些拥有差异化产品或服务以及在各自市场中相对市场份额较大的企业，并且我们相信这些企业拥有战略和资源来利用其市场的预期增长。我们寻找相对于竞争对手表现出显著竞争优势的企业，我们相信这将有助于保护其市场地位和盈利能力。

•企业抵押品价值。 基于市场可比现金流倍数的企业预测估值是我们投资分析确定债务证券抵押品覆盖范围的一个重要因素。

广泛的尽职调查

尽职调查团队对我们的潜在投资组合公司和投资机会进行我们认为的广泛评估和尽职调查。尽职调查通常首先审查公开信息，然后进行深入的业务分析，包括以下任何一项：

•对潜在投资组合公司的历史和预测财务信息的审查，包括盈利质量或类似分析;

•详细审查收购或控制任何潜在借款人的私募股权公司或所有权集团的业绩记录;

•访问潜在投资组合公司的业务网站;

•采访潜在投资组合公司的管理层、员工、顾问、赞助商、客户和供应商;

•审查贷款文件和材料合同;

•对潜在投资组合公司的管理团队和控股股东进行背景调查和管理能力评估;以及

•研究潜在投资组合公司的产品、服务或特定行业及其竞争地位。

完成尽职调查并决定继续投资后，对投资负有主要责任的顾问投资专业人员将向顾问的投资委员会居间投资机会。然后投资委员会决定是否寻求潜在投资。在完成投资之前，顾问或律师、独立公证和其他外部顾问（视情况而定）代表我们进行额外的尽职调查。

我们还依赖顾问的投资专业人士与杠杆收购基金、私人信贷经理、投资银行业者、商业银行业者、私募股权发起人、律师、公证和商业掮客之间的长期关系。此外，我们的高管和董事总经理在中下层市场公司运营以及向中下层市场公司提供债务和股权资本方面的丰富直接经验在我们的投资评估和风险评估中发挥著重要作用。

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投资结构

一旦顾问确定一项投资符合我们的标准和投资标准，顾问将与该公司的管理层、控制任何潜在借款人的私募股权公司或所有权集团以及其他资本提供者合作，以我们相信将为我们提供最大的机会来最大化我们的投资回报，同时为公司股东和管理层提供适当的激励。如上所述，我们通常通过其构建交易的资本类别包括有担保的第一优先权债务、有担保的第二优先权债务以及优先股和普通股或同等股权。通过其风险管理流程，顾问寻求通过以下方式限制我们投资的下行风险：

•尽可能在投资组合公司的资本结构中寻求抵押品或优势地位;

•就与我们的投资相关的契约进行谈判，为我们的投资组合公司提供尽可能大的灵活性来管理其业务，同时保持我们的资本;

•确保投资组合公司的董事会观察权;

•尽可能将呼叫保护纳入投资结构;以及

•进行具有预期总回报（包括利息和潜在股权增值）的投资，其认为该投资可以适当补偿我们的信用风险。

我们预计将持有大部分债务投资直至到期或偿还，但如果发生流动性事件（例如投资组合公司的出售或资本重组），我们可能会提前出售我们的投资（包括我们的股权投资）。有时，我们可能会在私人谈判交易中将我们在投资组合公司的部分或全部投资权益出售给第三方，以管理我们的信贷或行业风险或提高我们的投资组合收益率。

竞争优势

大量实体与我们竞争，进行我们寻求在中低端市场私营企业进行的投资类型。这些竞争对手包括其他BDC、注册投资公司、私人投资基金和其他融资来源，包括商业银行等传统金融服务公司。我们的许多竞争对手比我们大得多，有更多的资金来源，或者能够更具成本效益地获得资金。此外，我们的某些竞争对手可能具有更高的风险容忍度或不同的风险评估，这可能使他们能够考虑更广泛的投资，为更广泛的客户群服务，并建立更大的市场份额。此外，这些竞争对手中的许多人不受1940年法案对我们作为BDC施加的监管限制，也不受我们作为上市公司必须遵守的监管要求的约束。然而，我们认为，与许多其他为中低端市场公司提供融资的提供商相比，我们具有以下竞争优势。

管理专长

我们的顾问为本公司和每个关联的公共基金设立了单独的投资委员会。该公司的顾问投资委员会由格拉德斯通先生、布鲁贝克先生、马科特先生和萨特里先生以及格拉德斯通女士组成，他们每个人都在我们的业务领域拥有丰富的经验。格拉德斯通以及格拉德斯通、布鲁贝克和萨特里也是该顾问在其他附属公共基金的投资委员会成员。格拉德斯通女士在投资中端市场公司方面拥有20多年的经验，并继续担任公司和顾问管理董事的职务。格拉德斯通先生、马科特先生和萨特里先生都有30多年投资中端市场公司和经营BDC市场的经验。格拉德斯通先生和布鲁贝克先生还作为执行人员对顾问公司负有主要管理责任，他们在格拉德斯通公司一起工作了20多年。布鲁贝克先生在公司收购和运营方面拥有30多年的经验。这五个人将大量时间用于管理我们的投资组合。我们的高级管理层拥有为中低端市场公司提供资金的丰富经验。此外，我们还可以利用顾问的投资专业人员和支援人员的资源和专业知识，他们拥有广泛的交易、财务、管理和投资技能。

通过广泛的研究能力和联系网络增加投资机会

该顾问寻求通过积极的发起和尽职调查以及通过与众多私募股权公司和与顾问的投资专业人士有长期关系的其他金融界成员的对话来识别潜在的投资。我们相信，顾问的投资专业人士已经建立了广泛的

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投资、商业银行、私募股权和投资管理界的联系网络，以及他们对投资中下层市场公司的声誉、经验和对投资的专注使我们能够寻找和识别定位良好的潜在投资组合公司，提供有吸引力的投资机会。此外，顾问预计将从其公证、顾问、律师和投资组合公司管理团队等专业网络中生成信息，以支持顾问的投资活动。

以价值和收入为导向的投资理念，注重资本保护

在做出投资决策时，顾问重点关注每家潜在投资组合公司的风险和回报状况，寻求在不放弃资本增值潜力的情况下最大限度地降低资本损失风险。我们希望顾问采用其专业人士在管理其他附属公共基金时使用的相同投资理念，并投入资源来管理下行风险。顾问的方法旨在通过使用以下部分或所有方法来降低我们的投资风险：

•专注于具有可持续市场地位和现金流的公司;

•投资拥有经验丰富且成熟的管理团队的企业;

•从长期投资者的角度进行广泛的尽职调查;

•投资由成功的私募股权发起人或业主运营商支持的企业;以及

•通过借鉴顾问及其附属公司投资专业人士的经验，采用灵活的交易结构。

更长的投资期限

与通常组织为有限生命合伙企业（通常为七至十年）的私募股权和私人信贷基金不同，我们不受标准定期资本回报要求的约束。这些结构通常迫使私募股权和私募信贷基金通过导致其投资组合公司比最佳或理想的更快地寻求合并、公开募股或其他流动性事件来寻求投资回报，这可能会导致投资者的总体回报率较低和/或对其投资组合公司产生不利影响。相比之下，我们是一家永久期限的交易所交易公司。我们相信，我们具有长期投资的灵活性，无需传统私人投资工具的资本回报要求，为我们提供了实现更大长期投资回报的机会。

灵活的交易结构

我们相信，我们的管理团队广泛的专业知识和多年的综合经验使顾问能够成功识别、评估和构建公司资本结构各个层面的投资，并管理经济周期各个阶段的潜在风险和回报。我们不受管理银行等传统贷款机构的许多监管限制。因此，我们可以灵活地选择和结构投资、调整投资标准和交易结构，以及在某些情况下我们投资的证券类型。我们相信，这种方法使顾问能够制定最适合基础业务投资和增长概况的融资结构，并产生有吸引力的投资机会，从而在整个经济周期（包括在资本市场动荡时期）继续产生当前收入和资本收益潜力。

投资和投资组合公司关系的持续管理

顾问的投资专业人士通过持续评估投资组合公司的业绩来积极监督每项投资，尽管通常不会控制此类公司或参与日常运营，但将与投资组合公司的管理层合作，无论是应投资组合公司的要求还是与任何董事会观察员权利有关，识别并整合帮助我们实现预期投资绩效的最佳资源和实践。

监测

顾问的投资专业人员持续监控每家投资组合公司的财务表现、趋势和不断变化的风险，以确定每家公司的表现是否在预期范围内并指导投资组合

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公司管理层采取适当的行动。顾问采用各种方法来评估和监控我们对投资组合公司的投资表现，其中包括以下内容：

•每月或季度财务和运营运绩分析;

•根据其业务计划和我们的投资预期频繁评估投资组合公司的业绩;

•出席和/或参与投资组合公司的董事会或管理层会议;

•评估投资组合公司管理、发起人、治理和战略方向;

•评估投资组合公司的行业和竞争环境;以及

•审查和评估投资组合公司的经营前景和财务预测。

关系管理

顾问的投资专业人员通过积极与内部和外部投资者互动，包括：

•管理;

•董事会;

•私募股权发起人;

•资本合作伙伴;以及

•顾问和顾问。

管理协助和服务

作为BDC，我们向我们的投资组合公司提供1940年法案定义的重要管理援助，并向此类投资组合公司提供其他服务(此类管理援助除外)。我们和顾问目前都没有收到与我们提供的管理援助有关的费用。有时，顾问还可以根据某些协定向我们的投资组合公司提供其他服务，并可能获得管理协助以外的服务费用。这类服务可包括：(1)协助从无关联的第三方获得、寻找或安排信贷安排、长期贷款或额外股本；(2)谈判重要的合同财务关系；(3)与从无关联的第三方筹集更多债务和股本有关的有关投资组合公司重组和财务建模的咨询服务；(4)就增加和保留关键投资组合公司管理团队成员与候选人面试、审查和谈判雇用合同方面发挥主要作用。顾问非合同、无条件且不可撤销地将收到的此类服务的任何费用的100%记入我们将被要求支付给顾问的基本管理费中，如下所述-与关联方的交易-投资咨询和管理协定-基础管理费。“然而，根据《咨询协定》的规定，顾问将保留其中的一小部分费用，以按成本偿还顾问人员完成的任务，主要是对投资组合公司的估值。

Gladstone Securities还向我们的某些投资组合公司提供其他服务（例如投资银行和尽职调查服务），并收取提供此类服务的费用;请参阅「-与关联方的交易-其他交易」下面。

估值过程

我们的董事会已根据第2a-5条批准投资估值政策和程式（「政策」）

并于2022年7月指定顾问担任董事会估值指定人（「估值指定人」）

根据1940年法案。

以下是顾问和管理员的专业人员在我们的首席估值官（直接向我们的董事会汇报的管理员雇员）的监督和指导下，每个季度使用该政策来确定我们投资组合的公允价值。根据1940年法案，我们的董事会对根据我们的政策无法获得市场报价的投资的善意公允价值确定负有最终责任，并监督估值指定人。顾问根据1940年的要求评估我们的投资

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美国普遍接受的法案和会计原则（「GAAP」）。确定公允价值（尤其是对于私人控股企业）没有单一的标准，因为公允价值取决于每项投资的具体事实和情况。每个季度，我们的董事会都会审查该政策，以确定是否建议对其进行修改以及估值团队是否一致地应用该政策。对于我们投资组合的估值，估值团队每季度执行以下步骤：

•每项投资最初由估值团队使用该政策进行评估，其中可能包括：

•获得公允价值报价或利用来自第三方估值公司的估值输入;以及

•使用技术，例如企业总价值、收益率分析、市场报价和其他因素，包括但不限于：抵押品的性质和可变现价值，包括外部各方的担保;收购投资组合公司的任何相关报价或意向书;以及投资组合公司运营的市场。

•然后，估值团队和我们的管理层讨论初步估值结论，并记录下来供董事会审查。公允价值确定和支持材料在季度会议之前发送给董事会。

•董事会估值委员会（完全由独立董事组成）开会审查估值确定和支持材料，讨论估值团队提供的信息，确定估值团队是否遵守了政策，并审查其他事实和情况，包括当前估值风险、利益冲突、重大估值事项、估值方法的适当性，回测结果、价格挑战/覆盖以及对定价服务的持续监控和监督。估值委员会结束会议后，它和代表估值指定人的首席估值官将估值委员会对估值指定人决定的调查结果提交给整个董事会，以便全体董事会可以审查估值指定人根据政策确定的此类投资的公允价值。

我们投资的公允价值计量可能涉及主观判断和估计。由于对这些证券进行估值固有的不确定性，公允价值的确定可能会在不同时期波动，并且可能与如果这些证券存在现成市场则可以获得的价值存在重大差异。如果有关我们投资公允价值的确定重大，我们的净资产价值（「NV」）可能会受到重大影响

与我们在处置此类证券时最终实现的价值不同。我们的估值政策、程式和流程在注2中更全面地描述-主要会计政策概要 在我们的陪伴下 综合财务报表附注 包含在本年度报告的其他地方。

与关联方的交易

投资咨询和管理协议

2006年，我们签订了《咨询协定》，最近一次修订和重申是在2022年4月。根据咨询协定，我们支付顾问费作为其服务的补偿，包括基本管理费和奖励费。2024年7月9日，我们的董事会，包括大多数非咨询协定缔约方的董事或该各方的利害关系人，一致批准将咨询协定续期至2025年8月31日。我们的董事长兼首席执行官格拉德斯通先生控制著顾问。董事会考虑了以下因素作为决定续签咨询协定的基础：(1)顾问向我们的股东提供的服务的性质、范围和质量；(2)公司和顾问的投资业绩；(3)顾问及其关联公司将提供的服务的成本和从与公司的关系中实现的利润；(4)随著公司及其关联公共基金的增长将实现规模经济的程度，以及咨询协定下的费用水准是否反映了公司投资者的规模经济；(5)可比基金的咨询及行政协定的收费结构；(6)通过本公司为顾问创造的间接利润；及(7)根据上述考虑因素，根据咨询协定支付的咨询费的整体公平性。

根据审查的信息和上述详细考虑，我们的董事会，包括所有不是1940年法案中定义的「利益相关者」的董事，得出的结论是，投资咨询费率和条款就所提供的服务而言是公平合理的，并批准咨询协议，符合我们股东的最大利益。

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基本管理费

根据我们的咨询协议，基本管理费每季度向顾问支付，按1.75%的年率评估，根据最近完成的两个季度末我们的平均总资产价值计算（包括本季度），即总资产，包括用借款收益进行的投资，减去借款产生的任何未投资现金或现金等值物，并就期内任何股份发行或回购进行适当调整。我们的董事会可以（正如截至2024年、2023年和2022年9月30日止年度所做的那样）接受顾问的非合同、无条件和不可撤销信贷，将银团贷款参与者的年度1.75%基本管理费降低至0.5%，前提是借款产生的收益用于购买此类银团贷款参与者。

此外，根据1940年法案的要求，顾问向我们的投资组合公司提供重要的管理援助。顾问还可以根据某些协定向我们的投资组合公司提供其他服务，并可能获得管理协助以外的服务费用。顾问以非合同、无条件且不可撤销的方式将这些费用的100%记入我们将被要求支付给顾问的基本管理费中；然而，根据咨询协定的条款，顾问以按成本偿还顾问人员完成的任务的形式保留此类费用的一小部分，主要用于投资组合公司的估值。根据我们与KeyBank National Association(“KeyBank”)的回圈信用额度支付给顾问的贷款服务费用，作为行政代理、牵头安排人和贷款人(经不时修订和重述，我们的“信贷安排”)也将100%计入基本管理费，如下所述：“-根据信贷协定收取贷款服务费。”

奖励费

激励费由两部分组成：基于收入的激励费和基于资本收益的激励费。如果我们的季度净投资收入，则基于收入的激励费奖励顾问（在实施任何激励费用之前）超过我们净资产的1.75%（2020年4月1日至2023年3月31日期间为2.0%）、我们将其定义为总资产减去债务，并在考虑任何应付或合同到期但在期间不应支付的激励费用之前期间，在上一个日历季度结束时，根据期间内的任何股票发行或回购进行适当调整（「门槛利率」）。与我们的预激励费净投资收入相关的基于收入的激励费通常每季度支付给顾问，计算方法如下：

•在我们的激励费前净投资收入未超过门槛率的任何日历季度，均不收取激励费;

•我们的预激励费净投资收益的100.0%，相对于该预激励费净投资收益中超过门槛率但低于2.1875%的部分（如果有）（2020年4月1日至2022年3月31日期间为2.4375%，2022年4月1日至2023年3月31日期间为2.50%）我们的净资产，在任何日历季度就期间的任何股份发行或回购进行适当调整;和

•超过2.1875%的预激励费净投资收益金额的20.0%（如果有的话）（2020年4月1日至2022年3月31日期间为2.4375%，2022年4月1日至2023年3月31日期间为2.50%）我们的净资产，就任何日历季度期间的任何股票发行或回购进行适当调整。

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基于净投资收益的季度激励费

预激励费净投资收益

（以净资产价值的百分比表示）

预激励费净投资收益的百分比

分配给激励费中与收入相关的部分

奖励费用的第二部分是基于资本利得的奖励费用，在每个财政年度结束时(或在咨询协定终止时，截至终止日期)确定并支付欠款，相当于截至财政年度结束时我们的“已实现净资本收益”(定义见下文)的20.0%。在确定应支付给顾问的基于资本利得的激励费用时，我们在每个适用年度结束时，通过从累计已实现资本收益中减去累计已实现资本损失和整个投资组合的未实现资本折旧之和来计算“已实现资本净收益”。为此，累计已实现资本收益(如果有的话)等于每项投资出售时的净销售价格与该投资自成立以来的原始成本之间的差额之和。累计已实现资本损失总额等于每项投资的净销售价格在出售时低于该投资自成立以来的原始成本的金额之和。整个投资组合的未实现资本折旧总额(如果有)等于每项投资在适用计算日期的估值与该投资的原始成本之间的差额之和。在适用的会计年度结束时，作为我们计算基于资本利得的激励费用的基础的资本利得金额等于累计已实现资本收益减去累计已实现资本损失，再减去整个投资组合的未实现资本折旧总额(如果有的话)。如果这一数位在该财年结束时为正数，则该年度的基于资本利得的激励费用等于该金额的20.0%，减去之前所有年度就我们的投资组合支付的任何基于资本利得的激励费用的总额。自我们成立至2024年9月30日，没有记录或支付任何基于资本利得的激励费用，因为累计未实现资本折旧已超过累计已实现资本收益扣除累计已实现资本损失。

根据公认会计原则，基于资本利得的激励费用应计专案使用累计已实现资本损益和累计未实现资本增值和折旧计算。如果该金额在期末为正数，则GAAP要求我们记录基于资本利得的激励费用，该金额等于该金额的20.0%，减去之前所有年度实际支付的基于资本利得的激励费用的总额。如果该金额为负数，则该期间没有应计专案。公认会计原则要求基于资本利得的激励费用应计专案在计算时考虑累计的未实现资本增值，因为如果实现了此类未实现资本增值，则应支付基于资本利得的激励费用。不能保证这种未实现的资本增值会在未来实现。从我们成立到2024年9月30日，没有记录基于资本利得的激励费用的GAAP应计专案。

