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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark one):
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM ______ TO _______
COMMISSION FILE NUMBER: 814-00237
GLADSTONE CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
Maryland
54-2040781
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1521 WESTBRANCH DRIVE, SUITE 100
22102
McLean, Virginia
(Zip Code)
(Address of principal executive office)
(703) 287-5800
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.001 par value per shareGLADThe Nasdaq Stock Market LLC
7.75% notes due 2028GLADZThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
o
Accelerated filer
o
Non-accelerated filerx
Smaller reporting company
o
Emerging growth company
o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý
The number of shares of the issuer’s common stock, $0.001 par value per share, outstanding as of April 30, 2024 was 21,754,471.


GLADSTONE CAPITAL CORPORATION
TABLE OF CONTENTS
1

Part I. Financial information
Item 1 Financial Statements (Unaudited)
GLADSTONE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
March 31,
2024
September 30,
2023
ASSETS
Investments, at fair value:
Non-Control/Non-Affiliate investments (Cost of $737,440 and $671,397, respectively)
$744,180 $663,544 
Affiliate investments (Cost of $16,746 and $16,746, respectively)
10,382 10,421 
Control investments (Cost of $36,356 and $34,126, respectively)
37,026 30,850 
Cash and cash equivalents5,284 1,306 
Restricted cash and cash equivalents128 95 
Interest receivable, net7,684 6,100 
Due from administrative agent2,640 2,936 
Deferred financing costs, net1,118 1,335 
Other assets, net3,612 2,911 
TOTAL ASSETS$812,054 $719,498 
LIABILITIES
Line of credit at fair value (Cost of $117,200 and $47,800, respectively)
$117,200 $47,800 
Notes payable, net of unamortized deferred financing costs of $3,385 and $3,886, respectively
253,615 253,114 
Accounts payable and accrued expenses1,009 1,006 
Interest payable3,011 2,956 
Fees due to Adviser(A)
3,906 3,872 
Fee due to Administrator(A)
705 479 
Other liabilities241 1,576 
TOTAL LIABILITIES$379,687 $310,803 
Commitments and contingencies(B)
Preferred Stock, $0.001 par value per share, 6,000,000 and 6,000,000 shares authorized, respectively, and 70,044 and 0 shares issued and outstanding, respectively
$1,576 $ 
NET ASSETS
Common stock, $0.001 par value per share, 44,000,000 and 44,000,000 shares authorized, respectively, and 43,508,897 and 43,508,897 shares issued and outstanding, respectively
$44 $44 
Capital in excess of par value481,478 481,480 
Cumulative net unrealized appreciation (depreciation) of investments1,046 (17,454)
Under (over) distributed net investment income5,694 4,741 
Accumulated net realized losses(57,471)(60,116)
Total distributable loss(50,731)(72,829)
TOTAL NET ASSETS $430,791 $408,695 
NET ASSET VALUE PER COMMON SHARE$9.90 $9.39 
(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.
2

GLADSTONE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
Three Months Ended
March 31,
Six Months Ended
March 31,
2024202320242023
INVESTMENT INCOME
Interest income
Non-Control/Non-Affiliate investments
$22,020 $17,082 $42,830 $32,868 
Affiliate investments
 968  1,842 
Control investments
285 708 1,036 1,398 
Cash and cash equivalents
25 45 52 64 
Total interest income (excluding PIK interest income)
22,330 18,803 43,918 36,172 
PIK interest income
Non-Control/Non-Affiliate investments
1,303 563 2,630 1,351 
Affiliate investments
 137  276 
Control investments
82 75 163 146 
Total PIK interest income
1,385 775 2,793 1,773 
Total interest income
23,715 19,578 46,711 37,945 
Success fee income
Non-Control/Non-Affiliate investments
 600  600 
Affiliate Investments    
Total success fee income 600  600 
Dividend income
Non-Control/Non-Affiliate investments 281 185 788 
Control investments   329 
Total dividend income 281 185 1,117 
Other income282 102 322 193 
Total investment income23,997 20,561 47,218 39,855 
EXPENSES
Base management fee(A)
3,439 2,898 6,684 5,727 
Loan servicing fee(A)
2,260 1,923 4,388 3,797 
Incentive fee(A)
2,669 2,408 5,653 4,589 
Administration fee(A)
469 417 923 820 
Interest expense
5,732 4,909 10,764 9,538 
Amortization of deferred financing costs
441 381 870 759 
Professional fees
278 232 508 513 
Other general and administrative expenses
638 404 1,133 708 
Expenses, before credits from Adviser
15,926 13,572 30,923 26,451 
Credit to base management fee - loan servicing fee(A)
(2,260)(1,923)(4,388)(3,797)
Credits to fees from Adviser - other(A)
(446)(720)(2,028)(1,156)
Total expenses, net of credits
13,220 10,929 24,507 21,498 
NET INVESTMENT INCOME10,777 9,632 22,711 18,357 
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss):
Non-Control/Non-Affiliate investments
219 403 219 10,738 
Affiliate investments    
Control investments
  259 (1,016)
Other
1,949 25 1,952 278 
Total net realized gain (loss)
2,168 428 2,430 10,000 
Net unrealized appreciation (depreciation):
Non-Control/Non-Affiliate investments
7,542 1,819 14,593 (13,406)
Affiliate investments
(334)34 (39)2,245 
Control investments
3,487 (88)3,946 327 
Other
 161  161 
Total net unrealized appreciation (depreciation)
10,695 1,926 18,500 (10,673)
Net realized and unrealized gain (loss)
12,863 2,354 20,930 (673)
PREFERRED STOCK DIVIDENDS8  8  
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS$23,632 $11,986 $43,633 $17,684 
BASIC AND DILUTED PER COMMON SHARE:
Net investment income
$0.25 $0.26 $0.52 $0.51 
Net increase (decrease) in net assets resulting from operations
$0.54 $0.33 $1.00 $0.49 
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: Basic and Diluted
43,508,897 36,604,182 43,508,897 35,898,020 
(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.
3

