Gladstone Capital Earnings 2020-06-30

Gladstone Capital Earnings 2020-06-30

GLAD 10Q Quarterly Report

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Balance Sheet	Income Statement	Cash Flow

10-Q 1 d901194d10q.htm 10-Q 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark one):

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-00237

GLADSTONE CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)


MARYLAND		54-2040781
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1521 WESTBRANCH DRIVE, SUITE 100

MCLEAN, VIRGINIA

22102

(Address of principal executive office)

(Zip Code)

(703) 287-5800

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.001 par value per share	GLAD	The Nasdaq Stock Market LLC

6.125% Notes due 2023, $25.00 par value per note	GLADD	The Nasdaq Stock Market LLC

5.375% Notes due 2024, $25.00 par value per note	GLADL	The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the issuer’s common stock, $0.001 par value per share, outstanding as of July 28, 2020 was 31,192,639.

GLADSTONE CAPITAL CORPORATION

TABLE OF CONTENTS



PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

	Consolidated Statements of Assets and Liabilities as of June 30, 2020 and September 30, 2019	2
	Consolidated Statements of Operations for the three and nine months ended June 30, 2020 and 2019	3
	Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2020 and 2019	5
	Consolidated Statements of Cash Flows for the nine months ended June 30, 2020 and 2019	6
	Consolidated Schedules of Investments as of June 30, 2020 and September 30, 2019	7
	Notes to Consolidated Financial Statements	19

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43

	Overview	43
	Results of Operations	47
	Liquidity and Capital Resources	55

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	62

Item 4.	Controls and Procedures	62

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	63

Item 1A.	Risk Factors	63

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	65

Item 3.	Defaults Upon Senior Securities	65

Item 4.	Mine Safety Disclosures	65

Item 5.	Other Information	65

Item 6.	Exhibits	66

SIGNATURES		67

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(UNAUDITED)


	June 30, 2020			September 30, 2019
ASSETS
Investments, at fair value:
Non-Control/Non-Affiliate investments (Cost of $422,125 and $361,272, respectively)	$	389,967		$	345,876
Affiliate investments (Cost of $43,922 and $38,921, respectively)		39,222			35,421
Control investments (Cost of $28,522 and $28,259, respectively)		17,487			21,578
Cash and cash equivalents		2,375			15,707
Restricted cash and cash equivalents		109			41
Interest receivable, net		2,557			2,625
Due from administrative agent		4,555			2,826
Deferred financing costs, net		582			866
Other assets, net		864			1,129

TOTAL ASSETS	$	457,718		$	426,069


LIABILITIES
Borrowings, at fair value (Cost of $133,500 and $66,900, respectively)	$	133,500		$	67,067
Notes payable, net (Cost of $96,313 and $57,500, respectively)		93,710			55,750
Mandatorily redeemable preferred stock, $0.001 par value per share, $25 liquidation preference per share; 5,440,000 and 5,440,000 shares authorized, respectively, and 0 and 2,070,000 shares issued and outstanding, respectively, net		—			50,354
Accounts payable and accrued expenses		609			576
Interest payable		1,186			842
Fees due to Adviser^(A)		841			1,452
Fee due to Administrator^(A)		634			366
Other liabilities		441			332

TOTAL LIABILITIES	$	230,921		$	176,739

Commitments and contingencies^(B)

NET ASSETS
Common stock, $0.001 par value per share, 44,560,000 and 44,560,000 shares authorized, respectively, and 31,192,639 and 30,345,923 shares issued and outstanding, respectively	$	31		$	30
Capital in excess of par value		365,336			358,113
Cumulative net unrealized depreciation of investments		(47,893	)		(25,577	)
Cumulative net unrealized appreciation of other		—			(167	)
Under distributed net investment income		17			136
Accumulated net realized losses		(90,694	)		(83,205	)

Total distributable loss		(138,570	)		(108,813	)

TOTAL NET ASSETS	$	226,797		$	249,330

NET ASSET VALUE PER COMMON SHARE	$	7.27		$	8.22

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

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

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(UNAUDITED)


	Three Months Ended June 30,						Nine Months Ended June 30,
	2020			2019			2020			2019
INVESTMENT INCOME
Interest income
Non-Control/Non-Affiliate investments	$	9,100		$	9,256		$	27,771		$	27,889
Affiliate investments		1,140			1,044			3,332			3,253
Control investments		411			522			1,246			1,713
Cash and cash equivalents		1			14			17			40

Total interest income (excluding PIK interest income)		10,652			10,836			32,366			32,895
PIK interest income
Non-Control/Non-Affiliate investments		976			326			1,720			930
Affiliate investments		—			—			—			49
Control investments		—			—			—			76

Total PIK interest income		976			326			1,720			1,055
Total interest income		11,628			11,162			34,086			33,950
Success fee income
Non-Control/Non-Affiliate investments		—			458			350			1,129

Total success fee income		—			458			350			1,129
Dividend income
Non-Control/Non-Affiliate investments		—			4			166			489
Control investments		49			346			259			518

Total dividend income		49			350			425			1,007

Other income		52			916			519			1,231

Total investment income		11,729			12,886			35,380			37,317

EXPENSES
Base management fee^(A)		1,881			1,772			5,573			5,424
Loan servicing fee^(A)		1,463			1,267			4,309			3,762
Incentive fee^(A)		1,275			1,543			3,896			4,286
Administration fee^(A)		349			288			1,078			959
Interest expense on borrowings and notes payable		2,472			2,088			7,591			6,071
Dividend expense on mandatorily redeemable preferred stock		—			776			9			2,328
Amortization of deferred financing costs		375			344			1,099			985
Professional fees		219			209			671			694
Other general and administrative expenses		280			303			939			898

Expenses, before credits from Adviser		8,314			8,590			25,165			25,407
Credit to base management fee - loan servicing fee^(A)		(1,463	)		(1,267	)		(4,309	)		(3,762	)
Credits to fees from Adviser - other^(A)		(1,205	)		(650	)		(4,523	)		(2,544	)

Total expenses, net of credits		5,646			6,673			16,333			19,101

NET INVESTMENT INCOME		6,083			6,213			19,047			18,216


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss):
Non-Control/Non-Affiliate investments		(107	)		(834	)		(7,611	)		(25,384	)
Affiliate investments		—			27			—			25
Control investments		—			—			—			(9	)
Other		—			—			(1,407	)		—

Total net realized gain (loss)		(107	)		(807	)		(9,018	)		(25,368	)
Net unrealized appreciation (depreciation):
Non-Control/Non-Affiliate investments		6,484			5,561			(16,762	)		29,994
Affiliate investments		3,205			(1,478	)		(1,200	)		2,597
Control investments		(708	)		(460	)		(4,354	)		(10,788	)
Other		—			(173	)		167			(173	)

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)

(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(UNAUDITED)


Total net unrealized appreciation (depreciation)		8,981		3,450		(22,149	)		21,630

Net realized and unrealized gain (loss)		8,874		2,643		(31,167	)		(3,738	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	14,957	$	8,856	$	(12,120	)	$	14,478


BASIC AND DILUTED PER COMMON SHARE:
Net investment income	$	0.20	$	0.21	$	0.62		$	0.63

Net increase (decrease) in net assets resulting from operations	$	0.48	$	0.30	$	(0.39	)	$	0.50

WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: Basic and Diluted		31,192,639		29,491,285		30,948,956			28,876,197

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

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(IN THOUSANDS)

(UNAUDITED)


	2020			2019
NET ASSETS, SEPTEMBER 30	$	249,330		$	237,092
OPERATIONS
Net investment income	$	6,417		$	5,986
Net realized gain (loss) on investments		(4,434	)		(26,863	)
Realized gain (loss) on other		(1,407	)		—
Net unrealized appreciation (depreciation) of investments		139			17,169
Net unrealized depreciation (appreciation) of other		(17	)		—

Net increase (decrease) in net assets resulting from operations		698			(3,708	)

DISTRIBUTIONS
Distributions to common stockholders from net investment income ($0.21 per share)^(A)		(6,417	)		(5,986	)
CAPITAL TRANSACTIONS
Issuance of common stock		7,315			28
Discounts, commissions and offering costs for issuance of common stock		(137	)		—

Net increase in net assets resulting from capital transactions		7,178			28
NET INCREASE (DECREASE) IN NET ASSETS		1,459			(9,666	)

NET ASSETS, DECEMBER 31	$	250,789		$	227,426
OPERATIONS
Net investment income	$	6,547		$	6,017
Net realized gain (loss) on investments		(3,070	)		2,302
Net unrealized appreciation (depreciation) of investments		(31,436	)		1,011
Net unrealized depreciation (appreciation) of other		184			—

Net increase (decrease) in net assets resulting from operations		(27,775	)		9,330
DISTRIBUTIONS
Distributions to common stockholders from net investment income ($0.21 per share)^(A)		(6,547	)		(6,017	)
CAPITAL TRANSACTIONS
Issuance of common stock		1,482			4,258
Discounts, commissions and offering costs for issuance of common stock		(26	)		(74	)

Net increase in net assets resulting from capital transactions		1,456			4,184
NET INCREASE (DECREASE) IN NET ASSETS		(32,866	)		7,497

NET ASSETS, MARCH 31	$	217,923		$	234,923

OPERATIONS
Net investment income	$	6,083		$	6,213
Net realized gain (loss) on investments		(107	)		(807	)
Net unrealized appreciation (depreciation) of investments		8,981			3,623
Net unrealized depreciation (appreciation) of other		—			(173	)

Net increase (decrease) in net assets resulting from operations		14,957			8,856

DISTRIBUTIONS
Distributions to common stockholders from net investment income ($0.20 and $0.19 per share, respectively)^(A)		(6,083	)		(5,468	)
Distributions to common stockholders from return of capital ($0.00 and $0.02 per share, respectively)^(A)		—			(745	)

		(6,083	)		(6,213	)
CAPITAL TRANSACTIONS
Issuance of common stock		—			8,772
Discounts, commissions and offering costs for issuance of common stock		—			(152	)

Net increase in net assets resulting from capital transactions		—			8,620
NET INCREASE (DECREASE) IN NET ASSETS		8,874			11,263

NET ASSETS, JUNE 30	$	226,797		$	246,186

(A)	Refer to Note 9 – Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information.