我们的董事会接受了顾问的非合同性、无条件和不可撤销的信贷，以减少基于收入的激励费用，但净投资收益不涵盖截至2024年9月30日和2022年9月30日止年度向普通股股东分配的100.0%，这些信贷总额为美金0.2 亿和$0.4 分别为百万。 截至2023年9月30日止年度内没有此类抵免。

根据信贷协议的贷款服务费

该顾问还为我们的全资子公司Gladstone Business Loan，LLC（「Business Loan」）（我们信贷融资项下的借款人）持有的贷款提供服务，作为回报，顾问根据我们信贷融资项下抵押的贷款的每月未偿还余额每月收取1.5%的年费。由于Business Loan是我们的综合子公司，且根据咨询协议支付给顾问的基本管理费总额不得超过任何特定日历年总资产的1.75%（减去借款产生的任何未投资现金或现金等值物，并就期内任何股份发行或回购进行适当调整），因此我们

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将根据我们的信贷安排支付的贷款服务费视为咨询协议项下基本管理费的预付款。因此，这些贷款服务费由顾问100%非合同、无条件且不可撤销地返还给我们。

管理协议

我们根据管理协议向管理员报销管理员在向我们提供服务时发生的可分配部分费用，主要是管理员员工的租金、薪津和福利费用，包括我们的财务长和财务主管、首席合规官、首席估值官以及总法律顾问和秘书（他还担任署长的主席）及其各自的工作人员。

我们可分配的管理员费用部分通常是通过将管理员的总费用乘以本季度管理员的员工为我们提供服务的时间占他们为管理员服务的所有公司提供服务的时间的大约百分比来得出的。2024年7月9日，我们的董事会，包括不是管理协议当事方或任何一方的利益相关者的大多数董事，批准将管理协议续签至2025年8月31日。

其他交易

Gladstone先生还担任我们附属公司Gladstone Securities的经理董事会成员，Gladstone Securities是一家在金融业监管局注册并由证券投资者保护公司承保的私募行纪交易商。Gladstone Securities由Gladstone先生100%间接拥有和控制，并为我们的某些投资组合公司提供了其他服务，例如投资银行和尽职调查服务，Gladstone Securities为此收取费用。投资组合公司向Gladstone Securities支付的任何此类费用不会影响我们向顾问支付的费用或针对基本管理费或激励费的非合同性、无条件且不可撤销的信贷。有关更多信息，请参阅注释4 - 关联交易 我们的陪伴 合并财务报表附注。

美国联邦所得税重大考虑因素

这是适用于我们的某些重大美国联邦所得税考虑因素的一般摘要，适用于我们作为本准则第m章下的美国联邦所得税目的RIC的资格和征税，以及适用于我们股份的所有权和处置。本摘要并不旨在完整描述与此相关的所有税务考虑因素。特别是，我们没有描述可能与根据美国联邦所得税法受到特殊待遇的某些类型股东相关的某些考虑因素。本摘要不讨论州、地方或外国税法或美国遗产税或赠送税的任何方面。敦促股东就其特殊情况以及联邦、州、地方、非美国或其他税法的可能适用性以及任何拟议的税法变更咨询税务顾问。

「美国股东」是指出于美国联邦所得税目的的股票的受益所有者：

•是美国公民或居民的个人；

•根据美国或哥伦比亚特区任何州的法律或根据其法律创建或组织的公司或就美国联邦所得税而言被视为公司的其他实体;

•信托，如果美国境内的法院能够对其管理实施主要监督，并且一名或多名美国人（定义见《准则》）有权控制其所有实质性决定，或者如果信托根据适用的美国财政部法规进行了有效的选择，则信托被视为美国联邦所得税目的的国内信托;或

•遗产，其收入无论其来源如何，均须缴纳美国联邦所得税。

RIC状态

为了获得《守则》第m小节规定的RIC待遇，我们通常必须在每个课征年度向我们的股东分配至少90.0%的应税普通收入加上我们已实现的短期净资本收益超过我们已实现的净长期资本损失的部分（「投资公司应税收入」）。我们将其称为「年度分配要求」。我们还必须满足几项额外要求，包括：

•业务发展公司状态。 在课征年度的任何时候，我们都必须保持作为BDS的地位。

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•收入来源要求。 我们每个课征年度的总收入中至少有90.0%必须来自股息、利息、证券付款、贷款、证券销售或其他处置收益或与我们的证券投资业务相关的其他收入（包括某些视为包含的收入），以及来自合格公开交易合伙企业权益的净收入。

•资产多元化要求。 截至我们课征年度每个季度结束时：（1）我们资产价值的至少50%必须由现金、现金项目、美国政府证券、其他受监管投资公司的证券和其他证券，前提是（a）我们持有该等其他证券发行人未发行有投票权证券的10%以上，并且（b）任何发行人的此类其他证券不超过我们总资产的5%，并且（2）投资于证券的不得超过我们总资产价值的25%（美国政府证券或其他受监管投资公司的证券除外）的（i）一家发行人，（ii）由我们控制并从事相同或类似或相关贸易或业务的两个或多个发行人，以及（iii）一个或多个合格的公开交易合伙企业。

未能获得RIC资格

如果我们未能达到上述收入、多元化或分配测试，我们可以在某些情况下治愈这种失败，包括支付基金级别的税、支付利息、进行额外分配或处置某些资产。如果我们没有资格或未能治愈此类失败，或因其他原因无法获得RIC治疗资格，我们将按常规企业所得税税率为我们的所有应纳税所得额缴纳美国联盟所得税，并将缴纳任何适用的州和地方税，即使我们将我们投资公司的所有应纳税所得额分配给我们的股东。我们将不能扣除对我们股东的分配，也不会被要求出于美国联邦所得税的目的进行这样的分配。分配将作为普通股息收入向我们的股东征税，并在受到守则某些限制的情况下，符合适用于符合条件的个人和其他非公司美国股东的股息收入的当前最高税率，但以我们当前或累积的收益和利润为限。在守则若干限制的规限下，公司分配者将有资格获得所收取的股息扣除(如适用)。超过我们当前和累积的收益和利润的分配将首先被视为股东调整后的税基范围内的资本返还，然后被视为资本收益。如果我们连续两年以上未能达到RIC要求，然后寻求重新认证为RIC，我们通常将因我们资产的任何未实现增值而缴纳公司级美国联盟所得税，除非我们特别选择在接下来的五年内为任何此类未实现增值支付公司级美国联盟所得税。

RIC资格

如果我们符合RIC资格并满足年度分配要求，我们将不需要就我们及时分配(或被视为及时分配)给股东的投资公司应纳税所得额和净资本收益(已实现的长期资本收益超过已实现的短期资本损失净额)部分缴纳美国联盟所得税。如果我们未能及时分配至少相当于(1)该日历年普通收入的98.0%、(2)截至该日历年10月31日的一年期间资本利得净额的98.2%(或如果我们被允许选择，则为该年的11月30日或12月31日)和(3)在上一期间已实现但未分配的任何收入的总和(以不对该数额征收所得税的范围为限)，减去某些适用的扣减(合计为“消费税分配要求”)，我们将对此类收入的未分配金额中少于根据消费税分配要求要求分配的金额的部分征收4%的不可抵扣联盟消费税。在截至2023年、2022年和2021年12月31日的日历年度，我们没有产生任何消费税。截至2024年9月30日，我们的资本亏损结转为$47.4百万美元。

倘若吾等购入(I)最初以折扣价发行、(Ii)按非固定利率或某些合格浮动利率计息，或(Iii)在债务有效期内不是每年无条件支付的债务债务，吾等将被要求在每年的应课税收入中计入在债务有效期内累积的原始发行折扣(“OID”)的一部分。此外，按贷款协定中规定的合同利率计算并添加到贷款本金余额中的PIK利息也是一种非现金收入来源，我们每年都必须包括在应纳税所得额中。OID和PIK收入都将包括在我们的投资公司应纳税所得额中，即使我们没有收到与此类金额相对应的现金。因此，我们可能被要求进行与此类OID和PIK金额相对应的额外分配，以满足年度分配要求，并继续符合RIC的资格，或避免征收联盟所得税和消费税。在这种情况下，我们可能被要求出售投资或其他资产，以满足RIC分销要求。截至2024年9月30日的年度，我们录得0.4截至2024年9月30日的旧资产收益和旧资产投资未摊销余额

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共计$0.6 万截至2024年9月30日，我们已 八 具有PIk利息成分的投资，我们记录了PIk利息收入为美金5.7 截至2024年9月30日的一年内，新增100万美金。

对我们的美国股东征税

分配

在我们符合美国联盟所得税RIC资格的任何期间，我们向股东分配的投资公司应税收入一般将按照我们当前或累积的收益和利润作为普通收入对我们的股东纳税。我们首先将收益和利润分配给优先股股东(如果有的话)，然后根据资本结构中的优先顺序分配给普通股股东。超过我们的收益和利润的任何分配将首先被视为资本返还，在股东的股票调整基准范围内，然后被视为资本收益。我们报告的长期资本收益的分配将作为长期资本收益向我们的股东征税，无论股东持有股票的时间长短，以及分配是以现金支付还是投资于额外的股票。美国公司股东通常有资格获得相对于从我们收到的普通收入股息扣除50%的股息，但只有在该金额可归因于我们从应纳税国内公司收到的股息的范围内。

拥有两种或多种股票类别的RIC通常需要根据课征年度支付给每个类别的总分配百分比，将每种类型的收入（例如普通收入、资本利得、合格股息收入和符合已收股息扣除资格的股息）按比例分配给每个类别。因此，对于我们拥有普通股和优先股的任何课征年度，我们打算在我们的普通股和优先股之间分配资本收益分配、合格股息收入分配以及符合已收股息扣除资格的分配（如果有），比例与就该课征年度向每个类别支付的总分配比例。

我们在任何日历年的10月、11月或12月宣布的任何分派，在该月的指定日期向我们登记在册的股东支付，并在下一年1月实际支付，将被视为由我们支付，并在前一年12月31日由我们的股东收到。此外，如果我们(1)在延长的提交该课税年度或第15个课税年度报税表的截止日期之前申报该项分配，我们可选择(根据守则第855(A)条)将分配追溯至上一个课税年度。这是(2)在纳税年度结束后的12个月内作出选择；(3)在纳税年度结束后的12个月期间内，但不迟于申报后的第一次同类型的定期分配付款。任何此类选择不会改变一般规则，即股东将被视为在进行分配的纳税年度接受分配，但受上述10月、11月、12月规则的约束。

如果普通股股东参与我们的“选择参与”股息再投资计划，那么普通股股东将自动将他们的现金股息和分配再投资于我们普通股的额外股份，而不是接受现金股息和分配。根据该计划再投资的任何分配将按相同的程度和相同的性质向普通股股东征税，就像普通股股东收到现金分配一样。普通股股东在通过该计划购买的额外普通股中将有一个调整后的基数，相当于如果美国股东以现金形式收到股息或分配时将收到的美元金额，除非我们发行的新股的交易价格等于或高于资产净值，在这种情况下，美国股东在新股中的基数通常等于它们的公平市场价值。增加的普通股将有一个新的持有期，从股票记入普通股股东账户的次日起计算。计划代理人根据计划下的义务在公开市场上购买股票。

出售我们的股份

如果美国股东出售或以其他方式处置我们的普通股股份，美国股东通常会确认应税损益。如果美国股东持有股份超过一年，则此类出售或处置产生的任何收益通常将被视为长期资本收益或损失。否则，将被归类为短期资本损益。然而，出售或处置持有六个月或以下的我们股票而产生的任何资本损失将被视为长期资本损失，其金额以已收到的资本收益股息或视为已收到的未分配资本收益的金额为准。如果其他基本相同的股份被视为非自愿的，则根据守则的「洗售」规则，应税股份处置所实现的所有或部分损失将被禁止

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在处分前或处分后30日内购买的。在这种情况下，新购买的股票的基础将进行调整，以反映不允许的亏损。根据截至本申请之日生效的税法，美国个人股东的净资本收益(即一个纳税年度的已实现净长期资本收益超过已实现短期资本损失净额)应缴纳最高20%的联盟所得税，包括投资于我们股票的任何长期资本收益。这一税率低于个人目前应缴纳的普通收入的最高税率。美国公司股东目前对净资本收益缴纳联盟所得税，税率与其普通收入相同。资本损失对公司和非公司股东的使用都有限制。作为个人、遗产或信托基金的某些美国股东，除其他事项外，还需缴纳3.8%的医疗保险税，用于出售或以其他方式处置我们股票的股息和资本收益。

备用预扣税和其他要求的预扣税

我们可能被要求预扣美国联邦所得税（即备用预扣税）向任何非美国公司股东的所有应税分配（i）未能向我们提供正确的课征人身份号码或该股东免于备用预扣税的证明，或（ii）国税局（「IRS」）针对谁通知我们该股东未能向国税局正确报告某些利息和股息收入并对相关通知做出回应。个人的课征人身份证号码通常是他或她的社会安全号码。只要及时向国税局提供适当的信息，根据备用预扣税的任何金额都可以作为美国股东联邦所得税责任的抵免。

准则第1471-1474节以及根据该准则发布的美国财政部和美国国税局指导意见(统称为“FATCA”)一般要求我们获得足够的资讯，以根据FATCA或美国与外国政府之间适用的政府间协定(“IGA”)确定每个股东的身分。如果股东未能提供所要求的资讯或未能遵守FATCA或IGA，根据FATCA，我们可能被要求对该股东支付的普通股息按30%的比率扣缴。美国国税局和财政部已经发布了拟议的法规，规定这些扣缴规则不适用于我们支付的股票赎回或资本利得股息的总收入。如果一笔付款被FATCA扣留，我们被要求扣缴，即使根据上述适用于外国股东的规则，此类付款将被豁免扣缴(例如，与利息相关的股息)。此外，除某些例外情况外，该法律还对向非金融机构的外国实体支付的款项征收30%的预扣，除非外国实体证明其在美国的所有者不超过10%，或向扣缴代理人提供每个超过10%的美国所有者的识别资讯。根据非美国股东的身分和通过其持有股票的仲介机构的地位，非美国股东可能需要就其股票的分配和出售股票的收益缴纳30%的预扣税。在某些情况下，非美国股东可能有资格获得此类税款的退款或抵免。

信息报告

我们将在每个日历年结束后向每位美国股东发送一份通知，以每股和每次分配为基础，提供美国股东当年应税收入中包含的金额，作为普通收入和长期资本收益（如果有的话）。此外，每年分配的美国联邦课征状况通常会向国税局报告（包括有资格享受适用于长期资本收益的优惠税率的股息金额（如果有））。

作为BDS的监管

我们是一家封闭式、非多元化管理投资公司，已根据1940年法案第54条选择接受BDS监管。因此，我们受到1940年法案的监管。《1940年法案》包含有关BDS与其附属公司、主要承销商以及这些附属公司或承销商的附属公司之间交易的禁令和限制，并要求大多数董事是《1940年法案》中定义的「利害关系人」以外的人。此外，《1940年法案》规定，我们不得改变业务性质，以停止成为或撤回我们作为BDS的选举，除非得到「未发行有投票权证券的多数投票」批准（如1940年法案所定义）。

一般来说，如《1940年法案》第55（a）（1）至（a）（3）条所述，BCD必须在美国成立并在美国设有主要营运地，并且必须以投资合格资产为目的运营。

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合资格资产

根据1940年法案，BDS不得收购1940年法案第55（a）条所列类型资产（称为合格资产）以外的任何资产，除非在收购时符合条件资产，家具、设备、房地产、或租赁物改良（「运营资产」）至少占总资产的70.0%，不包括运营资产。根据1940年法案，我们可以投资的合格资产类型包括以下：

(1)在不涉及任何公开发行的交易中购买的证券，该证券发行人是合格的投资组合公司。1940年法案中，符合资格的投资组合公司通常定义为符合以下条件的任何发行人：

(a)根据美国任何州的法律组织，并在美国任何州设有主要营运地点;

(b)不是投资公司（由BDS全资拥有或以其他方式排除在投资公司定义之外的小企业投资公司除外）;并且

(c)满足以下条件之一：

(i)其不拥有掮客或交易商可以为其提供保证金信贷的任何类别证券;

(ii)它由BCD控制，并且BCD的一家附属公司担任董事;

(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，我们99.7%的资产为合格资产。

资产覆盖

根据1940年法案第61（a）（3）条，我们被允许发行多种类别的「代表债务的高级证券」。然而，根据1940年法案第18（c）条，我们仅允许发行一类「股票优先证券」。在任何一种情况下，我们只能发行此类优先证券，前提是此类优先证券在发行后具有1940年法案第18（h）条定义的资产覆盖率至少为150%。

此外，如果我们的“代表债务的优先证券”的资产覆盖率不能达到至少150%(在宣布这种分配并对这种分配进行会计处理时计算)，我们向任何类别股本持有人支付股息或分派(普通股应付股息除外)的能力将受到限制。1940年法案不将这一限制适用于不打算公开分配的私人安排的债务，除非贷款人特别协商了这一限制。此外，我们向普通股股东支付红利或分派(普通股支付的红利除外)的能力将受到限制，如果我们的“优先证券”的资产覆盖率不能达到至少150%(在宣布这种分派并计入这种分派时计算的)。如果我们的资产价值下降，我们可能无法满足这些资产覆盖范围的要求。为了在我们寻求支付分销的情况下满足150%的资产覆盖率要求，我们可能不得不(I)清算我们投资组合的一部分以偿还一部分债务，或(Ii)发行普通股。这可能发生在出售投资组合资产可能不利的时候，或者我们以令人满意的条款进入资本市场的机会有限的时候。此外，我们用来偿还债务或提供成本的任何金额都不能分配给我们的股东。如果我们无法通过这些方法重新获得必要的资产覆盖范围，我们可能会被迫暂停支付此类股息或分配。

重要的管理援助

BDS通常必须为其某些投资组合证券的发行人提供大量管理援助，而BDS将这些证券视为上述70.0%测试的合格资产。提供重要的管理人员

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协助除其他外，是指BDS通过其董事、高级管理人员或员工提出提供（如果接受）有关投资组合公司的管理、运营或业务目标和政策的重要指导和建议的任何安排。重要的管理协助还包括对投资组合公司的管理和政策施加控制影响。然而，对于某些（但不是所有）此类证券，如果BCD与一名或多名其他共同行动的人联合购买此类证券，集团中的其他人之一可以提供此类管理协助，或者BCD可以共同行使此类控制权。

风险因素摘要

以下是与投资我们的证券相关的主要风险因素的总结。除以下内容外，您还应仔细考虑「中包含的信息危险因素「从本年度报告第21页开始，连同本年度报告中包含的所有其他信息以及我们向SEC提交或提供的其他报告和文件，以更详细地讨论主要风险以及您在决定投资我们的证券之前应该仔细考虑的某些其他风险。

•市场状况可能会对我们的业务、运营运绩、现金流和财务状况产生负面影响。

•资本市场的波动可能会使筹集资本变得更加困难，并可能对我们投资的估值产生不利影响。

•由于美国通胀的影响，我们的季度和年度业绩可能会出现波动

•市场利率可能会对我们证券的价值产生影响。

•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.

