0001143513September 302025Q3false0.5xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureglad:loanglad:investmentglad:portfolioCompanyglad:stateglad:industryglad:obligorglad:distribution00011435132024-10-012025-06-300001143513us-gaap:CommonStockMember2024-10-012025-06-300001143513glad:A775NotesDue2028Member2024-10-012025-06-3000011435132025-08-010001143513us-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513us-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-3000011435132025-06-3000011435132024-09-300001143513glad:TheAdviserMemberus-gaap:RelatedPartyMember2025-06-300001143513glad:TheAdviserMemberus-gaap:RelatedPartyMember2024-09-300001143513glad:TheAdministratorMemberus-gaap:RelatedPartyMember2025-06-300001143513glad:TheAdministratorMemberus-gaap:RelatedPartyMember2024-09-300001143513us-gaap:InvestmentUnaffiliatedIssuerMember2025-04-012025-06-300001143513us-gaap:InvestmentUnaffiliatedIssuerMember2024-04-012024-06-300001143513us-gaap:InvestmentUnaffiliatedIssuerMember2024-10-012025-06-300001143513us-gaap:InvestmentUnaffiliatedIssuerMember2023-10-012024-06-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMember2025-04-012025-06-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMember2024-04-012024-06-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMember2024-10-012025-06-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMember2023-10-012024-06-300001143513us-gaap:CashAndCashEquivalentsMember2025-04-012025-06-300001143513us-gaap:CashAndCashEquivalentsMember2024-04-012024-06-300001143513us-gaap:CashAndCashEquivalentsMember2024-10-012025-06-300001143513us-gaap:CashAndCashEquivalentsMember2023-10-012024-06-3000011435132025-04-012025-06-3000011435132024-04-012024-06-3000011435132023-10-012024-06-300001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-04-012025-06-300001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-04-012024-06-300001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-10-012025-06-300001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-10-012024-06-300001143513us-gaap:OtherInvestmentCompaniesMember2025-04-012025-06-300001143513us-gaap:OtherInvestmentCompaniesMember2024-04-012024-06-300001143513us-gaap:OtherInvestmentCompaniesMember2024-10-012025-06-300001143513us-gaap:OtherInvestmentCompaniesMember2023-10-012024-06-3000011435132023-09-3000011435132024-10-012024-12-3100011435132023-10-012023-12-3100011435132024-12-3100011435132023-12-3100011435132025-01-012025-03-3100011435132024-01-012024-03-3100011435132025-03-3100011435132024-03-3100011435132024-06-300001143513glad:InvestmentUnaffiliatedAndAffiliatedIssuerExcludingOtherMember2024-10-012025-06-300001143513glad:InvestmentUnaffiliatedAndAffiliatedIssuerExcludingOtherMember2023-10-012024-06-300001143513glad:TheAdviserMember2024-10-012025-06-300001143513glad:TheAdviserMember2023-10-012024-06-300001143513glad:TheAdministratorMember2024-10-012025-06-300001143513glad:TheAdministratorMember2023-10-012024-06-300001143513us-gaap:InvestmentUnaffiliatedIssuerMemberglad:DebtSecuritiesSecuredFirstLienDebtMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:AerospaceAndDefenseMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513Ohio Armor Holdings, LLC – Term Debt2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513Wings ‘N More Restaurants LLC – Line of Credit2025-06-300001143513Wings ‘N More Restaurants LLC – Term Debt2025-06-300001143513Wings ‘N More Restaurants LLC – Delayed Draw Term Loan2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:BuildingsAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513GFRC 360, LLC – Line of Credit2025-06-300001143513GFRC 360, LLC – Term Debt2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513NeoGraf Solutions LLC – Line of Credit2025-06-300001143513NeoGraf Solutions LLC – Term Debt2025-06-300001143513OCI, LLC – Term Debt 12025-06-300001143513Torrent Photonics Holdco LLC – Term Debt 12025-06-300001143513Torrent Photonics Holdco LLC – Term Debt 22025-06-300001143513Unirac Holdings, Inc. – Line of Credit2025-06-300001143513Unirac Holdings, Inc. – Delayed Draw Term Loan2025-06-300001143513Unirac Holdings, Inc. – Term Debt2025-06-300001143513Viron International Corp. – Term Debt 2025-06-300001143513Viva Railings, LLC – Line of Credit2025-06-300001143513Viva Railings, LLC – Term Debt2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DiversifiedConglomerateServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513Axios Industrial Group, LLC – Term Debt 12025-06-300001143513Axios Industrial Group, LLC – Term Debt 22025-06-300001143513Leadpoint Business Services, LLC – Term Debt2025-06-300001143513Quality Environmental Midco, Inc. – Line of Credit2025-06-300001143513Quality Environmental Midco, Inc. – Term Debt2025-06-300001143513RF Technologies, LLC – Line of Credit2025-06-300001143513RF Technologies, LLC – Term Debt2025-06-300001143513Total Access Elevator, LLC – Line of Credit2025-06-300001143513Total Access Elevator, LLC – Term Debt2025-06-300001143513Total Access Elevator, LLC – Delayed Draw Term Loan2025-06-300001143513WorkforceQA, LLC – Line of Credit2025-06-300001143513WorkforceQA, LLC – Term Debt 12025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513ALS Education, LLC – Line of Credit2025-06-300001143513ALS Education, LLC – Term Debt2025-06-300001143513Altior Healthcare, LLC – Term Debt2025-06-300001143513Freedom Dental Management, Inc. – Term Debt2025-06-300001143513HH-Inspire Acquisition, Inc. – Line of Credit2025-06-300001143513HH-Inspire Acquisition, Inc. – Term Debt2025-06-300001143513Giving Home Health Care, LLC – Term Debt2025-06-300001143513Turn Key Health Clinics, LLC – Line of Credit2025-06-300001143513Turn Key Health Clinics, LLC – Term Debt2025-06-300001143513Vet's Choice Radiology LLC – Term Debt2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MachineryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513Arc Drilling Holdings LLC – Line of Credit2025-06-300001143513Arc Drilling Holdings LLC – Term Debt 2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:OilAndGasIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513FES Resources Holdings LLC – Term Debt2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513B+T Group Acquisition, Inc. – Line of Credit 12025-06-300001143513B+T Group Acquisition, Inc. – Line of Credit 22025-06-300001143513B+T Group Acquisition, Inc. – Term Debt2025-06-300001143513us-gaap:InvestmentUnaffiliatedIssuerMemberglad:DebtSecuritiesSecuredSecondLienDebtMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:AutomobileMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513Sea Link International IRB, Inc. – Term Debt 12025-06-300001143513Sea Link International IRB, Inc. – Term Debt 22025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-3000011435138th Avenue Food & Provisions, Inc. – Term Debt2025-06-300001143513Dutch Gold Honey, Inc. – Term Debt 2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:CargoTransportationMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513RPM Freight Systems, LLC – Term Debt2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513OCI, LLC – Term Debt 22025-06-300001143513Springfield, Inc. – Term Debt2025-06-300001143513Tube Bending Technology, LLC – Term Debt2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513Pan-Am Dental, LLC – Term Debt2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:OilAndGasIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513Imperative Holdings Corporation – Term Debt 2025-06-300001143513us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:UnsecuredDebtMember2025-06-300001143513us-gaap:UnsecuredDebtMemberglad:DiversifiedConglomerateServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513Frontier Financial Group Inc. – Convertible Debt2025-06-300001143513us-gaap:InvestmentUnaffiliatedIssuerMemberglad:PreferredEquityMember2025-06-300001143513glad:PreferredEquityMemberglad:AutomobileMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513Sea Link International IRB, Inc. – Preferred Stock2025-06-300001143513glad:PreferredEquityMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513Triple H Food Processors, LLC – Preferred Stock2025-06-300001143513glad:PreferredEquityMemberglad:BuildingsAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513GFRC 360, LLC – Preferred Stock2025-06-300001143513glad:PreferredEquityMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513Torrent Photonics Holdco LLC – Preferred Stock2025-06-300001143513glad:PreferredEquityMemberglad:DiversifiedConglomerateServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513Frontier Financial Group Inc. – Preferred Stock2025-06-300001143513Frontier Financial Group Inc. – Preferred Stock Warrant2025-06-300001143513Quality Environmental Midco, Inc. – Preferred Equity2025-06-300001143513glad:PreferredEquityMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513HH-Inspire Acquisition, Inc. – Preferred Stock2025-06-300001143513Pan-Am Dental, LLC – Preferred Stock2025-06-300001143513glad:PreferredEquityMemberglad:OilAndGasIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513FES Resources Holdings LLC – Preferred Equity Units2025-06-300001143513Imperative Holdings Corporation – Preferred Equity Units2025-06-300001143513glad:PreferredEquityMemberglad:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513B+T Group Acquisition, Inc. – Preferred Stock2025-06-300001143513us-gaap:InvestmentUnaffiliatedIssuerMemberglad:CommonEquityEquivalentsMember2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:AerospaceAndDefenseMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513 Ohio Armor Holdings, LLC – Common Equity2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:AutomobileMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513Sea Link International IRB, Inc.– Common Equity Units2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513Dutch Gold Honey, Inc. – Common Stock2025-06-300001143513Salt & Straw, LLC – Common Warrant2025-06-300001143513Sokol & Company Holdings, LLC – Common Stock2025-06-300001143513Triple H Food Processors, LLC – Common Stock2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:BuildingsAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513GFRC 360, LLC – Common Stock Warrants2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513OCI, LLC – Common Units2025-06-300001143513NeoGraf Solutions LLC – Common Stock2025-06-300001143513 Viron International Corp. – Common Stock2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:DiversifiedConglomerateServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513Total Access Elevator, LLC – Common Stock2025-06-300001143513WorkforceQA, LLC – Common Stock2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513Giving Home Health Care, LLC – Common Stock2025-06-300001143513GSM MidCo LLC – Common Stock2025-06-300001143513Leeds Novamark Capital I, L.P. – Limited Partnership Interest2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:MachineryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513Arc Drilling Holdings LLC – Common Stock2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:OilAndGasIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513FES Resources Holdings LLC – Common Equity Units2025-06-300001143513Total Safety Holdings, LLC – Common Equity2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513B+T Group Acquisition, Inc. – Common Stock Warrant2025-06-300001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberglad:DebtSecuritiesSecuredFirstLienDebtMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001143513Edge Adhesives Holdings, Inc. – Term Debt2025-06-300001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberglad:PreferredEquityMember2025-06-300001143513glad:PreferredEquityMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001143513Edge Adhesives Holdings, Inc. – Preferred Stock2025-06-300001143513glad:PreferredEquityMemberglad:DiversifiedConglomerateServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001143513Encore Dredging Holdings, LLC – Preferred Stock2025-06-300001143513glad:PreferredEquityMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001143513Canopy Safety Brands, LLC – Preferred Stock2025-06-300001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberglad:CommonEquityEquivalentsMember2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:FinanceMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001143513Gladstone Alternative Income Fund – Common Stock2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001143513Canopy Safety Brands, LLC – Common Stock2025-06-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberglad:DebtSecuritiesSecuredFirstLienDebtMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513Eegee Acquisition Corp. – Line of Credit2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513Engineering Manufacturing Technologies, LLC – Line of Credit2025-06-300001143513Engineering Manufacturing Technologies, LLC – Term Debt2025-06-300001143513Lonestar EMS, LLC – Term Debt2025-06-300001143513Lonestar EMS, LLC – Term Debt2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513Technical Resource Management, LLC – Line of Credit 12025-06-300001143513Technical Resource Management, LLC – Line of Credit 22025-06-300001143513Technical Resource Management, LLC – Term Debt2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513WB Xcel Holdings, LLC – Line of Credit2025-06-300001143513WB Xcel Holdings, LLC – Term Debt 2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:PrintingAndPublishingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513TNCP Intermediate HoldCo, LLC – Line of Credit2025-06-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberglad:DebtSecuritiesSecuredSecondLienDebtMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:AutomobileMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513Defiance Integrated Technologies, Inc. – Term Debt 2025-06-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:UnsecuredDebtMember2025-06-300001143513us-gaap:UnsecuredDebtMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513Technical Resource Management, LLC – Term Debt 2025-06-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberglad:PreferredEquityMember2025-06-300001143513glad:PreferredEquityMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513WB Xcel Holdings, LLC - Preferred Stock2025-06-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberglad:CommonEquityEquivalentsMember2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:AutomobileMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513Defiance Integrated Technologies, Inc. – Common Stock2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513Eegee Acquisition Corp. – Common Stock2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513Engineering Manufacturing Technologies, LLC – Common Stock2025-06-300001143513Lonestar EMS, LLC – Common Units2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513Technical Resource Management, LLC – Common Stock2025-06-300001143513Technical Resource Management, LLC – Common Warrants2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513WB Xcel Holdings, LLC – Common Units2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:PrintingAndPublishingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513TNCP Intermediate HoldCo, LLC – Common Equity Units2025-06-300001143513us-gaap:CollateralPledgedMember2025-06-300001143513us-gaap:SecuredOvernightFinancingRateSofrMember2025-06-300001143513glad:SecuredOvernightFinancingRateSOFR_90DayMember2025-06-300001143513us-gaap:InvestmentUnaffiliatedIssuerMemberglad:DebtSecuritiesSecuredFirstLienDebtMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:AerospaceAndDefenseMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Antenna Research Associates, Inc. – Term Debt2024-09-300001143513Ohio Armor Holdings, LLC – Term Debt2024-09-300001143513SpaceCo Holdings, LLC – Line of Credit2024-09-300001143513SpaceCo Holdings, LLC – Term Debt2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Cafe Zupas – Line of Credit2024-09-300001143513Café Zupas – Delayed Draw Term Loan2024-09-300001143513Café Zupas – Term Debt2024-09-300001143513Eegee’s LLC – Line of Credit2024-09-300001143513Eegee’s LLC – Delayed Draw Term Loan2024-09-300001143513Eegee’s LLC – Term Debt2024-09-300001143513Salt & Straw, LLC – Line of Credit2024-09-300001143513Salt & Straw, LLC – Delayed Draw Term Loan2024-09-300001143513Sokol & Company Holdings, LLC – Term Debt 2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:BuildingsAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513GFRC 360, LLC – Line of Credit2024-09-300001143513GFRC 360, LLC – Term Debt2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Engineering Manufacturing Technologies, LLC – Line of Credit2024-09-300001143513Engineering Manufacturing Technologies, LLC – Term Debt2024-09-300001143513NeoGraf Solutions LLC – Line of Credit2024-09-300001143513NeoGraf Solutions LLC – Term Debt2024-09-300001143513OCI, LLC – Term Debt 12024-09-300001143513Torrent Photonics Holdco LLC – Term Debt 2024-09-300001143513Unirac Holdings, Inc. – Line of Credit2024-09-300001143513Unirac Holdings, Inc. – Delayed Draw Term Loan2024-09-300001143513Unirac Holdings, Inc. – Term Debt2024-09-300001143513Viva Railings, LLC – Line of Credit2024-09-300001143513Viva Railings, LLC – Term Debt2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DiversifiedConglomerateServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Axios Industrial Group, LLC – Term Debt 12024-09-300001143513Axios Industrial Group, LLC – Term Debt 22024-09-300001143513DKI Ventures, LLC – Line of Credit2024-09-300001143513DKI Ventures, LLC – Term Debt2024-09-300001143513ENET Holdings, LLC – Line of Credit2024-09-300001143513ENET Holdings, LLC – Term Debt2024-09-300001143513Fix-It Group, LLC – Line of Credit2024-09-300001143513Fix-It Group, LLC – Term Debt2024-09-300001143513Fix-It Group, LLC – Delayed Draw Term Loan2024-09-300001143513Leadpoint Business Services, LLC – Term Debt2024-09-300001143513MCG Energy Solutions, LLC – Term Debt2024-09-300001143513Quality Environmental Midco, Inc. – Line of Credit2024-09-300001143513Quality Environmental Midco, Inc. – Term Debt2024-09-300001143513Total Access Elevator, LLC – Line of Credit2024-09-300001143513Total Access Elevator, LLC – Term Debt2024-09-300001143513Total Access Elevator, LLC – Delayed Draw Term Loan2024-09-300001143513WorkforceQA, LLC – Line of Credit2024-09-300001143513WorkforceQA, LLC – Term Debt 12024-09-300001143513WorkforceQA, LLC – Term Debt 22024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513ALS Education, LLC – Line of Credit2024-09-300001143513ALS Education, LLC – Term Debt2024-09-300001143513HH-Inspire Acquisition, Inc. – Line of Credit2024-09-300001143513HH-Inspire Acquisition, Inc. – Term Debt 12024-09-300001143513HH-Inspire Acquisition, Inc. – Term Debt 22024-09-300001143513Technical Resource Management, LLC – Line of Credit2024-09-300001143513Technical Resource Management, LLC – Term Debt2024-09-300001143513Turn Key Health Clinics, LLC – Line of Credit2024-09-300001143513Turn Key Health Clinics, LLC – Term Debt2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MachineryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Arc Drilling Holdings LLC – Line of Credit2024-09-300001143513Arc Drilling Holdings LLC – Term Debt2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:OilAndGasIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513FES Resources Holdings LLC – Term Debt2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513B+T Group Acquisition, Inc. – Line of Credit 12024-09-300001143513B+T Group Acquisition, Inc. – Line of Credit 22024-09-300001143513B+T Group Acquisition, Inc. – Term Debt2024-09-300001143513us-gaap:InvestmentUnaffiliatedIssuerMemberglad:DebtSecuritiesSecuredSecondLienDebtMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:AutomobileMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Sea Link International IRB, Inc. – Term Debt 12024-09-300001143513Sea Link International IRB, Inc. – Term Debt 22024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-3000011435138th Avenue Food & Provisions, Inc. – Term Debt2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:CargoTransportationMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513RPM Freight Systems, LLC – Term Debt2024-09-300001143513RPM Freight Systems, LLC – Delayed Draw Term Loan2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513OCI, LLC – Term Debt 22024-09-300001143513Springfield, Inc. – Term Debt2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DiversifiedConglomerateServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Perimeter Solutions Group – Term Debt 2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:OilAndGasIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Imperative Holdings Corporation – Term Debt2024-09-300001143513us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:UnsecuredDebtMember2024-09-300001143513us-gaap:UnsecuredDebtMemberglad:DiversifiedConglomerateServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Frontier Financial Group Inc. – Convertible Debt2024-09-300001143513us-gaap:InvestmentUnaffiliatedIssuerMemberglad:PreferredEquityMember2024-09-300001143513glad:PreferredEquityMemberglad:AutomobileMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Sea Link International IRB, Inc. – Preferred Stock2024-09-300001143513glad:PreferredEquityMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Salt & Straw, LLC – Preferred Equity2024-09-300001143513Triple H Food Processors, LLC – Preferred Stock2024-09-300001143513glad:PreferredEquityMemberglad:BuildingsAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513GFRC 360, LLC – Preferred Stock2024-09-300001143513glad:PreferredEquityMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Torrent Photonics Holdco LLC – Preferred Stock2024-09-300001143513glad:PreferredEquityMemberglad:DiversifiedConglomerateServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Frontier Financial Group Inc. – Preferred Stock2024-09-300001143513Frontier Financial Group Inc. – Preferred Stock Warrant2024-09-300001143513MCG Energy Solutions, LLC – Preferred Stock2024-09-300001143513Quality Environmental Midco, Inc. – Preferred Equity2024-09-300001143513glad:PreferredEquityMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513HH-Inspire Acquisition, Inc. – Preferred Stock2024-09-300001143513glad:PreferredEquityMemberglad:OilAndGasIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513FES Resources Holdings LLC – Preferred Equity Units2024-09-300001143513Imperative Holdings Corporation – Preferred Equity Units2024-09-300001143513glad:PreferredEquityMemberglad:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513B+T Group Acquisition, Inc. – Preferred Stock2024-09-300001143513us-gaap:InvestmentUnaffiliatedIssuerMemberglad:CommonEquityEquivalentsMember2024-09-300001143513glad:CommonEquityEquivalentsMemberglad:AerospaceAndDefenseMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Antenna Research Associates, Inc. – Common Equity Units2024-09-300001143513Ohio Armor Holdings, LLC – Common Equity2024-09-300001143513glad:CommonEquityEquivalentsMemberglad:AutomobileMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Sea Link International IRB, Inc.