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

(UNAUDITED)


	Nine Months Ended June 30,
	2020			2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations	$	(12,120	)	$	14,478
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used) in operating activities:
Purchase of investments		(128,004	)		(122,324	)
Principal repayments on investments		53,294			98,589
Net proceeds from sale of investments		2,826			3,645
Increase in investments due to paid-in-kind interest		(1,574	)		(1,422	)
Net change in premiums, discounts and amortization		(281	)		407
Net realized loss (gain) on investments		7,622			25,395
Net realized loss (gain) on other		1,407			—
Net unrealized depreciation (appreciation) of investments		22,316			(21,803	)
Net unrealized appreciation (depreciation) of other		(167	)		173
Changes in assets and liabilities:
Amortization of deferred financing costs		1,099			985
Decrease (increase) in interest receivable, net		68			(311	)
Decrease (increase) in funds due from administrative agent		(1,729	)		443
Decrease (increase) in other assets, net		232			(653	)
Increase (decrease) in accounts payable and accrued expenses		33			207
Increase (decrease) in interest payable		344			512
Increase (decrease) in fees due to Adviser^(A)		(611	)		591
Increase (decrease) in fee due to Administrator^(A)		268			(29	)
Increase (decrease) in other liabilities		109			134

Net cash provided by (used in) operating activities		(54,868	)		(983	)


CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit		179,800			122,800
Repayments on line of credit		(113,200	)		(173,500	)
Redemption of preferred stock		(51,750	)		—
Proceeds from issuance of long term debt		38,813			57,500
Deferred financing costs		(1,677	)		(2,204	)
Proceeds from issuance of common stock		8,797			13,058
Discounts, commissions and offering costs for issuance of common stock		(132	)		(194	)
Distributions paid to common stockholders		(19,047	)		(18,216	)

Net cash provided by (used in) financing activities		41,604			(756	)


NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS		(13,264	)		(1,739	)

CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD		15,748			2,004


CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD	$	2,484		$	265


CASH PAID FOR INTEREST	$	7,247		$	5,559

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

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2020

(UNAUDITED)

(DOLLAR AMOUNTS IN THOUSANDS)


Company and Investment^(A)(B)(W)(Y)	Principal/ Shares/ Units^(J)(X)		Cost		Fair Value
NON-CONTROL/NON-AFFILIATE INVESTMENTS^(M) – 171.9%
Secured First Lien Debt – 84.9%
Aerospace and Defense – 5.3%
Antenna Research Associates, Inc. – Term Debt (L + 10.0%, 12.0% Cash, 4.0% PIK, Due 11/2023)^(E)	$	12,031	$	12,031	$	12,031

Beverage, Food, and Tobacco – 11.0%
Café Zupas – Line of Credit, $4,000 available (L + 7.4%, 8.9% Cash, Due 12/2024)^(C)		—		—		—
Café Zupas – Delayed Draw Term Loan, $3,030 available (L + 7.4%, 8.9% Cash, Due 12/2024)^(C)		1,970		1,970		1,891
Café Zupas – Term Debt (L + 7.4%, 8.9% Cash, Due 12/2024)^(C)		24,000		24,000		23,040

				25,970		24,931
Buildings and Real Estate – 0.8%
GFRC 360, LLC – Line of Credit, $400 available (L + 8.0%, 9.0% Cash, Due 9/2020)^(C)		800		800		772
GFRC 360, LLC – Term Debt (L + 8.0%, 9.0% Cash, Due 9/2020)^(C)		1,000		1,000		965

				1,800		1,737
Diversified/Conglomerate Service – 31.9%
DKI Ventures, LLC – Line of Credit, $2,500 available (L + 8.3%, 9.3% Cash, 2.0% PIK, Due 12/2021)^(C)		—		—		—
DKI Ventures, LLC – Term Debt (L + 8.3%, 9.3% Cash, 2.0% PIK, Due 12/2023)^(C)		5,941		5,941		4,693
ENET Holdings, LLC – Term Debt (10.2% Cash, Due 12/2022)^(C)(F)		1,000		1,000		835
ENET Holdings, LLC – Term Debt (10.2% Cash, Due 4/2025)^(C)(F)		29,000		29,000		24,215
R2i Holdings, LLC – Line of Credit, $1,171 available (8.0% Cash, Due 12/2021)^(C)(F)		829		829		763
R2i Holdings, LLC – Term Debt (8.0% Cash, Due 12/2023)^(C)(F)		19,625		19,625		18,055
Universal Survey Center, Inc. – Line of Credit, $500 available (L + 7.3%, 9.3% Cash, Due 9/2022)^(Q)(Z)		500		500		500
Universal Survey Center, Inc. – Term Debt (L + 7.3%, 9.3% Cash, Due 9/2024)^(Q)(Z)		13,225		13,225		13,225
Vision Government Solutions, Inc. – Line of Credit, $2,500 available (L + 8.8%, 9.8% Cash, Due 12/2022)^(C)		—		—		—
Vision Government Solutions, Inc. – Term Debt (L + 8.8%, 9.8% Cash, Due 12/2022)^(C)		10,225		10,192		9,995

				80,312		72,281
Healthcare, Education, and Childcare – 21.6%
ALS Education, LLC – Line of Credit, $2,500 available (L + 7.5%, 9.0% Cash, Due 5/2025)^(C)		1,500		1,500		1,500
ALS Education, LLC – Term Debt (L + 7.5%, 9.0% Cash, Due 5/2025)^(C)		21,670		21,670		21,670
EL Academies, Inc. – Delayed Draw Term Loan, $0 available (L + 8.8%, 9.8% Cash, Due 8/2022)^(C)		16,000		15,984		14,800
EL Academies, Inc. – Term Debt (L + 8.8%, 9.8% Cash, Due 8/2022)^(C)		12,000		11,981		11,100

				51,135		49,070
Machinery – 2.6%
Arc Drilling Holdings LLC – Line of Credit, $875 available (L + 8.0%, 9.3% Cash, Due 11/2020)^(C)		125		125		118
Arc Drilling Holdings LLC – Term Debt (L + 9.5%, 10.8% Cash, 3.0% PIK, Due 11/2022)^(C)		5,900		5,900		5,597
Precision International, LLC – Line of Credit, $500 available (L + 7.5%, 7.7% Cash, Due 9/2021)^(C)		—		—		—
Precision International, LLC – Term Debt (10.0% Cash, Due 9/2021)^(C)(F)		286		286		276

				6,311		5,991
Printing and Publishing – 0.0%
Chinese Yellow Pages Company – Line of Credit, $0 available (PRIME + 4.0%, 7.3% Cash, Due 2/2015)^(E)(V)		107		107		—

Telecommunications – 11.7%

B+T Group Acquisition, Inc.^(S) – Line of Credit, $0 available (L + 11.0%, 13.0% Cash, Due 12/2021)^(C)(H)		1,200		1,200		1,101
B+T Group Acquisition, Inc.^(S) – Term Debt (L + 11.0%, 13.0% Cash, Due 12/2021)^(C)(H)		6,000		6,000		5,505
NetFortris Corp. – Term Debt (L + 9.0%, 9.5% Cash, Due 2/2021)^(C)		23,302		23,286		19,923

				30,486		26,529


Total Secured First Lien Debt			$	208,152	$	192,570

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2020

(UNAUDITED)

(DOLLAR AMOUNTS IN THOUSANDS)


Company and Investment^(A)(B)(W)(Y)	Principal/ Shares/ Units^(J)(X)		Cost		Fair Value
Secured Second Lien Debt – 73.2%
Automobile – 4.1%
Sea Link International IRB, Inc. – Term Debt (13.3% PIK, Due 3/2023)^(C)(F)	$	10,226	$	10,226	$	9,357