•我们的成功取决于顾问在竞争环境中吸引和留住合格人员的能力。

•我们的激励费可能会促使顾问进行某些投资，包括投机性投资。

•即使我们遭受损失，我们也可能有义务向顾问支付激励补偿。

•顾问没有义务提供基本管理费或激励费的抵免，这可能会对我们的盈利和我们维持当前向股东分配水平的能力产生负面影响。

•您可能无法收到分发，或者分发可能不会随著时间的推移而增长。

•投资我们的证券可能涉及高于平均水平的风险。

•封闭式投资公司的普通股通常以每股资产净值的折扣进行交易。

•我们发行无担保票据所依据的契约对此类票据持有人的保护有限。

•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.

道德守则

我们和所有格莱斯顿公司已采用了适用于此类公司所有高级官员、董事和人员的道德和商业行为准则，该准则符合S-k法规第406条和1940年法案第17 j-1条规定的准则。根据1940年法案的要求，该守则制定了个人投资程式，限制此类人员的某些交易，并要求此类人员报告某些交易和持有情况。该道德和商业行为准则可在我们网站「治理-治理文件」下的投资者部分公开获取，网址： www.GladstoneCapital.com. 道德和商业行为准则的附录A是我们的 内幕交易政策. 我们打算通过在我们的网站或在8-k表格的当前报告中发布有关任何此类修改或豁免的信息，提供对本准则条款的任何修改或豁免的任何要求披露。

合规政策及程式

我们和顾问已采取并实施合理设计的书面政策和程式，以防止违反联邦证券法，我们的董事会必须每年审查这些合规政策和程式，以评估其实施的充分性和有效性。我们已任命首席合规官John Dellafiora，Jr.，他还担任所有格莱斯顿公司的首席合规官。

人员配置

我们目前没有任何员工，预计在可预见的未来也不会有任何员工。目前，我们业务所需的服务分别由顾问和管理员的雇员个人根据咨询协议和管理员的条款提供。我们预计，顾问和署长的25至30名全职员工将在2024年剩余时间和2025年全年期间花费大量时间处理我们的事务。截至2024年9月30日，顾问和管理员共有73名全职员工。下表按职能领域汇总了这些员工的详细信息：

的人数						功能区
13						执行管理
23						会计、行政、合规、人力资源、法律和财务
37						投资管理、投资组合管理和尽职调查

顾问和管理员的目标分别是通过提供有竞争力的基本薪津和花红结构以及为员工提供适当的专业成长机会来吸引和留住有能力的咨询和行政人员。

可用信息

我们向SEC提交或提供10-k表格的年度报告、10-Q表格的季度报告、8-k表格的当前报告、委托声明以及符合1934年证券交易法（经修订）第13（a）或15（d）条信息要求的其他信息的复本（「交易法」），并通过我们网站的投资者部分免费提供此类报告及其任何修订 www.GladstoneCapital.com 在此类材料以电子方式提交或提供给SEC后，在合理可行的范围内尽快。我们网站上包含的信息不会以引用的方式纳入本年度报告中。SEC还维护一个网站，其中包含报告、代理和信息声明以及有关发行人的其他信息，这些信息以电子方式向SEC提交 Www.sec.gov。

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项目1A. 危险因素

您应仔细考虑这些风险因素，以及本年度报告以及我们向SEC提交的其他报告和文件中包含的所有其他信息。以下列出的风险并不是我们面临的唯一风险。我们目前不知道或我们目前不认为重大的额外风险和不确定性也可能损害我们的运营和绩效。如果发生以下任何事件，我们的业务、财务状况、经营运绩和现金流可能会受到重大不利影响。如果发生这种情况，我们证券的交易价格和我们普通股的资产净值可能会下降，您可能会失去全部或部分投资。下文描述的风险因素是与我们的证券投资相关的主要风险因素，以及通常与投资目标、投资政策、资本结构或交易市场与我们类似的投资公司相关的因素。

与经济相关的风险

市场状况可能会对我们的业务、运营运绩、现金流和财务状况产生负面影响。

我们运营的市场受到许多因素的影响，这些因素在很大程度上超出了我们的控制范围，但仍可能对我们产生潜在的重大负面影响。除其他外，这些因素包括：

•利率和信贷利差的变化以及通货膨胀对我们和我们的投资组合公司的影响;

•信贷的可用性，包括获得信贷的价格、条款和条件;

•合适投资的质量、定价和可用性以及我们投资的信用损失;

•获得准确的市场估值的能力;

•相对于基础资产价值的投资价值;

•我们投资的贷款的违约率以及相关损失金额;

•预付费率、拖欠率以及服务商预付款的时间和金额;

•竞争;

•经济和资本市场的实际和感知状况;

•立法的修改或废除，或法规或监管解释的变化，以及政府的过渡，包括有关上述任何内容的不确定性;

•国家和全球政治环境，包括战争、武装冲突、外交关系和贸易政策;

•守则潜在变更的影响;以及

•相对于对中低层市场公司的投资，其他类型的投资的吸引力一般。

这些因素的变化很难预测，一个因素的变化可能会影响其他因素，这可能会对我们的业务、经营运绩、财务状况和现金流造成不利影响。

资本市场的波动可能会使筹集资本变得更加困难，并可能对我们投资的估值产生不利影响。

鉴于资本市场不时经历的波动和混乱，许多BDS已经面临并且未来可能面临具有挑战性的融资环境。我们未来可能难以获得债务和股权资本，美国或全球金融市场的严重扰乱或信贷和融资条件的恶化可能会对我们的业务、财务状况、运营运绩和现金流产生重大不利影响。此外，资本市场的重大变化已经并可能在未来对我们投资的估值以及涉及我们投资的潜在流动性事件产生负面影响。 无法筹集资本、出于流动性目的而要求出售我们的投资或我们的投资组合公司未能实现流动性事件，可能会对我们的业务、财务状况、运营运绩或现金流产生重大不利影响。

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由于美国通胀的影响，我们的季度和年度业绩可能会出现波动

我们投资组合的某些公司所属的行业已经受到以及未来可能受到通胀影响，例如消费品和服务以及制造业。我们的投资组合公司可能无法将运营成本的增加转嫁给客户，这可能会极大地影响他们的经营运绩，影响他们偿还贷款的能力。此外，预计未来我们投资组合公司的经营运绩因通胀而下降，都可能对这些投资的公允价值产生不利影响。我们投资公允价值的任何下降都可能导致未来已实现或未实现损失，从而减少我们因运营而产生的净资产。

与利率相关的风险

市场利率可能会对我们证券的价值产生影响。

影响我们证券价格的因素之一是我们证券的分配收益率（占证券价格的百分比）相对于市场利率。市场利率上升可能会导致我们证券的潜在购买者预期更高的分销收益率。此外，较高的利率增加了我们的借贷成本。因此，市场利率上升可能会导致我们证券的市场价格下降。

利率变化可能会对我们的投资产生负面影响，并对我们的业务、财务状况、运营运绩和现金流产生不利影响。

一般来说，浮动利率贷款的利率波动和信用利差的变化可能会对我们的投资和投资机会产生负面影响，从而可能对我们的投资资本回报率、我们的投资净收入、我们的资产净值和我们证券的市场价格产生重大不利影响。随著利率的提高，一般来说，我们的信贷工具下的借贷成本会增加，这可能会影响我们以有利的条件进行新投资的能力，甚至根本不会。我们的债务投资有很大一部分是浮动利率，定期重置，通常基于SOFR。随著利率的上升，我们投资组合中的某些公司的经营业绩受到偿债义务增加的影响，因此可能会影响我们的经营业绩。此外，如果利率进一步上升，很难或不可能偿还欠我们或其他金融赞助商的未偿债务，或对近期到期的债务进行再融资，我们投资组合中的一些公司可能无法在到期时偿还此类债务，并可能被迫出售资产、进行资本重组或寻求破产保护。利率上升还可能导致借款人将现金从其他生产性用途转移到支付利息上，这可能会对他们的业务和运营产生实质性的不利影响，随著时间的推移，可能会导致违约增加。此外，随著利率上升和借款人违约的风险增加，较高利率贷款的流动资金可能会减少，因为由于借款人违约的风险增加，以及对此类贷款的投资损失风险增加，愿意在二级市场购买此类贷款的投资者可能会减少。支付浮动回报率的债务的信贷利差减少，将对我们浮动利率资产的收入产生影响。支付固定回报率的债券的交易价格往往会随著利率的上升而下降。对于期限较长的固定利率证券，交易价格往往波动更大。如果利率继续居高不下或未来再次上升，可能会对我们的投资产生负面影响，这可能会对我们的经营业绩、财务状况和现金流产生负面影响。

相反，利率下降（包括最近利率下降）将导致我们的总投资收益减少，除非被利率下限或可变利率债务投资利差增加所抵消。此外，如果我们向顾问支付的基本管理费或激励费没有减少或抵免，或者如果我们无法为我们的固定利率债务再融资或以较低利率发行新的固定利率债务，我们的净投资收入可能会减少。此外，当利率下降时，借款人可能会以较低的利率为贷款再融资，这可能会缩短贷款的平均寿命并降低相关投资回报，并要求顾问及其投资专业人员承担管理时间和费用来重新部署此类收益，包括条款可能不如我们现有贷款那么优惠。

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

我们预计使用股权以及长期和短期借款的组合为我们的投资活动提供资金。因此，我们收入的一部分将取决于我们借入资金的利率和贷款这些资金的利率之间的利差。利率的上升或下降可能会缩小我们投资利率与借款利率之间的利差，因此，如果我们没有适当对冲此类事件，会对我们的盈利能力产生不利影响。或者，利率对冲安排可能会限制我们参与对冲投资组合较低利率收益的能力。

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截至2024年9月30日，根据未偿债务的总本金余额，我们的投资组合包括约93.9%的浮动利率贷款和约6.1%的固定利率贷款。

截至2024年9月30日，我们没有任何对冲安排，例如利率对冲。 虽然对冲安排可能会使我们免受利率不利波动的影响，但它们也可能限制我们参与对冲投资组合较低利率收益的能力。 利率变化或任何未来对冲交易导致的不利发展可能会对我们的业务、财务状况和经营运绩产生重大不利影响。我们根据对冲安排收取付款的能力与该对冲安排的交易对手方支付所需付款的能力有关。如果对冲安排的交易对手方无法根据协议条款付款，我们可能会失去该安排的对冲保护。

此外，我们某些债务投资的公允价值部分基于类似证券的当前市场收益率或利率。利率变化可能会对我们确定这些债务投资的公允价值产生重大影响。此外，利率变化还可能对当时生效的任何对冲安排的公允价值产生影响，从而可能导致未来期间记录未实现的增值或贬值。因此，利率变化导致的不利发展可能会对我们的业务、财务状况、经营运绩和现金流产生重大不利影响。参阅 「关于市场风险的定量和定性披露」 有关利率波动的更多信息。

与我们投资相关的风险

我们在一个竞争激烈的投资机会市场中运营。

BDC和投资公司市场对第一留置权和第二留置权担保债务存在竞争压力，这可能导致投资收益率下降。大量实体与我们竞争，进行我们寻求在中低端市场公司进行的投资类型。我们与公共和私人收购基金、公共和私人信贷基金和其他商业发展中心、商业和投资银行、商业融资公司竞争，如果它们提供另一种融资形式，还与对冲基金竞争。我们的许多竞争对手比我们大得多，拥有比我们大得多的财务、技术和营销资源。例如，一些竞争对手可能拥有较低的资金成本和获得我们无法获得的资金来源的机会。此外，我们的一些竞争对手可能具有更高的风险容忍度或不同的风险评估，这将使他们能够考虑更广泛的投资，并建立比我们更多的关系。此外，我们的许多竞争对手不受1940年法案对我们作为BDC施加的监管限制。我们面临的竞争压力可能会对我们的业务、财务状况和运营结果产生实质性的不利影响。此外，由于这场竞争，我们可能无法不时地利用有吸引力的投资机会，并且我们不能保证我们将能够识别并做出与我们的投资目标一致的投资。我们不寻求基于我们提供的利率进行竞争，我们相信我们的一些竞争对手可能会以与我们提供的利率相当或更低的利率发放贷款。如果我们与竞争对手的定价、条款和结构不匹配，我们可能会失去投资机会。然而，如果我们与竞争对手的定价、条款和结构相匹配，我们可能会遇到净利息收入减少和信用损失风险增加的情况。

我们对中低层市场公司的投资风险极高，可能会导致您损失全部或部分投资。

对中下层市场公司的投资面临一系列重大风险，包括以下风险：

•中下层市场公司可能比大型企业更容易受到经济衰退的影响。 我们的投资组合公司的资源可能比大型企业少，因此任何经济衰退或衰退都更有可能对它们产生重大不利影响。当经济收缩时，中下层市场业务（例如我们投资的业务）的财务业绩可能会恶化或较当前水平增长有限，这最终可能导致难以满足其债务偿还要求并增加违约率。 因此，对于任何受到经济低迷或衰退不利影响的投资组合公司来说，其偿还贷款或参与流动性事件（例如出售、资本重组或首次公开募股）的能力都会减弱。

•中下层市场公司的财务资源可能有限，可能无法偿还我们向他们提供的贷款。 我们的战略包括为通常无法随时获得融资的投资组合公司提供融资。虽然我们相信这为我们提供了一个有吸引力的利润机会，但这可能会使投资组合公司难以在到期时偿还向我们提供的贷款。一

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借款人偿还贷款的能力可能受到许多因素的不利影响，包括未能满足其业务计划、行业不景气或不利的经济条件，包括当前市场环境造成的情况。借款人的财务状况和前景恶化通常会伴随著任何抵押品价值的恶化，以及我们从借款人管理层获得的任何担保变现的可能性降低。截至2024年9月30日，我们向B+T Group Acquisition，Inc.(简称B&T Group)、Edge Adhesives Holdings，Inc.(简称Edge Adhesives)和WB Xcel Holdings，LLC(简称WB Xcel)提供的贷款处于非应计状态，成本基础为$28.3 百万元或 4.1我们投资组合中所有债务投资的成本基础的%，公允价值为$12.8百万美元，或1.9我们投资组合中所有债务投资的公允价值的%。对于任何被置于非权责发生制状态的贷款，我们不能向您保证我们改善这些公司的盈利能力和现金流的努力将被证明是成功的。在我们的一些投资组合公司中，我们预计将从属于高级贷款人，因此，我们对任何抵押品的权益可能从属于另一家贷款人的担保权益。

•中下层市场公司的产品线通常比大型企业更窄，市场份额也更小。 由于我们的目标投资组合公司是中下层市场企业，因此它们往往更容易受到竞争对手行为、供应链问题和市场状况以及总体经济低迷的影响。此外，我们的投资组合公司经常面临激烈的竞争，包括来自拥有更大财务资源、更广泛的开发、制造、营销和其他能力以及更多合格管理或技术人员的公司的竞争。

•有关这些企业的公开信息通常很少或没有。 由于我们寻求投资私营企业，因此通常很少或没有有关我们潜在投资组合公司的公开运营和财务信息。因此，我们依靠我们的官员、顾问及其员工、格莱斯顿证券和某些顾问对这些投资组合公司、其运营和前景进行尽职调查。我们可能无法通过调查了解有关这些企业的所有重要信息，以做出明智的投资决策。

•中低端市场公司的经营业绩通常较难预测。我们预计，我们的投资组合公司的经营业绩可能有很大差异，可能不时面临诉讼，可能从事快速变化的业务，产品面临重大过时风险，可能需要大量额外资本来支持其运营、为扩张提供资金或保持其竞争地位，否则可能财务状况不佳，或可能受到商业周期变化的不利影响。我们的投资组合公司可能无法满足其高级贷款人通常施加的净利润、现金流和其他覆盖范围测试。借款人未能履行优先贷款人强加的财务或经营契约可能导致违约，并可能导致其优先信贷安排丧失抵押品赎回权，这可能还会在其他协定中引发交叉违约。如果发生这种情况，借款人偿还我们任何贷款的能力可能会受到威胁。

•中下层市场公司更有可能依赖一两个人。 通常，中下层市场业务的成功还取决于一两个人或一小群人的管理人才和努力。其中一名或多名人员的死亡、残疾或辞职可能会对我们的某些投资组合公司产生重大不利影响，进而对我们产生重大不利影响。

•中下层市场公司的运营历史可能有限。 虽然我们专注于具有良好业绩记录的稳定公司，但我们可能会向符合我们其他投资标准的新公司提供贷款。运营历史有限的投资组合公司将面临新企业面临的所有运营风险，并且可能特别容易受到市场低迷、竞争压力和关键高管离职等风险的影响。

•中低层市场公司的债务证券通常不会受到信用评级机构的评级。 通常，中下层市场私营企业不能或不会花费资源让信用评级机构对其债务证券进行评级。我们预计，我们收购的大部分（如果不是全部）债务证券将未经评级。投资者应该假设这些贷款的利率低于「投资级」质量。评级低于投资级别的投资通常被称为高收益证券或垃圾债券，与投资级债务工具相比，可能被视为高风险。

•中下层市场公司的杠杆率可能很高。 我们的一些投资组合公司杠杆率很高，这可能会对这些公司和我们作为投资者产生不利影响。 这些公司m可能会受到限制性财务和运营契约的约束，杠杆可能会损害这些公司为其未来运营和资本需求融资的能力。因此，这些公司应对不断变化的业务和经济状况以及利用商业机会的灵活性可能受到限制。此外，a

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杠杆公司的收入和净资产往往会以比不使用借入资金更大的速度增加或减少。

•中下层市场公司可能在受监管的行业运营或为政府提供服务。 我们的一些投资组合公司可能在受监管的行业运营和/或向联邦、州或地方政府提供服务，或者在向受监管的行业或联邦、州或地方政府提供服务的行业运营，其中任何一种情况都可能导致服务付款延迟或使公司面临付款和报销率或其他条款的变化。

由于我们发放的大部分贷款和发放贷款时收到的股票证券都不是公开交易的，因此我们私人持有证券的价值存在不确定性。

我们的大多数投资组合是，我们预计将继续以未公开交易的证券的形式存在。非公开交易的证券和其他投资的公允价值可能不容易确定。在评估我们的投资组合时，使用了几种技术，包括企业总价值法、收益率分析、市场报价和独立的第三方评估。第三方评估公司为我们的专有债务投资提供公允价值估计。另一家第三方估值公司被用来为我们的重大股权投资提供估值输入，包括收益倍数范围以及其他资讯。除了这些技术外，在确定我们投资的公允价值时，还会考虑其他因素，包括：抵押品的性质和可变现价值，包括外部各方的担保；收购投资组合公司的任何相关要约或意向书；以及投资组合公司经营的市场。