– Common Equity Units2024-09-300001143513glad:CommonEquityEquivalentsMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Salt & Straw, LLC – Common Warrant2024-09-300001143513Sokol & Company Holdings, LLC – Common Stock2024-09-300001143513Triple H Food Processors, LLC – Common Stock2024-09-300001143513glad:CommonEquityEquivalentsMemberglad:BuildingsAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513GFRC 360, LLC – Common Stock Warrants2024-09-300001143513glad:CommonEquityEquivalentsMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Engineering Manufacturing Technologies, LLC – Common Stock2024-09-300001143513OCI, LLC – Common Units2024-09-300001143513NeoGraf Solutions LLC – Common Stock2024-09-300001143513glad:CommonEquityEquivalentsMemberglad:DiversifiedConglomerateServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Total Access Elevator, LLC – Common Equity2024-09-300001143513WorkforceQA, LLC – Common Stock2024-09-300001143513glad:CommonEquityEquivalentsMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Giving Home Health Care, LLC – Warrant2024-09-300001143513GSM MidCo LLC – Common Stock2024-09-300001143513Leeds Novamark Capital I, L.P. – Limited Partnership Interest2024-09-300001143513Technical Resource Management, LLC – Common Stock2024-09-300001143513glad:CommonEquityEquivalentsMemberglad:MachineryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513Arc Drilling Holdings LLC – Common Stock2024-09-300001143513glad:CommonEquityEquivalentsMemberglad:OilAndGasIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513FES Resources Holdings LLC – Common Equity Units2024-09-300001143513Total Safety Holdings, LLC – Common Equity2024-09-300001143513glad:CommonEquityEquivalentsMemberglad:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513B+T Group Acquisition, Inc. – Common Stock Warrant2024-09-300001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberglad:DebtSecuritiesSecuredFirstLienDebtMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001143513Edge Adhesives Holdings, Inc. – Term Debt2024-09-300001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberglad:PreferredEquityMember2024-09-300001143513glad:PreferredEquityMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001143513Edge Adhesives Holdings, Inc. – Preferred Stock2024-09-300001143513glad:PreferredEquityMemberglad:DiversifiedConglomerateServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001143513Encore Dredging Holdings, LLC – Preferred Stock2024-09-300001143513glad:PreferredEquityMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001143513Canopy Safety Brands, LLC – Preferred Stock2024-09-300001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberglad:CommonEquityEquivalentsMember2024-09-300001143513glad:CommonEquityEquivalentsMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001143513Canopy Safety Brands, LLC – Common Stock2024-09-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberglad:DebtSecuritiesSecuredFirstLienDebtMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001143513Lonestar EMS, LLC – Term Debt2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001143513WB Xcel Holdings, LLC – Line of Credit2024-09-300001143513WB Xcel Holdings, LLC – Term Debt2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:PrintingAndPublishingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001143513TNCP Intermediate HoldCo, LLC—-Line of Credit2024-09-300001143513TNCP Intermediate HoldCo, LLC – Line of Credit2024-09-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberglad:DebtSecuritiesSecuredSecondLienDebtMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:AutomobileMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001143513Defiance Integrated Technologies, Inc. – Term Debt2024-09-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberglad:PreferredEquityMember2024-09-300001143513glad:PreferredEquityMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001143513WB Xcel Holdings, LLC – Preferred Stock2024-09-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberglad:CommonEquityEquivalentsMember2024-09-300001143513glad:CommonEquityEquivalentsMemberglad:AutomobileMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001143513Defiance Integrated Technologies, Inc. – Common Stock2024-09-300001143513glad:CommonEquityEquivalentsMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001143513Lonestar EMS, LLC – Common Units2024-09-300001143513glad:CommonEquityEquivalentsMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001143513WB Xcel Holdings, LLC – Common Warrant2024-09-300001143513glad:CommonEquityEquivalentsMemberglad:PrintingAndPublishingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001143513TNCP Intermediate HoldCo, LLC – Common Equity Units2024-09-300001143513us-gaap:CollateralPledgedMember2024-09-300001143513us-gaap:SecuredOvernightFinancingRateSofrMember2024-09-300001143513glad:SecuredOvernightFinancingRateSOFR_90DayMember2024-09-300001143513srt:MinimumMember2024-10-012025-06-300001143513srt:MaximumMember2024-10-012025-06-300001143513glad:BTGroupAcquisitionInc.EdgeAdhesivesHoldingsInc.AndWBXcelHoldingsLLCMember2025-06-300001143513glad:BTGroupAcquisitionInc.EdgeAdhesivesHoldingsInc.AndWBXcelHoldingsLLCMember2024-09-300001143513glad:OriginallyIssuedAtDiscountsMember2025-06-300001143513glad:OriginallyIssuedAtDiscountsMember2024-09-300001143513glad:OriginallyIssuedAtDiscountsMember2025-04-012025-06-300001143513glad:OriginallyIssuedAtDiscountsMember2024-10-012025-06-300001143513glad:OriginallyIssuedAtDiscountsMember2024-04-012024-06-300001143513glad:OriginallyIssuedAtDiscountsMember2023-10-012024-06-300001143513us-gaap:PaymentInKindPIKNoteMember2025-06-300001143513us-gaap:PaymentInKindPIKNoteMember2024-09-300001143513us-gaap:PaymentInKindPIKNoteMember2025-04-012025-06-300001143513us-gaap:PaymentInKindPIKNoteMember2024-10-012025-06-300001143513us-gaap:PaymentInKindPIKNoteMember2023-10-012024-06-300001143513us-gaap:PaymentInKindPIKNoteMember2024-04-012024-06-3000011435132024-04-042024-04-040001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel1Member2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel2Member2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel3Member2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel1Member2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel2Member2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel3Member2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2025-06-300001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel1Member2025-06-300001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel2Member2025-06-300001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel3Member2025-06-300001143513us-gaap:UnsecuredDebtMember2025-06-300001143513glad:PreferredEquityMemberus-gaap:FairValueInputsLevel1Member2025-06-300001143513glad:PreferredEquityMemberus-gaap:FairValueInputsLevel2Member2025-06-300001143513glad:PreferredEquityMemberus-gaap:FairValueInputsLevel3Member2025-06-300001143513glad:PreferredEquityMember2025-06-300001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueInputsLevel1Member2025-06-300001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueInputsLevel2Member2025-06-300001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueInputsLevel3Member2025-06-300001143513glad:CommonEquityEquivalentsMember2025-06-300001143513us-gaap:FairValueInputsLevel1Member2025-06-300001143513us-gaap:FairValueInputsLevel2Member2025-06-300001143513us-gaap:FairValueInputsLevel3Member2025-06-300001143513us-gaap:FairValueInputsLevel12And3Member2025-06-300001143513us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel1Member2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel2Member2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel3Member2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel1Member2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel2Member2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel3Member2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2024-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel1Member2024-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel2Member2024-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel3Member2024-09-300001143513us-gaap:UnsecuredDebtMember2024-09-300001143513glad:PreferredEquityMemberus-gaap:FairValueInputsLevel1Member2024-09-300001143513glad:PreferredEquityMemberus-gaap:FairValueInputsLevel2Member2024-09-300001143513glad:PreferredEquityMemberus-gaap:FairValueInputsLevel3Member2024-09-300001143513glad:PreferredEquityMember2024-09-300001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueInputsLevel1Member2024-09-300001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueInputsLevel2Member2024-09-300001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueInputsLevel3Member2024-09-300001143513glad:CommonEquityEquivalentsMember2024-09-300001143513us-gaap:FairValueInputsLevel1Member2024-09-300001143513us-gaap:FairValueInputsLevel2Member2024-09-300001143513us-gaap:FairValueInputsLevel3Member2024-09-300001143513us-gaap:FairValueInputsLevel12And3Member2024-09-300001143513us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513glad:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513glad:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001143513us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001143513glad:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001143513glad:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001143513us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001143513us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001143513us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001143513us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001143513us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300001143513us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:MinimumMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:MaximumMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:WeightedAverageMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:MinimumMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:MaximumMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:WeightedAverageMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:MinimumMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:MaximumMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:WeightedAverageMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:MinimumMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:MaximumMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:WeightedAverageMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel3Memberglad:MarketQuoteMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel3Memberglad:MarketQuoteMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:IBPMemberus-gaap:FairValueInputsLevel3Memberglad:MarketQuoteMembersrt:MinimumMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:IBPMemberus-gaap:FairValueInputsLevel3Memberglad:MarketQuoteMembersrt:MaximumMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:IBPMemberus-gaap:FairValueInputsLevel3Memberglad:MarketQuoteMembersrt:WeightedAverageMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:IBPMemberus-gaap:FairValueInputsLevel3Memberglad:MarketQuoteMembersrt:MinimumMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:IBPMemberus-gaap:FairValueInputsLevel3Memberglad:MarketQuoteMembersrt:MaximumMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:IBPMemberus-gaap:FairValueInputsLevel3Memberglad:MarketQuoteMembersrt:WeightedAverageMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2024-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMember2025-06-300001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMember2024-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-06-300001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-06-300001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2024-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2024-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2024-09-300001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-06-300001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-06-300001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2024-09-300001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2024-09-300001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2024-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-06-300001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-06-300001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2024-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2024-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2024-09-300001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-06-300001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-06-300001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2024-09-300001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2024-09-300001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2024-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMember2025-06-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMember2024-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-06-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-06-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2024-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2024-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2024-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-06-300001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-06-300001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2024-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2024-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2024-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-06-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-06-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2024-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2024-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2024-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-06-300001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-06-300001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-06-300001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2024-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2024-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2025-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2025-03-310001143513us-gaap:UnsecuredDebtMember2025-03-310001143513glad:PreferredEquityMember2025-03-310001143513glad:CommonEquityEquivalentsMember2025-03-310001143513us-gaap:InvestmentsMember2025-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2025-04-012025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2025-04-012025-06-300001143513us-gaap:UnsecuredDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2025-04-012025-06-300001143513glad:PreferredEquityMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2025-04-012025-06-300001143513glad:CommonEquityEquivalentsMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2025-04-012025-06-300001143513us-gaap:InvestmentsMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2025-04-012025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-04-012025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-04-012025-06-300001143513us-gaap:UnsecuredDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-04-012025-06-300001143513glad:PreferredEquityMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-04-012025-06-300001143513glad:CommonEquityEquivalentsMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-04-012025-06-300001143513us-gaap:InvestmentsMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-04-012025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2025-04-012025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2025-04-012025-06-300001143513us-gaap:UnsecuredDebtMember2025-04-012025-06-300001143513glad:PreferredEquityMember2025-04-012025-06-300001143513glad:CommonEquityEquivalentsMember2025-04-012025-06-300001143513us-gaap:InvestmentsMember2025-04-012025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2025-06-300001143513us-gaap:UnsecuredDebtMember2025-06-300001143513glad:PreferredEquityMember2025-06-300001143513glad:CommonEquityEquivalentsMember2025-06-300001143513us-gaap:InvestmentsMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2024-09-300001143513us-gaap:UnsecuredDebtMember2024-09-300001143513glad:PreferredEquityMember2024-09-300001143513glad:CommonEquityEquivalentsMember2024-09-300001143513us-gaap:InvestmentsMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2024-10-012025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2024-10-012025-06-300001143513us-gaap:UnsecuredDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2024-10-012025-06-300001143513glad:PreferredEquityMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2024-10-012025-06-300001143513glad:CommonEquityEquivalentsMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2024-10-012025-06-300001143513us-gaap:InvestmentsMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2024-10-012025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-10-012025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-10-012025-06-300001143513us-gaap:UnsecuredDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-10-012025-06-300001143513glad:PreferredEquityMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-10-012025-06-300001143513glad:CommonEquityEquivalentsMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-10-012025-06-300001143513us-gaap:InvestmentsMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-10-012025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2024-10-012025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2024-10-012025-06-300001143513us-gaap:UnsecuredDebtMember2024-10-012025-06-300001143513glad:PreferredEquityMember2024-10-012025-06-300001143513glad:CommonEquityEquivalentsMember2024-10-012025-06-300001143513us-gaap:InvestmentsMember2024-10-012025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2024-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2024-03-310001143513us-gaap:UnsecuredDebtMember2024-03-310001143513glad:PreferredEquityMember2024-03-310001143513glad:CommonEquityEquivalentsMember2024-03-310001143513us-gaap:InvestmentsMember2024-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2024-04-012024-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2024-04-012024-06-300001143513us-gaap:UnsecuredDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2024-04-012024-06-300001143513glad:PreferredEquityMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2024-04-012024-06-300001143513glad:CommonEquityEquivalentsMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2024-04-012024-06-300001143513us-gaap:InvestmentsMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2024-04-012024-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-04-012024-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-04-012024-06-300001143513us-gaap:UnsecuredDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-04-012024-06-300001143513glad:PreferredEquityMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-04-012024-06-300001143513glad:CommonEquityEquivalentsMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-04-012024-06-300001143513us-gaap:InvestmentsMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-04-012024-