Beverage, Food, and Tobacco – 1.5%
8^th Avenue Food & Provisions, Inc. – Term Debt (L + 7.8%, 7.9% Cash, Due 10/2026)^(D)		3,683		3,705		3,489

Cargo Transportation – 13.3%
AG Transportation Holdings, LLC – Term Debt (L + 10.0%, 13.3% Cash, Due 12/2021)^(C)		13,000		12,968		12,545

American Trailer Rental Group LLC – Term Debt (L + 8.9%, 10.4% Cash, Due 8/2025)^(C)		18,000		18,000		17,595

				30,968		30,140

Chemicals, Plastics, and Rubber – 4.8%
Phoenix Aromas & Essential Oils, LLC – Term Debt (L + 9.5%, 10.5% Cash, 2.0% PIK, Due 5/2024)^(C)		10,085		10,085		9,782

Vertellus Holdings LLC – Term Debt (L + 12.0%, 13.0% Cash, Due 10/2021)^(C)		1,099		1,099		1,038

				11,184		10,820

Diversified/Conglomerate Manufacturing – 14.1%
Magpul Industries Corp. – Term Debt (L + 11.5%, 12.5% Cash, Due 5/2026)^(C)		28,000		28,000		28,000
Tailwind Smith Cooper Intermediate Corporation – Term Debt (L + 9.0%, 9.2% Cash, Due 5/2027)^(D)		5,000		4,770		3,950

				32,770		31,950

Diversified/Conglomerate Service – 14.8%
CHA Holdings, Inc. – Term Debt (L + 8.8%, 9.8% Cash, Due 4/2026)^(D)(U)		3,000		2,952		2,640
Drive Chassis Holdco, LLC – Term Debt (L + 8.3%, 8.4% Cash, Due 4/2026)^(D)		5,000		4,779		4,325

Gray Matter Systems, LLC – Term Debt (12.0% Cash, Due 11/2023)^(C)(F)		11,100		11,100		10,601
Keystone Acquisition Corp. – Term Debt (L + 9.3%, 10.3% Cash, Due 5/2025)^(D)(U)		4,000		3,943		3,200

Prophet Brand Strategy – Delayed Draw Term Loan, $5,000 available (L + 8.5%, 10.5% Cash, Due 2/2025)^(C)		—		—		—
Prophet Brand Strategy – Term Debt (L + 8.5%, 10.5% Cash, Due 2/2025)^(C)		13,000		13,000		12,870

				35,774		33,636

Healthcare, Education, and Childcare – 2.4%
Medical Solutions Holdings, Inc. – Term Debt (L + 8.4%, 9.4% Cash, Due 6/2025)^(D)		3,000		2,968		2,700

Medical Solutions Holdings, Inc. – Term Debt (L + 8.8%, 9.8% Cash, Due 6/2025)^(D)		3,000		2,945		2,760

				5,913		5,460

Home and Office Furnishings, Housewares and Durable Consumer Products – 4.2%

Belnick, Inc. – Term Debt (11.0% Cash, Due 8/2023)^(C)(F)		10,000		10,000		9,575

Hotels, Motels, Inns, and Gaming – 2.9%
Vacation Rental Pros Property Management, LLC – Term Debt (L + 10.0%, 11.0% Cash, 3.0% PIK, Due 6/2023)^(C)		7,991		7,991		6,595

Machinery – 0.4%
CPM Holdings, Inc. – Term Debt (L + 8.3%, 8.4% Cash, Due 11/2026)^(D)		1,000		1,000		850

Oil and Gas – 10.7%
Imperative Holdings Corporation – Term Debt (L + 10.3%, 12.3% Cash, Due 9/2022)^(C)		28,000		28,000		24,220


Total Secured Second Lien Debt			$	177,531	$	166,092

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2020

(UNAUDITED)

(DOLLAR AMOUNTS IN THOUSANDS)


Company and Investment^(A)(B)(W)(Y)	Principal/ Shares/ Units^(J)(X)			Cost		Fair Value
Unsecured Debt – 1.8%
Diversified/Conglomerate Service – 0.0%
Frontier Financial Group Inc. – Convertible Debt (6.0%, Due 6/2022)^(E)(F)	$	98		$	98	$	9

Healthcare, education, and childcare – 1.8%
Edmentum Ultimate Holdings, LLC – Term Debt (10.0% PIK, Due 6/2020)^(C)(F)		4,305			4,305		4,133


Total Unsecured Debt				$	4,403	$	4,142


Preferred Equity – 2.2%
Beverage, Food, and Tobacco – 0.0%
Triple H Food Processors, LLC – Preferred Stock^(E)(G)		75			75		—

Buildings and Real Estate – 0.7%
GFRC 360, LLC – Preferred Stock^(E)(G)		1,000			1,025		1,537

Diversified/Conglomerate Service – 0.0%
Frontier Financial Group Inc. – Preferred Stock^(E)(G)		766			500		—
Frontier Financial Group Inc. – Preferred Stock Warrant^(E)(G)		168			—		—

					500		—

Oil and Gas – 0.7%
FES Resources Holdings LLC – Preferred Equity Units^(E)(G)		6,350			6,350		—
Imperative Holdings Corporation – Preferred Equity Units^(E)(G)		13,740			632		1,551

					6,982		1,551

Telecommunications – 0.8%
B+T Group Acquisition, Inc.^(S) – Preferred Stock^(E)(G)		6,130			2,024		—
NetFortris Corp. – Preferred Stock^(E)(G)		7,890,860			789		1,846

					2,813		1,846


Total Preferred Equity				$	11,395	$	4,934


Common Equity – 9.8%
Aerospace and Defense – 1.5%
Antenna Research Associates, Inc. – Common Equity Units^(E)(G)		4,283		$	4,283	$	3,482

Automobile– 0.1%
Sea Link International IRB, Inc.– Common Equity Units^(E)(G)		823,333			823		238

Beverage, Food, and Tobacco – 0.0%
Triple H Food Processors, LLC – Common Stock^(E)(G)		250,000			250		—

Buildings and Real Estate – 0.0%
GFRC 360, LLC – Common Stock Warrants^(E)(G)		45.0	%		—		—

Cargo Transportation – 1.9%
AG Transportation Holdings, LLC – Member Profit Participation^(E)(G)		27.0	%		1,350		2,456
AG Transportation Holdings, LLC – Profit Participation Warrants^(E)(G)		5.0	%		244		591
American Trailer Rental Group LLC – Common Stock^(E)(G)		6,667			1,000		1,061

					2,594		4,108

Chemicals, Plastics, and Rubber – 0.5%
Vertellus Holdings LLC – Common Stock Units^(E)(G)		879,121			3,018		1,061

Healthcare, Education, and Childcare – 2.2%
Edmentum Ultimate Holdings, LLC – Common Stock^(E)(G)		21,429			2,636		—
GSM MidCo LLC – Common Stock^(E)(G)		767			767		951
Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment)^(G)(L)(R)		3.5	%		2,152		3,957

					5,555		4,908

Machinery – 0.5%
Arc Drilling Holdings LLC – Common Stock^(E)(G)		15,000			1,500		643
Precision International, LLC – Membership Unit Warrant^(E)(G)		33.3	%		—		553

					1,500		1,196

Oil and Gas – 0.1%
FES Resources Holdings LLC – Common Equity Units^(E)(G)		6,233			—		—
Total Safety Holdings, LLC – Common Equity^(E)(G)		435			499		298

					499		298

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2020

(UNAUDITED)

(DOLLAR AMOUNTS IN THOUSANDS)


Company and Investment^(A)(B)(W)(Y)	Principal/ Shares/ Units^(J)(X)			Cost		Fair Value
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
Funko Acquisition Holdings, LLC^(S) – Common Units^(G)(T)		12,180			59		48

Telecommunications – 0.0%
B+T Group Acquisition, Inc.^(S) – Common Stock Warrant^(E)(G)		1.5	%		—		—
NetFortris Corp. – Common Stock Warrant^(E)(G)		1			1		—

					1		—
Textiles and Leather – 3.0%
Targus Cayman HoldCo, Ltd. – Common Stock^(E)(G)		3,076,414			2,062		6,890


Total Common Equity				$	20,644	$	22,229



Total Non-Control/Non-Affiliate Investments				$	422,125	$	389,967


AFFILIATE INVESTMENTS^(N)– 17.3%
Secured First Lien Debt – 3.6%
Diversified/Conglomerate Manufacturing – 3.6%
Edge Adhesives Holdings, Inc.^(S) – Line of Credit, $400 available (L + 8.0%, 10.0% Cash, Due 12/2020)^(C)	$	280		$	280	$	269
Edge Adhesives Holdings, Inc.^(S) – Term Debt (L + 10.5%, 12.5% Cash, Due 2/2022)^(C)		6,200			6,200		5,952
Edge Adhesives Holdings, Inc.^(S) – Term Debt (L + 11.8%, 13.8% Cash, Due 2/2022)^(C)		2,000			2,000		1,920