我们投资的公允价值计量可能涉及主观判断和估计，由于确定这些公允价值的内在不确定性，公允价值的确定可能会在不同时期波动。此外，市场环境的变化和投资期间可能发生的其他事件可能会导致这些投资最终实现的收益或亏损与目前分配的估值不同。此外，此类投资通常受到转售或其他方面的法律和其他限制，流动性低于上市证券，任何包括OID或PIK权益的投资可能具有不可靠的估值，因为它们的持续应计需要对其延期付款的可收回性及其标的抵押品的价值做出持续判断。如果我们被要求在强制或清算出售中清算一项组合投资，我们可能会实现远低于其记录价值的收益。

如果我们投资的公允价值高于我们在出售此类证券时最终实现的价值，我们的资产净值将受到不利影响。

我们某些投资组合持有的估值过程会产生利益冲突。

我们的投资组合投资中有很大一部分是市场报价不容易获得的证券。 在确定这些证券的公允价值方面，我们的估值团队根据最新的投资组合公司财务报表和每家投资组合公司的预测财务业绩准备投资组合公司的估值。顾问的投资专业人士参与我们的估值过程，以及Gladstone先生在顾问中的金钱利益可能会导致利益冲突，因为我们向顾问支付的管理费是基于平均总资产，减去未投资的现金或借款的现金等值物，并根据期内的任何股票发行或回购进行适当调整。

我们的私人持有投资缺乏流动性可能会对我们的业务产生不利影响。

我们通常投资于私人公司，这些公司的证券不在任何公开市场交易。我们目前持有的几乎所有投资都是，我们预计未来将获得的投资将受到转售的法律和其他限制，否则流动性将低于上市交易的证券。如果需要，我们的投资的非流动性可能会使我们很难迅速获得与我们记录的投资价值相等的现金。这可能会导致我们错过预期的重要投资机会，因为我们没有其他可用的资本来源。此外，如果我们被要求迅速清算我们的全部或部分投资组合，我们可能会在清算时记录大量已实现亏损。我们清算投资组合公司投资的能力也可能面临其他限制，前提是我们、顾问、管理人或我们各自的高级管理人员、员工或附属公司拥有有关该投资组合公司的重要非公开资讯。

由于这些证券估值固有的不确定性，顾问对公允价值的确定可能存在重大差异

如果这些证券存在现成的市场，则可以获得的价值。我们的资产净值可能会受到重大影响

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如果顾问对我们投资的公允价值的确定与我们的价值存在重大差异

最终在我们处置此类证券时实现。

当我们是投资组合公司的债务或少数股权投资者时（我们预计通常会是这种情况），我们可能无法控制该实体，其管理层可能会做出可能降低我们投资价值的决定。

我们的大部分投资是，而且我们预计我们的大部分投资将继续是对我们投资组合公司的债务或少数股权投资。因此，即使我们可能拥有董事会观察权并且我们的债务协议可能包含某些限制性契约，我们通常不会参与我们投资组合公司的日常运营和决策。因此，我们现在并将继续面临这样的风险：投资组合公司可能做出我们不同意的业务决策，并且该公司的股东和管理层可能会承担风险或采取不符合我们最大利益的方式。因此，投资组合公司可能会做出可能降低我们债务投资价值的决定。

我们经常投资涉及公司收购、收购和资本重组的交易，这将使我们面临与控制权交易变更相关的风险。

我们的战略部分包括对与收购、收购和资本重组相关的公司进行债务和少数股权投资，这使我们面临与控制权交易变更相关的风险。控制权交易的变更通常会带来许多不确定性。正在经历控制权交易变更的公司经常面临留住关键员工以及维护与客户和供应商关系的挑战。虽然我们希望通过参与保留管理团队的交易以及在决定投资之前进行彻底的尽职调查来避免许多困难，但如果我们的投资组合公司遇到一个或多个问题，我们可能无法实现我们预期的投资价值，这可能会损害我们的经营运绩、财务状况和现金流。

我们的投资组合公司可能会产生与我们对此类公司的投资同等或优先的债务，和/或我们可能会面临贷方责任索赔。

我们主要投资于我们投资组合公司发行的债务证券。在某些情况下，投资组合公司将被允许拥有与我们投资的债务证券同等或优先的其他债务。根据该等债务票据的条款，该等债务票据的持有人有权在吾等有权就吾等所投资的债务证券收取付款的日期或之前收取利息及本金。此外，在投资组合公司破产、清算、解散、重组或破产的情况下，优先于我们在该投资组合公司的投资的债务工具的持有人通常有权在我们收到关于我们投资的任何分配之前获得全额付款。此外，在债务与我们投资的债务证券并列的情况下，我们必须在投资组合公司破产、清算、解散、重组或破产的情况下，与持有此类债务的其他债权人平等分享任何分配。

此外，尽管我们将部分投资结构化为优先贷款，但如果我们的一家投资组合公司破产，取决于事实和情况，包括我们实际向该投资组合公司提供管理援助的程度，破产法院可能会重新定性我们的债务投资，并将我们的所有或部分债权置于其他债权人的债权之上。在偿还此类高级债权人后，此类投资组合公司可能没有任何剩余资产可用于偿还其对我们的义务。在我们对借款人行使控制权或因提供重大管理援助而采取的行动而导致我们对借款人的业务采取的行动，我们还可能面临贷方责任索赔。

我们的投资组合公司预付投资可能会对我们的运营运绩产生不利影响，并降低我们的股本回报率。

除了与延迟投资资本相关的风险外，我们还面临我们对投资组合公司的投资可能在到期前偿还的风险。截至2024年9月30日的年度，我们收到了总计12420日元的计划外投资还款。我们通常会首先使用预付款的任何收益来偿还我们信贷融资中的任何未偿借款。如果在偿还未偿借款后仍有资金剩余，那么我们通常会将这些收益重新投资于政府证券，等待其未来投资于新债务和/或股权证券。这些政府证券的收益率通常远低于预付债务证券，并且我们在再投资这些金额时可能会出现严重延迟。此外，

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一旦收益被再投资于新的投资组合公司，此类新投资的收益率也可能低于正在偿还的债务证券的收益率。因此，如果我们的一家或多家投资组合公司选择预付欠我们的款项，我们的运营运绩可能会受到重大不利影响。此外，预付款项可能会对我们的股本回报率产生负面影响，从而导致我们普通股的市场价格下跌。

我们的投资组合集中在有限数量的公司和行业，如果其中任何一家公司不向我们还款或行业经历衰退，我们面临的重大损失风险就会增加。

截至2024年9月30日，我们在以下领域进行了投资49投资组合公司，其中我们最大的五笔投资约为232.7百万美元，或29.2占我们总投资组合的%，按公允价值计算。集中在有限数量的投资的一个后果是，我们实现的总回报可能会因少数此类投资的不利表现或任何一项投资的大幅减记而受到重大不利影响。除了我们的监管和所得税多元化要求之外，我们没有关于行业集中度的固定指导方针，我们的投资可能集中在相对较少的行业。此外，尽管我们不打算在投资时将总资产的25.0%或更多投资于特定行业或行业集团，但随著我们投资组合公司的价值发生变化，一个行业或一组行业可能占我们总资产价值的25.0%以上。截至2024年9月30日，按公允价值计算，我们的总投资中最大的行业集中度是多元化/综合服务公司，占22.5%；多元化/综合制造公司，占20.1%；以及航空航太和国防公司，占19.2%。因此，我们容易受到这些行业的经济环境的影响，其中一个或多个行业的低迷可能会对我们的运营业绩和财务状况产生重大不利影响。

除了美国投资固有的风险外，对外国投资组合公司证券的投资（如果有的话）还可能涉及重大风险。

我们可能会投资外国公司的证券。投资外国公司可能会让我们面临通常与投资美国公司无关的额外风险。这些风险包括外汇管制法规的变化、政治和社会不稳定、没收、征收外国税、市场流动性较低和可用信息比美国普遍情况更少、交易成本更高、政府对交易所、掮客和发行人的监督较少、破产法欠发达、执行合同义务困难、缺乏统一的会计和审计标准，价格波动较大。

此外，我们进行的任何以外币计价的投资都将面临特定货币的价值相对于一种或多种其他货币发生变化的风险。可能影响货币价值的因素包括贸易平衡、短期利率水平、不同货币类似资产的相对价值差异、投资和资本收益的长期机会以及政治事态发展。我们可能会采用对冲技术来最大限度地降低这些风险，但我们无法向您保证我们实际上会对冲货币风险，或者如果我们这样做，此类策略将会有效。

我们投资股票证券，这涉及很大程度的风险。

我们投资于投资组合公司的普通股和其他股权证券。普通股的回报率历来明显比固定收益证券波动更大。此类股票证券通常不公开交易或流动性，其价值将根据发行证券的公司的活动、一般市场状况和/或特定的经济或政治状况而升降。我们收购的股权证券可能无法升值或可能贬值。

由于优先股代表公司的股权，并且通常在公司资本结构中从属于债券和其他债务工具，就企业收入的优先权而言，因此它们通常比这些债务工具面临更大的信用风险。因此，它们的价值通常比债券和其他债务工具对公司财务状况或前景的实际或感知的变化或对股票市场波动的反应更强烈。优先股股东通常没有投票权或其投票权仅限于某些非常交易或事件。与债务证券的利息支付不同，优先股股息只有在发行人董事会宣布的情况下才支付。优先股还可能受到选择性或强制赎回条款的约束。

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我们的投资处置可能会导致或有负债。

目前，我们所有的投资都涉及私人证券。就私募证券投资的处置而言，我们可能需要就基础投资组合公司的业务和财务事务做出陈述，这是与出售企业有关的典型陈述。如果任何此类陈述被证明不准确或涉及某些潜在责任，我们还可能被要求向此类投资的购买者进行赔偿。这些安排可能会导致或有负债，最终产生融资义务，而融资义务必须通过返还之前向我们做出的某些分配来满足。

针对我们或我们人员的投资组合公司诉讼或其他诉讼或索赔可能会导致额外成本并转移管理时间和资源。

在投资我们的某些投资组合公司并向其提供重大管理协助的过程中，顾问雇用的某些人员可能会担任该公司董事会的董事。如果诉讼因我们对这些公司或其他公司的投资而引发，即使没有法律依据，我们或此类员工也可能被列为此类诉讼的被告，这可能会导致额外费用，包括辩护费用，以及管理时间和资源的转移。如果我们为可能的或有损失记录资产负债表准备金，我们可能无法准确估计我们面临的诉讼风险。因此，我们为支付任何结算或判断而设立的任何准备金可能不足以支付我们的实际财务风险，这可能会对我们的经营运绩、财务状况或现金流产生重大影响。

虽然我们相信我们将对因我们对任何投资组合公司的投资而提出的潜在索赔拥有有效的辩护，并将大力捍卫任何此类索赔，但我们可能会在辩护成本和费用上花费大量资金。此外，如果我们达成和解或在任何诉讼中遭遇不利结果，我们可能会被要求支付大笔款项。此外，如果我们的任何投资组合公司承担直接或间接索赔或其他义务，例如诉讼或和解中的辩护费用或损害赔偿，我们对此类公司的投资价值可能会减少，我们可能会遭受间接损失。此外，这些事项可能会导致我们在评估和辩护任何索赔方面花费大量的管理时间和精力。

我们投资组合经历的任何未实现折旧都可能表明未来已实现亏损，这可能会减少我们可供分配的收入。

作为BDS，我们必须以市场价值进行投资，如果无法确定市场价值，则以公允价值进行投资。我们将投资的市值或公允价值的下降记录为未实现折旧。自成立以来，我们的投资组合有时会出现累积未实现净折旧。我们投资组合中的任何未实现折旧都可能导致未来的已实现亏损，并最终导致我们未来可分配给股东的收入减少。

与我们的外部融资相关的风险

除了对我们筹集资本能力的监管限制外，我们的信贷融资还包含各种契约，如果不遵守，可能会加速我们在该融资下的还款义务，从而对我们的流动性、财务状况、经营运绩和支付分配的能力产生重大不利影响。

我们将继续需要资金为我们的投资提供资金。截至2024年9月30日，我们的信贷安排下，按成本计算，我们有7,060美元的万借款未偿还，该安排规定的最高借款金额为#美元。293.7百万美元，回圈期间结束日期为2025年10月31日(“回圈期间结束日期”)。我们的信贷安排允许我们为额外的贷款和投资提供资金，只要我们符合信贷协定中规定的条件。我们的信贷安排包含契约，要求我们的全资子公司Business Loan保持其作为独立法人实体的地位，禁止某些重大的公司交易(如合并、合并、清算或解散)，并限制在未经贷款人同意的情况下对我们的信贷和催收政策进行重大更改。信贷安排亦根据守则第855(A)节的规定，将按会计年度向本公司股东作出的分配，限制为本公司的净投资收入、净资本收益及视为已于上一年度支付的金额之和。我们可以进行的贷款投资类型也受到某些限制，包括地理集中度、行业集中度、贷款规模、利率类型、支付频率和地位、平均寿命和留置权财产的限制。我们的信贷安排进一步要求我们遵守其他财务和运营契约，这些契约要求我们有义务保持一定的财务比率，包括资产和利息覆盖范围，以及借款基础中至少有25名债务人。此外，我们被要求保持(I)最低净值(在我们的信贷安排中定义为包括任何已发行的强制赎回优先股)为32500美元的万外加所有

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2021年5月13日之后筹集的股权和次级债务减去2021年5月13日之后退役或赎回的任何股权和次级债务的50%，相当于美金418.8 截至2024年9月30日，百万，（ii）有关「代表债务的高级证券」的资产覆盖率至少为150%（或经1940年法案第61条修改的1940年法案第18条中可能规定的百分比），以及（iii）我们作为1940年法案下的BDS和该代码下的RIC的地位。持续遵守我们信贷额度中的契约取决于许多因素，其中一些因素超出了我们的控制范围。

我们投资组合中的任何未实现折旧可能会在未来时期增加，并威胁我们遵守最低净值契约和信贷机制下其他契约的能力。我们未能满足这些契约可能会导致我们的贷方取消抵押品赎回权，这将加速我们在该融资下的还款义务，从而对我们的业务、流动性、财务状况、运营运绩和向股东支付分配的能力产生重大不利影响。

任何无法以对我们有利的条款更新、延长或替换我们的信贷额度的行为，都可能会对我们的流动性和为新投资提供资金或维持向股东分配的能力产生不利影响。

如果我们的信贷安排在回圈期结束日期前没有续期或延期，所有本金和利息将于2027年10月31日或之前到期并支付。在某些条款和条件的约束下，根据手风琴功能，我们的信贷安排可以扩展到总计35000美元的万。然而，如果更多的贷款人不愿意按其条款加入该贷款，我们将无法扩大该贷款，因此在我们的信贷贷款下为新投资提供资金的可能性将继续有限。不能保证我们能够在周转期结束日之前以对我们有利的条款续订、延长或更换我们的信贷安排。我们扩大我们的信贷安排的能力，以及在回圈期结束日期或之前获得替代融资的能力，将受到当时影响信贷市场的当前经济状况的限制。如果我们无法扩大我们的信贷安排，或在回圈期结束日期前续订、延长或再融资我们的信贷安排，这可能会对我们的流动性和为新投资提供资金的能力、我们向我们的股东进行分配的能力以及我们根据守则获得RIC资格的能力产生重大不利影响。

如果我们无法获得重置融资，我们可能被迫以不利的条款出售某些资产，这可能导致已实现亏损，而此类已实现亏损可能大大超过截至我们最近的资产负债表日期这些资产的任何未实现折旧金额，这将对我们的运营业绩产生重大不利影响。除了出售资产，或作为替代方案，我们可能会发行股本，以偿还我们的信贷安排下的未偿还金额。根据我们普通股的交易价格，这样的股权发行可能会对我们现有股东对我们的收益、资产和有投票权的权益产生重大稀释影响。如果我们无法在信贷安排到期前续期、延长或再融资，可能会导致利率和相关费用大幅上升，并可能对使用借来的资金为投资提供资金或维持对股东的分配施加重大限制。

我们的业务计划依赖于外部融资，而外部融资受到1940年法案的限制。

无法保证我们能够在不久的将来通过发行股权或债务筹集额外资本。然而，我们的业务需要大量现金来运营和发展。我们可能会从以下来源获得此类额外资本：

•高级证券。我们可以发行“代表债务的优先证券”(如我们的信贷安排下的借款和我们的应付票据)和“优先证券”(如优先股)，最高可达1940年法案允许的最高金额。1940年法案目前允许我们作为商业数据中心发行此类优先证券的金额，以使我们的资产覆盖范围(根据1940年法案第18(H)条的定义)在每次发行此类优先证券后至少为此类优先证券的150%。由于发行高级证券(无论以何种形式)，我们将暴露于与杠杆相关的风险。尽管借钱进行投资增加了收益的可能性，但也增加了亏损的风险。我们投资价值的下降将对我们普通股的价值产生更大的影响，因为我们已经借钱进行投资。借贷成本有可能超过我们用借来的资金进行投资所获得的收入。此外，如果我们每种优先证券的资产覆盖率不超过150%，我们支付分派、发行优先证券或回购普通股股票的能力将受到限制。如果我们资产的总价值下降，我们可能无法满足150%的要求。为了在我们寻求支付分销的情况下满足150%的资产覆盖率要求，我们可能不得不(I)清算我们的贷款组合的一部分，以偿还我们的部分债务，或(Ii)发行普通股。这可能发生在出售投资组合资产可能是

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不利，或者当我们以令人满意的条件进入资本市场的机会有限时。此外，我们用于偿还债务、支付优先股股息或用于发行费用的任何金额均不得分配给普通股股东。此外，如果我们必须以低于每股普通股资产净值的价格发行普通股，任何非参与股东都将受到稀释，如下所述。根据1940年法案第61（a）（3）条，我们被允许发行多种类别的「代表债务的高级证券」。然而，根据1940年法案第18（c）条，我们仅允许发行一类「股票优先证券」。

•普通股和可转换优先股。由于上述原因，我们发行债券或优先证券的能力受到限制，因此我们依赖发行股票作为融资来源。如果我们通过发行更多普通股来筹集更多资金，我们普通股股东在发行时的所有权百分比将会下降，我们现有的普通股股东可能会遭到稀释。此外，根据1940年法案，我们一般不能以低于每股普通股资产净值的价格向购买者发行普通股，除非我们通过配股向现有普通股股东发行，除非事先获得我们的股东和独立董事的批准。如果我们以低于当时普通股每股资产净值的价格出售普通股，这样的出售将导致普通股每股资产净值立即稀释。这种稀释将是以低于当时普通股每股资产净值的价格出售普通股的结果，普通股股东在我们的收益和资产中的权益以及投票权百分比的按比例下降比发行普通股导致的我们资产的增加更大。例如，如果我们以资产净值5.0%的折扣额外发行和出售10.0%的普通股，普通股股东如果不以其比例权益参与发行，资产净值将被稀释至多0.5%，即每1,000美元资产净值稀释5美元。当我们的普通股交易价格低于每股资产净值时，这对我们筹集资本的能力施加了限制。如上所述，1940年法案禁止发行多种类别的“高级证券，即股票”。