GLADSTONE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(DOLLAR AMOUNTS IN THOUSANDS)
(UNAUDITED)
20242023
NET ASSETS, SEPTEMBER 30
$408,695 $315,487 
OPERATIONS
Net investment income
11,934 8,725 
Net realized gain (loss) on investments
259 9,319 
Net realized gain (loss) on other
3 253 
Net unrealized appreciation (depreciation) of investments
7,805 (12,599)
Net increase (decrease) in net assets resulting from operations
20,001 5,698 
DISTRIBUTIONS
Distributions to common stockholders from net investment income ($0.25 per share and $0.21 per share, respectively)(A)
(10,768)(7,398)
Net decrease in net assets from distributions(10,768)(7,398)
CAPITAL TRANSACTIONS
Issuance of common stock 10,721 
Discounts, commissions and offering costs for issuance of common stock (182)
Net increase (decrease) in net assets resulting from capital transactions 10,539 
NET INCREASE (DECREASE) IN NET ASSETS9,233 8,839 
NET ASSETS, DECEMBER 31$417,928 $324,326 
OPERATIONS
Net investment income
10,777 9,632 
Net realized gain (loss) on investments
219 403 
Net realized gain (loss) on other
1,949 25 
Net unrealized appreciation (depreciation) of investments
10,695 1,765 
Net unrealized depreciation of other
 161 
Preferred stock dividends
(8) 
Net increase (decrease) in net assets resulting from operations
23,632 11,986 
DISTRIBUTIONS
Distributions to common stockholders from net investment income ($0.25 per share and $0.23 per share, respectively)(A)
(10,769)(8,257)
Net decrease in net assets from distributions(10,769)(8,257)
CAPITAL TRANSACTIONS
Issuance of common stock 13,993 
Discounts, commissions and offering costs for issuance of common stock (237)
Net increase (decrease) in net assets resulting from capital transactions 13,756 
NET INCREASE (DECREASE) IN NET ASSETS12,863 17,485 
NET ASSETS, MARCH 31$430,791 $341,811 
(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.
4


GLADSTONE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLAR AMOUNTS IN THOUSANDS)
(UNAUDITED)
Six Months Ended March 31,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations$43,633 $17,684 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchase of investments(102,733)(77,469)
Principal repayments on investments35,983 34,670 
Net proceeds from sale of investments3,182 14,552 
Increase in investments due to PIK interest or other
(2,604)(1,952)
Net change in premiums, discounts and amortization330 221 
Net realized loss (gain) on investments(478)(9,722)
Net realized loss (gain) on other(1,952)(278)
Net unrealized depreciation (appreciation) of investments(18,500)10,834 
Net unrealized depreciation of other (161)
Amortization of deferred financing costs870 759 
Changes in assets and liabilities:
Decrease (increase) in interest receivable, net(1,584)(305)
Decrease (increase) in funds due from administrative agent296 (2,487)
Decrease (increase) in other assets, net(702)(294)
Increase (decrease) in accounts payable and accrued expenses3 119 
Increase (decrease) in interest payable55 262 
Increase (decrease) in fees due to Adviser(A)
34 1,053 
Increase (decrease) in fee due to Administrator(A)
226 182 
Increase (decrease) in other liabilities(1,335)16 
Net cash provided by (used in) operating activities(45,276)(12,316)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit134,300 100,400 
Repayments on line of credit(64,900)(89,600)
Proceeds from issuance of notes payable  
Redemption of notes payable  
Financing costs(152)(203)
Proceeds from issuance of common stock 24,714 
Proceeds from issuance of preferred stock1,576  
Discounts, commissions and offering costs for issuance of common stock (398)
Distributions paid to common stockholders(21,537)(15,655)
Net cash provided by (used in) financing activities49,287 19,258 
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS4,011 6,942 
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD1,401 2,107 
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD$5,412 $9,049 
CASH PAID FOR INTEREST$10,709 $9,276 
NON-CASH ACTIVITIES(B)
$ $2,416 
(A)Refer to Note 4—Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.
(B)Non-cash activities relate to the October 2022 exit of our investment in Targus Cayman HoldCo Ltd., which was sold for net proceeds of approximately $8.0 million, resulting in a realized gain of approximately $5.9 million. As part of the proceeds, we received an interest in B. Riley Financial, Inc. 6.75% senior notes in the amount of $2.4 million.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
5