				$	8,480	$	8,141


Secured Second Lien Debt – 11.6%
Diversified Natural Resources, Precious Metals and Minerals – 11.6%
Lignetics, Inc. – Term Debt (L + 9.0%, 12.0% Cash, Due 5/2025)^(C)	$	6,000		$	6,000	$	6,000
Lignetics, Inc. – Term Debt (L + 9.0%, 12.0% Cash, Due 5/2025)^(C)		8,000			8,000		8,000
Lignetics, Inc. – Term Debt (L + 9.0%, 12.0% Cash, Due 5/2025)^(C)		3,300			3,300		3,300
Lignetics, Inc. – Term Debt (L + 9.0%, 12.0% Cash, Due 5/2025)^(C)		4,000			4,000		4,000
Lignetics, Inc. – Term Debt (L + 9.0%, 12.0% Cash, Due 5/2025)^(C)		5,000			5,000		5,000

				$	26,300	$	26,300


Preferred Equity – 1.4%
Diversified/Conglomerate Manufacturing – 0.4%
Edge Adhesives Holdings, Inc.^(S) – Preferred Stock^(E)(G)		5,466		$	5,466	$	963

Diversified Natural Resources, Precious Metals and Minerals – 0.7%
Lignetics, Inc. – Preferred Stock^(E)(G)		68,880			1,321		1,534

Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.3%
Canopy Safety Brands, LLC – Preferred Stock^(E)(G)		500,000			500		672


Total Preferred Equity				$	7,287	$	3,169


Common Equity – 0.7%
Diversified Natural Resources, Precious Metals and Minerals – 0.7%
Lignetics, Inc. – Common Stock^(E)(G)		152,603		$	1,855	$	1,612

Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
Canopy Safety Brands, LLC – Common Stock^(E)(G)		500,000			—		—


Total Common Equity				$	1,855	$	1,612



Total Affiliate Investments				$	43,922	$	39,222

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2020

(UNAUDITED)

(DOLLAR AMOUNTS IN THOUSANDS)


Company and Investment^(A)(B)(W)(Y)	Principal/ Shares/ Units^(J)(X)		Cost		Fair Value
CONTROL INVESTMENTS^(O) – 7.7%
Secured First Lien Debt – 2.4%
Diversified/Conglomerate Manufacturing – 1.8%
LWO Acquisitions Company LLC – Term Debt (L + 7.5%, 10.0% Cash, Due 6/2021)^(E)	$	6,000	$	6,000	$	3,990
LWO Acquisitions Company LLC – Term Debt (Due 6/2021)^(E)(P)		10,632		10,632		—

				16,632		3,990

Printing and Publishing – 0.6%
TNCP Intermediate HoldCo, LLC – Line of Credit, $500 available (8.0% Cash, Due 9/2021)^(E)(F)		1,500		1,478		1,500


Total Secured First Lien Debt			$	18,110	$	5,490


Secured Second Lien Debt – 3.6%
Automobile– 3.6%
Defiance Integrated Technologies, Inc. – Term Debt (L + 9.5%, 11.0% Cash, Due 5/2026)^(E)	$	8,065	$	8,065	$	8,065

Unsecured Debt – 0.0%
Diversified/Conglomerate Manufacturing – 0.0%
LWO Acquisitions Company LLC – Term Debt (Due 6/2020)^(E)(P)	$	95	$	95	$	—

Preferred Equity – 0.1%
Automobile– 0.1%
Defiance Integrated Technologies, Inc. – Preferred Stock^(E)(G)		6,043	$	250	$	250

Common Equity – 1.6%
Automobile– 0.4%
Defiance Integrated Technologies, Inc. – Common Stock^(E)(G)		33,321	$	580	$	807

Diversified/Conglomerate Manufacturing – 0.0%
LWO Acquisitions Company LLC – Common Units^(E)(G)		921,000		921		—

Machinery – 1.1%
PIC 360, LLC – Common Equity Units^(E)(G)		750		1		2,538

Printing and Publishing – 0.1%
TNCP Intermediate HoldCo, LLC – Common Equity Units^(E)(G)		790,000		500		337


Total Common Equity			$	2,002	$	3,682



Total Control Investments			$	28,522	$	17,487



TOTAL INVESTMENTS – 196.9%			$	494,569	$	446,676

^(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 $409.9 million at fair value, are pledged as collateral to 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 June 30, 2020, 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 0.9% of total investments, at fair value, as of June 30, 2020.

^(B)

Unless indicated otherwise, all cash interest rates are indexed to 30-day London Interbank Offered Rate (“LIBOR” or “L”), which was 0.16% as of June 30, 2020. 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 LIBOR plus a spread. Due dates represent the contractual maturity date.

^(C)	Fair value was based on an internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC (“ICE”).

^(D)	Fair value was based on the indicative bid price on or near June 30, 2020, 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)	Debt security is on non-accrual status.

^(I)

Reserved.

^(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)

Reserved.

^(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 does not have a stated interest rate that is payable thereon.

^(Q)	Fair value was based on the expected exit or payoff amount, where such event has occurred or is expected to occur imminently.

^(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 the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy. Our common units in Funko are convertible to class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

^(U)	The cash interest rate on this investment was indexed to 90-day LIBOR, which was 0.30% as of June 30, 2020.

^(V)	The cash interest rate on this investment was indexed to the U.S. Prime Rate (“PRIME”), which was 3.25% as of June 30, 2020.

^(W)	Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the ASC 820 fair value hierarchy. Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

^(X)	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.

^(Y)	Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of June 30, 2020.

^(Z)	Investment was exited subsequent to June 30, 2020.

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2019

(DOLLAR AMOUNTS IN THOUSANDS)


Company and Investment^(A)(B)(W)(Y)	Principal/ Shares/ Units^(J)(X)		Cost		Fair Value
NON-CONTROL/NON-AFFILIATE INVESTMENTS^(M) – 138.7%
Secured First Lien Debt – 65.6%
Aerospace and Defense – 4.8%
Antenna Research Associates, Inc. – Term Debt (L + 10.0%, 12.0% Cash, 4.0% PIK, Due 11/2023)^(C)	$	12,124	$	12,124	$	12,033

Automobile – 0.0%
Meridian Rack & Pinion, Inc.^(S) – Term Debt (L + 11.5%, 13.5% Cash, Due 12/2019)^(E)(H)		4,140		4,140		112

Buildings and Real Estate – 0.9%
GFRC 360, LLC – Line of Credit, $50 available (L + 8.0%, 10.0% Cash, Due 9/2020)^(C)		1,150		1,150		1,143

GFRC 360, LLC – Term Debt (L + 8.0%, 10.0% Cash, Due 9/2020)^(C)		1,000		1,000		994

				2,150		2,137
Diversified/Conglomerate Service – 28.4%
DKI Ventures, LLC – Line of Credit, $2,500 available (L + 8.3%, 10.3% Cash, Due 12/2021)^(C)		—		—		—
DKI Ventures, LLC – Delayed Draw Term Loan, $5,000 available (L + 8.3%, 10.3% Cash, Due 12/2023)^(C)		—		—		—
DKI Ventures, LLC – Term Debt (L + 8.3%, 10.3% Cash, Due 12/2023)^(C)		6,054		6,054		5,827
ENET Holdings, LLC – Line of Credit, $1,000 available (L + 7.3%, 9.3% Cash, Due 4/2022)^(C)		—		—		—
ENET Holdings, LLC – Term Debt (L + 7.3%, 9.3% Cash, Due 4/2025)^(C)		29,000		29,000		28,420
R2i Holdings, LLC – Line of Credit, $2,000 available (L + 8.0%, 10.0% Cash, Due 12/2021)^(C)		—		—		—
R2i Holdings, LLC – Term Debt (L + 8.0%, 10.0% Cash, Due 12/2023)^(C)		19,625		19,625		18,987
Travel Sentry, Inc. – Term Debt (L + 8.0%, 10.1% Cash, Due 12/2021)^(C)(U)		6,939		6,939		6,930
Vision Government Solutions, Inc. – Line of Credit, $2,500 available (L + 8.8%, 10.8% Cash, Due 12/2022)^(C)		—		—		—
Vision Government Solutions, Inc. – Term Debt (L + 8.8%, 10.8% Cash, Due 12/2022)^(C)		10,600		10,558		10,547


				72,176		70,711
Healthcare, Education, and Childcare – 11.2%
EL Academies, Inc. – Line of Credit, $2,000 available (L + 8.8%, 10.8% Cash, Due 8/2020)^(C)		—		—		—
EL Academies, Inc. – Delayed Draw Term Loan, $0 available (L + 8.8%, 10.8% Cash, Due 8/2022)^(C)		16,000		15,980		15,940
EL Academies, Inc. – Term Debt (L + 8.8%, 10.8% Cash, Due 8/2022)^(C)		12,000		11,975		11,955