我们通过发行高级证券的借入资金和资本为我们的某些投资提供资金，这将放大投资金额的损益潜力，并可能增加投资我们的风险。

杠杆的使用，包括通过发行债务或股票优先证券，放大了投资金额的损益潜力，如果我们产生额外的杠杆，这种潜力将进一步放大。截至2024年9月30日，我们通过信贷融资、A系列优先股、2026年票据、2027年票据和2028年票据产生了杠杆作用。我们打算不时在1940年法案允许的范围内施加额外的影响力。 杠杆的使用通常被认为是一种投机性投资技术，并增加了与投资我们的证券相关的风险。未来，我们可能会向银行和其他贷方借款并发行高级证券。这些高级证券的持有者将对我们的资产拥有固定的美金债权，这优于我们普通股持有者的债权，我们预计这些持有者将在发生违约时寻求对我们的资产进行追回。

			我们投资组合的假设回报 (Net费用）
			(10.0)		%	(5.0)		%	0.0		%	5.0		%	10.0		%
相应回报普通股股东(A)			(21.55)		%	(12.92)		%	(4.29)		%	4.33		%	12.96		%

_____________

(A)普通股股东的假设回报是通过将截至2024年9月30日的总资产乘以假设回报率，减去2024年9月30日之后12个月内将支付的所有债务利息，然后将所得差额除以截至2024年9月30日归属于普通股的总净资产来计算的。基于81250美金的总资产、7060美金的信用额度（按成本）、15000美金的2026年应付票据（按成本）、5000美金的2027年应付票据（按成本）、5700美金的2028年应付票据（按成本）、870美金的A系列优先股（按成本），截至2024年9月30日，净资产均为47090美金。

基于截至2024年9月30日的未偿债务总额为33630加元（按成本计算），有效年现金利率为 6.0%截至该日期，我们按公允价值计算的投资组合必须产生至少为 2.5%用于支付未偿债务的年度利息。

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与我们的监管和结构相关的风险

如果我们无法满足《守则》对RIC资格的要求，我们将缴纳企业级税。

为了保持我们的RIC资格，我们必须满足收入来源、资产多元化和年度分配要求。如果我们每年至少将我们投资公司应纳税所得额的90.0%分配给我们的股东，就满足了年度分配要求。由于我们使用杠杆，我们受到1940年法案规定的某些资产覆盖率要求的约束，在某些情况下，可能会受到限制，无法进行有资格成为RIC所需的分配。我们收到的与债务投资有关的认股权证通常会产生OID，我们必须在债务投资期间将其确认为普通收入。同样，一般在债务投资期间应计但不是以现金支付的PIK利息被确认为普通收入。OID和PIK利息都将增加我们为保持RIC地位而需要分发的金额。因为这样的OID和PIK利息不会在我们被要求进行分配的同时为我们产生可分配的现金，我们将需要使用其他来源的现金来满足这种分配要求。截至2024年9月30日的年度，我们确认为0.4截至2024年9月30日，旧ID收入和旧投资未摊销余额总计为100万美元0.6 万截至2024年9月30日，我们已 八 具有PIk利息成分的投资，我们记录了PIk利息收入为美金5.7在截至2024年9月30日的一年中，我们募集了$0.2截至2024年9月30日的年度现金PIK利息为100万英镑。此外，我们必须在每个日历季度末满足资产多样化和收入来源要求。如果我们无法通过这些测试，我们可能需要迅速处置某些投资，以防止失去RIC地位。由于我们的大部分投资将是非流动性的，即使有可能，这种处置也可能不会以对我们有利的价格进行，并可能导致重大损失。如果我们在一个日历季度或每年因任何原因不符合RIC的资格，并完全缴纳美国联盟公司所得税，由此产生的公司税可能会大幅减少我们的净资产、可供分配的收入金额和实际分配金额。这样的失败将对我们和我们的普通股产生实质性的不利影响。

我们的一些债务投资可能包括成功费，如果业务最终出售，这些费用将向我们产生付款。由于这些成功费用的满足度以及这些费用的最终支付是不确定的，因此我们通常只在收到付款时才将其视为收入。成功费金额被定性为税务目的的普通收入，因此，我们需要将此类金额分配给我们的股东以维持RIC状态。

如果我们没有将足够部分的资产投资于符合条件的资产，我们可能无法获得BDS资格，或者根据我们当前的业务策略被排除投资。

作为BDS，我们不得收购除合格资产之外的任何资产，除非在收购生效时和之后，我们的总资产（不包括运营资产）至少有70%是合格资产，定义见1940年法案第55（a）条。

我们相信，我们未来可能获得的大部分投资都将构成合格资产。然而，我们可能被禁止投资于我们认为有吸引力的投资，如果此类投资不是1940年法案所规定的合格资产。如果我们不将足够部分的资产投资于合格资产，我们可能会违反适用于BDC的1940年法案条款。由于这种违反，1940年法案下的特定规则可能会阻止我们对现有投资组合公司进行后续投资(这可能会导致我们的头寸被稀释)，或者可能要求我们在不利的时候处置投资，以符合1940法案的规定。如果我们需要迅速处置这些投资，可能很难以优惠的条件处置这些投资。我们可能无法为这些投资找到买家，即使我们找到了买家，我们也可能不得不以巨额亏损出售这些投资。任何此类结果都将对我们的业务、财务状况、运营结果和现金流产生实质性的不利影响。

如果我们不保持BDS的地位，我们将受到1940年法案下注册封闭式投资公司的监管。作为一家注册的封闭式投资公司，我们将受到《1940年法案》下更多的监管限制，这将显著降低我们的运营灵活性。 此外，任何未能维持我们作为BDS的地位都可能导致未偿债务违约事件，这可能会对我们的业务、财务状况或运营运绩产生重大不利影响。

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我们受到可能阻碍控制权变更的限制。我们的公司章程和马里兰州法律中包含的某些条款可能会禁止或限制控制权变更，并对我们普通股的价格产生不利影响。

我们的董事会分为三个级别，每三年董事的任期届满一次。在每次股东年度会议上，任期在该会议上到期的该类别董事的继任者将被选举产生，任期至当选当年后第三年举行的股东年度会议上到期。选举后，股东只能因故罢免董事。错开任期选举董事，罢免董事的权利有限，这使得敌意竞标者更难获得我们的控制权。该条款的存在可能会对我们证券的价格产生负面影响，并可能会阻止第三方竞购我们的证券。该规定可能会减少在控制权交易变更中支付给股东的任何溢价。

适用于我们的马里兰州法律的某些条款禁止与以下企业合并：

•任何实际拥有我们股票10.0%或以上投票权的人（「有兴趣的股东」）;

•我们的关联公司在相关日期前两年内的任何时候都是感兴趣的股东;或

•感兴趣股东的附属机构。

这些禁令自感兴趣股东成为感兴趣股东的最近日期起持续五年。此后，与感兴趣股东的任何业务合并必须由我们的董事会推荐，并获得我们流通股和优先股持有人有权投票的至少80.0%的赞成票批准，作为单一类别一起投票，以及我们普通股持有人有权投票的三分之二的选票（感兴趣的股东持有的股份除外）。即使控制权变更符合我们股东的利益，这些要求也可能产生抑制控制权变更的效果。然而，马里兰州法律的这些条款不适用于在某人成为有兴趣的股东之前获得我们董事会批准或豁免的企业合并。

我们的公司章程允许董事会发行最多5,000股万股本。此外，我们的董事会可以在不采取任何股东行动的情况下，不时修改我们的公司章程，以增加或减少我们有权发行的任何类别或系列股票的股份总数或股份数量。我们的董事会可以对任何未发行的普通股或优先股进行分类或重新分类，并确定任何此类股票的优先股、转换或其他权利、投票权、限制、分配限制、资格以及赎回条款或条件。因此，我们的董事会可以授权发行优先股，其条款和条件可能优先于清算时的分配和应付金额，而不是我们普通股持有人的权利。优先股还可能具有推迟、推迟或阻止我们控制权变更的效果，包括可能为我们普通股持有者提供溢价的特殊交易(如合并、要约收购或出售我们的全部或几乎所有资产)。

在我们满足适用于BDS的1940年法案条款下的资产覆盖率测试之前，我们可能不被允许宣布股息或向股东进行任何分配或回购股份。

管理我们作为BDC和RIC运营的法规将影响我们筹集额外资本或为投资目的借款的能力和方式，这可能会对我们的增长产生负面影响。由于符合RIC的年度分配要求，我们可能需要定期进入资本市场筹集现金，为新的投资提供资金。我们可以发行“代表负债的优先证券”，包括从银行或其他金融机构借入资金，或“优先证券”，如优先股，其金额必须使我们在每次发生或发行此类债务或发行后，我们对每一种优先证券的资产覆盖范围至少等于150%。此外，在我们满足这些测试之前，我们可能不被允许宣布股息、向我们的流通股股东进行任何分配或回购股票。我们发行不同类型证券的能力也是有限的。遵守这些要求可能会不利地限制我们的投资机会，并降低我们与其他公司相比，从我们可以借入的利率和我们可以借出的利率之间的有利利差中获利的能力。因此，作为BDC，我们可能会以比我们的私人竞争对手更频繁的速度发行股票，这可能会导致更大的股东稀释。我们利用杠杆来产生资本，以进行额外的投资。如果我们的资产价值下降，我们可能无法满足1940年法案规定的资产覆盖范围测试，该测试可能禁止我们支付分配，并可能阻止我们有资格成为RIC。如果我们无法满足资产覆盖范围测试，我们可能会被要求出售部分投资，并根据我们债务融资的性质，在此类出售和偿还可能不利的时候偿还部分债务。

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此类事件如果发生，可能会对我们的业务、财务状况、经营运绩和现金流产生重大不利影响。

与我们的外部管理相关的风险

我们依赖于我们的主要管理人员和顾问的主要管理人员，特别是David Gladstone、Terry Lee Brubaker和Robert L。马科特以及顾问的持续运营，以确保我们未来的成功。

我们没有员工。我们的首席执行官、首席运营官、首席财务官和财务主管以及顾问的员工并不把所有时间都花在管理我们的活动和投资组合上。我们尤其依赖David·格拉德斯通、特里·李·布鲁贝克和啰伯特·L·马科特的经验、技能和网路。我们的管理人员和顾问的员工将他们的一些时间分配给与我们的业务无关的业务和活动，在某些情况下，分配了很大一部分时间。我们没有单独的设施，完全依赖顾问，顾问在实施和执行我们的业务战略和风险管理实践方面拥有很大的自由裁量权。我们面临著终止顾问业务或终止咨询协定的风险，以及一旦发生这种情况，将找不到合适的替代者的风险。我们认为，我们的成功在很大程度上取决于顾问，停止其业务或失去其主要管理人员可能会对我们实现投资目标的能力产生重大不利影响。

我们的成功取决于顾问在竞争环境中吸引和留住合格人员的能力。

顾问在吸引和留住合格人才方面面临竞争，特别是投资专业人员和高级管理人员，如果我们不能吸引和留住这些人才，我们可能无法维持或发展我们的业务。顾问能否吸引和留住具备必要资历、经验和技能的人员，取决于几个因素，包括提供有竞争力的工资、福利和职业发展机会的能力。该顾问与投资基金(如私募股权基金和夹层基金)和传统金融服务公司争夺合格人才，其中许多公司拥有比我们更多的资源。寻找合格的人员可能会把管理层的时间从我们的业务运营中分流出来。如果顾问无法吸引有经验的投资专业人士和高级管理人员，对现有人力资源造成压力，可能会对我们的业务产生重大不利影响。

顾问可以提前60天通知辞职，而我们可能无法在此期间找到合适的替代者，从而导致我们的运营中断，从而可能对我们的财务状况、业务和运营运绩产生不利影响。

顾问有权在不少于60天的书面通知后，根据《咨询协定》随时辞职，无论我们是否找到了替代人选。如果顾问辞职，我们可能无法找到新的投资顾问，也无法聘请具有类似专业知识和能力的内部管理人员，以便在60天内以可接受的条件提供相同或同等的服务，甚至根本无法。如果我们不能迅速做到这一点，我们的运营可能会受到干扰，我们的财务状况、业务和运营结果以及我们支付分配的能力可能会受到不利影响，我们普通股的市场价格可能会下降。此外，如果我们无法确定并与拥有顾问及其附属机构所拥有的专业知识的单一机构或高管集团达成协定，我们内部管理和投资活动的协调可能会受到影响。即使我们能够保留内部或外部的可比管理层，这种管理层的整合以及他们对我们的投资目标的不熟悉可能会导致额外的成本和时间延误，这可能会对我们的业务、财务状况、运营结果和现金流产生不利影响。

根据咨询协议，顾问的责任是有限的，我们必须就某些责任向我们的投资顾问进行赔偿，这可能会导致顾问代表我们行事的风险高于为自己行事时的风险。

除提供咨询协议中所述的服务外，顾问对我们不承担任何责任，并且对我们董事会拒绝遵循顾问的意见或建议的任何行为不承担任何责任。根据咨询协议，顾问及其高级官员、经理、合作伙伴、代理人、员工、控制人员、成员以及与顾问有关联的任何其他个人或实体将不因其在咨询协议下的行为而对我们承担责任，除非有故意不当行为，在履行职责时恶意或重大疏忽，或鲁莽无视其根据《公约》所承担的职责和义务咨询协议。我们已同意赔偿、捍卫和保护顾问及其官员、经理、合作伙伴、代理人、员工，

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控制人员、成员和与顾问有关联的任何其他人员或实体因顾问履行咨询协议项下的任何职责或义务或作为我们的投资顾问而产生或以其他方式基于的所有损害赔偿、责任、成本和支出，且非故意不当行为所产生，在履行职责时存在恶意或重大疏忽，或鲁莽无视咨询协议下的职责和义务。这些保护可能会导致顾问在代表我们行事时采取的行动比为自己行事时风险更大。

我们的激励费可能会促使顾问进行某些投资，包括投机性投资。

根据咨询协议实施的管理层薪酬结构可能会导致顾问投资于高风险投资或承担其他风险。除了管理费外，根据咨询协议，顾问还有权部分根据我们实现指定收入水平获得激励补偿。在评估投资和其他管理策略时，根据净投资收益赚取激励报酬的机会可能会导致顾问过度强调净投资收益的最大化，而牺牲其他标准，例如资本保全、维持足够的流动性或信用风险或市场风险的管理，以实现更高的激励报酬。具有较高收益潜力的投资通常风险较高或投机性更强。这可能会导致我们投资组合价值的风险增加。

此外，顾问将部分根据我们投资实现的净资本收益获得资本收益激励费。 与基于收入的激励费部分不同，基于资本利得的激励费没有适用的门槛率。因此，与产生收入的证券相比，顾问可能会寻求将更多资本投资于可能带来资本收益的投资。这种做法可能会导致我们投资更多的投机性证券，这可能会导致更高的投资损失，特别是在经济低迷期间。

即使我们遭受损失，我们也可能有义务向顾问支付激励补偿。

该咨询协议赋予顾问每个财政季度的激励补偿，金额等于该季度投资收入（扣除激励补偿、净运营亏损和某些其他项目之前）高于该季度回报阈值的部分的百分比。在计算我们的激励报酬时，我们的激励前净投资收入不包括我们在本财年可能发生的已实现和未实现的资本损失，即使此类资本损失导致我们该季度的运营报表出现净损失。因此，即使我们的投资组合价值下降或我们在该季度出现净亏损，我们也可能被要求向顾问支付一个财政季度的激励补偿。

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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顾问没有义务提供基本管理费或激励费的抵免，这可能会对我们的盈利和我们维持当前向股东分配水平的能力产生负面影响。

咨询协定规定了基于我们总资产的基本管理费和由两部分组成的激励费：基于收入的激励费和基于资本利得的激励费。我们的董事会历来接受并可能在未来每季度或年度接受非合同、无条件和不可撤销的信用来降低年度基数管理费。此外，我们的董事会已按季度接受顾问提供的非合同、无条件和不可撤销的信贷，以降低基于收入的激励费用，但净投资收入不能覆盖普通股股东分配的100.0%。任何免除的费用可能不会在未来由顾问收回。然而，根据咨询协定，顾问不需要发放这些或其他费用信用，随著我们未来投资组合的增长，我们预计这些管理和激励费用将会增加。如果顾问不在未来几个季度发放这些信用额度，可能会对我们的收益产生负面影响，并可能损害我们维持目前向股东分配的水准的能力，这可能会对我们的股价产生实质性的不利影响。

我们的业务模式取决于与投资银行业者、商业掮客和其他中介机构建立和维持强大的转介关系，我们转介关系的任何变化都可能会影响我们的业务计划。

我们依赖与投资银行业者、商业掮客和传统贷款机构的非正式关系来为我们提供交易流。如果我们未能维持与此类基金或机构的关系，或者如果我们未能与其他基金建立强有力的推荐关系，我们将无法扩大我们的投资组合并全面执行我们的业务计划。

我们的基本管理费可能会导致顾问产生杠杆作用。

我们的基本管理费是根据我们的总资产（包括用借款收益进行的任何投资）支付的，这一事实可能会鼓励顾问利用杠杆进行额外投资。在某些情况下，使用增加的杠杆可能会增加违约的可能性，这将不利于我们证券的持有人。鉴于顾问代表我们做出的投资决策的主观性，我们将无法监控这种潜在的利益冲突。

与投资我们的证券相关的风险

您可能无法收到分发，或者分发可能不会随著时间的推移而增长。

我们打算通过每月支付分配的方式将至少90.0%的投资公司应税收入分配给股东。我们无法向您保证我们将实现投资结果，使我们能够进行指定水平的现金分配或逐年增加现金分配。此外，我们希望通过首先用已实现的资本损失抵消净长期资本收益，其次通过视为分配来补充我们的股本并支持我们投资组合的增长来保留部分或全部已实现的长期资本收益，尽管我们的董事会可能会在某些情况下决定将这些收益分配给我们的普通股股东。此外，我们的信贷额度限制了我们允许进行的分配金额。我们无法向您保证我们将实现投资结果或保持允许或要求任何指定水平的现金分配的税收状况。

投资我们的证券可能涉及高于平均水平的风险。

我们根据投资目标进行的投资可能会导致比替代投资选项更高的风险以及更高的波动或本金损失风险。我们对投资组合公司的投资可能具有高度投机性，因此，对我们的证券的投资可能不适合风险承受能力较低的人。

对我们股东的分配已经包括、未来可能包括资本返还。

每季度，我们的董事会根据每个财年当时对应税收入的估计宣布每月分配，该估计可能与实际结果有所不同，而且在过去也有所不同。由于我们的分配是基于对应税收入的估计，而该估计可能与实际结果不同，因此未来向我们股东支付的分配也可能包括资本回报。此外，如果我们分配的金额超过了当前和累计的收益和利润，这些分配构成了资本回报，其范围为普通股股东对其普通股股份的调整税基。资本回报代表股东原始投资的回报