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2024-04-012024-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2024-04-012024-06-300001143513us-gaap:UnsecuredDebtMember2024-04-012024-06-300001143513glad:PreferredEquityMember2024-04-012024-06-300001143513glad:CommonEquityEquivalentsMember2024-04-012024-06-300001143513us-gaap:InvestmentsMember2024-04-012024-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2024-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2024-06-300001143513us-gaap:UnsecuredDebtMember2024-06-300001143513glad:PreferredEquityMember2024-06-300001143513glad:CommonEquityEquivalentsMember2024-06-300001143513us-gaap:InvestmentsMember2024-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2023-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2023-09-300001143513us-gaap:UnsecuredDebtMember2023-09-300001143513glad:PreferredEquityMember2023-09-300001143513glad:CommonEquityEquivalentsMember2023-09-300001143513us-gaap:InvestmentsMember2023-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2023-10-012024-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2023-10-012024-06-300001143513us-gaap:UnsecuredDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2023-10-012024-06-300001143513glad:PreferredEquityMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2023-10-012024-06-300001143513glad:CommonEquityEquivalentsMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2023-10-012024-06-300001143513us-gaap:InvestmentsMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2023-10-012024-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2023-10-012024-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2023-10-012024-06-300001143513us-gaap:UnsecuredDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2023-10-012024-06-300001143513glad:PreferredEquityMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2023-10-012024-06-300001143513glad:CommonEquityEquivalentsMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2023-10-012024-06-300001143513us-gaap:InvestmentsMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2023-10-012024-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2023-10-012024-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2023-10-012024-06-300001143513us-gaap:UnsecuredDebtMember2023-10-012024-06-300001143513glad:PreferredEquityMember2023-10-012024-06-300001143513glad:CommonEquityEquivalentsMember2023-10-012024-06-300001143513us-gaap:InvestmentsMember2023-10-012024-06-300001143513us-gaap:PrincipalOrProprietaryTransactionsMember2025-06-300001143513us-gaap:PrincipalOrProprietaryTransactionsMember2024-09-300001143513us-gaap:PrincipalOrProprietaryTransactionsMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentPortfolioBenchmarkMember2024-10-012025-06-300001143513us-gaap:PrincipalOrProprietaryTransactionsMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentPortfolioBenchmarkMember2023-10-012024-09-300001143513glad:PerimeterSolutionsGroupMember2024-10-012024-10-310001143513glad:AntennaResearchAssociatesIncMember2024-10-012024-10-310001143513glad:GivingHomeHealthcareLLCMember2024-11-012024-11-300001143513glad:GivingHomeHealthcareLLCMember2025-06-012025-06-300001143513glad:WingsNMoreRestaurantsLLCMember2024-11-012024-11-300001143513glad:WingsNMoreRestaurantsLLCMemberus-gaap:UnusedLinesOfCreditMember2024-11-300001143513glad:WingsNMoreRestaurantsLLCMemberus-gaap:DelayedDrawTermLoanMember2024-11-300001143513glad:ENETHoldingsLLCMember2024-11-012024-11-300001143513glad:VetsChoiceRadiologyLLCMember2024-12-012024-12-310001143513glad:PanAmDentalLLCMember2024-12-012024-12-310001143513glad:FreedomDentalManagementInc.Member2024-12-012024-12-310001143513glad:TubeBendingTechnologyLLCMember2024-12-012024-12-310001143513glad:GladstoneAlternativeIncomeFundMember2024-12-012024-12-310001143513glad:SaltAndStrawLLCMember2024-12-012024-12-310001143513glad:DKIVenturesLLCMember2024-12-012024-12-310001143513glad:FixItGroupLLCMember2025-01-012025-01-310001143513glad:SokolCompanyHoldingsLLCMember2025-01-012025-01-310001143513glad:SokolCompanyHoldingsLLCMember2025-02-012025-02-280001143513glad:DutchGoldHoneyInc.Member2025-02-012025-02-280001143513glad:VironInternationalLLCMember2025-02-012025-02-280001143513glad:VivaRailingsLLCMember2025-03-012025-03-310001143513glad:MCGEnergySolutionsLLCMember2025-03-012025-03-310001143513glad:SpaceCoHoldingsLLCMember2025-04-012025-04-300001143513glad:EegeeAcquisitionCorporationMemberglad:DebtSecuritiesSecuredFirstLienDebtMember2025-04-300001143513glad:EegeeAcquisitionCorporationMemberglad:CommonEquityEquivalentsMember2025-04-300001143513glad:EegeeAcquisitionCorporationMember2025-04-012025-04-300001143513glad:AltiorHealthcareLLCMember2025-05-012025-05-310001143513glad:CafeZupasMember2025-06-012025-06-300001143513glad:RFTechnologiesLLCMember2025-06-012025-06-300001143513glad:RFTechnologiesLLCMember2025-06-300001143513glad:SyndicatedInvestmentsMember2025-06-300001143513glad:SyndicatedInvestmentsMember2024-09-300001143513glad:SyndicatedInvestmentsMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentPortfolioBenchmarkMember2024-10-012025-06-300001143513glad:SyndicatedInvestmentsMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentPortfolioBenchmarkMember2023-10-012024-09-300001143513glad:FiveLargestPortfolioInvestmentsMemberus-gaap:CustomerConcentrationRiskMemberglad:InvestmentPortfolioBenchmarkMember2025-06-300001143513glad:FiveLargestPortfolioInvestmentsMemberus-gaap:CustomerConcentrationRiskMemberglad:InvestmentPortfolioBenchmarkMember2024-10-012025-06-300001143513glad:FiveLargestPortfolioInvestmentsMemberus-gaap:CustomerConcentrationRiskMemberglad:InvestmentPortfolioBenchmarkMember2024-09-300001143513glad:FiveLargestPortfolioInvestmentsMemberus-gaap:CustomerConcentrationRiskMemberglad:InvestmentPortfolioBenchmarkMember2023-10-012024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2024-10-012025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2023-10-012024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2024-10-012025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2023-10-012024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513us-gaap:UnsecuredDebtMember2025-06-300001143513us-gaap:UnsecuredDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2024-10-012025-06-300001143513us-gaap:UnsecuredDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513us-gaap:UnsecuredDebtMember2024-09-300001143513us-gaap:UnsecuredDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2023-10-012024-09-300001143513us-gaap:UnsecuredDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513us-gaap:DebtSecuritiesMember2025-06-300001143513us-gaap:DebtSecuritiesMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2024-10-012025-06-300001143513us-gaap:DebtSecuritiesMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513us-gaap:DebtSecuritiesMember2024-09-300001143513us-gaap:DebtSecuritiesMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2023-10-012024-09-300001143513us-gaap:DebtSecuritiesMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:PreferredEquityMember2025-06-300001143513glad:PreferredEquityMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2024-10-012025-06-300001143513glad:PreferredEquityMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:PreferredEquityMember2024-09-300001143513glad:PreferredEquityMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2023-10-012024-09-300001143513glad:PreferredEquityMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:CommonEquityEquivalentsMember2025-06-300001143513glad:CommonEquityEquivalentsMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2024-10-012025-06-300001143513glad:CommonEquityEquivalentsMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:CommonEquityEquivalentsMember2024-09-300001143513glad:CommonEquityEquivalentsMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2023-10-012024-09-300001143513glad:CommonEquityEquivalentsMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513us-gaap:EquitySecuritiesMember2025-06-300001143513us-gaap:EquitySecuritiesMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2024-10-012025-06-300001143513us-gaap:EquitySecuritiesMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513us-gaap:EquitySecuritiesMember2024-09-300001143513us-gaap:EquitySecuritiesMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2023-10-012024-09-300001143513us-gaap:EquitySecuritiesMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2024-10-012025-06-300001143513glad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2023-10-012024-09-300001143513glad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:HealthcareEducationAndChildcareMember2025-06-300001143513glad:HealthcareEducationAndChildcareMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:HealthcareEducationAndChildcareMember2024-09-300001143513glad:HealthcareEducationAndChildcareMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:DiversifiedConglomerateManufacturingMember2025-06-300001143513glad:DiversifiedConglomerateManufacturingMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:DiversifiedConglomerateManufacturingMember2024-09-300001143513glad:DiversifiedConglomerateManufacturingMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:DiversifiedConglomerateServicesMember2025-06-300001143513glad:DiversifiedConglomerateServicesMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:DiversifiedConglomerateServicesMember2024-09-300001143513glad:DiversifiedConglomerateServicesMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:BeverageFoodAndTobaccoMember2025-06-300001143513glad:BeverageFoodAndTobaccoMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:BeverageFoodAndTobaccoMember2024-09-300001143513glad:BeverageFoodAndTobaccoMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:AutomobileMember2025-06-300001143513glad:AutomobileMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:AutomobileMember2024-09-300001143513glad:AutomobileMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:MachineryMember2025-06-300001143513glad:MachineryMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:MachineryMember2024-09-300001143513glad:MachineryMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:CargoTransportationMember2025-06-300001143513glad:CargoTransportationMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:CargoTransportationMember2024-09-300001143513glad:CargoTransportationMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:OilAndGasIndustryMember2025-06-300001143513glad:OilAndGasIndustryMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:OilAndGasIndustryMember2024-09-300001143513glad:OilAndGasIndustryMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:AerospaceAndDefenseMember2025-06-300001143513glad:AerospaceAndDefenseMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:AerospaceAndDefenseMember2024-09-300001143513glad:AerospaceAndDefenseMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:PersonalAndNonDurableConsumerProductsMember2025-06-300001143513glad:PersonalAndNonDurableConsumerProductsMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:PersonalAndNonDurableConsumerProductsMember2024-09-300001143513glad:PersonalAndNonDurableConsumerProductsMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:PrintingAndPublishingMember2025-06-300001143513glad:PrintingAndPublishingMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:PrintingAndPublishingMember2024-09-300001143513glad:PrintingAndPublishingMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:OtherSectorsMember2025-06-300001143513glad:OtherSectorsMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:OtherSectorsMember2024-09-300001143513glad:OtherSectorsMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513us-gaap:SouthRegionMember2025-06-300001143513us-gaap:SouthRegionMemberglad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513us-gaap:SouthRegionMember2024-09-300001143513us-gaap:SouthRegionMemberglad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513us-gaap:MidwestRegionMember2025-06-300001143513us-gaap:MidwestRegionMemberglad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513us-gaap:MidwestRegionMember2024-09-300001143513us-gaap:MidwestRegionMemberglad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513us-gaap:WestRegionMember2025-06-300001143513us-gaap:WestRegionMemberglad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513us-gaap:WestRegionMember2024-09-300001143513us-gaap:WestRegionMemberglad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513us-gaap:NortheastRegionMember2025-06-300001143513us-gaap:NortheastRegionMemberglad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513us-gaap:NortheastRegionMember2024-09-300001143513us-gaap:NortheastRegionMemberglad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-06-300001143513glad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2023-10-012024-09-300001143513glad:TheAdviserMemberus-gaap:RelatedPartyMembersrt:ChiefExecutiveOfficerMember2025-06-300001143513srt:MinimumMember2020-04-012023-03-3100011435132022-04-012023-03-310001143513glad:TheAdministratorMemberus-gaap:RelatedPartyMembersrt:ChiefExecutiveOfficerMember2025-06-300001143513glad:GladstoneSecuritiesLLCMemberus-gaap:RelatedPartyMembersrt:ChiefExecutiveOfficerMember2025-06-300001143513us-gaap:RelatedPartyMember2025-04-012025-06-300001143513us-gaap:RelatedPartyMember2024-10-012025-06-300001143513us-gaap:RelatedPartyMember2024-04-012024-06-300001143513us-gaap:RelatedPartyMember2023-10-012024-06-300001143513glad:GladstoneSecuritiesMember2025-06-300001143513glad:GladstoneSecuritiesMember2025-04-012025-06-300001143513glad:GladstoneSecuritiesMember2024-10-012025-06-300001143513glad:GladstoneSecuritiesMember2024-04-012024-06-300001143513glad:GladstoneSecuritiesMember2023-10-012024-06-300001143513glad:BaseManagementFeeDueToAdviserMemberus-gaap:RelatedPartyMember2025-06-300001143513glad:BaseManagementFeeDueToAdviserMemberus-gaap:RelatedPartyMember2024-09-300001143513glad:LoanServicingFeeDueToAdviserMemberus-gaap:RelatedPartyMember2025-06-300001143513glad:LoanServicingFeeDueToAdviserMemberus-gaap:RelatedPartyMember2024-09-300001143513glad:IncentiveFeeDueToAdviserMemberus-gaap:RelatedPartyMember2025-06-300001143513glad:IncentiveFeeDueToAdviserMemberus-gaap:RelatedPartyMember2024-09-300001143513us-gaap:RelatedPartyMember2025-06-300001143513us-gaap:RelatedPartyMember2024-09-300001143513glad:GladstoneInvestmentCorporationMemberus-gaap:RelatedPartyMember2025-06-300001143513glad:GladstoneInvestmentCorporationMemberus-gaap:RelatedPartyMember2024-09-300001143513us-gaap:RevolvingCreditFacilityMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2025-06-300001143513us-gaap:RevolvingCreditFacilityMemberglad:SecuredOvernightFinancingRateSOFRTrancheOneMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2024-10-012025-06-300001143513us-gaap:RevolvingCreditFacilityMemberglad:SecuredOvernightFinancingRateSOFRThereafterMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2024-10-012025-06-300001143513us-gaap:RevolvingCreditFacilityMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2024-09-300001143513us-gaap:RevolvingCreditFacilityMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2025-04-012025-06-300001143513us-gaap:RevolvingCreditFacilityMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2024-04-012024-06-300001143513us-gaap:RevolvingCreditFacilityMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2024-10-012025-06-300001143513us-gaap:RevolvingCreditFacilityMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2023-10-012024-06-300001143513us-gaap:RevolvingCreditFacilityMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2023-10-012024-09-300001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-03-310001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-03-310001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-04-012025-06-300001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-04-012024-06-300001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-06-300001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-06-300001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-09-300001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-09-300001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-10-012025-06-300001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-10-012024-06-300001143513glad:A775NotesDue2028Memberus-gaap:NotesPayableOtherPayablesMember2023-08-310001143513glad:A775NotesDue2028Memberus-gaap:NotesPayableOtherPayablesMember2023-08-012023-08-310001143513glad:A375NotesDue2027Memberus-gaap:NotesPayableOtherPayablesMember2021-11-300001143513glad:A375NotesDue2027Memberus-gaap:NotesPayableOtherPayablesMember2021-11-012021-11-300001143513glad:A375NotesDue2027Memberus-gaap:NotesPayableOtherPayablesMember2022-04-300001143513glad:A5125NotesDue2026Memberus-gaap:NotesPayableOtherPayablesMember2020-12-310001143513glad:A5125NotesDue2026Memberus-gaap:NotesPayableOtherPayablesMember2020-12-012020-12-310001143513glad:A5125NotesDue2026Memberus-gaap:NotesPayableOtherPayablesMember2021-03-310001143513glad:A5125NotesDue2026Memberus-gaap:NotesPayableOtherPayablesMember2021-03-012021-03-310001143513glad:A775NotesDue2028Memberus-gaap:NotesPayableOtherPayablesMember2025-06-300001143513glad:A5125NotesDue2026Memberus-gaap:NotesPayableOtherPayablesMember2025-06-300001143513glad:A375NotesDue2027Memberus-gaap:NotesPayableOtherPayablesMember2025-06-300001143513us-gaap:SeriesAPreferredStockMemberglad:DealerManagerAgreementMember2023-05-310001143513us-gaap:SeriesAPreferredStockMemberglad:DealerManagerAgreementMember2023-05-012023-05-310001143513us-gaap:SeriesAPreferredStockMember2025-06-300001143513us-gaap:SeriesAPreferredStockMember2025-04-012025-06-300001143513us-gaap:SeriesAPreferredStockMember2024-10-012025-06-300001143513us-gaap:SeriesAPreferredStockMember2024-04-012024-06-300001143513us-gaap:SeriesAPreferredStockMember2023-10-012024-06-300001143513us-gaap:SeriesAPreferredStockMember2024-09-300001143513us-gaap:SeriesAPreferredStockMemberglad:O2024M1DividendsMember2025-04-012025-06-300001143513us-gaap:SeriesAPreferredStockMemberglad:O2024M3DividendsMember2025-04-012025-06-300001143513us-gaap:SeriesAPreferredStockMemberglad:O2024M1DividendsMember2024-10-012025-06-300001143513us-gaap:SeriesAPreferredStockMemberglad:O2024M2DividendsMember2025-04-012025-06-300001143513us-gaap:SeriesAPreferredStockMemberglad:O2024M2DividendsMember2024-10-012025-06-300001143513us-gaap:SeriesAPreferredStockMemberglad:O2024M3DividendsMember2024-10-012025-06-300001143513glad:CommonStockAtTheMarketOfferingsMember2024-08-310001143513glad:CommonStockAtTheMarketOfferingsMember2025-04-012025-06-300001143513glad:CommonStockAtTheMarketOfferingsMember2024-10-012025-06-300001143513glad:CommonStockAtTheMarketOfferingsMember2025-06-300001143513glad:O2025M1DividendsMember2024-10-012025-06-300001143513glad:O2025M2DividendsMember2024-10-012025-06-300001143513glad:O2025M3DividendsMember2024-10-012025-06-300001143513glad:O2025M4DividendsMember2024-10-012025-06-300001143513glad:O2025M5DividendsMember2024-10-012025-06-300001143513glad:O2025M6DividendsMember2024-10-012025-06-300001143513glad:O2025M7DividendsMember2024-10-012025-06-300001143513glad:O2025M8DividendsMember2024-10-012025-06-300001143513glad:O2025M9DividendsMember2024-10-012025-06-300001143513glad:O2024M1DividendsMember2023-10-012024-06-300001143513glad:O2024M2DividendsMember2023-10-012024-06-300001143513glad:O2024M3DividendsMember2023-10-012024-06-300001143513glad:O2024M4DividendsMember2023-10-012024-06-300001143513glad:O2024M5DividendsMember2023-10-012024-06-300001143513glad:O2024M6DividendsMember2023-10-012024-06-300001143513glad:O2024M7DividendsMember2023-10-012024-06-300001143513glad:O2024M8DividendsMember2023-10-012024-06-300001143513glad:O2024M9DividendsMember2023-10-012024-06-3000011435132023-10-012024-09-300001143513us-gaap:UnusedLinesOfCreditMember2025-06-300001143513us-gaap:UnusedLinesOfCreditMember2024-09-300001143513us-gaap:DelayedDrawTermLoanMember2025-06-300001143513us-gaap:DelayedDrawTermLoanMember2024-09-300001143513us-gaap:FinancialSupportCapitalContributionsMember2025-06-300001143513us-gaap:FinancialSupportCapitalContributionsMember2024-09-300001143513glad:A8thAvenueFoodAndProvisionsInc.Memberus-gaap:SubsequentEventMember2025-07-012025-07-310001143513glad:MASSivBrandsLLCMemberus-gaap:SubsequentEventMember2025-07-012025-07-310001143513glad:AlsayInc.Memberus-gaap:SubsequentEventMember2025-07-012025-07-310001143513glad:SnifSnaxLLCMemberus-gaap:SubsequentEventMember2025-07-012025-07-310001143513glad:PrecisionManufacturingBusinessMemberus-gaap:SubsequentEventMember2025-07-012025-07-310001143513glad:PrecisionManufacturingBusinessMemberus-gaap:SubsequentEventMember2025-07-310001143513glad:OCILLCMemberus-gaap:SubsequentEventMember2025-08-012025-08-040001143513glad:O2025M1DividendsMemberus-gaap:SubsequentEventMember2025-07-102025-07-100001143513glad:O2025M2DividendsMemberus-gaap:SubsequentEventMember2025-07-102025-07-100001143513glad:O2025M3DividendsMemberus-gaap:SubsequentEventMember2025-07-102025-07-100001143513us-gaap:SubsequentEventMember2025-07-102025-07-100001143513glad:A775NotesDue2028Member2024-10-012025-06-300001143513glad:A375NotesDue2027Member2024-10-012025-06-300001143513glad:A5125NotesDue2026Member2024-10-012025-06-300001143513glad:A775NotesDue2028375NotesDue2027And5125NotesDue2026Member2024-10-012025-06-30