				27,955		27,895
Machinery – 2.5%
Arc Drilling Holdings LLC – Line of Credit, $875 available (L + 8.0%, 10.0% Cash, Due 11/2020)^(C)		125		125		125
Arc Drilling Holdings LLC – Term Debt (L + 9.5%, 11.5% Cash, 3.0% PIK, Due 11/2022)^(C)		5,916		5,916		5,663
Precision International, LLC – Line of Credit, $500 available (L + 7.5%, 9.5% Cash, Due 9/2021)^(C)		—		—		—
Precision International, LLC – Term Debt (10.0% Cash, Due 9/2021)^(C)(F)		436		436		437

				6,477		6,225
Printing and Publishing – 0.0%
Chinese Yellow Pages Company – Line of Credit, $0 available (PRIME + 4.0%, 9.0% Cash, Due 2/2015)^(E)(V)		107		107		—

Telecommunications – 17.8%
B+T Group Acquisition, Inc.^(S) – Line of Credit, $435 available (L + 11.0%, 13.0% Cash, Due 12/2021)^(C)		765		765		759
B+T Group Acquisition, Inc.^(S) – Term Debt (L + 11.0%, 13.0% Cash, Due 12/2021)^(C)		6,000		6,000		5,955

NetFortris Corp. – Term Debt (L + 9.0%, 11.0% Cash, Due 2/2021)^(C)		23,302		23,269		22,137
XMedius America, Inc. – Term Debt (L + 9.3%, 11.3% Cash, Due 10/2022)^(Q)		8,690		8,690		8,777
XMedius Solutions Inc. – Term Debt (L + 9.3%, 11.3% Cash, Due 10/2022)^(Q)		6,683		6,683		6,749

				45,407		44,377


Total Secured First Lien Debt			$	170,536	$	163,490

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2019

(DOLLAR AMOUNTS IN THOUSANDS)


Company and Investment^(A)(B)(W)(Y)	Principal/ Shares/ Units^(J)(X)		Cost		Fair Value
Secured Second Lien Debt – 59.6%
Automobile – 4.0%
Sea Link International IRB, Inc. – Term Debt (11.3% Cash, Due 3/2023)^(C)(F)	$	10,000	$	9,986	$	9,913

Beverage, Food, and Tobacco – 4.2%
8^th Avenue Food & Provisions, Inc. – Term Debt (L + 7.8%, 9.8% Cash, Due 10/2026)^(D)		3,683		3,707		3,628
The Mochi Ice Cream Company – Term Debt (L + 10.5%, 12.5% Cash, Due 12/2023)^(C)		6,750		6,729		6,843


				10,436		10,471
Cargo Transportation – 5.2%
AG Transportation Holdings, LLC – Term Debt (L + 10.0%, 13.3% Cash, Due 12/2020)^(C)		13,000		13,000		12,967

Chemicals, Plastics, and Rubber – 4.4%
Phoenix Aromas & Essential Oils, LLC – Term Debt (L + 9.5%, 11.5% Cash, Due 5/2024)^(C)		10,000		10,000		9,838
Vertellus Holdings LLC – Term Debt (L + 12.0%, 14.0% Cash, Due 10/2021)^(C)		1,099		1,099		1,085


				11,099		10,923
Diversified/Conglomerate Manufacturing – 1.9%
Tailwind Smith Cooper Intermediate Corporation – Term Debt (L + 9.0%, 11.0% Cash, Due 5/2027)^(D)		5,000		4,756		4,700

Diversified/Conglomerate Service – 18.5%
CHA Holdings, Inc. – Term Debt (L + 8.8%, 10.8% Cash, Due 4/2026)^(D)(U)		3,000		2,947		3,030
DigiCert Holdings, Inc. – Term Debt (L + 8.0%, 10.0% Cash, Due 10/2025)^(D)(AA)		2,400		2,379		2,388

DiscoverOrg, LLC – Term Debt (L + 8.5%, 10.5% Cash, Due 2/2027)^(D)		3,303		3,275		3,287
Drive Chassis Holdco, LLC – Term Debt (L + 8.3%, 10.3% Cash, Due 4/2026)^(D)		5,000		4,760		4,700

Gray Matter Systems, LLC – Term Debt (12.0% Cash, Due 11/2023)^(C)(F)		11,100		11,100		10,989
Keystone Acquisition Corp. – Term Debt (L + 9.3%, 11.3% Cash, Due 5/2025)^(D)(U)		4,000		3,936		3,880

LDiscovery, LLC – Term Debt (L + 10.0%, 12.0% Cash, Due 12/2023)^(D)		5,000		4,858		4,938
Prophet Brand Strategy – Delayed Draw Term Loan, $5,000 available (L + 9.5%, 11.5% Cash, Due 2/2025)^(C)		—		—		—
Prophet Brand Strategy – Term Debt (L + 9.5%, 11.5% Cash, Due 2/2025)^(C)		13,000		13,000		13,000

				46,255		46,212
Healthcare, Education, and Childcare – 1.1%
Medical Solutions Holdings, Inc. – Term Debt (L + 8.3%, 10.3% Cash, Due 6/2025)^(D)		3,000		2,964		2,850

New Trident Holdcorp, Inc. – Term Debt (L + 10.0%, 12.1% Cash, Due 7/2020)^(E)(H)(K)(U)		4,409		4,409		—


				7,373		2,850
Home and Office Furnishings, Housewares and Durable Consumer Products – 3.9%

Belnick, Inc. – Term Debt (11.0% Cash, Due 8/2023)^(C)(F)		10,000		10,000		9,800

Hotels, Motels, Inns, and Gaming – 2.9%
Vacation Rental Pros Property Management, LLC – Term Debt (L + 10.0%, 12.0% Cash, 3.0% PIK, Due 6/2023)^(C)		7,593		7,593		7,209

Machinery – 0.4%
CPM Holdings, Inc. – Term Debt (L + 8.3%, 10.3% Cash, Due 11/2026)^(D)		1,000		1,000		990

Oil and Gas – 11.9%
Imperative Holdings Corporation – Term Debt (L + 10.3%, 12.3% Cash, Due 9/2022)^(C)		30,000		30,000		29,625

Retail Stores – 1.2%
United PF Holdings, LLC – Term Debt (L + 8.5%, 10.5% Cash, Due 6/2027)^(D)		3,000		2,956		2,970


Total Secured Second Lien Debt			$	154,454	$	148,630

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2019

(DOLLAR AMOUNTS IN THOUSANDS)


Company and Investment^(A)(B)(W)(Y)	Principal/ Shares/ Units^(J)(X)		Cost		Fair Value
Unsecured Debt – 1.6%
Healthcare, education, and childcare – 1.6%
Edmentum Ultimate Holdings, LLC – Term Debt (10.0% PIK, Due 6/2020)^(C)(F)	$	3,993	$	3,993	$	3,933

Preferred Equity – 3.3%
Automobile – 0.0%
Meridian Rack & Pinion, Inc.^(S)– Preferred Stock^(E)(G)		1,449	$	1,449	$	—

Buildings and Real Estate – 0.5%
GFRC 360, LLC – Preferred Stock^(E)(G)		1,000		1,025		1,273

Diversified/Conglomerate Service – 0.0%
Frontier Financial Group Inc. – Preferred Stock^(E)(G)		766		500		—
Frontier Financial Group Inc. – Preferred Stock Warrant^(E)(G)		169		—		—

				500		—
Oil and Gas – 2.1%
FES Resources Holdings LLC – Preferred Equity Units^(E)(G)		6,350		6,350		3,236
Imperative Holdings Corporation – Preferred Equity Units^(E)(G)		13,740		632		2,030

				6,982		5,266
Telecommunications – 0.7%
B+T Group Acquisition, Inc.^(S) – Preferred Stock^(E)(G)		5,503		1,799		—
NetFortris Corp. – Preferred Stock^(E)(G)		7,890,860		789		1,734

				2,588		1,734


Total Preferred Equity			$	12,544	$	8,273


Common Equity – 8.6%
Aerospace and Defense – 1.3%
Antenna Research Associates, Inc. – Common Equity Units^(E)(G)		4,283	$	4,283	$	3,131

Automobile– 0.5%
Sea Link International IRB, Inc.– Common Equity Units^(E)(G)		823,333		824		1,152

Beverage, Food, and Tobacco – 0.8%
The Mochi Ice Cream Company – Common Stock^(E)(G)		450		450		1,365
Triple H Food Processors, LLC – Common Stock^(E)(G)		250,000		250		650

				700		2,015
Buildings and Real Estate – 0.0%
GFRC 360, LLC – Common Stock Warrants^(E)(G)		45.0%		—		—

Cargo Transportation – 0.9%
AG Transportation Holdings, LLC – Member Profit Participation^(E)(G)		18.0%		1,000		1,511
AG Transportation Holdings, LLC – Profit Participation Warrants^(E)(G)		12.0%		244		747

				1,244		2,258
Chemicals, Plastics, and Rubber – 0.2%
Vertellus Holdings LLC – Common Stock Units^(E)(G)		879,121		3,018		525

Healthcare, Education, and Childcare – 1.8%
Edmentum Ultimate Holdings, LLC – Common Stock^(E)(G)		21,429		2,636		—
GSM MidCo LLC – Common Stock^(E)(G)		767		767		777
Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment)^(G)(L)(R)		3.5%		2,152		4,060