GLADSTONE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
MARCH 31, 2024
(UNAUDITED)
(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)
Principal/
Shares/
Units(J)(I)
CostFair Value
NON-CONTROL/NON-AFFILIATE INVESTMENTS(M)172.8%
Secured First Lien Debt – 126.9%
Aerospace and Defense – 21.6%
Antenna Research Associates, Inc. – Term Debt (S + 10.0%, 15.3% Cash, 4.0% PIK, Due 11/2026)(E)
$30,635 $30,635 $30,635 
Ohio Armor Holdings, LLC – Term Debt (S + 8.0%, 13.3% Cash, Due 2/2026)(C)
17,150 17,150 17,150 
SpaceCo Holdings, LLC – Line of Credit, $0 available (S + 6.9%, 12.2% Cash, Due 12/2025)(C)(U)
2,000 2,000 2,000 
SpaceCo Holdings, LLC – Term Debt (S + 6.9%, 12.2% Cash, Due 12/2025)(C)(U)
43,351 42,830 43,351 
92,615 93,136 
Beverage, Food, and Tobacco – 16.2%
Café Zupas – Line of Credit, $1,750 available (S + 7.0%, 12.3% Cash, Due 12/2027)(C)
   
Café Zupas – Delayed Draw Term Loan, $7,700 available (S + 7.0%, 12.3% Cash, Due 12/2027)(C)
2,800 2,800 2,828 
Café Zupas – Term Debt (S + 7.0%, 12.3% Cash, Due 12/2027)(C)
26,250 26,250 26,513 
Eegee’s LLC – Line of Credit, $500 available (S + 7.8%, 13.1% Cash, Due 6/2026)(C)
1,500 1,500 1,443 
Eegee’s LLC – Delayed Draw Term Loan, $4,500 available (S + 7.8%, 8.0% Cash, 5.1% PIK, Due 6/2026)(C)
3,065 3,065 2,948 
Eegee’s LLC – Term Debt (S + 7.8%, 8.0% Cash, 5.1% PIK, Due 6/2026)(C)
17,368 17,368 16,708 
Salt & Straw, LLC – Line of Credit, $2,000 available (S + 9.1%, 14.4% Cash, Due 9/2027)(C)
   
Salt & Straw, LLC – Delayed Draw Term Loan, $3,500 available (S + 9.1%, 14.4% Cash, Due 9/2027)(C)
10,850 10,672 10,769 
Sokol & Company Holdings, LLC – Term Debt (S + 6.8%, 12.1% Cash, Due 8/2027)(C)
8,500 8,500 8,500 
70,155 69,709 
Buildings and Real Estate – 0.5%
GFRC 360, LLC – Line of Credit, $175 available (S + 8.0%, 13.3% Cash, Due 9/2024)(C)
1,275 1,275 1,286 
GFRC 360, LLC – Term Debt (S + 8.0%, 13.3% Cash, Due 9/2024)(C)
1,000 1,000 1,009 
2,275 2,295 
Diversified/Conglomerate Manufacturing – 26.9%
Engineering Manufacturing Technologies, LLC – Line of Credit, $3,000 available (S + 8.3%, 13.6% Cash, Due 10/2026)(C)
   
Engineering Manufacturing Technologies, LLC – Term Debt (S + 8.3%, 10.0% Cash, 3.6% PIK, Due 10/2026)(C)
21,827 21,827 22,046 
NeoGraf Solutions LLC – Line of Credit, $4,500 available (S + 7.0%, 11.0% Cash, 1.3% PIK, Due 1/2028)(C)
   
NeoGraf Solutions LLC – Term Debt (S + 7.0%, 11.0% Cash, 1.3% PIK, Due 1/2028)(C)
27,338 27,338 25,662 
OCI, LLC – Term Debt (S + 7.5%, 12.8% Cash, Due 5/2028)(C)
18,500 18,500 18,870 
Salvo Technologies, Inc. – Term Debt (S + 9.5%, 14.8% Cash, Due 4/2027)(C)
11,708 11,684 11,774 
Unirac Holdings, Inc. – Line of Credit, $1,467 available (S + 6.5%, 11.8% Cash, Due 9/2027)(C)
756 756 763 
Unirac Holdings, Inc. – Delayed Draw Term Loan, $1,675 available (S + 6.5%, 11.8% Cash, Due 9/2027)(C)