0001143513September 302026Q2false0.03843940.04228340.03861xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureglad:loanglad:investmentglad:segmentglad:portfolioCompanyglad:stateglad:industryglad:obligorutr:Rateglad:dayglad:distribution00011435132025-10-012026-03-3100011435132026-05-050001143513us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513us-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513us-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-3000011435132026-03-3100011435132025-09-300001143513glad:TheAdviserMemberus-gaap:RelatedPartyMember2026-03-310001143513glad:TheAdviserMemberus-gaap:RelatedPartyMember2025-09-300001143513glad:TheAdministratorMemberus-gaap:RelatedPartyMember2026-03-310001143513glad:TheAdministratorMemberus-gaap:RelatedPartyMember2025-09-300001143513us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001143513us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001143513us-gaap:InvestmentUnaffiliatedIssuerMember2025-10-012026-03-310001143513us-gaap:InvestmentUnaffiliatedIssuerMember2024-10-012025-03-310001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-03-310001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-10-012026-03-310001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-10-012025-03-310001143513us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-03-310001143513us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-03-310001143513us-gaap:InvestmentAffiliatedIssuerControlledMember2025-10-012026-03-310001143513us-gaap:InvestmentAffiliatedIssuerControlledMember2024-10-012025-03-310001143513us-gaap:CashAndCashEquivalentsMember2026-01-012026-03-310001143513us-gaap:CashAndCashEquivalentsMember2025-01-012025-03-310001143513us-gaap:CashAndCashEquivalentsMember2025-10-012026-03-310001143513us-gaap:CashAndCashEquivalentsMember2024-10-012025-03-3100011435132026-01-012026-03-3100011435132025-01-012025-03-3100011435132024-10-012025-03-310001143513us-gaap:OtherInvestmentCompaniesMember2026-01-012026-03-310001143513us-gaap:OtherInvestmentCompaniesMember2025-01-012025-03-310001143513us-gaap:OtherInvestmentCompaniesMember2025-10-012026-03-310001143513us-gaap:OtherInvestmentCompaniesMember2024-10-012025-03-3100011435132024-09-3000011435132025-10-012025-12-3100011435132024-10-012024-12-3100011435132025-12-3100011435132024-12-3100011435132025-03-310001143513glad:InvestmentUnaffiliatedAndAffiliatedIssuerExcludingOtherMember2025-10-012026-03-310001143513glad:InvestmentUnaffiliatedAndAffiliatedIssuerExcludingOtherMember2024-10-012025-03-310001143513glad:TheAdviserMember2025-10-012026-03-310001143513glad:TheAdviserMember2024-10-012025-03-310001143513glad:TheAdministratorMember2025-10-012026-03-310001143513glad:TheAdministratorMember2024-10-012025-03-310001143513us-gaap:InvestmentUnaffiliatedIssuerMemberglad:DebtSecuritiesSecuredFirstLienDebtMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Sicilian Oven Restaurants LLC – Term Debt 2026-03-310001143513Wings ‘N More Restaurants LLC – Line of Credit2026-03-310001143513Wings ‘N More Restaurants LLC – Term Debt2026-03-310001143513Wings ‘N More Restaurants LLC – Delayed Draw Term Loan2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:BuildingsAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513GFRC 360, LLC – Line of Credit2026-03-310001143513GFRC 360, LLC – Term Debt2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513IMX Power Holdings Inc. – Line of Credit2026-03-310001143513IMX Power Holdings Inc. – Term Debt 2026-03-310001143513IMX Power Holdings Inc. – Delayed Draw Term Loan2026-03-310001143513NeoGraf Solutions LLC – Line of Credit2026-03-310001143513NeoGraf Solutions LLC – Term Debt2026-03-310001143513OCI, LLC – Term Debt 2026-03-310001143513Torrent Photonics Holdco LLC – Term Debt 12026-03-310001143513Torrent Photonics Holdco LLC – Term Debt 22026-03-310001143513Torrent Photonics Holdco LLC – Term Debt 32026-03-310001143513Unirac Holdings, Inc. – Line of Credit2026-03-310001143513Unirac Holdings, Inc. – Delayed Draw Term Loan2026-03-310001143513Unirac Holdings, Inc. – Term Debt2026-03-310001143513Viron International Corp. – Term Debt2026-03-310001143513Viva Railings, LLC – Line of Credit2026-03-310001143513Viva Railings, LLC – Term Debt2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DiversifiedConglomerateServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Axios Industrial Group, LLC – Term Debt 12026-03-310001143513Axios Industrial Group, LLC – Term Debt 22026-03-310001143513MASSiv Brands, LLC – Term Debt2026-03-310001143513Quality Environmental Midco, Inc. – Line of Credit2026-03-310001143513Quality Environmental Midco, Inc. – Term Debt2026-03-310001143513RF Technologies, LLC – Line of Credit2026-03-310001143513RF Technologies, LLC – Term Debt2026-03-310001143513Total Access Elevator, LLC – Line of Credit2026-03-310001143513Total Access Elevator, LLC – Term Debt2026-03-310001143513Total Access Elevator, LLC – Delayed Draw Term Loan 12026-03-310001143513Total Access Elevator, LLC – Delayed Draw Term Loan 22026-03-310001143513WorkforceQA, LLC – Line of Credit2026-03-310001143513WorkforceQA, LLC – Term Debt2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:EcologicalMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Clean Water Environmental Services, Inc. – Term Debt 2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513ALS Education, LLC – Line of Credit2026-03-310001143513ALS Education, LLC – Term Debt2026-03-310001143513ALS Education, LLC – Delayed Draw Term Loan2026-03-310001143513Altior Healthcare, LLC – Term Debt2026-03-310001143513Freedom Dental Management, Inc. – Term Debt2026-03-310001143513Giving Home Health Care, LLC – Term Debt2026-03-310001143513HH-Inspire Acquisition, Inc. – Line of Credit2026-03-310001143513HH-Inspire Acquisition, Inc. – Term Debt2026-03-310001143513Turn Key Health Clinics, LLC – Line of Credit2026-03-310001143513Turn Key Health Clinics, LLC – Term Debt2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:HomeAndOfficeFurnishingsHousewaresAndDurableConsumerProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Foodservices Brand Group, LLC – Line of Credit2026-03-310001143513Foodservices Brand Group, LLC – Term Debt2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MachineryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Arc Drilling Holdings LLC – Line of Credit2026-03-310001143513Arc Drilling Holdings LLC – Term Debt 2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513B+T Group Acquisition, Inc. – Line of Credit 12026-03-310001143513B+T Group Acquisition, Inc. – Line of Credit 22026-03-310001143513B+T Group Acquisition, Inc. – Term Debt2026-03-310001143513us-gaap:InvestmentUnaffiliatedIssuerMemberglad:DebtSecuritiesSecuredSecondLienDebtMember2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Dutch Gold Honey, Inc. – Term Debt 2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:CargoTransportationMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513RPM Freight Systems, LLC – Term Debt2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Incodema3D Holdings, Inc. – Term Debt 2026-03-310001143513OCI, LLC – Term Debt2026-03-310001143513Springfield, Inc. – Term Debt2026-03-310001143513Tube Bending Technology, LLC – Term Debt2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DiversifiedConglomerateServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Flexible Technology Solutions, LLC – Term Debt2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Pan-Am Dental, LLC – Term Debt2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:OilAndGasIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Imperative Holdings Corporation – Term Debt 2026-03-310001143513us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:UnsecuredDebtMember2026-03-310001143513us-gaap:UnsecuredDebtMemberglad:DiversifiedConglomerateServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Frontier Financial Group Inc. – Convertible Debt2026-03-310001143513us-gaap:InvestmentUnaffiliatedIssuerMemberglad:PreferredEquityMember2026-03-310001143513glad:PreferredEquityMemberglad:AutomobileMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Sea Link International IRB, Inc. – Preferred Stock2026-03-310001143513glad:PreferredEquityMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Sicilian Oven Restaurants LLC – Preferred Stock2026-03-310001143513Triple H Food Processors, LLC – Preferred Stock2026-03-310001143513glad:PreferredEquityMemberglad:BuildingsAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513GFRC 360, LLC – Preferred Stock2026-03-310001143513glad:PreferredEquityMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Torrent Photonics Holdco LLC – Preferred Stock2026-03-310001143513glad:PreferredEquityMemberglad:DiversifiedConglomerateServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Flexible Technology Solutions, LLC – Preferred Stock2026-03-310001143513Frontier Financial Group Inc. – Preferred Stock2026-03-310001143513Quality Environmental Midco, Inc. – Preferred Equity2026-03-310001143513glad:PreferredEquityMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513HH-Inspire Acquisition, Inc. – Preferred Stock2026-03-310001143513Pan-Am Dental, LLC – Preferred Stock2026-03-310001143513glad:PreferredEquityMemberglad:OilAndGasIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Imperative Holdings Corporation – Preferred Equity Units2026-03-310001143513glad:PreferredEquityMemberglad:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513B+T Group Acquisition, Inc – Preferred Stock2026-03-310001143513us-gaap:InvestmentUnaffiliatedIssuerMemberglad:CommonEquityEquivalentsMember2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:AerospaceAndDefenseMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Ohio Armor Holdings, LLC – Common Equity2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:AutomobileMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Sea Link International IRB, Inc.– Common Equity Units2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Dutch Gold Honey, Inc. – Common Stock2026-03-310001143513Salt & Straw, LLC – Common Warrant2026-03-310001143513Triple H Food Processors, LLC – Common Stock2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:BuildingsAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513GFRC 360, LLC – Common Stock Warrants2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513OCI, LLC – Common Units2026-03-310001143513NeoGraf Solutions LLC – Common Stock2026-03-310001143513Viron International Corp. – Common Stock2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:DiversifiedConglomerateServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Total Access Elevator, LLC – Common Stock2026-03-310001143513WorkforceQA, LLC – Common Stock2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Giving Home Health Care, LLC – Common Stock2026-03-310001143513GSM MidCo LLC – Common Stock2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:MachineryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Arc Drilling Holdings LLC – Common Stock2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:OilAndGasIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513Total Safety Holdings, LLC – Common Equity2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513B+T Group Acquisition, Inc. – Common Stock Warrant2026-03-310001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberglad:DebtSecuritiesSecuredFirstLienDebtMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001143513Edge Adhesives Holdings, Inc.(L) – Term Debt2026-03-310001143513Edge Adhesives Holdings, Inc. – Term Debt2026-03-310001143513Zero Case Holding Inc. – Line of Credit2026-03-310001143513Zero Case Holding Inc. – Term Debt2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:PersonalFoodAndMiscellaneousServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001143513Snif-Snax, LLC – Term Debt2026-03-310001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberglad:PreferredEquityMember2026-03-310001143513glad:PreferredEquityMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001143513Edge Adhesives Holdings, Inc. – Preferred Stock2026-03-310001143513glad:PreferredEquityMemberglad:DiversifiedConglomerateServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001143513Encore Dredging Holdings, LLC – Preferred Stock2026-03-310001143513glad:PreferredEquityMemberglad:PersonalFoodAndMiscellaneousServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001143513Snif-Snax, LLC – Preferred Stock2026-03-310001143513glad:PreferredEquityMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001143513Canopy Safety Brands, LLC – Preferred Stock2026-03-310001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberglad:CommonEquityEquivalentsMember2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001143513Zero Case Holding Inc. – Common Stock2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:FinanceMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001143513Gladstone Alternative Income Fund – Common Stock2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001143513Canopy Safety Brands, LLC – Common Stock2026-03-310001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberglad:DebtSecuritiesSecuredFirstLienDebtMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513Eegee Acquisition Corp. – Line of Credit2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513Engineering Manufacturing Technologies, LLC – Line of Credit2026-03-310001143513Engineering Manufacturing Technologies, LLC – Term Debt2026-03-310001143513Lonestar EMS, LLC – Line of Credit2026-03-310001143513Lonestar EMS, LLC – Term Debt2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513Technical Resource Management, LLC – Line of Credit 12026-03-310001143513Technical Resource Management, LLC – Line of Credit 22026-03-310001143513Technical Resource Management, LLC – Term Debt2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513WB Xcel Holdings, LLC – Line of Credit2026-03-310001143513WB Xcel Holdings, LLC – Term Debt 2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:PrintingAndPublishingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513TNCP Intermediate HoldCo, LLC – Line of Credit2026-03-310001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberglad:DebtSecuritiesSecuredSecondLienDebtMember2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:AutomobileMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513Defiance Integrated Technologies, Inc. – Term Debt 2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DiversifiedConglomerateServiceMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513Alsay Incorporated – Term Debt2026-03-310001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:UnsecuredDebtMember2026-03-310001143513us-gaap:UnsecuredDebtMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513Technical Resource Management, LLC – Term Debt 2026-03-310001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberglad:PreferredEquityMember2026-03-310001143513glad:PreferredEquityMemberglad:DiversifiedConglomerateServiceMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513Alsay Incorporated – Preferred Stock2026-03-310001143513glad:PreferredEquityMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513WB Xcel Holdings, LLC - Preferred Stock2026-03-310001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberglad:CommonEquityEquivalentsMember2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:AutomobileMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513Defiance Integrated Technologies, Inc. – Common Stock2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513Eegee Acquisition Corp. – Common Stock2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513Engineering Manufacturing Technologies, LLC – Common Stock2026-03-310001143513Lonestar EMS, LLC – Common Units2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513Technical Resource Management, LLC – Common Stock2026-03-310001143513Technical Resource Management, LLC – Common Warrants2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513WB Xcel Holdings, LLC – Common Units2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:PrintingAndPublishingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513TNCP Intermediate HoldCo, LLC – Common Equity Units2026-03-310001143513First Citizens Premium Money Market Savings2026-03-310001143513Dreyfus Treasury Obligations Cash Management Fund 2026-03-310001143513us-gaap:CollateralPledgedMember2026-03-310001143513us-gaap:InvestmentUnaffiliatedIssuerMemberglad:DebtSecuritiesSecuredFirstLienDebtMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Wings ‘N More Restaurants LLC – Line of Credit2025-09-300001143513Wings ‘N More Restaurants LLC – Term Debt2025-09-300001143513Wings ‘N More Restaurants LLC – Delayed Draw Term Loan2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:BuildingsAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513GFRC 360, LLC – Line of Credit2025-09-300001143513GFRC 360, LLC – Term Debt2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513NeoGraf Solutions LLC – Line of Credit2025-09-300001143513NeoGraf Solutions LLC – Term Debt2025-09-300001143513OCI, LLC – Term Debt2025-09-300001143513Torrent Photonics Holdco LLC – Term Debt 12025-09-300001143513Torrent Photonics Holdco LLC – Term Debt 22025-09-300001143513Unirac Holdings, Inc. – Line of Credit2025-09-300001143513Unirac Holdings, Inc. – Delayed Draw Term Loan2025-09-300001143513Unirac Holdings, Inc. – Term Debt2025-09-300001143513Viron International Corp. – Term Debt2025-09-300001143513Viva Railings, LLC – Line of Credit2025-09-300001143513Viva Railings, LLC – Term Debt2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DiversifiedConglomerateServiceMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Axios Industrial Group, LLC – Term Debt 12025-09-300001143513Axios Industrial Group, LLC – Term Debt 22025-09-300001143513Leadpoint Business Services, LLC – Term Debt2025-09-300001143513MASSiv Brands, LLC – Term Debt2025-09-300001143513Quality Environmental Midco, Inc. – Line of Credit2025-09-300001143513Quality Environmental Midco, Inc. – Term Debt2025-09-300001143513RF Technologies, LLC – Line of Credit2025-09-300001143513RF Technologies, LLC – Term Debt2025-09-300001143513Total Access Elevator, LLC – Line of Credit2025-09-300001143513Total Access Elevator, LLC – Term Debt2025-09-300001143513Total Access Elevator, LLC – Delayed Draw Term Loan2025-09-300001143513WorkforceQA, LLC – Line of Credit2025-09-300001143513WorkforceQA, LLC – Term Debt2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513ALS Education, LLC – Line of Credit2025-09-300001143513ALS Education, LLC – Term Debt2025-09-300001143513ALS Education, LLC – Delayed Draw Term Loan2025-09-300001143513Altior Healthcare, LLC – Term Debt2025-09-300001143513Freedom Dental Management, Inc. – Term Debt2025-09-300001143513Giving Home Health Care, LLC – Term Debt2025-09-300001143513HH-Inspire Acquisition, Inc. – Line of Credit2025-09-300001143513HH-Inspire Acquisition, Inc. – Term Debt2025-09-300001143513Turn Key Health Clinics, LLC – Line of Credit2025-09-300001143513Turn Key Health Clinics, LLC – Term Debt2025-09-300001143513Vet's Choice Radiology LLC(S) – Term Debt2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:HomeAndOfficeFurnishingsHousewaresAndDurableConsumerProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Foodservices Brand Group, LLC – Line of Credit2025-09-300001143513Foodservices Brand Group, LLC – Term Debt2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MachineryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Arc Drilling Holdings LLC – Line of Credit2025-09-300001143513Arc Drilling Holdings LLC – Term Debt2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:OilAndGasIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513FES Resources Holdings LLC – Term Debt2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513B+T Group Acquisition, Inc. – Line of Credit 12025-09-300001143513B+T Group Acquisition, Inc. – Line of Credit 22025-09-300001143513B+T Group Acquisition, Inc. – Term Debt2025-09-300001143513us-gaap:InvestmentUnaffiliatedIssuerMemberglad:DebtSecuritiesSecuredSecondLienDebtMember2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:AutomobileMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Sea Link International IRB, Inc. – Term Debt 12025-09-300001143513Sea Link International IRB, Inc. – Term Debt 22025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Dutch Gold Honey, Inc. – Term Debt 2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:CargoTransportationMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513RPM Freight Systems, LLC – Term Debt2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513OCI, LLC – Term Debt 12025-09-300001143513Springfield, Inc. – Term Debt2025-09-300001143513Tube Bending Technology, LLC – Term Debt2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Pan-Am Dental, LLC – Term Debt2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:OilAndGasIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Imperative Holdings Corporation – Term Debt 2025-09-300001143513us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:UnsecuredDebtMember2025-09-300001143513us-gaap:UnsecuredDebtMemberglad:DiversifiedConglomerateServiceMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Frontier Financial Group Inc. – Convertible Debt2025-09-300001143513us-gaap:InvestmentUnaffiliatedIssuerMemberglad:PreferredEquityMember2025-09-300001143513glad:PreferredEquityMemberglad:AutomobileMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Sea Link International IRB, Inc. – Preferred Stock2025-09-300001143513glad:PreferredEquityMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Triple H Food Processors, LLC – Preferred Stock2025-09-300001143513glad:PreferredEquityMemberglad:BuildingsAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513GFRC 360, LLC – Preferred Stock2025-09-300001143513glad:PreferredEquityMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Torrent Photonics Holdco LLC – Preferred Stock2025-09-300001143513glad:PreferredEquityMemberglad:DiversifiedConglomerateServiceMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Frontier Financial Group Inc. – Preferred Stock2025-09-300001143513Frontier Financial Group Inc. – Preferred Stock Warrant2025-09-300001143513Quality Environmental Midco, Inc. – Preferred Equity2025-09-300001143513glad:PreferredEquityMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513HH-Inspire Acquisition, Inc. – Preferred Stock2025-09-300001143513Pan-Am Dental, LLC – Preferred Stock2025-09-300001143513glad:PreferredEquityMemberglad:OilAndGasIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Imperative Holdings Corporation – Preferred Equity Units2025-09-300001143513glad:PreferredEquityMemberglad:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513B+T Group Acquisition, Inc. – Preferred Stock2025-09-300001143513us-gaap:InvestmentUnaffiliatedIssuerMemberglad:CommonEquityEquivalentsMember2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:AerospaceAndDefenseMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513 Ohio Armor Holdings, LLC – Common Equity2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:AutomobileMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Sea Link International IRB, Inc.