				5,555		4,837
Machinery – 0.5%
Arc Drilling Holdings LLC – Common Stock^(E)(G)		15,000		1,500		415
Precision International, LLC – Membership Unit Warrant^(E)(G)		33.3%		—		783

				1,500		1,198
Oil and Gas – 0.1%
FES Resources Holdings LLC – Common Equity Units^(E)(G)		6,233		—		—
Total Safety Holdings, LLC – Common Equity^(E)(G)		435		499		160

				499		160

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2019

(DOLLAR AMOUNTS IN THOUSANDS)


Company and Investment^(A)(B)(W)(Y)	Principal/ Shares/ Units^(J)(X)			Cost		Fair Value
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.1%
Funko Acquisition Holdings, LLC^(S) – Common Units^(G)(T)		12,180			59		170

Telecommunications – 0.0%
B+T Group Acquisition, Inc.^(S) – Common Stock Warrant^(E)(G)		1.5	%		—		—
NetFortris Corp.– Common Stock Warrant^(E)(G)		1			1		—

					1		—

Textiles and Leather – 2.4%
Targus Cayman HoldCo, Ltd. – Common Stock^(E)(G)		3,076,414			2,062		6,104


Total Common Equity				$	19,745	$	21,550



Total Non-Control/Non-Affiliate Investments				$	361,272	$	345,876


AFFILIATE INVESTMENTS^(N)– 14.2%
Secured First Lien Debt – 3.2%
Diversified/Conglomerate Manufacturing – 3.2%
Edge Adhesives Holdings, Inc.^(S) – Term Debt (L + 10.5%, 12.5% Cash, Due 2/2022)^(C)	$	6,200		$	6,200	$	6,045

Edge Adhesives Holdings, Inc.^(S) – Term Debt (L + 11.8%, 13.8% Cash, Due 2/2022)^(C)		2,000			2,000		1,960


					8,200		8,005


Total Secured First Lien Debt				$	8,200	$	8,005


Secured Second Lien Debt – 10.0%
Diversified Natural Resources, Precious Metals and Minerals – 8.5%
Lignetics, Inc. – Term Debt (L + 9.0%, 12.0% Cash, Due 11/2022)^(C)	$	6,000		$	6,000	$	5,940
Lignetics, Inc. – Term Debt (L + 9.0%, 12.0% Cash, Due 11/2022)^(C)		8,000			8,000		7,920
Lignetics, Inc. – Term Debt (L + 9.0%, 12.0% Cash, Due 11/2022)^(C)		3,300			3,300		3,267
Lignetics, Inc. – Term Debt (L + 9.0%, 12.0% Cash, Due 11/2022)^(C)		4,000			4,000		3,960

					21,300		21,087

Personal and Non-Durable Consumer Products (Manufacturing Only) – 1.5%
Canopy Safety Brands, LLC – Term Debt (L + 10.5%, 12.5% Cash, Due 7/2022)^(C)		3,750			3,750		3,759


Total Secured Second Lien Debt				$	25,050	$	24,846


Preferred Equity – 0.6%
Diversified/Conglomerate Manufacturing – 0.0%
Edge Adhesives Holdings, Inc.^(S) – Preferred Stock^(E)(G)		2,516		$	2,516	$	—

Diversified Natural Resources, Precious Metals and Minerals – 0.3%
Lignetics, Inc. – Preferred Stock^(E)(G)		40,000			800		947
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.3%
Canopy Safety Brands, LLC – Preferred Stock^(E)(G)		500,000			500		634


Total Preferred Equity				$	3,816	$	1,581


Common Equity – 0.4%
Diversified Natural Resources, Precious Metals and Minerals – 0.3%
Lignetics, Inc. – Common Stock^(E)(G)		152,603		$	1,855	$	805

Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.1%
Canopy Safety Brands, LLC – Common Stock^(E)(G)		500,000			—		184

Total Common Equity				$	1,855	$	989



Total Affiliate Investments				$	38,921	$	35,421

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2019

(DOLLAR AMOUNTS IN THOUSANDS)


Company and Investment^(A)(B)(W)(Y)	Principal/ Shares/ Units^(J)(X)		Cost		Fair Value
CONTROL INVESTMENTS^(O) – 8.7%
Secured First Lien Debt – 2.8%
Diversified/Conglomerate Manufacturing – 2.2%
LWO Acquisitions Company LLC – Term Debt (L + 7.5%, 10.0% Cash, Due 6/2021)^(E)	$	6,000	$	6,000	$	5,218
LWO Acquisitions Company LLC – Term Debt (Due 6/2021)^(E)(P)		10,632		10,632		—

				16,632		5,218
Printing and Publishing – 0.6%
TNCP Intermediate HoldCo, LLC – Line of Credit, $500 available (8.0% Cash, Due 9/2021)^(E)(F)		1,500		1,465		1,500


Total Secured First Lien Debt			$	18,097	$	6,718


Secured Second Lien Debt – 3.2%
Automobile– 3.2%
Defiance Integrated Technologies, Inc. – Term Debt (L + 9.5%, 11.5% Cash, Due 8/2023)^(E)	$	8,065	$	8,065	$	8,065

Unsecured Debt – 0.0%
Diversified/Conglomerate Manufacturing – 0.0%
LWO Acquisitions Company LLC – Term Debt (Due 6/2020)^(E)(P)	$	95	$	95	$	—

Common Equity – 2.7%
Automobile– 1.7%
Defiance Integrated Technologies, Inc. – Common Stock^(E)(G)		33,321	$	580	$	4,287

Diversified/Conglomerate Manufacturing – 0.0%
LWO Acquisitions Company LLC – Common Units^(E)(G)		921,000		921		—

Machinery – 0.9%
PIC 360, LLC – Common Equity Units^(E)(G)		750		1		2,311
Printing and Publishing – 0.1%
TNCP Intermediate HoldCo, LLC – Common Equity Units^(E)(G)		790,000		500		197


Total Common Equity			$	2,002	$	6,795



Total Control Investments			$	28,259	$	21,578



TOTAL INVESTMENTS^(Z) – 161.6%			$	428,452	$	402,875

^(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 $369.0 million at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5—Borrowings in the accompanying Notes to Consolidated Financial Statements. Under the 1940 Act, we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2019, our investments in Leeds, Funko, and XMedius Solutions Inc. are considered non-qualifying assets under Section 55 of the 1940 Act. Such non-qualifying assets represent 2.7% of total investments, at fair value, as of September 30, 2019.

^(B)

Unless indicated otherwise, all cash interest rates are indexed to 30-day LIBOR, which was 2.02% as of September 30, 2019. If applicable, PIK interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or LIBOR plus a spread. Due dates represent the contractual maturity date.

^(C)	Fair value was based on an internal yield analysis or on estimates of value submitted by ICE.

^(D)	Fair value was based on the indicative bid price on or near September 30, 2019, 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)	Debt security is on non-accrual status.

^(I)

Reserved.

^(J)

^(K)	In February 2019, New Trident Holdcorp, Inc. filed for Chapter 11 bankruptcy protection.

^(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 does not have a stated interest rate that is payable thereon.

^(Q)	Fair value was based on the expected exit or payoff amount, where such event has occurred or is expected to occur imminently.

^(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 the ASC 820 fair value hierarchy. Our common units in Funko are convertible to class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

^(U)	The cash interest rate on this investment was indexed to 90-day LIBOR, which was 2.09% as of September 30, 2019.

^(V)	The cash interest rate on this investment was indexed to PRIME, which was 5.00% as of September 30, 2019.

^(W)	Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the ASC 820 fair value hierarchy. Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

^(X)	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.

^(Y)	Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of September 30, 2019.

^(Z)	Cumulative gross unrealized depreciation for federal income tax purposes is $55.6 million; cumulative gross unrealized appreciation for federal income tax purposes is $19.8 million. Cumulative net unrealized depreciation is $35.8 million, based on a tax cost of $438.6 million.

^(AA)

Investment was exited subsequent to September 30, 2019.

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

GLADSTONE CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

JUNE 30, 2020

(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 $15 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 of established businesses 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 to our line of credit. The financial statements of Business Loan are consolidated with those of Gladstone Capital Corporation. We also have significant subsidiaries (as defined under Rule 1-02(w) of the U.S. Securities and Exchange Commission’s (“SEC”) Regulation S-X) whose financial statements are not consolidated with ours. Refer to Note 12 – Unconsolidated Significant Subsidiaries for additional information regarding our unconsolidated significant subsidiaries.

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

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Unaudited Interim Financial Statements and Basis of Presentation

We prepare our interim financial statements in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, we have not included in this quarterly report all of the information and notes required by GAAP for annual financial statements. The accompanying Consolidated Financial Statements include our accounts and those of our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. In accordance with Article 6 of Regulation S-X, we do not consolidate portfolio company investments. Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. In our opinion, all adjustments, consisting solely of normal recurring accruals, necessary for the fair statement of financial statements for the interim periods have been included. The results of operations for the three and nine months ended June 30, 2020 are not necessarily indicative of results that ultimately may be achieved for the fiscal year ending September 30, 2020 or any future interim periods. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2019, as filed with the SEC on November 13, 2019 and amended on December 16, 2019.