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我们的普通股股份，不应与收益和利润的分配混淆。尽管资本分配的回报可能不征税，但此类分配可能会通过减少投资者在我们普通股股份中的税基来增加投资者出售我们普通股股份时的资本收益的课征义务。由于1940年法案的杠杆限制，这种资本回报减少了我们的资产基础，并对我们筹集债务资本的能力产生了不利影响，这可能会对我们进行新投资的能力产生重大不利影响。

封闭式投资公司的普通股经常以低于净资产净值的价格进行交易。

封闭式投资公司的股票交易价格经常低于每股普通股资产净值。自我们成立以来，我们的普通股交易有时高于净资产净值，有时低于每股净资产净值。封闭式投资公司股票的这一特点与我们每股资产净值下降的风险是分开和截然不同的。与任何股票一样，我们普通股的价格将随著市场状况和其他因素而波动。如果股票被出售，收到的价格可能会高于或低于原始投资。投资者是否会通过出售我们普通股的股票实现收益或损失，将不会直接取决于我们的资产净值，而将取决于出售时股票的市场价格。由于我们普通股的市场价格将受到市场相对供求、一般市场和经济状况等因素的影响，以及其他我们无法控制的因素，因此我们无法预测股票的交易价格是低于还是高于我们的资产净值。

根据1940年法案，我们一般不能在未获得我们的普通股股东和独立董事批准的情况下，以低于每股资产净值的价格向我们现有股东以外的购买者发行额外的普通股。此外，当我们的普通股交易价格低于每股资产净值时，我们的股息收益率可能会超过我们预期的加权平均回报率，即我们将利用出售此类股票的收益进行新投资，从而使我们不太可能在这种情况下决定发行额外的股票。因此，只要我们的普通股交易价格低于资产净值，我们通过发行普通股筹集资金的能力就会受到很大的限制。此外，我们无法筹集资金的较长时间可能会限制我们的增长能力，并对我们增加或维持分配的能力产生不利影响。

与2026年票据、2027年票据和2028年票据（统称「票据」）相关的风险

该等票据是无担保的，因此实际上次级于我们已经或未来可能发生的任何有担保债务，并与我们发行的所有未偿还和未来无担保债务以及我们的一般负债（总负债，减去债务）享有同等权利。

该等票据并非以我们的任何资产或我们子公司的任何资产为抵押。因此，该等票据优先于我们或我们的子公司目前产生和未来可能产生的任何有担保债务（或我们随后授予担保的任何最初无担保的债务），以担保此类债务的资产价值为范围。在任何清算、解散、破产或其他类似程式中，我们任何现有或未来有担保债务以及我们子公司的有担保债务的持有人可以对为担保该债务而抵押的资产主张权利，以便在资产可用于支付其他债权人（包括票据持有人）之前获得其债务的全额偿还。此外，该等票据与我们发行的所有未偿还和未来无担保、非次级债务以及我们的一般负债（总负债，减去债务）享有同等权利。

该票据在结构上从属于我们子公司的债务和其他负债。

这些票据是本公司独有的义务，而不是我们任何子公司的义务。我们的任何附属公司均不是债券的担保人，而我们日后可能收购或设立的任何附属公司亦不需要为债券提供担保。除吾等为对附属公司有公认债权的债权人外，就该等附属公司的资产而言，吾等附属公司债权人的所有债权将优先于吾等于该等附属公司的权益(以及吾等债权人(包括票据持有人)的债权)。即使我们被确认为我们一家或多家子公司的债权人，我们的债权实际上仍将排在任何此类子公司资产的任何担保权益以及任何此类子公司的任何债务或其他债务之后。因此，债券在结构上从属于我们的任何附属公司和我们未来可能收购或设立的任何附属公司的所有债务和其他负债。截至2024年9月30日，信贷安排项下未偿还的万为7,060美元。信贷安排下的借款是商业贷款的责任，在结构上优先于票据。此外，我们的附属公司未来可能会产生大量额外债务，所有这些债务在结构上都将优先于债券。

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发行票据所依据的契约对票据持有人的保护有限。

发行票据所依据的契约为票据持有人提供有限的保护。契约条款不限制我们或我们的任何子公司参与或参与可能对您的票据投资产生不利影响的各种企业交易、情况或事件的能力。特别是，契约和票据的条款并未对我们或我们的子公司的能力施加任何限制：

•发行证券或以其他方式招致额外的债务或其他债务，包括(1)任何债务或其他债务，而该等债务或其他债务将与债券的兑付权相等；(2)任何债务或其他债务，而该等债务或其他债务将会获得担保，因此实际上优先于债券的兑付权；(3)由本公司一间或多间附属公司担保的债务，因此在结构上优先于债券及(4)证券；由子公司发行或产生的债务或债务，在结构上优先于我们在子公司的股权，因此在结构上优先于我们子公司的资产，但债务或其他义务除外，该债务或其他义务将导致违反经1940年法案第61(A)(2)条或任何后续条款修改的第18(A)(1)(A)条，无论我们是否继续受1940法案的此类条款的约束，这些条款一般禁止我们产生额外的债务或发行额外的债务或优先证券，除非我们的资产覆盖范围如1940年法案所定义的，在发生或发行后至少等于150%；

•支付股息，或购买或赎回股本或其他在票据付款权上排名较低的证券，包括优先股和任何次级债务，但股息、购买、会导致我们的资产覆盖范围低于经第61（a）（2）条修改的第18（a）（1）（B）条规定的阈值的赎回或付款1940年法案或任何后续条款的规定，使SEC授予另一家BDS且我们可以合理依赖的任何不采取行动救济生效（或对我们来说，如果我们决定寻求类似的SEC不采取行动或其他救济），尽管经第61（a）条修改的第18（a）（1）（B）条中包含的禁令，但允许BDS宣布任何现金股息或分配2）1940年法案，以维持BCD作为《守则》第m小节规定的RIC的地位;

•出售资产（对我们合并、合并或出售所有或几乎所有资产的能力的某些有限限制除外）;

•与附属公司进行交易;

•设定优先权（包括对我们子公司股份的优先权）或进行售后回租交易;

•进行投资;或

•对我们的子公司向我们支付股息或其他金额进行限制。

此外，有关2028年票据的契约并不要求我们就控制权变更或任何其他事件提出购买2028年票据的要约，而根据管辖2026年票据和2027年票据的各自契约条款，2026年票据和2027年票据的持有人分别可能要求我们在发生「控制权变更回购事件」时回购100%此类票据，该事件将发生在某些控制权变更导致此类票据降级至投资级别以下时。

此外，如果我们的财务状况、经营运绩或信用评级（如有）发生变化（包括重大不利变化），则票据和票据的条款不保护票据持有人，因为它们不要求我们或我们的子公司遵守任何财务测试或比率或指定水平的净值、收入、收入、现金流或流动性。

我们进行资本重组、承担额外债务（包括票据到期前到期的额外债务）以及采取一系列不受票据条款限制的其他行动的能力可能会对您作为票据持有人产生重要后果，包括使我们更难履行有关票据的义务或对票据的交易价值产生负面影响。

我们未来发行或产生的其他债务可能会为其持有人提供比契约和票据更多的保护，包括额外的契约和违约事件。任何此类具有增量保护的债务的发行或发生可能会影响票据的市场、交易水平和价格。

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我们无法向您保证该票据的活跃交易市场将会发展或维持。

我们没有，亦不打算在未来在任何证券交易所上市2026年债券和2027年债券，或在任何交易商自动报价系统上为债券报价。虽然2028年发行的债券在纳斯达克挂牌交易，但会视乎当时的利率、同类证券的市场情况、信用评级、财务状况、表现及前景、整体经济状况或其他相关因素而低于买入价。因此，我们不能向阁下保证，任何债券将会发展及/或维持一个流动的交易市场，持有人将能够在特定时间出售其债券，或持有人出售其债券时所收取的价格将会是有利的。如果不发展或维持一个活跃的交易市场，债券的流动资金和交易价格可能会受到损害。因此，票据持有人可能须无限期地承担投资票据的财务风险。

如果我们违约支付其他债务的义务，我们可能无法支付票据。

根据管理吾等债务的协定而发生的任何违约，包括信贷安排下的违约或吾等可能是其中一方的其他债务，如未获所需贷款人或持有人豁免，以及该等债务持有人所寻求的补救措施，可能会令吾等无法支付票据的本金及利息，并令该等票据的市值大幅下降。如果我们无法产生足够的现金流，也无法获得必要的资金来支付我们债务的本金和利息，或者如果我们未能遵守管理我们债务的工具中的各种契约，包括财务和运营契约，根据管理该等债务的协定的条款，我们可能会违约。在发生此类违约的情况下，该债务的持有人可以选择宣布所有在此项下借入的资金到期和应付，连同应计和未支付的利息，信贷安排下的贷款人或我们未来可能产生的其他债务可以选择终止他们的承诺，停止发放更多贷款，并对我们的资产提起止赎程式，我们可能会被迫破产或清算。如果我们的经营业绩下降，我们未来可能需要对我们的债务进行再融资或重组，包括债券、出售资产、减少或推迟资本投资、寻求筹集额外资本或寻求获得信贷安排下所需贷款人的豁免或我们未来可能产生的其他债务，以避免违约。如果我们无法实施其中一个或多个替代方案，我们可能无法履行票据或其他债务项下的付款义务。如果我们违反了我们在信贷安排或其他债务下的契约，并寻求豁免，我们可能无法从所需的贷款人或持有人那里获得豁免。如果发生这种情况，我们将在信贷安排或其他债务下违约，贷款人或持有人可以如上所述行使他们的权利，我们可能被迫破产或清算。如果我们无法偿还债务，有担保债务的贷款人，包括信贷安排下的贷款人，可以针对担保债务的抵押品进行诉讼。由于信贷安排已有，而任何未来的信贷安排可能会有惯常的交叉违约条款，因此，如果票据或信贷安排或任何未来信贷安排下的债务加速，我们可能无法偿还或融资到期金额。

当现行利率相对较低时，我们可能会选择赎回票据。

2026年票据和2027年票据可在到期前随时或不时根据公司的选择，按面值加上「整付」溢价（如适用）全部或部分赎回。此外，我们可以选择在2025年9月1日或之后随时全部或部分赎回2028年票据。如果赎回时的现行利率较低，而我们赎回票据，您可能无法将赎回收益再投资于类似证券，实际利率与所赎回票据的利率一样高。

发生控制权变更回购事件后，我们可能无法回购2026年票据或2027年票据。

我们可能无法在控制权变更回购事件中回购2026年或2027年的债券(定义见管理此类债券的契约)，因为我们可能没有足够的资金。我们将无法在我们的信贷安排下借入资金，为回购2026年或2027年债券提供资金，我们预计未来的任何信贷安排都将有类似的限制。于控制权变更购回事件发生时，2026年或2027年债券持有人可要求吾等以现金方式购回部分或全部该等债券，回购价格相等于正回购的债券本金总额的100%，另加回购日期(但不包括回购日期)的应计及未付利息。我们的信贷安排的条款还规定，某些控制权变更事件将构成违约事件，从而使贷款人有权在当时加速我们的信贷安排下的任何未偿债务，并终止我们的信贷安排。吾等未能在该等控制权变更回购事件发生时购买该等投标票据，将会导致管限该等债券的契约项下的违约事件，以及管限信贷安排的协定项下的交叉违约，从而可能导致该等债务加速增加，以致吾等须立即偿还该笔债务。如果2026年票据或2027年票据的持有人行使他们的权利要求我们

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在控制权变更回购事件后回购此类票据，此次回购的财务影响可能会导致我们当前和未来债务工具违约，并且我们可能没有足够的资金来偿还任何此类加速债务。

评级机构下调、暂停或撤销授予我们或票据的信用评级或债务市场的变化可能会导致票据的流动性或市值大幅下降。

分配给我们或票据的任何信用评级代表分配评级机构对我们偿还到期债务能力的评估。因此，我们信用评级的真实或预期变化通常会影响票据的市值。这些信用评级可能无法反映与票据结构或营销相关的风险的潜在影响。信用评级由发行人支付，并不是购买、出售或持有任何证券的建议，发行组织可以随时自行决定修改或撤回。

与我们的优先股相关的风险

A系列优先股不会出现公开市场，因为我们不打算申请在全国性证券交易所上市，除非股份回购计划终止。

我们的A系列优先股目前没有公开市场，我们不打算申请在国家证券交易所上市A系列优先股，也不打算将A系列优先股纳入任何国家证券市场上市。除非A系列优先股的股票在国家证券交易所上市，否则A系列优先股的持有者可能根本无法出售这些股票，或者如果他们有能力的话，只能以此类股票清算优先股的大幅折扣出售。即使A系列优先股在股票回购计划终止后在纳斯达克或其他国家的证券交易所上市，也存在此类股票成交清淡的风险，而且与其他类型证券的市场相比，此类股票的市场流动性可能相对较差，买卖价格与要约价格之间的价差远远大于其他条款和功能类似的证券的价差。此外，由于A系列优先股没有规定的到期日，您可能会被迫持有A系列优先股，但不能保证获得此类股票的清算优先权。

A系列优先股的股息支付不得到保证。

尽管A系列优先股的股息是累积的，但我们的董事会必须批准股息的实际支付。我们的董事会可以随时或不定期选择不支付任何或所有应计股息。我们的董事会可以因任何原因选择暂停股息，并可能被禁止在以下情况下批准股息：

•历史或预计现金流不佳;

•需要偿还我们的债务;

•得出结论，支付A系列优先股的股息将导致我们违反任何债务或其他工具或协议的条款;或

•确定支付股息将违反有关向股东非法分配的适用法律。

A系列优先股将承担我们赎回的风险。

除有限情况外，包括与我们维持1940年法案第18条和第61条要求的资产覆盖范围有关的情况外，我们可自行选择在（1）一周年纪念日（以较早者为准）之前赎回A系列优先股股份（以较早者为准）：（a）12月31日，2026年（除非董事会提前终止或延长）或（b）出售所有6，000，000股A系列优先股的日期（「A系列终止日期」）和（2）2027年1月1日。 然而，在该日期之后，我们可以在该日期之后的任何时间赎回A系列优先股的股份，并且可以在对A系列优先股持有人不利的时间进行赎回。如果市场条件允许我们以低于A系列优先股股息率的股息或利率发行其他优先股或债务证券，我们可能有动力自愿赎回A系列优先股。

您要求回购A系列优先股股份的选择受到5%的季度限制、股份回购计划的继续以及我们的资金可用性的限制，并且还可能受到法律的限制。

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我们只会在每个季度回购我们当时已发行的A系列优先股的5%(按已发行股票数量计算)，这是根据上一个日历季度末的计算得出的。因此，根据回购请求的数量，股东的回购请求可能无法按请求的金额完成。此外，本公司董事会可行使其唯一及绝对酌情权，随时以任何理由终止或暂停股份回购计划。因此，我们应A系列优先股持有人的要求回购股份的义务仅限于我们的董事会因任何原因暂停或终止可选回购权利的范围，包括在股东回购请求提交之后但在相应的股东回购日期之前。我们在A系列优先股持有人的选择下回购股份的义务也受到限制，前提是我们的董事会以其唯一和绝对的酌情权确定，我们没有足够的资金为任何此类回购提供资金，或者我们受到适用法律的限制，不能进行此类回购。如果您提出回购您的A系列优先股的请求，但我们的董事会确定我们没有足够的资金用于回购(即使根据适用法律确定有足够的资金)，则只能回购您的A系列优先股的一部分(如果有的话)。

我们支付A系列优先股股息和/或回购A系列优先股股份的能力可能受到马里兰州法律、1940年法案、我们债务安排条款以及我们可能签订的未来协议的限制。

根据马利兰州法律，公司可以支付股息和回购股票，只要在股息支付或回购生效后，公司有能力在正常业务过程中偿还到期债务(股权偿付能力测试)，或者除有限情况外，公司的总资产超过其总负债的总和，除非其章程另有许可，否则超过公司在支付股息或回购时解散时所需的金额。满足股东解散时的优先权利，其解散优先权利优于收到股息的股东或正在回购股票的股东(资产负债表偿付能力测试)。如果我们在希望或要求回购A系列优先股股份的任何时候破产，我们可能无法进行此类回购。此外，我们债务融资的条款可能会限制我们在违约事件中以现金回购A系列优先股股票的能力，我们预计未来将达成类似协定，在这种情况下以现金回购。

此外，根据1940年法案，我们不得(1)宣布任何优先股股份的任何股息，如果在宣布时(以及在宣布生效后)，我们对任何代表债务的优先证券的资产覆盖范围(根据1940年法案的定义)将低于150%(或在未来可能在1940年法案中或根据1940年法案指定的其他百分比，作为宣布优先股股息的条件，代表BDC债务的优先证券的最低资产覆盖范围)或(2)如果在声明或赎回时(以及在其生效后)，宣布对优先股或购买或赎回优先股的任何其他分配，我们对这类代表负债的优先证券的资产覆盖率将低于150%(或1940年法案中或根据1940年法案未来可能指定为代表BDC负债的优先证券的最低资产覆盖率，作为声明其股票的分配、购买或赎回的条件)。

您收到的现金分配可能比您预期的频率更低或金额更低。

我们的董事会打算在每个月的第五天或大约每个月的第五天，为上个月(或我们的董事会指定的较晚日期)应计的股息支付A系列优先股每月拖欠的分派，金额相当于每年每股1.5625美元。然而，我们的董事会拥有最终决定权来决定这些分发的金额和时间。在作出这一决定时，我们的董事会将考虑所有相关因素，包括可供分配的现金数量、资本支出和准备金要求以及一般运营要求。我们不能向您保证我们将始终能够产生足够的可用现金流，以按规定的股息率在A系列优先股上进行资金分配，也不能向您保证将有足够的现金可用于向您进行分配。我们无法预测您可能收到的分发数量，也可能无法在一段时间内支付分发费用。我们无法获得额外的投资或盈利，可能会对我们从运营中产生足够的现金流以支付A系列优先股分配的能力产生负面影响。

如果您选择参与股份回购计划，您因选择性回购请求而收到的现金付款可能比您购买A系列优先股股份的价格大幅折扣。

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要求回购A系列优先股股票的股东，如果在购买之日起三年内提出这样的要求，将获得相当大的折扣。根据A系列优先股的股份回购计划，A系列优先股的每股回购价格将等于A系列优先股的清算优先权加上应计和未支付股息，但已发行不足一年的股票将享受10%的提前回购折扣(或以每股22.5美元的价格回购)，已发行至少一年但未满两年的股票将受到6%的提前回购折扣(或每股23.5美元的价格)。而已发行至少两年但不足三年的股票，将享受3%的提前回购折扣(或每股24.25美元的价格)。如果您要求回购您的股票，这样的请求可能会导致您的投资损失很大一部分。

A系列优先股持有者将面临通胀风险。

通货膨胀是商品和服务价格上涨导致货币购买力下降。通货膨胀风险是指投资的通货膨胀调整后或「实际」价值或该投资的收入在未来价值下降的风险。随著通货膨胀的发生，A系列优先股的实际价值和该股票的应付股息下降。

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.