– Common Equity Units2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Dutch Gold Honey, Inc. – Common Stock2025-09-300001143513Salt & Straw, LLC – Common Warrant2025-09-300001143513Sokol & Company Holdings, LLC – Common Stock2025-09-300001143513Triple H Food Processors, LLC – Common Stock2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:BuildingsAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513GFRC 360, LLC – Common Stock Warrants2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513OCI, LLC – Common Units2025-09-300001143513NeoGraf Solutions LLC – Common Stock2025-09-300001143513 Viron International Corp. – Common Stock2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:DiversifiedConglomerateServiceMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Total Access Elevator, LLC – Common Stock2025-09-300001143513WorkforceQA, LLC – Common Stock2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Giving Home Health Care, LLC – Common Stock2025-09-300001143513GSM MidCo LLC – Common Stock2025-09-300001143513Leeds Novamark Capital I, L.P. – Limited Partnership Interest2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:MachineryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Arc Drilling Holdings LLC – Common Stock2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:OilAndGasIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513Total Safety Holdings, LLC – Common Equity2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513B+T Group Acquisition, Inc. – Common Stock Warrant2025-09-300001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberglad:DebtSecuritiesSecuredFirstLienDebtMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001143513Edge Adhesives Holdings, Inc. – Term Debt2025-09-300001143513Zero Case Holding Inc. – Line of Credit2025-09-300001143513Zero Case Holding Inc. – Term Debt2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:PersonalFoodAndMiscellaneousServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001143513Snif-Snax, LLC – Term Debt2025-09-300001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberglad:PreferredEquityMember2025-09-300001143513glad:PreferredEquityMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001143513Edge Adhesives Holdings, Inc. – Preferred Stock2025-09-300001143513glad:PreferredEquityMemberglad:DiversifiedConglomerateServiceMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001143513Encore Dredging Holdings, LLC – Preferred Stock2025-09-300001143513glad:PreferredEquityMemberglad:PersonalFoodAndMiscellaneousServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001143513Snif-Snax, LLC – Preferred Stock2025-09-300001143513glad:PreferredEquityMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001143513Canopy Safety Brands, LLC – Preferred Stock2025-09-300001143513us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberglad:CommonEquityEquivalentsMember2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001143513Zero Case Holding Inc. – Common Stock2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:FinanceMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001143513Gladstone Alternative Income Fund – Common Stock2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001143513Canopy Safety Brands, LLC – Common Stock2025-09-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberglad:DebtSecuritiesSecuredFirstLienDebtMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513Eegee Acquisition Corp. – Line of Credit2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513Engineering Manufacturing Technologies, LLC – Line of Credit2025-09-300001143513Engineering Manufacturing Technologies, LLC – Term Debt2025-09-300001143513Lonestar EMS, LLC – Term Debt2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513Technical Resource Management, LLC – Line of Credit 12025-09-300001143513Technical Resource Management, LLC – Line of Credit 22025-09-300001143513Technical Resource Management, LLC – Term Debt2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513WB Xcel Holdings, LLC – Line of Credit2025-09-300001143513WB Xcel Holdings, LLC – Term Debt2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:PrintingAndPublishingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513TNCP Intermediate HoldCo, LLC – Line of Credit2025-09-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberglad:DebtSecuritiesSecuredSecondLienDebtMember2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:AutomobileMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513Defiance Integrated Technologies, Inc.—Term Debt2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DiversifiedConglomerateServiceMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513Alsay Incorporated – Term Debt2025-09-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:UnsecuredDebtMember2025-09-300001143513us-gaap:UnsecuredDebtMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513Technical Resource Management, LLC – Term Debt 2025-09-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberglad:PreferredEquityMember2025-09-300001143513glad:PreferredEquityMemberglad:DiversifiedConglomerateServiceMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513Alsay Incorporated – Preferred Stock2025-09-300001143513glad:PreferredEquityMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513WB Xcel Holdings, LLC – Preferred Stock2025-09-300001143513us-gaap:InvestmentAffiliatedIssuerControlledMemberglad:CommonEquityEquivalentsMember2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:AutomobileMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513Defiance Integrated Technologies, Inc. – Common Stock2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:BeverageFoodAndTobaccoMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513Eegee Acquisition Corp. – Common Stock2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513Engineering Manufacturing Technologies, LLC – Common Stock2025-09-300001143513Lonestar EMS, LLC – Common Units2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DiversifiedConglomerateManufacturingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513Technical Resource Management, LLC – Common Stock2025-09-300001143513Technical Resource Management, LLC – Common Warrants2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:HealthcareEducationAndChildcareMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:PersonalAndNonDurableConsumerProductsManufacturingOnlyMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513WB Xcel Holdings, LLC – Common Units2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:PrintingAndPublishingMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513TNCP Intermediate HoldCo, LLC – Common Equity Units2025-09-300001143513Dreyfus Treasury Obligations Cash Management Fund2025-09-300001143513First Citizens Premium Money Market Savings2025-09-300001143513us-gaap:CollateralPledgedMember2025-09-300001143513srt:MinimumMember2025-10-012026-03-310001143513srt:MaximumMember2025-10-012026-03-310001143513glad:BTGroupAcquisitionInc.EdgeAdhesivesHoldingsInc.AndWBXcelHoldingsLLCMember2026-03-310001143513glad:BTGroupAcquisitionInc.EdgeAdhesivesHoldingsInc.AndWBXcelHoldingsLLCMember2025-09-300001143513glad:OriginallyIssuedAtDiscountsMember2026-03-310001143513glad:OriginallyIssuedAtDiscountsMember2025-09-300001143513glad:OriginallyIssuedAtDiscountsMember2026-01-012026-03-310001143513glad:OriginallyIssuedAtDiscountsMember2025-10-012026-03-310001143513glad:OriginallyIssuedAtDiscountsMember2025-01-012025-03-310001143513glad:OriginallyIssuedAtDiscountsMember2024-10-012025-03-310001143513us-gaap:PaymentInKindPIKNoteMember2026-03-310001143513us-gaap:PaymentInKindPIKNoteMember2025-09-300001143513us-gaap:PaymentInKindPIKNoteMember2026-01-012026-03-310001143513us-gaap:PaymentInKindPIKNoteMember2025-10-012026-03-310001143513us-gaap:PaymentInKindPIKNoteMember2025-01-012025-03-310001143513us-gaap:PaymentInKindPIKNoteMember2024-10-012025-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel1Member2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel2Member2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel3Member2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel1Member2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel2Member2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel3Member2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2026-03-310001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel1Member2026-03-310001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel2Member2026-03-310001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel3Member2026-03-310001143513us-gaap:UnsecuredDebtMember2026-03-310001143513glad:PreferredEquityMemberus-gaap:FairValueInputsLevel1Member2026-03-310001143513glad:PreferredEquityMemberus-gaap:FairValueInputsLevel2Member2026-03-310001143513glad:PreferredEquityMemberus-gaap:FairValueInputsLevel3Member2026-03-310001143513glad:PreferredEquityMember2026-03-310001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueInputsLevel3Member2026-03-310001143513glad:CommonEquityEquivalentsMember2026-03-310001143513us-gaap:FairValueInputsLevel1Member2026-03-310001143513us-gaap:FairValueInputsLevel2Member2026-03-310001143513us-gaap:FairValueInputsLevel3Member2026-03-310001143513us-gaap:FairValueInputsLevel12And3Member2026-03-310001143513us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel1Member2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel2Member2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel3Member2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel1Member2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel2Member2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel3Member2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2025-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel1Member2025-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel2Member2025-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel3Member2025-09-300001143513us-gaap:UnsecuredDebtMember2025-09-300001143513glad:PreferredEquityMemberus-gaap:FairValueInputsLevel1Member2025-09-300001143513glad:PreferredEquityMemberus-gaap:FairValueInputsLevel2Member2025-09-300001143513glad:PreferredEquityMemberus-gaap:FairValueInputsLevel3Member2025-09-300001143513glad:PreferredEquityMember2025-09-300001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueInputsLevel1Member2025-09-300001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueInputsLevel2Member2025-09-300001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueInputsLevel3Member2025-09-300001143513glad:CommonEquityEquivalentsMember2025-09-300001143513us-gaap:FairValueInputsLevel1Member2025-09-300001143513us-gaap:FairValueInputsLevel2Member2025-09-300001143513us-gaap:FairValueInputsLevel3Member2025-09-300001143513us-gaap:FairValueInputsLevel12And3Member2025-09-300001143513us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513glad:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513glad:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001143513us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001143513glad:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001143513glad:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001143513us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001143513us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513glad:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513glad:PreferredEquityMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513glad:CommonEquityEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001143513us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001143513us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310001143513us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300001143513glad:GladstoneAlternativeIncomeFundMember2026-03-310001143513glad:GladstoneAlternativeIncomeFundMember2025-09-300001143513glad:LeedsAcquisitionHoldingsLLCMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:MinimumMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:MaximumMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:WeightedAverageMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:MinimumMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:MaximumMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:WeightedAverageMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMember2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMember2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:MinimumMember2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:MaximumMember2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:WeightedAverageMember2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:MinimumMember2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:MaximumMember2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberglad:YieldAnalysisMembersrt:WeightedAverageMember2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMember2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMember2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMember2026-03-310001143513us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMember2025-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2026-03-310001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2026-03-310001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2026-03-310001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-09-300001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2026-03-310001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2026-03-310001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2026-03-310001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-09-300001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-09-300001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2026-03-310001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2026-03-310001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2026-03-310001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-09-300001143513us-gaap:UnsecuredDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-09-300001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2026-03-310001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2026-03-310001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2026-03-310001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-09-300001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-09-300001143513us-gaap:UnsecuredDebtMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMember2026-03-310001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMember2025-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2026-03-310001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2026-03-310001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2026-03-310001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2026-03-310001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2026-03-310001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2026-03-310001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputEBITDAMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2026-03-310001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2026-03-310001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2026-03-310001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2026-03-310001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2026-03-310001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2026-03-310001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MinimumMember2025-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:MaximumMember2025-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberglad:MeasurementInputRevenueMemberus-gaap:FairValueInputsLevel3Memberglad:TotalEnterpriseValueMembersrt:WeightedAverageMember2025-09-300001143513glad:PreferredAndCommonEquityEquivalentsMemberus-gaap:FairValueInputsLevel3Memberglad:MeasurementInputExpectedPayoffAmountMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2025-12-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2025-12-310001143513us-gaap:UnsecuredDebtMember2025-12-310001143513glad:PreferredEquityMember2025-12-310001143513glad:CommonEquityEquivalentsMember2025-12-310001143513us-gaap:InvestmentsMember2025-12-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2026-01-012026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2026-01-012026-03-310001143513us-gaap:UnsecuredDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2026-01-012026-03-310001143513glad:PreferredEquityMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2026-01-012026-03-310001143513glad:CommonEquityEquivalentsMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2026-01-012026-03-310001143513us-gaap:InvestmentsMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2026-01-012026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-01-012026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-01-012026-03-310001143513us-gaap:UnsecuredDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-01-012026-03-310001143513glad:PreferredEquityMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-01-012026-03-310001143513glad:CommonEquityEquivalentsMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-01-012026-03-310001143513us-gaap:InvestmentsMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-01-012026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2026-01-012026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2026-01-012026-03-310001143513us-gaap:UnsecuredDebtMember2026-01-012026-03-310001143513glad:PreferredEquityMember2026-01-012026-03-310001143513glad:CommonEquityEquivalentsMember2026-01-012026-03-310001143513us-gaap:InvestmentsMember2026-01-012026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2026-03-310001143513us-gaap:UnsecuredDebtMember2026-03-310001143513glad:PreferredEquityMember2026-03-310001143513glad:CommonEquityEquivalentsMember2026-03-310001143513us-gaap:InvestmentsMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2025-09-300001143513us-gaap:UnsecuredDebtMember2025-09-300001143513glad:PreferredEquityMember2025-09-300001143513glad:CommonEquityEquivalentsMember2025-09-300001143513us-gaap:InvestmentsMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2025-10-012026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2025-10-012026-03-310001143513us-gaap:UnsecuredDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2025-10-012026-03-310001143513glad:PreferredEquityMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2025-10-012026-03-310001143513glad:CommonEquityEquivalentsMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2025-10-012026-03-310001143513us-gaap:InvestmentsMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2025-10-012026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-10-012026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-10-012026-03-310001143513us-gaap:UnsecuredDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-10-012026-03-310001143513glad:PreferredEquityMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-10-012026-03-310001143513glad:CommonEquityEquivalentsMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-10-012026-03-310001143513us-gaap:InvestmentsMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-10-012026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2025-10-012026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2025-10-012026-03-310001143513us-gaap:UnsecuredDebtMember2025-10-012026-03-310001143513glad:PreferredEquityMember2025-10-012026-03-310001143513glad:CommonEquityEquivalentsMember2025-10-012026-03-310001143513us-gaap:InvestmentsMember2025-10-012026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2024-12-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2024-12-310001143513us-gaap:UnsecuredDebtMember2024-12-310001143513glad:PreferredEquityMember2024-12-310001143513glad:CommonEquityEquivalentsMember2024-12-310001143513us-gaap:InvestmentsMember2024-12-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