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.

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

In accordance with the 1940 Act, our Board of Directors has the ultimate responsibility for reviewing and determining, in good faith, the fair value of our investments for which market quotations are not readily available based on our investment valuation policy (which has been approved by our Board of Directors) (the “Policy”). Such review occurs in three phases. First, prior to its quarterly meetings, the Board of Directors receives written valuation recommendations and supporting materials provided by professionals of the Adviser and Administrator with oversight and direction from the chief valuation officer (the “Valuation Team”). Second, the Valuation Committee of our Board of Directors (comprised entirely of independent directors) meets to review the valuation recommendations and supporting materials presented by the chief valuation officer. Third, after the Valuation Committee concludes its meeting, it and the chief valuation officer present the Valuation Committee’s findings to the entire Board of Directors so that the full Board of Directors may review and determine in good faith the fair value 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.

ICE Data Pricing and Reference Data, LLC (“ICE”), a valuation specialist, generally provides estimates of fair value on our proprietary debt investments. The Valuation Team generally assigns ICE’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 ICE’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 ICE’s. When this occurs, our Valuation Committee and Board of Directors review whether the Valuation Team has followed the Policy and whether the Valuation Team’s recommended fair value is reasonable in light of the Policy and other facts and circumstances before determining fair value.

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 makes a recommendation to our Valuation Committee and Board of Directors as to the fair value. Our Board of Directors reviews the recommended fair value, and whether it is reasonable in light of the Policy, and other relevant facts and circumstances before determining fair value.

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 obtained from our indexing methodology whereby the original transaction EBITDA at the time of our closing is indexed to a general subset of comparable disclosed transactions and EBITDA 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.

TEV is primarily calculated using EBITDA; however, TEV may also be calculated using 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. Generally, the Valuation Team uses a DCF analysis to calculate TEV to corroborate estimates of value for our equity investments where we do not have the ability to effectuate a sale of a portfolio company or for debt of credit impaired portfolio companies.

•

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 ICE 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 explained 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, we generally base fair value on the closing market price of the securities we hold as of the reporting date. For restricted securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date less a discount for the restriction, which includes consideration of the nature and term to expiration of the restriction.

•

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.

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 June 30, 2020, loans to B+T Group Acquisition Inc. (“B+T”) were on non-accrual status with an aggregate debt cost basis of $7.2 million, or 1.6% of the cost basis of all debt investments in our portfolio, and an aggregate fair value of approximately $6.6 million, or 1.6% of the fair value of all debt investments in our portfolio. As of September 30, 2019, loans to Meridian Rack & Pinion Inc. and New Trident Holdcorp, Inc. were on non-accrual status with an aggregate debt cost basis of approximately $8.5 million, or 2.2% of the cost basis of all debt investments in our portfolio, and an aggregate fair value of approximately $0.1 million, or 0.0% 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 June 30, 2020 and September 30, 2019, we held five and ten OID loans, respectively, primarily from the syndicated loans in our portfolio. We recorded OID income of $46 thousand and $0.3 million during the three and nine months ended June 30, 2020, respectively, and $35 thousand and $0.1 million during the three and nine months ended June 30, 2019, respectively. The unamortized balance of OID investments as of June 30, 2020 and September 30, 2019 totaled $0.6 million and $0.8 million, respectively. As of June 30, 2020 and September 30, 2019, we had seven and four investments which had a PIK interest component, respectively. We recorded PIK interest income of $1.0 million and $1.7 million during the three and nine months ended June 30, 2020, respectively, as compared to $0.3 million and $1.1 million during the three and nine months ended June 30, 2019, respectively. We collected $0 in PIK interest in cash during the three and nine months ended June 30, 2020 and 2019.

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.

Restricted Cash and Cash Equivalents

Restricted cash and cash equivalents are generally cash and cash equivalents held in escrow received as part of an investment exit. Restricted cash and cash equivalents are carried at cost, which approximates fair value.

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 revolving line of credit are deferred and amortized using the straight-line method, which approximates the effective interest method, over the term of the revolving line of credit. 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. Costs associated with the issuance of our mandatorily redeemable preferred stock are presented as discounts to the liquidation value of the mandatorily redeemable preferred stock and are amortized using the straight-line method, which approximates the effective interest method, over the term of the respective series of preferred stock. Refer to Note 5 — Borrowings and Note 6 — Mandatorily Redeemable Preferred Stock for further discussion.

Related Party Fees

We are party to the Advisory Agreement with the Adviser, which is 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 Fifth Amended and Restated Credit Agreement with KeyBank National Association (“KeyBank”), as administrative agent, lead arranger and lender (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 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.

Recent Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 was effective immediately. The adoption of ASU 2020-04 did not have a material impact on our financial position, results of operations or cash flows.

In August 2018, the FASB issued Accounting Standards Update 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value” (“ASU 2018-13”), which modifies the disclosure requirements in ASC 820. We are currently assessing the impact of ASU 2018-13 and do not anticipate a material impact on our disclosures. ASU 2018-13 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted.

NOTE 3. INVESTMENTS

Fair Value

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

•

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

•

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

•

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

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

As of June 30, 2020, 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 Novamark Capital I, L.P. (“Leeds”), which was valued using NAV as a practical expedient. As of September 30, 2019, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in 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 nine months ended June 30, 2020 and 2019, there were no investments transferred into or out of Levels 1, 2 or 3 of the valuation hierarchy.

As of June 30, 2020 and September 30, 2019, 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 June 30, 2020:
Secured first lien debt	$	206,201		$	—	$	—		$	206,201
Secured second lien debt		200,457			—		—			200,457
Unsecured debt		4,142			—		—			4,142
Preferred equity		8,353			—		—			8,353
Common equity/equivalents		23,566	^(A)		—		48	^(B)		23,518

Total Investments at June 30, 2020	$	442,719		$	—	$	48		$	442,671


				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, 2019:
Secured first lien debt	$	178,213		$	—	$	—		$	178,213
Secured second lien debt		181,541			—		—			181,541
Unsecured debt		3,933			—		—			3,933
Preferred equity		9,854			—		—			9,854
Common equity/equivalents		25,274	^(A)		—		170	^(B)		25,104

Total Investments at September 30, 2019	$	398,815		$	—	$	170		$	398,645

^(A)	Excludes our investment in Leeds with a fair value of $4.0 million and $4.1 million as of June 30, 2020 and September 30, 2019, 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.

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 June 30, 2020 and September 30, 2019, 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)
	June 30, 2020			September 30, 2019
Non-Control/Non-Affiliate Investments
Secured first lien debt	$	192,570		$	163,490
Secured second lien debt		166,092			148,630
Unsecured debt		4,142			3,933
Preferred equity		4,934			8,273
Common equity/equivalents		18,224	^(A)		17,320	^(B)

Total Non-Control/Non-Affiliate Investments	$	385,962		$	341,646


Affiliate Investments
Secured first lien debt	$	8,141		$	8,005
Secured second lien debt		26,300			24,846
Preferred equity		3,169			1,581
Common equity/equivalents		1,612			989

Total Affiliate Investments	$	39,222		$	35,421


Control Investments
Secured first lien debt	$	5,490		$	6,718
Secured second lien debt		8,065			8,065
Preferred equity		250			—
Common equity/equivalents		3,682			6,795

Total Control Investments	$	17,487		$	21,578


Total Investments at Fair Value Using Level 3 Inputs	$	442,671		$	398,645

^(A)	Excludes our investments in Leeds and Funko with fair values of $4.0 million and $48 thousand, respectively, as of June 30, 2020. Leeds was valued using NAV as a practical expedient, and Funko was valued using Level 2 inputs.

^(B)	Excludes our investments in Leeds and Funko with fair values of $4.1 million and $0.2 million, respectively, as of September 30, 2019. Leeds was valued using NAV as a practical expedient, and Funko was valued using Level 2 inputs.