银团投资

截至2024年9月30日和2023年9月30日，我们举行 两和四 公允价值总额为美元的银团投资3.3 亿和$9.7 百万元或 0.4%和1.4按公允价值计算分别占总投资组合的%。截至2024年9月30日止年度内发生了以下重大银团投资交易：

•2024年1月，我们对CHA Holdings，Inc.的投资按面值偿还，净收益为美元3.0 万

•2024年7月，我们对Tailwind Smith Cooper Immortal Corporation的投资按面值偿还，净收益为美元5.0 万

投资集中度

截至2024年9月30日，我们的投资组合包括投资 49 投资组合公司位于 22 国 13 不同行业，总公允价值为美元796.3 万截至2024年9月30日，按公允价值计算的五项最大投资总计为美元232.7 百万元或 29.2占我们总投资组合的%，而截至2023年9月30日按公允价值计算的五大投资总计美元176.9 百万元或 25.1占我们总投资组合的%。截至2024年9月30日和2023年9月30日，我们的债务人平均投资为美元15.7 亿和$14.2 成本分别为百万美元。

下表概述了截至2024年9月30日和2023年9月30日我们按证券类型划分的投资：

			2024年9月30日																								2023年9月30日
			成本												公平值												成本												公平值
有担保的第一保留权债务			$	580,736					75.3		%				$	554,937					69.7		%				$	529,376					73.3		%				$	510,701					72.5		%
有担保的第二保留权债务			113,691						14.8						113,716						14.3						130,252						18.1						127,854						18.1
无担保债务			198						0.0						32						0.0						198						0.0						24						0.0
债务投资总额			694,625						90.1						668,685						84.0						659,826						91.4						638,579						90.6
优先股权			45,017						5.8						31,346						3.9						35,617						4.9						26,855						3.8
普通股/同等股权			31,369						4.1						96,229						12.1						26,826						3.7						39,381						5.6
股权投资总额			76,386						9.9						127,575						16.0						62,443						8.6						66,236						9.4
总投资			$	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，我们按公允价值计算的投资包括以下行业分类：

行业分类						2024年9月30日												2023年9月30日
						公平值						百分比 总计 投资						公平值						百分比 总计 投资
多元化/企业集团服务						$	179,032					22.5		%				$	135,060					19.2		%
多元化/企业集团制造						160,264						20.1						158,061						22.4
航空航天和国防						153,096						19.2						97,836						13.9
医疗保健、教育和儿童保育						101,707						12.8						146,438						20.8
饮料、食品和烟草						88,327						11.1						78,788						11.2
汽车						28,286						3.6						27,571						3.9
机械						21,816						2.7						6,411						0.9
油气						20,554						2.6						27,830						3.9
货物运输						20,200						2.5						—						—
个人和非耐用消费品						13,586						1.7						14,576						2.1
其他，< 2.0%						9,392						1.2						12,244						1.7
总投资						$	796,260					100.0		%				$	704,815					100.0		%

截至2024年9月30日和2023年9月30日，我们按公允价值计算的投资包括在以下美国地理区域：

位置						2024年9月30日												2023年9月30日
						公平值						百分比 总计 投资						公平值						百分比 总计 投资
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
东北						40,271						5.1						62,277						8.8
总投资						$	796,260					100.0		%				$	704,815					100.0		%

地理组成表示我们投资组合公司的总部所在地。投资组合公司可能在其他地理区域拥有其他地点。

投资本金偿还

下表总结了截至2024年9月30日按财年划分的我们投资组合的合同本金偿还和到期情况，假设没有自愿提前还款：

截至9月30日，						量
2025(A)						$	16,322
2026						160,366
2027						227,287
2028						193,374
2029						78,697
此后						20,000
合同还款总额						$	696,046
债务投资成本基础调整						(1,421)
股本证券投资						76,386
截至2024年9月30日持有的投资按成本计算：						$	771,011

(A)包括合同本金总额总计美元的债务投资0.2 百万美元，到期日已于2024年9月30日过去。

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来自投资组合公司的通知

来自投资组合公司的应收账款代表代表此类投资组合公司发生的非经常性成本，并计入随附的合并资产负债表中的其他资产。当应收账款余额达到 90 逾期天数或以上，或者根据管理层的判断确定投资组合公司无法履行其义务。当我们已用尽收款努力并认为应收账款无法收回时，我们会注销应收账款。截至2024年9月30日和2023年9月30日，我们来自投资组合公司的应收账款总额为美元1.7 亿和$0.8 分别为百万。无法收回的应收账款拨备为美元75 一千零美元9 截至2024年9月30日和2023年9月30日，分别为千。

说明4. 关联方交易

与顾问的交易

自2004年10月1日以来，我们一直根据咨询协议由顾问进行外部管理，根据该协议，我们向顾问支付基本管理费和其服务的激励费。2024年7月9日，我们的董事会，包括大多数非咨询协议当事人或该方的利害关系人，一致批准将咨询协议续签至2025年8月31日。

根据我们的信贷安排，我们还向顾问支付贷款服务费，以表彰其作为服务者的角色。由于Business Loan是我们的合并子公司，总体而言，基本管理费（包括任何贷款服务费）不能超过Business Loan向顾问支付的全部贷款服务费，因此Business Loan向顾问支付的全部贷款服务费非合同、无条件且不可撤销地计入原本应支付给顾问的基本管理费 1.75根据咨询协议，在任何特定财年内占总资产（包括用借款收益进行的投资，减去借款产生的任何未投资现金或现金等值物）的%。

我们的两名执行官David Gladstone（我们的董事长兼首席执行官）和Terry Lee Brubaker（我们的首席运营官）担任顾问的董事和执行官，该顾问是 100%由格拉德斯通先生间接拥有和控制。罗伯特·马科特（我们的总裁）还担任顾问私募股权（债务）执行副总裁。Michael LiCalsi是我们的总法律顾问兼秘书（他还担任署长的总裁、总法律顾问和秘书），也是我们顾问的行政执行副总裁。

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下表总结了基本管理费、激励费和贷款服务费以及我们随附的相关非合同性、无条件和不可撤销的信贷 合并经营报表：

			截至9月30日，
			2024						2023						2022
平均总资产须缴纳基本管理费(A)			$	777,657					$	685,600					$	585,543
乘以年度基本管理费 1.75%			1.75		%				1.75		%				1.75		%
基本管理费(B)			13,609						11,998						10,247
投资组合公司费用抵免			(2,866)						(3,263)						(4,196)
银团贷款费用抵免			(101)						(126)						(170)
净基础管理费			$	10,642					$	8,609					$	5,881
贷款服务费(B)			$	8,862					$	8,053					$	6,329
抵免至基础管理费-贷款服务费(B)			(8,862)						(8,053)						(6,329)
净贷款服务费			$	—					$	—					$	—
奖励费 (B)			$	11,410					$	10,255					$	7,511
激励费抵免			(204)						—						(437)
净激励费			$	11,206					$	10,255					$	7,074
投资组合公司费用抵免			$	(2,866)					$	(3,263)					$	(4,196)
银团贷款费用抵免			(101)						(126)						(170)
激励费抵免			(204)						—						(437)
计入顾问费用-其他(B)			$	(3,171)					$	(3,389)					$	(4,803)

(A)咨询协议中，受基本管理费影响的平均总资产定义为总资产，包括用借款收益进行的投资，减去借款产生的任何未投资现金或现金等值物，在各自年度内最近完成的两个季度结束时估值，并根据该期间的任何股票发行或回购进行适当调整。

(B)反映为我们随附的行项目 合并经营报表。

基本管理费

根据我们的咨询协议，基本管理费每季度向顾问支付，并按年率评估 1.75%，根据最近完成的两个季度（包括本季度）末的平均总资产价值计算，即总资产，包括用借款收益进行的投资，减去借款产生的任何未投资现金或现金等值物，并根据期内的任何股票发行或回购进行适当调整。

此外，根据1940年法案的要求，顾问向我们的投资组合公司提供重要的管理援助。顾问还可以根据某些协议向我们的投资组合公司提供其他服务，并可能获得管理协助以外的服务费用。这类服务可包括：(1)协助从无关联的第三方获得、寻找或安排信贷安排、长期贷款或额外股本；(2)谈判重要的合同财务关系；(3)与从无关联的第三方筹集更多债务和股本有关的有关投资组合公司重组和财务建模的咨询服务；(4)就增加和保留关键投资组合公司管理团队成员与候选人面试、审查和谈判雇用合同方面发挥主要作用。顾问无合同、无条件和不可撤销的信用100这类服务的任何费用与我们原本需要支付的基本管理费的百分比 支付给顾问；但是，根据咨询协议的规定，这类费用中的一小部分，共计#美元。810000美元，0、和$8截至2024年、2024年、2023年和2022年9月30日的年度，顾问以按成本偿还的形式保留了1000美元，主要用于顾问人员完成的任务，主要用于投资组合公司的估值。

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我们的董事会接受了顾问的非合同、无条件且不可撤销的信贷，以降低银团贷款参与者的年度基本管理费， 0.5截至2024年9月30日和2023年9月30日止年度，借款所得收益用于购买此类银团贷款参与者。

贷款服务费

顾问还为Business Loan（信贷机制下的借款人）持有的贷款提供服务，作为回报，顾问获得 1.5每月应付的年费%，基于我们的信贷融资项下抵押的贷款未偿余额总额。如上表注释所讨论，我们将根据信贷融资支付的贷款服务费视为咨询协议项下基本管理费的预付款。因此，这些贷款服务费是 100%由顾问非合同、无条件且不可撤销地返还给我们。

奖励费

激励费由两部分组成：基于收入的激励费和基于资本收益的激励费。如果我们的季度净投资收入（在实施任何激励费之前）超过顾问，则基于收入的激励费将奖励顾问 1.75% (2.02020年4月1日至2023年3月31日期间的%），我们将净资产定义为总资产减去债务，在考虑该期间应付或合同到期但未支付的任何激励费用之前，在上一个日历季度末，针对该期间的任何股票发行或回购进行适当调整（“门槛利率”）。与我们的预激励费净投资收入相关的基于收入的激励费通常每季度支付给顾问，计算方法如下：

•没有 我们的激励费前净投资收入不超过门槛率的任何日历季度的激励费;

•100.0我们的预激励费净投资收入相对于该预激励费净投资收入中超过门槛率但低于门槛率的部分（如果有的话）的百分比 2.1875% (2.43752020年4月1日至2022年3月31日期间的% 2.502022年4月1日至2023年3月31日期间我们净资产的%），并根据期内任何股票发行或回购进行适当调整;以及

•20.0超过我们的预激励费净投资收益金额（如果有）的百分比 2.1875% (2.43752020年4月1日至2022年3月31日期间的% 2.502022年4月1日至2023年3月31日期间净资产的%），并根据任何日历季度期间的任何股票发行或回购进行适当调整。

奖励费用的第二部分是以资本利得为基础的奖励费用，在每个财政年度结束时(或在咨询协议终止时，截至终止日期)确定并支付欠款，并等于20.0本会计年度结束时我们的“已实现净资本收益”(在此定义)的百分比。在……里面 在确定应支付给顾问的基于资本利得的激励费用时，我们在每个适用年度末通过从累计已实现资本收益中减去累计已实现资本损失和整个投资组合的未实现资本折旧之和来计算“已实现资本净收益”。为此，累计已实现资本收益(如果有的话)等于每项投资出售时的净销售价格与该投资自成立以来的原始成本之间的差额之和。累计已实现资本损失总额等于每项投资的净销售价格在出售时低于该投资自成立以来的原始成本的金额之和。整个投资组合的未实现资本折旧总额(如果有)等于每项投资在适用计算日期的估值与该投资的原始成本之间的差额之和。在适用的会计年度结束时，作为我们计算基于资本利得的激励费用的基础的资本利得金额等于累计已实现资本收益减去累计已实现资本损失，再减去整个投资组合的未实现资本折旧总额(如果有的话)。如果该数字在该财政年度结束时为正数，则该年度基于资本利得的奖励费用等于20.0%，减去之前所有年度就我们的投资组合支付的任何基于资本利得的激励费用的总额。自我们成立至2024年9月30日，没有记录或支付任何基于资本利得的激励费用，因为累计未实现资本折旧已超过累计已实现资本收益扣除累计已实现资本损失。

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)分配的税收性质是根据所得税法规计算的应税收入确定的，该收入可能与根据GAAP确定的金额不同。

(D)在截至2023年、2022年、2021年、2020年、2019年和2018年9月30日的财年，反稀释是由于在此期间以高于当时每股资产净值的价格发行普通股。在截至2017年、2016年和2015年9月30日的财年，净稀释是由于该期间以低于当时每股资产净值的价格发行普通股。

(E)代表每股数据计算中不同股数（财年内已发行股份的加权平均股数和财年结束时已发行股份）的影响和四舍五入影响。

(F)总回报等于我们普通股自本财年开始以来的期末市场价值变化，并考虑了根据股息再投资计划条款进行的再投资的分配。总回报不考虑可能被描述为资本回报或股东支付的任何销售负担的分配。有关我们向普通股股东分配的估计特征的更多信息，请参阅注9-向普通股股东的分配。

(G)使用财年每个月底净资产余额的平均值计算。

(H)净费用与平均净资产的比率是使用扣除顾问信贷后的总费用、基础管理费、贷款服务和激励费计算的。

(I)如果我们没有从顾问处收到任何非合同、无条件和不可撤销的费用抵免，净费用与平均净资产的比率应为 14.53%, 16.31%, 13.13%, 13.17%, 14.36%, 14.18%, 13.12%, 12.14%, 13.40%，并且 13.65分别为截至2024年9月30日、2023年、2022年、2021年、2020年、2019年、2018年、2017年、2016年和2015年9月30日的财年的%。

(J)如果我们没有从顾问处收到任何非合同、无条件和不可撤销的费用抵免，净投资收益与平均净资产的比率应为 7.90%, 8.49%, 6.61%, 6.40%, 6.11%, 6.74%, 6.41%, 6.13%, 6.90%，并且 5.55分别为截至2024年9月30日、2023年、2022年、2021年、2020年、2019年、2018年、2017年、2016年和2015年9月30日的财年的%。

120

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注13。 未合并的重要子公司

根据SEC S-X法规，我们不会合并投资组合公司投资。此外，根据ASC 946，我们不得合并除另一家投资公司以外的任何实体，除非ASC 946规定了向投资公司或其合并子公司提供几乎所有服务的受控运营公司的合并。

截至2024年9月30日、2023年和2022年的至少一个年度或期间，我们没有任何未合并的子公司符合SEC S-X法规第l-02（w）（2）条规定的任何重要条件。

注14。 后续事件

公文操作

2024年10月，我们对Perimeter Solutions Group的债务投资按面值偿还，净现金收益为美元15.5 百万，包括一美元0.5 百万预付款罚款。

2024年10月，我们对Antenna Research Associates，Inc.的投资被出售，实现收益约为美元59.3 百万美元并偿还我们的债务投资美元31.3 按面值计算百万。

2024年11月，我们额外投资了美元28.9 通过有担保的第一保留权债务持有现有投资组合公司Giving Home的100万美元。

分布

2024年10月8日，我们的董事会宣布向普通股和优先股股东进行以下分配：

记录日期

付款日期

每普通股的分配

2024年10月22日

2024年10月31日

$

0.1650

2024年11月20日

2024年11月29日

0.1650

2024年12月20日

2024年12月31日

0.1650

本季度总计

$

0.4950

记录日期

付款日期

A系列优先股的分配

2024年10月24日

2024年11月4日

$

0.130208

2024年11月27日

2024年12月4日

0.130208

2024年12月23日

2025年1月3日

0.130208

本季度总计

$

0.390624

2024年11月，我们的董事会宣布向普通股股东进行以下补充分配：

记录日期

付款日期

每普通股的分配

2024年12月4日

2024年12月18日

$

0.4000

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项目9.会计和财务披露方面的变更和与会计师的分歧

没有。

ITEm 9A。控制和程序

a) 披露控制及程序

截至2024年9月30日（本报告涵盖期间结束），我们（包括首席执行官和首席财务官）评估了披露控制和程序的有效性以及设计和运作。根据该评估，我们的管理层（包括首席执行官和首席财务官）得出的结论是，我们的披露控制和程序有效地及时提醒管理层（包括首席执行官和首席财务官）注意需要包含在SEC定期文件中的有关我们的重要信息。然而，在评估披露控制和程序时，管理层认识到，任何控制和程序，无论设计和操作得多么好，只能为实现预期的控制目标提供合理保证，并且管理层必然需要在评估可能的控制和程序的成本效益关系时应用其判断。

b) 管理层关于财务报告内部控制的年度报告

请参阅本文件第8项中的管理层关于财务报告内部控制的年度报告 表格10-k。

c) 注册会计师事务所认证报告

不适用因

d) 财务报告内部控制的变化

截至2024年9月30日止三个月，内部控制不存在对或合理可能对我们对财务报告的内部控制产生重大影响的变化。

ITEm 90。其他信息

截至2024年9月30日的三个月内，我们的高管或董事均未 通过 或 终止 旨在满足规则10 b5 -1（c）（“规则10 b5 -1确认安排”）或任何“非规则10 b5 -1交易安排”的肯定抗辩条件的任何购买或出售我们证券的合同、指示或书面计划。此外，在截至2024年9月30日的三个月内，我们没有采用或终止任何规则10 b5 -1通知安排。

ITEm 9C。关于防止检查的外国司法管辖区的披露

不适用。

122

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第三部分

根据第14 A条，我们将在本财年结束后120天内向SEC提交2025年年度股东大会的最终委托声明（“2025年委托声明”）。因此，表格10-k的一般说明G（3）中省略了第III部分要求的某些信息。仅2025年委托声明中专门解决本文所列项目的部分通过引用并入本文。

项目10.董事、执行人员和企业治理

第10项所需的信息特此引用我们的2025年委托声明。

我们已采用商业行为和道德准则（“行为准则”），适用于我们所有高管和董事以及我们顾问和管理员的员工。该行为准则可在我们网站“治理-治理文件”下的投资者部分找到，网址： www.GladstoneCapital.com.