-03-310001143513us-gaap:UnsecuredDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-03-310001143513glad:PreferredEquityMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-03-310001143513glad:CommonEquityEquivalentsMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-03-310001143513us-gaap:InvestmentsMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-03-310001143513us-gaap:UnsecuredDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-03-310001143513glad:PreferredEquityMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-03-310001143513glad:CommonEquityEquivalentsMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-03-310001143513us-gaap:InvestmentsMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2025-01-012025-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2025-01-012025-03-310001143513us-gaap:UnsecuredDebtMember2025-01-012025-03-310001143513glad:PreferredEquityMember2025-01-012025-03-310001143513glad:CommonEquityEquivalentsMember2025-01-012025-03-310001143513us-gaap:InvestmentsMember2025-01-012025-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2025-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2025-03-310001143513us-gaap:UnsecuredDebtMember2025-03-310001143513glad:PreferredEquityMember2025-03-310001143513glad:CommonEquityEquivalentsMember2025-03-310001143513us-gaap:InvestmentsMember2025-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2024-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2024-09-300001143513us-gaap:UnsecuredDebtMember2024-09-300001143513glad:PreferredEquityMember2024-09-300001143513glad:CommonEquityEquivalentsMember2024-09-300001143513us-gaap:InvestmentsMember2024-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2024-10-012025-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2024-10-012025-03-310001143513us-gaap:UnsecuredDebtMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2024-10-012025-03-310001143513glad:PreferredEquityMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2024-10-012025-03-310001143513glad:CommonEquityEquivalentsMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2024-10-012025-03-310001143513us-gaap:InvestmentsMemberglad:DebtAndEquitySecuritiesRealizedGainLossMember2024-10-012025-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-10-012025-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-10-012025-03-310001143513us-gaap:UnsecuredDebtMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-10-012025-03-310001143513glad:PreferredEquityMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-10-012025-03-310001143513glad:CommonEquityEquivalentsMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-10-012025-03-310001143513us-gaap:InvestmentsMemberglad:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-10-012025-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2024-10-012025-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2024-10-012025-03-310001143513us-gaap:UnsecuredDebtMember2024-10-012025-03-310001143513glad:PreferredEquityMember2024-10-012025-03-310001143513glad:CommonEquityEquivalentsMember2024-10-012025-03-310001143513us-gaap:InvestmentsMember2024-10-012025-03-310001143513glad:FiveLargestPortfolioInvestmentsMemberus-gaap:CustomerConcentrationRiskMemberglad:InvestmentPortfolioBenchmarkMember2026-03-310001143513glad:FiveLargestPortfolioInvestmentsMemberus-gaap:CustomerConcentrationRiskMemberglad:InvestmentPortfolioBenchmarkMember2025-10-012026-03-310001143513glad:FiveLargestPortfolioInvestmentsMemberus-gaap:CustomerConcentrationRiskMemberglad:InvestmentPortfolioBenchmarkMember2025-09-300001143513glad:FiveLargestPortfolioInvestmentsMemberus-gaap:CustomerConcentrationRiskMemberglad:InvestmentPortfolioBenchmarkMember2024-10-012025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2025-10-012026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:DebtSecuritiesSecuredFirstLienDebtMember2025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2024-10-012025-09-300001143513glad:DebtSecuritiesSecuredFirstLienDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2025-10-012026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:DebtSecuritiesSecuredSecondLienDebtMember2025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2024-10-012025-09-300001143513glad:DebtSecuritiesSecuredSecondLienDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513us-gaap:UnsecuredDebtMember2026-03-310001143513us-gaap:UnsecuredDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2025-10-012026-03-310001143513us-gaap:UnsecuredDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513us-gaap:UnsecuredDebtMember2025-09-300001143513us-gaap:UnsecuredDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2024-10-012025-09-300001143513us-gaap:UnsecuredDebtMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513us-gaap:DebtSecuritiesMember2026-03-310001143513us-gaap:DebtSecuritiesMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2025-10-012026-03-310001143513us-gaap:DebtSecuritiesMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513us-gaap:DebtSecuritiesMember2025-09-300001143513us-gaap:DebtSecuritiesMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2024-10-012025-09-300001143513us-gaap:DebtSecuritiesMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:PreferredEquityMember2026-03-310001143513glad:PreferredEquityMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2025-10-012026-03-310001143513glad:PreferredEquityMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:PreferredEquityMember2025-09-300001143513glad:PreferredEquityMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2024-10-012025-09-300001143513glad:PreferredEquityMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:CommonEquityEquivalentsMember2026-03-310001143513glad:CommonEquityEquivalentsMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2025-10-012026-03-310001143513glad:CommonEquityEquivalentsMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:CommonEquityEquivalentsMember2025-09-300001143513glad:CommonEquityEquivalentsMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2024-10-012025-09-300001143513glad:CommonEquityEquivalentsMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513us-gaap:EquitySecuritiesMember2026-03-310001143513us-gaap:EquitySecuritiesMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2025-10-012026-03-310001143513us-gaap:EquitySecuritiesMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513us-gaap:EquitySecuritiesMember2025-09-300001143513us-gaap:EquitySecuritiesMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2024-10-012025-09-300001143513us-gaap:EquitySecuritiesMemberglad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2025-10-012026-03-310001143513glad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtCostMember2024-10-012025-09-300001143513glad:InvestmentTypeConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:HealthcareEducationAndChildcareMember2026-03-310001143513glad:HealthcareEducationAndChildcareMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:HealthcareEducationAndChildcareMember2025-09-300001143513glad:HealthcareEducationAndChildcareMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:DiversifiedConglomerateManufacturingMember2026-03-310001143513glad:DiversifiedConglomerateManufacturingMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:DiversifiedConglomerateManufacturingMember2025-09-300001143513glad:DiversifiedConglomerateManufacturingMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:DiversifiedConglomerateServicesMember2026-03-310001143513glad:DiversifiedConglomerateServicesMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:DiversifiedConglomerateServicesMember2025-09-300001143513glad:DiversifiedConglomerateServicesMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:BeverageFoodAndTobaccoMember2026-03-310001143513glad:BeverageFoodAndTobaccoMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:BeverageFoodAndTobaccoMember2025-09-300001143513glad:BeverageFoodAndTobaccoMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:CargoTransportationMember2026-03-310001143513glad:CargoTransportationMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:CargoTransportationMember2025-09-300001143513glad:CargoTransportationMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:HomeAndOfficeFurnishingsHousewaresAndDurableConsumerProductsMember2026-03-310001143513glad:HomeAndOfficeFurnishingsHousewaresAndDurableConsumerProductsMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:HomeAndOfficeFurnishingsHousewaresAndDurableConsumerProductsMember2025-09-300001143513glad:HomeAndOfficeFurnishingsHousewaresAndDurableConsumerProductsMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:MachineryMember2026-03-310001143513glad:MachineryMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:MachineryMember2025-09-300001143513glad:MachineryMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:PersonalFoodAndMiscellaneousServicesMember2026-03-310001143513glad:PersonalFoodAndMiscellaneousServicesMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:PersonalFoodAndMiscellaneousServicesMember2025-09-300001143513glad:PersonalFoodAndMiscellaneousServicesMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:EcologicalMember2026-03-310001143513glad:EcologicalMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:EcologicalMember2025-09-300001143513glad:EcologicalMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:OilAndGasIndustryMember2026-03-310001143513glad:OilAndGasIndustryMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:OilAndGasIndustryMember2025-09-300001143513glad:OilAndGasIndustryMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:PersonalAndNonDurableConsumerProductsMember2026-03-310001143513glad:PersonalAndNonDurableConsumerProductsMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:PersonalAndNonDurableConsumerProductsMember2025-09-300001143513glad:PersonalAndNonDurableConsumerProductsMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:AutomobileMember2026-03-310001143513glad:AutomobileMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:AutomobileMember2025-09-300001143513glad:AutomobileMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:PrintingAndPublishingMember2026-03-310001143513glad:PrintingAndPublishingMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:PrintingAndPublishingMember2025-09-300001143513glad:PrintingAndPublishingMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:OtherSectorsMember2026-03-310001143513glad:OtherSectorsMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:OtherSectorsMember2025-09-300001143513glad:OtherSectorsMemberglad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:IndustryConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513us-gaap:SouthRegionMember2026-03-310001143513us-gaap:SouthRegionMemberglad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513us-gaap:SouthRegionMember2025-09-300001143513us-gaap:SouthRegionMemberglad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513us-gaap:WestRegionMember2026-03-310001143513us-gaap:WestRegionMemberglad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513us-gaap:WestRegionMember2025-09-300001143513us-gaap:WestRegionMemberglad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513us-gaap:MidwestRegionMember2026-03-310001143513us-gaap:MidwestRegionMemberglad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513us-gaap:MidwestRegionMember2025-09-300001143513us-gaap:MidwestRegionMemberglad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513us-gaap:NortheastRegionMember2026-03-310001143513us-gaap:NortheastRegionMemberglad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513us-gaap:NortheastRegionMember2025-09-300001143513us-gaap:NortheastRegionMemberglad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2025-10-012026-03-310001143513glad:GeographicRegionsConcentrationRiskMemberglad:InvestmentOwnedAtFairValueMember2024-10-012025-09-300001143513glad:TheAdviserMemberus-gaap:RelatedPartyMembersrt:ChiefExecutiveOfficerMember2026-03-310001143513glad:TheAdministratorMemberus-gaap:RelatedPartyMembersrt:ChiefExecutiveOfficerMember2026-03-310001143513glad:GladstoneSecuritiesLLCMemberus-gaap:RelatedPartyMembersrt:ChiefExecutiveOfficerMember2026-03-310001143513us-gaap:RelatedPartyMember2026-01-012026-03-310001143513us-gaap:RelatedPartyMember2025-10-012026-03-310001143513us-gaap:RelatedPartyMember2025-01-012025-03-310001143513us-gaap:RelatedPartyMember2024-10-012025-03-310001143513glad:GladstoneSecuritiesMember2026-03-310001143513glad:GladstoneSecuritiesMember2026-01-012026-03-310001143513glad:GladstoneSecuritiesMember2025-10-012026-03-310001143513glad:GladstoneSecuritiesMember2025-01-012025-03-310001143513glad:GladstoneSecuritiesMember2024-10-012025-03-310001143513glad:BaseManagementFeeDueToAdviserMemberus-gaap:RelatedPartyMember2026-03-310001143513glad:BaseManagementFeeDueToAdviserMemberus-gaap:RelatedPartyMember2025-09-300001143513glad:LoanServicingFeeDueToAdviserMemberus-gaap:RelatedPartyMember2026-03-310001143513glad:LoanServicingFeeDueToAdviserMemberus-gaap:RelatedPartyMember2025-09-300001143513glad:IncentiveFeeDueToAdviserMemberus-gaap:RelatedPartyMember2026-03-310001143513glad:IncentiveFeeDueToAdviserMemberus-gaap:RelatedPartyMember2025-09-300001143513us-gaap:RelatedPartyMember2026-03-310001143513us-gaap:RelatedPartyMember2025-09-300001143513glad:GladstoneInvestmentCorporationMemberus-gaap:RelatedPartyMember2026-03-310001143513glad:GladstoneInvestmentCorporationMemberus-gaap:RelatedPartyMember2025-09-300001143513us-gaap:RevolvingCreditFacilityMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2025-11-252025-11-250001143513us-gaap:RevolvingCreditFacilityMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2026-02-032026-02-030001143513us-gaap:RevolvingCreditFacilityMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2026-03-310001143513us-gaap:RevolvingCreditFacilityMemberglad:SecuredOvernightFinancingRateSOFRTrancheOneMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2025-10-012026-03-310001143513us-gaap:RevolvingCreditFacilityMemberglad:SecuredOvernightFinancingRateSOFRThereafterMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2025-10-012026-03-310001143513us-gaap:RevolvingCreditFacilityMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2025-09-300001143513us-gaap:RevolvingCreditFacilityMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001143513us-gaap:RevolvingCreditFacilityMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2025-01-012025-03-310001143513us-gaap:RevolvingCreditFacilityMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2025-10-012026-03-310001143513us-gaap:RevolvingCreditFacilityMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2024-10-012025-03-310001143513us-gaap:RevolvingCreditFacilityMemberglad:RevolvingLineOfCreditMemberus-gaap:LineOfCreditMember2024-10-012025-09-300001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-01-012026-03-310001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-01-012025-03-310001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-03-310001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-09-300001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-10-012026-03-310001143513us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-10-012025-03-310001143513glad:A2030ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2025-09-300001143513glad:A2030ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2025-09-012025-09-300001143513glad:A2030ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2026-03-310001143513glad:A2030ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2025-09-090001143513glad:A2030ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2025-09-220001143513glad:A775NotesDue2028Memberus-gaap:NotesPayableOtherPayablesMember2023-08-310001143513glad:A775NotesDue2028Memberus-gaap:NotesPayableOtherPayablesMember2023-08-012023-08-310001143513glad:A775NotesDue2028Memberus-gaap:NotesPayableOtherPayablesMember2025-10-152025-10-150001143513glad:A375NotesDue2027Memberus-gaap:NotesPayableOtherPayablesMember2021-11-300001143513glad:A375NotesDue2027Memberus-gaap:NotesPayableOtherPayablesMember2021-11-012021-11-300001143513glad:A375NotesDue2027Memberus-gaap:NotesPayableOtherPayablesMember2022-04-300001143513glad:A375NotesDue2027Memberus-gaap:NotesPayableOtherPayablesMember2026-03-310001143513glad:A5125NotesDue2026Memberus-gaap:NotesPayableOtherPayablesMember2020-12-310001143513glad:A5125NotesDue2026Memberus-gaap:NotesPayableOtherPayablesMember2020-12-012020-12-310001143513glad:A5125NotesDue2026Memberus-gaap:NotesPayableOtherPayablesMember2021-03-310001143513glad:A5125NotesDue2026Memberus-gaap:NotesPayableOtherPayablesMember2021-03-012021-03-310001143513glad:A5125NotesDue2026Memberus-gaap:NotesPayableOtherPayablesMember2025-10-310001143513glad:A5125NotesDue2026Memberus-gaap:NotesPayableOtherPayablesMember2025-10-012025-10-310001143513glad:A2030ConvertibleNotesMembersrt:MaximumMemberus-gaap:ConvertibleDebtMember2025-09-012025-09-300001143513glad:A2030ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2025-09-222025-09-220001143513us-gaap:SeriesAPreferredStockMemberglad:DealerManagerAgreementMember2023-05-310001143513us-gaap:SeriesAPreferredStockMemberglad:DealerManagerAgreementMember2023-05-012023-05-310001143513us-gaap:SeriesAPreferredStockMember2026-03-310001143513us-gaap:SeriesAPreferredStockMember2026-01-012026-03-310001143513us-gaap:SeriesAPreferredStockMember2025-10-012026-03-310001143513us-gaap:SeriesAPreferredStockMember2025-01-012025-03-310001143513us-gaap:SeriesAPreferredStockMember2024-10-012025-03-310001143513us-gaap:SeriesAPreferredStockMember2025-09-300001143513us-gaap:SeriesAPreferredStockMemberglad:O2025M6DividendsMember2025-01-012025-03-310001143513us-gaap:SeriesAPreferredStockMemberglad:O2025M4DividendsMember2025-01-012025-03-310001143513us-gaap:SeriesAPreferredStockMemberglad:O2025M5DividendsMember2025-01-012025-03-310001143513us-gaap:SeriesAPreferredStockMemberglad:O2026M6DividendsMember2026-01-012026-03-310001143513us-gaap:SeriesAPreferredStockMemberglad:O2026M4DividendsMember2026-01-012026-03-310001143513us-gaap:SeriesAPreferredStockMemberglad:O2026M5DividendsMember2026-01-012026-03-310001143513us-gaap:SeriesAPreferredStockMemberglad:O2026M4DividendsMember2025-10-012026-03-310001143513us-gaap:SeriesAPreferredStockMemberglad:O2026M5DividendsMember2025-10-012026-03-310001143513us-gaap:SeriesAPreferredStockMemberglad:O2026M6DividendsMember2025-10-012026-03-310001143513us-gaap:SeriesAPreferredStockMemberglad:O2025M4DividendsMember2024-10-012025-03-310001143513us-gaap:SeriesAPreferredStockMemberglad:O2025M5DividendsMember2024-10-012025-03-310001143513us-gaap:SeriesAPreferredStockMemberglad:O2025M6DividendsMember2024-10-012025-03-310001143513us-gaap:SeriesAPreferredStockMemberglad:O2025M1DividendsMember2024-10-012025-03-310001143513us-gaap:SeriesAPreferredStockMemberglad:O2025M2DividendsMember2024-10-012025-03-310001143513us-gaap:SeriesAPreferredStockMemberglad:O2025M3DividendsMember2024-10-012025-03-310001143513us-gaap:SeriesAPreferredStockMemberglad:O2026M1DividendsMember2025-10-012026-03-310001143513us-gaap:SeriesAPreferredStockMemberglad:O2026M2DividendsMember2025-10-012026-03-310001143513us-gaap:SeriesAPreferredStockMemberglad:O2026M3DividendsMember2025-10-012026-03-310001143513glad:CommonStockAtTheMarketOfferingsMember2024-08-310001143513glad:CommonStockAtTheMarketOfferingsMember2025-01-012025-03-310001143513glad:CommonStockAtTheMarketOfferingsMember2024-10-012025-03-310001143513glad:CommonStockAtTheMarketOfferingsMember2025-03-310001143513glad:CommonStockAtTheMarketOfferingsMember2026-03-310001143513glad:O2026M1DividendsMember2025-10-012026-03-310001143513glad:O2026M2DividendsMember2025-10-012026-03-310001143513glad:O2026M3DividendsMember2025-10-012026-03-310001143513glad:O2026M4DividendsMember2025-10-012026-03-310001143513glad:O2026M5DividendsMember2025-10-012026-03-310001143513glad:O2026M6DividendsMember2025-10-012026-03-310001143513glad:O2025M1DividendsMember2024-10-012025-03-310001143513glad:O2025M2DividendsMember2024-10-012025-03-310001143513glad:O2025M3DividendsMember2024-10-012025-03-310001143513glad:O2025M4DividendsMember2024-10-012025-03-310001143513glad:O2025M5DividendsMember2024-10-012025-03-310001143513glad:O2025M6DividendsMember2024-10-012025-03-3100011435132024-10-012025-09-300001143513us-gaap:UnusedLinesOfCreditMember2026-03-310001143513us-gaap:UnusedLinesOfCreditMember2025-09-300001143513us-gaap:DelayedDrawTermLoanMember2026-03-310001143513us-gaap:DelayedDrawTermLoanMember2025-09-300001143513us-gaap:FinancialSupportCapitalContributionsMember2026-03-310001143513us-gaap:FinancialSupportCapitalContributionsMember2025-09-300001143513glad:OneSourceHoldCoLLCMemberus-gaap:SubsequentEventMember2026-04-012026-04-300001143513glad:OneSourceHoldCoLLCMemberus-gaap:SubsequentEventMember2026-04-300001143513glad:SWECOWorldwideIncMemberus-gaap:SubsequentEventMember2026-04-012026-04-300001143513glad:SWECOWorldwideIncMemberus-gaap:SubsequentEventMember2026-04-300001143513glad:O2026M7DividendsMemberus-gaap:SubsequentEventMember2026-04-142026-04-140001143513glad:O2026M8DividendsMemberus-gaap:SubsequentEventMember2026-04-142026-04-140001143513glad:O2026M9DividendsMemberus-gaap:SubsequentEventMember2026-04-142026-04-140001143513us-gaap:SubsequentEventMember2026-04-142026-04-140001143513glad:A2030ConvertibleNotesMember2025-10-012026-03-310001143513glad:A775NotesDue2028Member2025-10-012026-03-310001143513glad:A375NotesDue2027Member2025-10-012026-03-310001143513glad:A5125NotesDue2026Member2025-10-012026-03-310001143513glad:A2027NotesAnd2030ConvertibleNotesMember2025-10-012026-03-31