In accordance with ASC 820, the following table provides quantitative information about our Level 3 fair value measurements of our investments as of June 30, 2020 and September 30, 2019. 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

Fair Value as of

Range / Weighted Average as of

June 30,
2020

September 30,
2019

Valuation
Techniques/
Methodologies

Unobservable
Input

June 30,
2020

September 30,
2019

Secured first lien debt^(A)

188,680

171,383

Yield Analysis

Discount Rate

9.0% - 22.9% /
14.2%

9.8% - 18.0% /
12.4%

17,521

6,830

TEV

EBITDA multiple

5.0x - 5.0x /

5.0x

6.5x - 6.5x /

6.5x

EBITDA

$6,217 - $6,217 /
$6,217

$830 - $830 /
$830

Revenue multiple

0.3x - 0.3x /

0.3x

0.3x - 0.3x /

0.3x

Revenue

$7,337 - $13,300 /
$12,807

$6,663 - $18,978 /
$17,959

Secured second lien debt

168,478

136,115

Yield Analysis

Discount Rate

10.8% - 21.8% /
14.6%

11.5% - 16.8% /
12.6%

23,914

37,361

Market Quote

IBP

79.0% - 94.8% /
86.4%

94.0% - 101.0% /
97.3

8,065

8,065

TEV

EBITDA multiple

5.1x - 5.1x /

5.1x

5.4x - 6.5x /

5.8x

EBITDA

$3,330 - $3,330 /
$3,330

$3,571 - $37,311 /
$15,498

Unsecured debt

4,133

3,933

Yield Analysis

Discount Rate

12.9% - 12.9% /
12.9%

12.2% - 12.2% /
12.2%

TEV

Revenue multiple

0.3x - 1.4x /

0.8x

—

Revenue

$891 - $13,300 /
$6,999

—

Preferred and common equity / equivalents^(B)

31,871

34,958

TEV

EBITDA multiple

3.1x - 9.6x /

6.1x

3.3x - 8.9x /

6.4x

EBITDA

$483 - $95,222 /
$16,463

$715 - $48,973 /
$14,853

Revenue multiple

0.3x - 1.4x /

0.8x

0.3x - 1.4x /

0.8x

Revenue

$891 - $57,516 /
$22,797

$1,033 - $61,584 /
$25,814

Total Level 3 Investments, at Fair Value

442,671

398,645

^(A)

Fair value as of June 30, 2020 includes one proprietary debt investment totaling $13.7 million, which was valued using the expected payoff amount as the unobservable input. Fair value as of September 30, 2019 includes two proprietary debt investments totaling $15.5 million, which were valued using the expected payoff amount as the unobservable input.

^(B)

Fair value as of June 30, 2020 excludes our investments in Leeds and Funko with fair values of $4.0 million and $48 thousand, respectively, as of June 30, 2020. Fair value as of September 30, 2019 excludes our investments in Leeds and Funko with fair values of $4.1 million and $0.2 million, respectively, as of September 30, 2019. Leeds was valued using NAV as a practical expedient and Funko was valued using Level 2 inputs as of both June 30, 2020 and September 30, 2019.

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 an increase/(decrease) in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a corresponding increase/(decrease), respectively, in the fair value of certain of our investments.

Changes in Level 3 Fair Value Measurements of Investments

The following tables provide the changes in fair value, broken out by security type, during the three and nine months ended June 30, 2020 and 2019 for all investments for which we determine fair value using unobservable (Level 3) inputs.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)


Three months ended June 30, 2020	Secured First Lien Debt			Secured Second Lien Debt			Unsecured Debt			Preferred Equity		Common Equity/ Equivalents			Total

Fair Value as of March 31, 2020	$	187,597		$	174,822		$	3,969		$	7,088	$	20,462		$	393,938
Total gains (losses):
Net realized gain (loss)^(A)		(92	)		(40	)		—			—		25			(107	)
Net unrealized appreciation (depreciation)^(B)		(87	)		4,407			(30	)		1,015		3,057			8,362
Reversal of prior period net depreciation (appreciation) on realization^(B)		534			458			—			—		—			992
New investments, repayments and settlements:^(C)
Issuances/originations		25,528			30,559			203			250		—			56,540
Settlements/repayments		(7,372	)		(9,789	)		—			—		—			(17,161	)
Net proceeds from sales		93			40			—			—		(26	)		107

Fair Value as of June 30, 2020	$	206,201		$	200,457		$	4,142		$	8,353	$	23,518		$	442,671

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)


Nine months ended June 30, 2020	Secured First Lien Debt			Secured Second Lien Debt			Unsecured Debt			Preferred Equity			Common Equity/ Equivalents			Total

Fair Value as of September 30, 2019	$	178,213		$	181,541		$	3,933		$	9,854		$	25,104		$	398,645
Total gains (losses):
Net realized gain (loss)^(A)		(4,232	)		(4,449	)		—			(1,449	)		2,533			(7,597	)
Net unrealized appreciation (depreciation)^(B)		(14,568	)		(10,156	)		(201	)		(5,522	)		65			(30,382	)
Reversal of prior period net depreciation (appreciation) on realization^(B)		4,647			4,745			—			1,449			(2,550	)		8,291
New investments, repayments and settlements:^(C)
Issuances/originations		67,088			56,709			410			4,021			1,350			129,578
Settlements/repayments		(25,040	)		(27,973	)		—			—			—			(53,013	)
Net proceeds from sales		93			40			—			—			(2,984	)		(2,851	)

Fair Value as of June 30, 2020	$	206,201		$	200,457		$	4,142		$	8,353		$	23,518		$	442,671

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)


Three months ended June 30, 2019	Secured First Lien Debt			Secured Second Lien Debt			Unsecured Debt			Preferred Equity		Common Equity/ Equivalents			Total

Fair Value as of March 31, 2019	$	189,281		$	148,691		$	3,771		$	15,591	$	26,038		$	383,372
Total gains (losses):
Net realized gain (loss)^(A)		(90	)		3			—			—		—			(87	)
Net unrealized appreciation (depreciation)^(B)		(737	)		767			(10	)		354		2,445			2,819
Reversal of prior period net (appreciation) depreciation on realization^(B)		(450	)		1			—			—		—			(449	)
New investments, repayments and settlements:^(C)
Issuances/originations		36,323			23,057			94			—		—			59,474
Settlements/repayments		(37,875	)		(2,508	)		—			—		(1,408	)		(41,791	)
Net proceeds from sales		90			(3	)		—			—		—			87
Transfers		—			—			—			—		—			—

Fair Value as of June 30, 2019	$	186,542		$	170,008</

10-Q	2020-06-30	Filed 2020-07-29
10-Q	2020-03-31	Filed 2020-05-04
10-Q	2019-12-31	Filed 2020-02-05
10-K	2019-09-30	Filed 2019-11-13
10-Q	2019-06-30	Filed 2019-08-05
10-Q	2019-03-31	Filed 2019-05-01
10-Q	2018-12-31	Filed 2019-02-06
10-K	2018-09-30	Filed 2018-11-14
10-Q	2018-06-30	Filed 2018-07-31
10-Q	2018-03-31	Filed 2018-05-02
10-Q	2017-12-31	Filed 2018-02-05
10-K	2017-09-30	Filed 2017-11-20
10-Q	2017-06-30	Filed 2017-08-02
10-Q	2017-03-31	Filed 2017-05-03
10-Q	2016-12-31	Filed 2017-02-08
10-K	2016-09-30	Filed 2016-11-21
10-Q	2016-06-30	Filed 2016-08-03
10-Q	2016-03-31	Filed 2016-05-04
10-Q	2015-12-31	Filed 2016-02-08
10-K	2015-09-30	Filed 2015-11-23
10-Q	2015-06-30	Filed 2015-07-29
10-Q	2015-03-31	Filed 2015-05-06
10-Q	2014-12-31	Filed 2015-02-02
10-K	2014-09-30	Filed 2014-11-12
10-Q	2014-06-30	Filed 2014-07-30
10-Q	2014-03-31	Filed 2014-04-30
10-Q	2013-12-31	Filed 2014-02-03
10-K	2013-09-30	Filed 2013-11-20
10-Q	2013-06-30	Filed 2013-07-31
10-Q	2013-03-31	Filed 2013-04-30
10-Q	2012-12-31	Filed 2013-01-29
10-K	2012-09-30	Filed 2012-11-13
10-Q	2012-06-30	Filed 2012-08-01
10-Q	2012-03-31	Filed 2012-05-01
10-K	2011-09-30	Filed 2011-11-14
10-Q	2011-06-30	Filed 2011-08-03
10-Q	2011-03-31	Filed 2011-05-03
10-Q	2010-12-31	Filed 2011-02-07
10-K	2010-09-30	Filed 2010-11-22
10-Q	2010-06-30	Filed 2010-08-09
10-Q	2010-03-31	Filed 2010-05-04
10-Q	2009-12-31	Filed 2010-02-01

8-K	2020-07-29	Earnings, Exhibits
8-K	2020-07-14	Regulation FD, Exhibits
8-K	2020-05-04
8-K	2020-04-14
8-K	2020-02-06
8-K	2020-02-05
8-K	2020-01-14
8-K	2019-11-13
8-K	2019-10-08
8-K	2019-10-02
8-K	2019-08-21
8-K	2019-08-05
8-K	2019-07-10
8-K	2019-07-09
8-K	2019-05-01
8-K	2019-04-09
8-K	2019-02-07
8-K	2019-02-06
8-K	2019-01-08
8-K	2018-11-14
8-K	2018-11-01
8-K	2018-10-09
8-K	2018-07-31
8-K	2018-07-10
8-K	2018-05-10
8-K	2018-05-02
8-K	2018-04-10
8-K	2018-03-09
8-K	2018-02-08
8-K	2018-02-05
8-K	2018-01-09

EX-31.1	d901194dex311.htm
EX-31.2	d901194dex312.htm
EX-32.1	d901194dex321.htm
EX-32.2	d901194dex322.htm

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company