项目11.高管薪酬

第11项所需的信息特此引用我们的2025年委托声明。

项目12.某些受益人和股东的证券所有权以及相关股东事项

第12项所需的信息特此引用我们的2025年委托声明。

项目13.某些关系和相关交易以及董事独立性

第13项所需的信息特此引用我们的2025年委托声明。

项目14.主要会计费用和服务

第14项所需的信息特此引用我们的2025年委托声明。

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第四部分

项目15.展览和财务报表和时间表

a.作为本年度报告的一部分填写的文件，格式10-K

1.兹提交以下财务报表：

管理’财务报告内部控制年度报告			73
独立注册会计师事务所报告			74
截至2002年9月30日的合并资产负债表4 和2023			76
截至2002年9月30日止年度的合并经营报表4, 2023 和2022			77
截至2002年9月30日止年度合并净资产变动表4, 2023 和2022			79
截至2002年9月30日止年度合并现金流量表4, 2023 和2022			80
截至202年9月30日的综合投资计划4 和2023			81
综合财务报表附注			93

2.兹提交以下财务报表附表：

附表12-14截至202年9月30日对关联公司的投资和预付款4 和2023			129

此处没有提交其他财务报表附表，因为（1）不需要此类附表或（2）信息已在上述财务报表中提供。

3.展品

以下证据作为本报告的一部分提交，或通过引用之前提交给SEC的证据纳入本文：

3.1			2001年7月27日提交的《公司章程修正案和重述章程》，通过引用表格N-2注册说明书生效前修正案第1号(档案号第333-63700号)第99.a.2号附件并入。
3.2			确立和确定条款优先股的权利和优先权的补充条款，包括其附录A关于条款优先股，7.125系列，通过参考2011年10月31日提交的表格N-2登记声明(第333-162592号文件)生效后修正案第5号的附件2.a.2并入。
3.3			确立和确定定期优先股的权利和优先权的补充条款的更正证书，通过引用附件3.1并入本报告的表格8-k(文件编号814-00237)，提交于2015年10月29日。
3.4			补充条款，通过引用附件3.1并入本报告的表格8-k(档案号：814-00237)，于2017年9月21日提交。
3.5			6.25%A系列累计可赎回优先股的补充条款，通过引用附件3.1并入于2023年6月1日提交的当前8-k表格(文件编号814-00237)中。
3.6			《公司章程修正案》，参照表格8-k(档案号814-00237)的附件3.1，于2024年4月5日提交。
3.7			《公司章程修正案》，通过引用附件3.2并入本报告的表格8-k(档案号814-00237)，提交于2024年4月5日。
3.8			附例，以2001年7月27日提交的表格N-2注册说明书生效前修正案第1号附件99.B(档案号第333-63700号)合并。
3.9			章程修正案，通过引用表格10-Q季度报告(档案号814-00237)附件3.3并入，提交于2004年2月17日。

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3.10			章程第二修正案，通过引用附件99.1并入本报告的表格8-k(档案号814-00237)，于2007年7月10日提交。
3.11			章程第三修正案，通过引用附件99.1并入本报告的表格8-k(档案号814-00237)，于2011年6月10日提交。
3.12			附例第四修正案，通过引用附件3.1并入本报告的表格8-k(档案号814-00237)，于2016年11月29日提交。
3.13			附例第五修正案，通过引用附件3.1并入本报告的表格8-k(档案号814-00237)，提交于2023年10月10日。
4.1			普通股证书格式，参照2001年8月23日提交的表格N-2登记说明书生效前修正案第3号附件99.d.2(文件编号333-63700)。
4.2			6.25%A系列累计可赎回优先股证书表格，于2023年6月1日提交，通过引用附件4.1并入当前报告的表格8-k(文件编号814-00237)。
4.3			注册人与美国银行协会之间的契约，日期为2018年11月6日，通过参考2018年11月6日提交的表格N-2注册声明(文件编号333-208637)生效后修正案第7号附件2.d.10并入。
4.4			Gladstone Capital Corporation和美国银行全国协会之间的第三份补充契约，日期为2020年12月15日，通过引用附件4.1并入2020年12月15日提交的当前报告Form 8-k(文件号814-00237)。
4.5			Gladstone Capital Corporation和美国银行全国协会之间的第四份补充契约，日期为2021年11月4日，通过引用附件4.1并入2021年11月4日提交的当前报告Form 8-k(文件号814-00237)。
4.6			Gladstone Capital Corporation和美国全国银行信托公司(作为美国银行全国协会的利息继承人)之间的第五份补充契约，日期为2023年8月17日，通过引用2023年8月17日提交的当前8-k表格报告(文件编号814-00237)的附件4.1并入。
4.7*			证券说明
10.1			注册人与纽约银行之间的股票转让代理协议，通过参考2001年7月27日提交的表格N-2登记声明生效前修正案第1号附件99.k.1(文件编号333-63700)纳入。
10.2			登记人与纽约银行之间的托管协议，日期为2006年5月5日，通过参考2006年8月1日提交的Form 10-Q季度报告(档案编号814-00237)的附件10.3并入。
10.3			登记人与Gladstone Administration，LLC之间的管理协议，日期为2006年10月1日，通过引用附件99.2并入2006年10月5日提交的当前8-k表格报告(文件编号814-00237)。
10.4			托管协议，通过引用表格N-2的生效后修正案第1号(文件编号333-185191)的附件2.j.2并入，于2013年12月23日提交。
10.5			托管协议第1号修正案，通过引用表格N-2登记声明(第333-185191号文件)生效后修正案第1号附件2.j.3并入，提交于2013年12月23日。
10.6			托管协议第2号修正案，通过引用表格N-2登记声明(第333-185191号文件)生效后修正案第1号的附件2.j.4并入，于2013年12月23日提交。
10.7			注册人与格莱斯顿管理公司之间的第四次修订和重新签署的投资咨询和管理协议，日期为2022年4月12日，通过引用附件10.3并入2022年5月3日提交的Form 10-Q季度报告(文件编号814-00237)。

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10.8			Gladstone Business Loan、LLC作为借款人、Gladstone Management Corporation作为服务机构、KeyBank National Association作为行政代理和金融机构之间于2021年5月13日由Gladstone Business Loan、LLC作为借款人、KeyBank National Association作为行政代理和金融机构之间的第六次修订和重新签署的信贷协议，通过引用附件10.1并入2021年5月13日提交的当前8-k表(文件编号814-00237)。
10.9			Gladstone Business Loan、LLC作为借款人、Gladstone Management Corporation作为服务机构、KeyBank National Association作为行政代理和金融机构之间于2022年9月12日签署的第六份修订和重新签署的信贷协议第1号修正案，通过引用附件10.9并入2022年11月11日提交的Form 10-k年度报告(文件编号814-00237)中。
10.10			Gladstone Business Loan，LLC作为借款人，Gladstone Management Corporation作为服务机构，KeyBank National Association作为行政代理，以及金融机构之间于2022年9月20日签署的第六份修订和重新签署的信贷协议第2号修正案，通过引用附件10.10纳入2022年11月11日提交的Form 10-k年度报告(文件编号814-00237)。
10.11			Gladstone Business Loan、LLC作为借款人、Gladstone Management Corporation作为服务机构、KeyBank National Association作为行政代理和金融机构之间于2022年10月31日签署的第六份修订和重新签署的信贷协议第3号修正案，通过引用附件10.11并入2022年11月11日提交的Form 10-k年度报告(文件编号814-00237)中。
10.12			第六次修订和重新签署的信贷协议，日期为2023年6月16日，由Gladstone Business Loan，LLC作为借款人，Gladstone Management Corporation作为服务机构，KeyBank National Association作为行政代理、Swingline贷款人、管理代理和牵头安排人以及某些其他贷款人方，通过引用2023年6月22日提交的当前8-k表(文件编号814-00237)的附件10.1并入。
10.13			Gladstone Business Loan，LLC作为借款人，Gladstone Management Corporation作为服务机构，KeyBank National Association作为行政代理、Swingline贷款人、管理代理和牵头安排人以及某些其他贷款人，于2023年12月13日由Gladstone Business Loan、LLC作为借款人、KeyBank National Association作为行政代理、Swingline贷款人、管理代理和牵头安排人以及某些其他贷款人签署的第六份修订和重新签署的信贷协议第5号修正案，通过引用2024年2月5日提交的Form 10-Q季度报告(文件编号814-00237)的附件10.7合并。
10.14			第6号修正案由Gladstone Business Loan、LLC作为借款人、Gladstone Management Corporation作为服务机构、KeyBank National Association作为行政代理、Swingline贷款人、管理代理和牵头安排人以及某些其他贷款人通过引用2024年5月1日提交的Form 10-Q季度报告(文件编号814-00237)的附件10.8合并而成。
10.15			Gladstone Business Loan、LLC作为借款人、Gladstone Management Corporation作为服务机构、KeyBank National Association作为行政代理、Swingline贷款人、管理代理和牵头安排人以及某些其他贷款人方于2024年6月27日由Gladstone Business Loan、LLC作为借款人、KeyBank National Association作为行政代理、Swingline贷款人、管理代理和牵头安排人以及某些其他贷款人修订和重新签署的信用协议，通过引用2024年6月27日提交的当前8-k表(文件编号814-00237)的附件10.1并入。
10.16			由Gladstone Business Loan、LLC作为借款人、Gladstone Management Corporation作为服务机构、KeyBank National Association作为行政代理、Swingline贷款人、管理代理和牵头安排人以及某些其他贷款人方于2024年8月12日由Gladstone Business Loan、LLC作为借款人、KeyBank National Association作为行政代理、Swingline贷款人、管理代理和牵头安排人以及某些其他贷款人组成的修订和重新签署的信贷协议，通过引用2024年8月12日提交的当前8-k表(文件编号814-00237)的附件10.1并入。
14*			《道德守则》
19			Gladstone Capital Corporation的内幕交易政策，通过引用随附的附件14合并而成。
21*			注册人的子公司。
23.1*			普华永道会计师事务所同意。
31.1*			根据2002年《萨班斯-奥克斯利法案》第302条颁发首席执行官证书。

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31.2*			根据2002年萨班斯-奥克斯利法案第302条对首席财务官进行认证。
32.1**			根据2002年萨班斯-奥克斯利法案第906条对首席执行官进行认证。
32.2**			根据2002年萨班斯-奥克斯利法案第906条对首席财务官进行认证。
97.1*			退还政策
99.1*			截至2024年9月30日A系列累积可赎回优先股的估计价值方法
101.INS			XBRL实例文档
101.SCH			BEP分类扩展架构文档
101.LAB			BEP分类扩展标签Linkbase文档
101.PRE			BEP分类扩展演示Linkbase文档
101.DEF			BEP定义Linkbase
104			封面交互式数据文件（格式为iDatabRL，包含在附件101中）

* 一起提交

** 随附

本年度报告的附件101随附于表格10-k中的以下材料，格式为Inline eXtensible Business Report Language（iDatabRL）：（i）截至2024年9月30日和2023年9月30日的合并资产与负债表，（ii）截至2024年、2023年和2022年9月30日的合并经营报表，（iii）截至2024年、2023年和2022年9月30日止年度的合并净资产变动表，（iv）截至2024年、2023年和2022年9月30日止年度的合并现金流量表，（v）截至9月30日的合并投资表，2024年和2023年以及（vi）合并财务报表附注。

项目16.表格10-k摘要

没有。

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签名

根据1934年证券交易法第13或15（d）条的要求，登记人已正式促使以下签署人代表其签署本报告，并经正式授权。

			格拉德斯通资本公司
日期：2024年11月13日			作者：			/s/ Nicole Schaltenbrand
						妮可·沙尔滕布兰德
						首席财务官兼财务主管

根据1934年《证券交易法》的要求，本报告已由以下人员代表注册人以所示的身份和日期签署。

日期：2024年11月13日			作者：			/s/大卫·格拉德斯通
						大卫·格莱斯顿
						首席执行官兼董事会主席（首席执行官）
日期：2024年11月13日			作者：			/s/ Nicole Schaltenbrand
						妮可·沙尔滕布兰德
						首席财务官兼财务主管（首席财务会计官）
日期：2024年11月13日			作者：			/s/安东尼·W.帕克
						安东尼·W帕克
						董事
日期：2024年11月13日			作者：			/s/约翰异国他乡
						约翰·奥特兰
						董事
日期：2024年11月13日			作者：			/s/ MICHELA A.英语
						米凯拉·A英语
						董事
日期：2024年11月13日			作者：			/s/保罗·阿德尔格伦
						保罗·阿德格伦
						董事
日期：2024年11月13日			作者：			/s/ Walter H.威尔金森，Jr.
						Walter H.小威尔金森
						董事
日期：2024年11月13日			作者：			/s/PARST NOVAR
						保拉·诺瓦拉
						董事
日期：2024年11月13日			作者：			/s/凯瑟琳·科尔内尔·穆卡
						凯瑟琳·康奈尔·戈尔卡
						董事

128

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时间表12-14

格拉德斯通资本公司

对附属公司的投资和进步

（金额以千计）

公司及投资（A）（B）（I）（L）（M）						校长/ 股份/单位(K)						净 实现 本期收益（损失）						量 投资 收入(C)						价值截至 9月30日， 2023						毛 加法(D)						毛 减少(E)						净 未实现 赞赏 （折旧）						价值截至 9月30日， 2024
附属投资-1.6%
有担保的第一次扣押债务-0.1%
多元化/企业集团制造-0.1%
Edge Adhesives Holdings，Inc.-定期债务（S + 5.5%. 10.3%现金，2026年8月到期）						$	6,140					—						—						$	2,895					—						—						$	(2,515)					$	380
优先股权-0.9%
多元化/企业集团制造-0.0%
Edge Adhesives Holdings，Inc.-优先股						5,466						—						—						—						—						—						—						—
多元化/企业集团服务-0.7%
安可疏浚控股有限责任公司优先股						3,840,000						—						—						4,265						—						—						(1,097)						3,168
个人和非耐用消费品（仅限制造业）-0.2%
Canopy Safety Brands，有限责任公司优先股						500,000						—						—						857						—						—						74						931
优先股权总额												$	—					$	—					$	5,122					$	—					$	—					$	(1,023)					$	4,099
普通股权-0.6%
个人和非耐用消费品（仅限制造业）-0.6%
树冠安全品牌，有限责任公司-普通股						1,170,370						—						—						$	2,404					—						—						$	555					$	2,959
关联投资总额												$	—					$	—					$	10,421					$	—					$	—					$	(2,983)					$	7,438
控制投资-8.0%
有担保的第一次扣押债务-3.0%
多元化/企业集团制造-0.9%
Lonestar EMS，有限责任公司期限债务（12.0%现金，2027年6月到期）(F)						4,200						—						$	394					$	3,927					$	203					—						$	70					$	4,200
Lonestar EMS，LLC -延迟提款定期贷款(G)						—						—						8						—						100						$	(100)					—						—
												$	—					$	402					$	3,927					$	303					$	(100)					$	70					$	4,200

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公司及投资（A）（B）（I）（L）（M）						校长/ 股份/单位(K)						净 实现 本期收益（损失）						量 投资 收入(C)						价值截至 9月30日， 2023						毛 加法(D)						毛 减少(E)						净 未实现 赞赏 （折旧）						价值截至 9月30日， 2024
个人和非耐用消费品（仅限制造业）- 2.1%
Wb Xcel Holdings，有限责任公司信贷额度，美元0 可用（S + 10.5%, 15.3%现金，2026年11月到期）						4,750						—						$	59					$	1,468					$	3,282					—						$	(1,579)					$	3,171
Wb Xcel Holdings，有限责任公司定期贷款（S + 10.5%, 15.3%现金，2026年11月到期）						9,775						—						402						9,825						—						$	(50)					(3,250)						6,525
												$	—					$	461					$	11,293					$	3,282					$	(50)					$	(4,829)					$	9,696
印刷和出版- 0.0%
TNCP Intermediate HoldCo，LLC--信贷额度，美元2,000 可用（11.0%现金，2027年10月到期）(F)						—						—						$	68					$	900					—						$	(900)					—						—
有担保的第一次扣押债务总额												$	—					$	931					$	16,120					$	3,585					$	(1,050)					$	(4,759)					$	13,896
有担保的第二次扣押债务-1.8%
汽车-1.8%
反抗集成技术公司-定期债务（S + 9.6%, 14.4%现金，2027年1月到期）						8,547						—						$	1,143					$	7,425					$	1,362					$	(240)					—						$	8,547
优先股权-0.0%
个人和非耐用消费品（仅限制造业）-0.0%
Wb Xcel Holdings，LLC -优先股						333						—						—						—						—						—						—						—
普通股权-3.2%
汽车- 0.6%
反抗集成技术公司-普通股						33,321						—						—						3,948						1						—						$	(1,000)					2,949
多元化/企业集团制造-1.7%
Lonestar EMS，LLC -公共单位						100		%				—						—						—						—						—						8,214						8,214
机械-0.0%
PIC 360，有限责任公司-普通股权单位(G)						—						$	259					—						284						—						(1)						(283)						—
个人和非耐用消费品（仅限制造业）-0.0%
Wb Xcel Holdings，LLC -普通令状						1						—						—						—						1						—						(1)						—
印刷和出版-0.9%
TNCP中间控股公司，有限责任公司-普通股权单位						790,000						—						—						3,073						—						—						1,239						4,312
普通股总数												$	259					$	—					$	7,305					$	2					$	(1)					$	8,169					$	15,475
总控制投资												$	259					$	2,074					$	30,850					$	4,949					$	(1,291)					$	3,410					$	37,918

(A)本附表中列出的某些证券由指定投资组合公司的附属公司发行。

(B)普通股、期权、会员单位以及在某些情况下的优先股通常不产生收入且受到限制。

(C)代表投资为控制或附属投资（视情况而定）的财政年度部分计入投资收入的利息、股息和其他收入总额。

(D)毛增加包括新的组合投资、实物支付利息或股息、折扣和费用的摊销以及将一种或多种现有证券兑换为一种或多种新证券而产生的投资增加。

130

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(E)毛额减少包括与投资偿还或销售相关的本金收取、溢价和收购成本的摊销以及将一种或多种现有证券换成一种或多种新证券而导致的投资减少。

(F)债务证券具有固定利率。

(G)截至2024年9月30日止年度，投资已退出/偿还。

(H)Reserved.

(I)利率百分比代表2024年9月30日生效的现金利率，到期日代表合同到期日。除非另有说明，所有现金利率均与一个月有担保隔夜融资利率（“SOFR”或“S”）挂钩，即 4.85截至2024年9月30日的%。如果适用，实物付款利率与现金利率分开注明。某些证券受到利率下限的限制。现金利率是下限或SOFR加上利差中的较大者。到期日代表合同到期日。

(J)Reserved.

(K)代表截至2024年9月30日债务投资的本金余额和为股权投资持有的股份/单位数量。根据适用情况，授权书以所有权的百分比表示。

(L)除非另有说明，否则我们所有投资均使用FASb会计准则编码主题820“公允价值计量和披露”公允价值层次结构中的第3级输入进行估值。参阅附注3- 随附合并财务报表附注中的投资 了解更多信息。

(M)类别百分比代表截至2024年9月30日各类别和子类别的公允价值占净资产的百分比。

**    与所列投资当年净损益中权益金额相关的信息未纳入本附表。由于投资组合公司的资本结构复杂，不同类别的未发行股本证券在清算中具有不同的偏好，因此该信息被认为没有意义。这些投资并未合并，也未按照权益会计法核算。

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