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 ~~JUNE~~MARCH 3031, ~~2025~~2026


o			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			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 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

7.75% notes due 2028

GLADZ

The 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 filer	x	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 ~~August~~May 15, ~~2025~~2026 was 22,~~329~~593,~~852~~069.

Table of Contents

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, 2025 and September 30, 2024	2
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 and September 30, 2025	2
	Consolidated Statements of Operations for the three and nine months ended June 30, 2025 and 2024	3
	Consolidated Statements of Operations for the three and six months ended March 31, 2026 and 2025	3
	Consolidated Statements of Changes in Net Assets for the nine months ended June 30, 2025 and 2024	4
	Consolidated Statements of Changes in Net Assets for the six months ended March 31, 2026 and 2025	4
	Consolidated Statements of Cash Flows for the nine months ended June 30, 2025 and 2024	5
	Consolidated Statements of Cash Flows for the six months ended March 31, 2026 and 2025	5
	Consolidated Schedules of Investments as of June 30, 2025 and September 30, 2024	6
	Consolidated Schedules of Investments as of March 31, 2026 and September 30, 2025	6
	Notes to Consolidated Financial Statements	18
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45
	Overview	45
	Results of Operations	5049
	Liquidity and Capital Resources	5958
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	6665
Item 4.	Controls and Procedures	66
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	67
Item 1A.	Risk Factors	67
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	67
Item 3.	Defaults Upon Senior Securities	67
Item 4.	Mine Safety Disclosures	67
Item 5.	Other Information	67
Item 6.	Exhibits	6867
SIGNATURES		70

Table of Contents

Part I. Financial information

Item I Financial Statements (Unaudited)

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(UNAUDITED)

	June 30,2025		September 30,2024
	March 31,2026		September 30,2025
ASSETS
Investments, at fair value:
Non-Control/Non-Affiliate investments (Cost of $638,993 and $716,481, respectively)	$	639,003	$	750,904
Non-Control/Non-Affiliate investments (Cost of $729,037 and $685,195, respectively)	$	746,626	$	696,317
Affiliate investments (Cost of $21,746 and $16,746, respectively)	16,594		7,438
Affiliate investments (Cost of $57,151 and $58,446, respectively)	53,091		53,911
Control investments (Cost of $117,112 and $37,784, respectively)	95,663		37,918
Control investments (Cost of $139,005 and $132,973, respectively)	107,127		108,896
Cash and cash equivalents	15,169		2,172
Cash	216		596
Restricted cash and cash equivalents	135		132
Cash equivalents	3,177		31,774
Interest receivable, net	65,~~048~~653		5,~~923~~702
Due from administrative agent	13,~~846~~327		24,~~802~~791
Deferred financing costs, net	21,~~198~~686		1,~~053~~951
Other assets, net	34,~~542~~167		43,~~126~~659
TOTAL ASSETS	$	~~780~~925,~~198~~070	$	~~812~~907,~~468~~597
LIABILITIES
Line of credit at fair value (Cost of $27,500 and $70,600, respectively)	$	27,500	$	70,600
Line of credit at fair value (Cost of $199,800 and $0, respectively)	$	199,800	$	—
Notes payable, net of unamortized deferred financing costs of $2,248 and $2,990, respectively	254,752		254,010
Notes payable, net of unamortized deferred financing costs and discounts of $6,381 and $8,644, respectively	193,119		397,856
Accounts payable and accrued expenses	~~824~~1,909		1,~~230~~188
Interest payable	46,~~126~~477		23,~~916~~141
Fees due to Adviser(A)	24,~~479~~258		32,~~889~~921
Fee due to Administrator(A)	~~1,007~~823		~~569~~610
Other liabilities	~~539~~601		~~513~~459
TOTAL LIABILITIES	$	~~291~~406,~~227~~987	$	~~333~~406,~~727~~175
Commitments and contingencies(B)
Preferred stock, $0.001 par value per share, 6,000,000 and 6,000,000 shares authorized, respectively, and 647,820 and 349,931 shares issued and outstanding, respectively	$	14,517	$	7,846
Preferred stock, $0.001 par value per share, 6,000,000 and 6,000,000 shares authorized, respectively, and 1,584,817 and 865,452 shares issued and outstanding, respectively	$	35,469	$	19,387
NET ASSETS
Common stock, $0.001 par value per share, 44,000,000 and 44,000,000 shares authorized, respectively, and 22,329,852 and 22,230,587 shares issued and outstanding, respectively	$	44	$	44
Common stock, $0.001 par value per share, 44,000,000 and 44,000,000 shares authorized, respectively, and 22,593,069 and 22,593,069 shares issued and outstanding, respectively	$	45	$	45
Capital in excess of par value	~~494~~501,~~631~~625		~~492~~501,~~305~~628
Cumulative net unrealized appreciation (depreciation) of investments	(26,591)		25,249
Total distributable loss(C)	(19,056)		(19,638)
Under distributed net investment income	5,197		6,144
TOTAL NET ASSETS	$	482,614	$	482,035
Accumulated net realized gains (losses)	1,173		(52,847)
NET ASSET VALUE PER COMMON SHARE	$	21.36	$	21.34
Total distributable loss	(20,221)		(21,454)
TOTAL NET ASSETS	$	474,454	$	470,895
NET ASSET VALUE PER COMMON SHARE	$	21.25	$	21.18

(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.

(C)Refer to Note 2—Summary of Significant Accounting Policies in the accompanying Notes to Consolidated Financial Statements for additional information.

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

Table of Contents

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(UNAUDITED)

	Three Months EndedJune 30,				Nine Months EndedJune 30,
	Three Months EndedMarch 31,				Six Months EndedMarch 31,
	2025		2024		2025		2024
	2026		2025		2026		2025
INVESTMENT INCOME
Interest income
Non-Control/Non-Affiliate investments	$	1718,~~596~~201	$	2119,~~393~~913	$	5736,~~499~~290	$	6439,~~223~~903
Control investments	1,765		277		2,650		1,313
Affiliate investments	848		—		1,775		—
Cash and cash equivalents	161		45		368		97
Control investments	2,410		439		4,833		885
Total interest income (excluding PIK interest income)	19,522		21,715		60,517		65,633
Cash and cash equivalents	27		86		183		207
Total interest income (excluding PIK interest income)	21,486		20,438		43,081		40,995
PIK interest income
Non-Control/Non-Affiliate investments	~~833~~1,138		~~1,400~~900		2,~~496~~844		41,~~030~~663
Control investments	~~498~~572		84—		~~498~~1,167		~~247~~—
Total PIK interest income	1,~~331~~710		~~1,484~~900		24,~~994~~011		41,~~277~~663
Total interest income	2023,~~853~~196		2321,~~199~~338		6347,~~511~~092		6942,~~910~~658
Success fee income
Non-Control/Non-Affiliate investments	—		295		—		295
Dividend income
Non-Control/Non-Affiliate investments	~~290~~1,823		~~1,050~~—		~~290~~1,823		~~1,235~~—
Affiliate investments	7988		—26		~~105~~178		—26
Total dividend income	~~369~~1,911		~~1,050~~26		~~395~~2,001		~~1,235~~26
Prepayment fee income
Non-Control/Non-Affiliate investments	~~396~~855		~~1,090~~121		1,~~054~~136		~~1,305~~658
Other income	3930		5584		~~226~~274		~~162~~187
Total investment income	2125,~~657~~992		2521,~~689~~569		6550,~~186~~503		7243,~~907~~529
EXPENSES
Base management fee(A)	34,~~346~~010		3,~~459~~441		107,~~339~~919		106,~~143~~993
Loan servicing fee(A)	2,~~154~~513		2,~~250~~278		64,~~610~~964		64,~~638~~456
Incentive fee(A)	2,~~594~~812		32,~~076~~407		75,~~705~~511		85,~~729~~111
Administration fee(A)	~~464~~522		~~477~~462		1,~~400~~041		~~1,400~~936
Interest expense	45,~~451~~815		5,~~509~~019		1411,~~213~~743		169,~~273~~762
Amortization of deferred financing costs	609		453		1,654		1,323
Amortization of deferred financing costs and discounts	696		527		1,423		1,045
Professional fees	~~238~~388		~~263~~99		~~733~~695		~~771~~495
Other general and administrative expenses	~~440~~590		~~659~~515		1,~~649~~088		1,~~792~~209
Expenses, before credits from Adviser	1417,~~296~~346		1614,~~146~~748		4434,~~303~~384		4730,~~069~~007
Credit to base management fee - loan servicing fee(A)	(2,~~154~~513)		(2,~~250~~278)		(64,~~610~~964)		(64,~~638~~456)
Credits to fees from Adviser - other(A)	(~~1,779~~679)		(~~600~~2,146)		(62,~~270~~019)		(24,~~628~~491)
Total expenses, net of credits	1014,~~363~~154		1310,~~296~~324		3127,~~423~~401		3721,~~803~~060
NET INVESTMENT INCOME	11,~~294~~838		1211,~~393~~245		3323,~~763~~102		3522,~~104~~469
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss):
Non-Control/Non-Affiliate investments	(~~3,708~~213)		17,~~417~~702		611,~~718~~498		165,~~636~~426
Control investments	—		—		—		259
Affiliate investments	—		—		—		—
Other	88		1,898		182		3,850
Control investments	—		—		—		—
Total net realized gain (loss)	(3,620)		3,315		61,900		5,745
Other	(357)		4		(1,772)		94
Total net realized gain (loss)	(570)		7,706		(274)		65,520
Net unrealized appreciation (depreciation):
Non-Control/Non-Affiliate investments	156,~~208~~835		3(8,~~396~~476)		~~(34~~6,~~413)~~467		17(49,~~989~~621)
Affiliate investments	~~662~~1,356		~~(490)~~3,527		~~4,156~~475		~~(529)~~3,494
Control investments	(153,~~904~~412)		~~530~~(4,965)		(217,~~583~~801)		4(5,~~476~~679)
Other	49—		—(49)		—		—(49)
Total net unrealized appreciation (depreciation)	154,779		3(9,~~436~~963)		(~~51,840~~859)		21(51,~~936~~855)
Net realized and unrealized gain (loss)	(34,~~605)~~209		6(2,~~751~~257)		10(1,~~060~~133)		2713,~~681~~665
PREFERRED STOCK DIVIDENDS	~~241~~588		88191		~~603~~1,056		96362
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	715,~~448~~459	$	198,~~056~~797	$	4320,~~220~~913	$	6235,~~689~~772
BASIC AND DILUTED PER COMMON SHARE:
Net investment income(B)	$	0.50	$	0.57	$	1.50	$	1.61
Net investment income - basic	$	0.52	$	0.50	$	1.02	$	1.00
Net increase (decrease) in net assets resulting from operations(B)	$	0.33	$	0.88	$	1.93	$	2.88
Net increase (decrease) in net assets from operations - basic	$	0.68	$	0.39	$	0.92	$	1.60
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: Basic and Diluted(B)	22,329,852		21,754,456		22,323,668		21,754,451
Net increase (decrease) in net assets from operations - diluted	$	0.63	$	0.39	$	0.92	$	1.60
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic	22,593,069		22,329,852		22,593,069		22,320,576
Diluted	28,364,875		22,329,852		28,364,875		22,320,576

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

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

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

Table of Contents

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(DOLLAR AMOUNTS IN THOUSANDS)

(UNAUDITED)

	2025		2024
	2026		2025
NET ASSETS, SEPTEMBER 30	$	~~470~~482,~~895~~035	$	~~408~~470,~~695~~895
OPERATIONS
Net investment income	11,~~224~~264		11,~~934~~224
Net realized gain (loss) on investments	571,~~724~~711		~~259~~57,724
Net realized gain (loss) on other	90(1,415)		390
Net unrealized appreciation (depreciation) of investments	(415,~~892~~638)		7(41,~~805~~892)
Preferred stock dividends	(~~171~~468)		—(171)
Net increase (decrease) in net assets resulting from operations	265,~~975~~454		2026,~~001~~975
DISTRIBUTIONS
Distributions to common stockholders from net investment income ($0.50 per share and $0.49 per share, respectively)(A)(B)	(11,053)		(10,768)
Distributions to common stockholders from net investment income ($0.42 per share and $0.50 per share, respectively)(A)	(9,450)		(11,053)
Distributions to common stockholders from realized gains ($0.40 per share and $0.00 per share, respectively)(A)(B)	(8,932)		—
Distributions to common stockholders from realized gains ($0.03 per share and $0.40 per share, respectively)(A)	(717)		(8,932)
Net decrease in net assets from distributions	(1910,~~985~~167)		(1019,~~768~~985)
CAPITAL TRANSACTIONS
Issuance of common stock	~~2,471~~—		—2,471
Discounts, commissions and offering costs for issuance of common stock	~~(40)~~—		—(40)
Net increase (decrease) in net assets resulting from capital transactions	~~2,431~~—		—2,431
NET INCREASE (DECREASE) IN NET ASSETS	9(4,~~421~~713)		9,~~233~~421
NET ASSETS, DECEMBER 31	$	~~480~~477,~~316~~322	$	~~417~~480,~~928~~316
OPERATIONS
Net investment income	11,~~245~~838		1011,~~777~~245
Net realized gain (loss) on investments	~~7,702~~(213)		~~219~~7,702
Net realized gain (loss) on other	4(357)		~~1,949~~4
Net unrealized appreciation (depreciation) of investments	(94,~~914)~~779		10(9,~~695~~914)
Net unrealized appreciation of other	(49)		—
Net unrealized (appreciation) depreciation of line of credit	—		(49)
Preferred stock dividends	(~~191~~588)		(8191)
Net increase (decrease) in net assets resulting from operations	815,~~797~~459		238,~~632~~797
DISTRIBUTIONS
Distributions to common stockholders from net investment income ($0.50 per share and $0.49 per share, respectively)(A)(B)	(11,054)		(10,769)
Distributions to common stockholders from net investment income ($0.45 per share and $0.50 per share, respectively)(A)	(10,167)		(11,054)
Net decrease in net assets from distributions	(11,054)		(10,769)
Distributions to common stockholders from realized gains ($0.00 per share and $0.00 per share, respectively)(A)	—		—
CAPITAL TRANSACTIONS
Net decrease in net assets from distributions	(10,167)		(11,054)
Issuance of common stock	—		—
NET INCREASE (DECREASE) IN NET ASSETS	5,292		(2,257)
Discounts, commissions and offering costs for issuance of common stock	—		—
NET ASSETS, MARCH 31	$	482,614	$	478,059
Net increase (decrease) in net assets resulting from capital transactions	—		—
NET INCREASE (DECREASE) IN NET ASSETS	(2,257)		12,863
NET ASSETS, MARCH 31	$	478,059	$	430,791
OPERATIONS
Net investment income	11,294		12,393
Net realized gain (loss) on investments	(3,708)		1,417
Net realized gain (loss) on other	88		1,898
Net unrealized appreciation (depreciation) of investments	(34)		3,436
Net unrealized appreciation of other	49		—
Preferred stock dividends	(241)		(88)
Net increase (decrease) in net assets resulting from operations	7,448		19,056
DISTRIBUTIONS
Distributions to common stockholders from net investment income ($0.49 per share and $0.50 per share, respectively)(A)	(11,053)		(10,769)
Net decrease in net assets from distributions	(11,053)		(10,769)
CAPITAL TRANSACTIONS
Issuance of common stock	—		—
Discounts, commissions and offering costs for issuance of common stock	—		—
Net increase (decrease) in net assets resulting from capital transactions	—		—
NET INCREASE (DECREASE) IN NET ASSETS	(3,605)		8,287
NET ASSETS, JUNE 30	$	474,454	$	439,078

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

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

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

Table of Contents

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(DOLLAR AMOUNTS IN THOUSANDS)

(UNAUDITED)

	Nine Months Ended June 30,
	Six Months Ended March 31,
	2025		2024
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations	$	4320,~~220~~913	$	6235,~~689~~772
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchase of investments	(~~270~~142,~~163~~724)		(~~149~~197,~~122~~211)
Principal repayments on investments	~~239~~96,~~258~~007		~~120~~157,~~946~~784
Net proceeds from sale of investments	892,~~746~~671		688,~~536~~927
Increase in investments due to PIK interest or other	(24,~~940~~128)		(41,~~060~~861)
Net change in premiums, discounts and amortization	~~(841)~~706		~~451~~(301)
Net realized loss (gain) on investments	(611,~~718~~498)		(165,~~895~~426)
Net realized loss (gain) on other	~~(182)~~1,772		(~~3,850~~94)
Net unrealized depreciation (appreciation) of investments	~~51,840~~859		~~(21~~51,~~936)~~806
Amortization of deferred financing costs	1,654		1,323
Net unrealized appreciation of other	—		49
Amortization of deferred financing costs	1,423		1,045
Changes in assets and liabilities:
Decrease (increase) in interest receivable, net	~~(125)~~49		~~761~~280
Decrease (increase) in funds due from administrative agent	~~956~~1,464		~~(2,986)~~784
Decrease (increase) in other assets, net	~~582~~(506)		~~(775)~~987
Increase (decrease) in accounts payable and accrued expenses	~~(406)~~721		(20164)
Increase (decrease) in interest payable	13,~~210~~336		~~1,340~~(134)
Increase (decrease) in fees due to Adviser(A)	(1,~~410)~~337		~~291~~(1,899)
Increase (decrease) in fee due to Administrator(A)	~~438~~213		~~352~~277
Increase (decrease) in other liabilities	26142		~~(1,111)~~118
Net cash provided by (used in) operating activities	91(17,~~145~~243)		870,~~934~~739
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit	~~212~~284,000		~~179~~148,500
Repayments on line of credit	(~~255~~84,~~100~~200)		(~~161~~194,~~500~~000)
Financing costs	(2,058)		(378)
Redemption of long term debt	(207,000)		—
Proceeds from issuance of common stock	2,471		—
Financing costs	(282)		(23)
Proceeds from issuance of preferred stock	6,671		5,595
Proceeds from issuance of common stock	—		2,471
Discounts, commissions and offering costs for issuance of common stock	(37)		—
Proceeds from issuance of preferred stock	16,623		3,882
Distributions paid to common stockholders	(42,092)		(32,306)
Redemption of preferred stock	(541)		—
Net cash provided by (used in) financing activities	(78,145)		(9,089)
Commissions and offering costs for issuance of common stock	—		(37)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS	13,000		(155)
Distributions paid to common stockholders	(20,334)		(31,039)
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD	2,304		1,401
Net cash provided by (used in) financing activities	(11,734)		(70,246)
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD	$	15,304	$	1,246
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(28,977)		493
CASH PAID FOR INTEREST	$	13,003	$	14,933
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	32,370		2,304
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	3,393	$	2,797
CASH PAID FOR INTEREST	$	8,407	$	9,896
NON-CASH ACTIVITIES	$	—	$	—

(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.

Table of Contents

GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSJUNE 30, 2025(UNAUDITED)(DOLLAR AMOUNTS IN THOUSANDS)
GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSMARCH 31, 2026(UNAUDITED)(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/Shares/Units(I)(J)		Cost		Fair Value
NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 134.7%
NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 154.7%
Secured First Lien Debt – 96.7%
Secured First Lien Debt – 108.2%
Aerospace and Defense – 3.3%
Beverage, Food, and Tobacco – 7.4%
Ohio Armor Holdings, LLC – Term Debt (S + 8.0%, 12.3% Cash, Due 2/2026)(C)	$	15,681	$	15,681	$	15,681
Sicilian Oven Restaurants LLC – Term Debt (S + 6.7%, 10.3% Cash, Due 11/2030)(C)(H)	$	23,768	$	23,768	$	24,128
Beverage, Food, and Tobacco – 2.2%
Wings ‘N More Restaurants LLC – Line of Credit, $1,500 available (S + 7.3%, 10.9% Cash, Due 11/2029)(C)	—		—		—
Wings ‘N More Restaurants LLC – Line of Credit, $1,500 available (S + 6.8%, 11.1% Cash, Due 11/2029)(C)	—		—		—
Wings ‘N More Restaurants LLC – Term Debt (S + 7.3%, 10.9% Cash, Due 11/2029)(C)	10,500		10,500		10,605
Wings ‘N More Restaurants LLC – Term Debt (S + 6.8%, 11.1% Cash, Due 11/2029)(C)	10,500		10,500		10,460
Wings ‘N More Restaurants LLC – Delayed Draw Term Loan, $4,250 available (S + 7.3%, 10.9% Cash, Due 11/2029)(C)	750		750		758
Wings ‘N More Restaurants LLC – Delayed Draw Term Loan, $5,000 available (S + 6.8%, 11.1% Cash, Due 11/2029)(C)	—		—		—
			35,018		35,491
			10,500		10,460
Buildings and Real Estate – 0.5%
GFRC 360, LLC – Line of Credit, $95 available (S + 8.0%, 12.3% Cash, Due 9/2025)(C)	1,355		1,355		1,355
GFRC 360, LLC – Line of Credit, $95 available (S + 8.0%, 11.7% Cash, Due 9/2026)(C)	1,355		1,355		1,355
GFRC 360, LLC – Term Debt (S + 8.0%, 12.3% Cash, Due 9/2025)(C)	1,000		1,000		1,000
GFRC 360, LLC – Term Debt (S + 8.0%, 11.7% Cash, Due 9/2026)(C)	1,000		1,000		1,000
			2,355		2,355
Diversified/Conglomerate Manufacturing – 22.1%
Diversified/Conglomerate Manufacturing – 26.1%
NeoGraf Solutions LLC – Line of Credit, $4,500 available (S + 7.0%, 11.0% Cash, 0.3% PIK, Due 1/2028)(C)	—		—		—
IMX Power Holdings Inc. – Line of Credit, $1,500 available (11.0% Cash, Due 1/2031)(C)(F)	—		—		—
NeoGraf Solutions LLC – Term Debt (S + 7.0%, 11.0% Cash, 0.3% PIK, Due 1/2028)(C)	27,500		27,500		27,500
IMX Power Holdings Inc. – Term Debt (11.0% Cash, Due 1/2031)(C)(F)	6,000		6,000		6,000
OCI, LLC – Term Debt (S + 7.5%, 11.8% Cash, Due 5/2028)(C)	16,500		16,500		16,500
IMX Power Holdings Inc. – Delayed Draw Term Loan, $3,000 available (11.0% Cash, Due 1/2031)(C)(F)	—		—		—
Torrent Photonics Holdco LLC – Term Debt (S + 9.5%, 13.8% Cash, Due 4/2027)(C)	11,559		11,559		11,675
NeoGraf Solutions LLC – Line of Credit, $3,500 available (S + 7.0%, 10.7% Cash, Due 1/2028)(C)	1,000		1,000		1,000
Torrent Photonics Holdco LLC – Term Debt (S + 9.5%, 13.8% Cash, Due 4/2026)(C)	500		500		505
NeoGraf Solutions LLC – Term Debt (S + 7.0%, 10.7% Cash, Due 1/2028)(C)	27,330		27,330		27,330
Unirac Holdings, Inc. – Line of Credit, $1,856 available (S + 6.5%, 10.8% Cash, Due 9/2027)(C)	367		367		367
OCI, LLC – Term Debt (S + 7.5%, 11.2% Cash, Due 5/2028)(C)	32,000		32,000		32,000
Unirac Holdings, Inc. – Delayed Draw Term Loan, $0 available (S + 6.5%, 10.8% Cash, Due 9/2027)(C)	1,081		1,081		1,081
Torrent Photonics Holdco LLC – Term Debt (S + 9.5%, 13.2% Cash, Due 4/2027)(C)	12,527		12,527		12,089
Unirac Holdings, Inc. – Term Debt (S + 6.5%, 10.8% Cash, Due 9/2027)(C)	14,513		14,270		14,513
Torrent Photonics Holdco LLC – Term Debt (S + 9.5%, 13.2% Cash, Due 12/2026)(C)	517		517		499
Viron International Corp.(S) – Term Debt (S + 7.0%, 11.3% Cash, Due 2/2030)(C)	19,108		19,108		18,881
Torrent Photonics Holdco LLC – Term Debt (4.0%, Due 4/2027)(C)(F)	125		125		121
Viva Railings, LLC – Line of Credit, $4,000 available (S + 6.4%, 10.7% Cash, Due 5/2027)(C)	—		—		—
Unirac Holdings, Inc. – Line of Credit, $2,222 available (S + 6.5%, 10.2% Cash, Due 9/2027)(C)	—		—		—
Viva Railings, LLC – Term Debt (S + 6.4%, 10.7% Cash, Due 5/2027)(C)	13,875		13,875		13,839
Unirac Holdings, Inc. – Delayed Draw Term Loan, $0 available (S + 6.5%, 10.2% Cash, Due 9/2027)(C)	1,039		1,039		1,039
			104,760		104,861
Unirac Holdings, Inc. – Term Debt (S + 6.5%, 10.2% Cash, Due 9/2027)(C)	13,950		13,781		13,950
Diversified/Conglomerate Service – 20.7%
Viron International Corp.(L) – Term Debt (S + 7.0%, 10.7% Cash, Due 2/2030)(C)	18,383		18,383		18,353
Axios Industrial Group, LLC – Term Debt (S + 11.6%, 0.0% Cash, 15.9% PIK, Due 10/2027)(C)	16,106		16,106		15,358
Viva Railings, LLC – Line of Credit, $4,000 available (S + 6.4%, 10.0% Cash, Due 5/2027)(C)	—		—		—
Axios Industrial Group, LLC – Term Debt (18.0% PIK, Due 10/2027)(C)(F)	2,484		2,484		2,369
Viva Railings, LLC – Term Debt (S + 6.4%, 10.0% Cash, Due 5/2027)(C)	13,548		13,548		13,548
Leadpoint Business Services, LLC – Term Debt (S + 8.5%, 12.8% Cash, Due 2/2028)(C)	28,117		28,117		28,398
			126,250		125,929
Quality Environmental Midco, Inc. – Line of Credit, $2,500 available (12.0% Cash, Due 11/2028)(C)(F)	500		500		500
Diversified/Conglomerate Service – 22.7%
Quality Environmental Midco, Inc. – Term Debt (12.0% Cash, Due 11/2028)(C)(F)	13,000		13,000		13,260
Axios Industrial Group, LLC – Term Debt (S + 13.6%, 8.0% Cash, 9.3% PIK, Due 10/2027)(C)	17,725		17,725		17,725
RF Technologies, LLC – Line of Credit, $3,500 available (S + 6.3%, 10.6% Cash, Due 6/2030)(C)	—		—		—
Axios Industrial Group, LLC – Term Debt (20.0% PIK, Due 10/2027)(C)(F)	2,829		2,829		2,829
RF Technologies, LLC – Term Debt (S + 6.3%, 10.6% Cash, Due 6/2030)(C)	12,600		12,600		12,600
MASSiv Brands, LLC – Term Debt (10.0% Cash, 5.0% PIK, Due 7/2030)(C)(F)	25,956		25,956		25,267
Total Access Elevator, LLC – Line of Credit, $3,000 available (S + 6.9%, 11.2% Cash, Due 4/2029)(C)	—		—		—
Quality Environmental Midco, Inc. – Line of Credit, $3,000 available (12.8% Cash, Due 11/2028)(C)(F)	—		—		—
Total Access Elevator, LLC – Term Debt (S + 6.9%, 11.2% Cash, Due 4/2029)(C)	6,500		6,500		6,630
Quality Environmental Midco, Inc. – Term Debt (12.0% Cash, 0.8% PIK, Due 11/2028)(C)(F)	13,057		13,057		13,188
Total Access Elevator, LLC – Delayed Draw Term Loan, $2,500 available (S + 6.9%, 11.2% Cash, Due 4/2029)(C)	—		—		—
RF Technologies, LLC – Line of Credit, $3,500 available (S + 6.7%, 10.3% Cash, Due 6/2030)(C)	—		—		—
WorkforceQA, LLC – Line of Credit, $900 available (S + 6.3%, 10.6% Cash, Due 12/2026)(C)	1,100		1,100		1,100
RF Technologies, LLC – Term Debt (S + 6.7%, 10.3% Cash, Due 6/2030)(C)	12,600		12,600		12,362
WorkforceQA, LLC – Term Debt (S + 6.3%, 10.6% Cash, Due 12/2026)(C)	17,963		17,920		17,963
Total Access Elevator, LLC – Line of Credit, $3,000 available (S + 6.3%, 9.9% Cash, Due 4/2029)(C)	—		—		—
			98,327		98,178
Total Access Elevator, LLC – Term Debt (S + 6.3%, 9.9% Cash, Due 4/2029)(C)	17,500		17,500		17,850
Healthcare, Education, and Childcare – 43.5%
Total Access Elevator, LLC – Delayed Draw Term Loan, $0 available (S + 6.3%, 9.9% Cash, Due 4/2029)(C)	1,600		1,600		1,632
ALS Education, LLC – Line of Credit, $3,000 available (S + 6.8%, 11.1% Cash, Due 12/2028)(C)	—		—		—
Total Access Elevator, LLC – Delayed Draw Term Loan, $9,850 available (S + 6.3%, 9.9% Cash, Due 4/2029)(C)	—		—		—
ALS Education, LLC – Term Debt (S + 6.8%, 11.1% Cash, Due 12/2028)(C)	30,800		30,800		30,954
WorkforceQA, LLC – Line of Credit, $900 available (S + 6.5%, 10.2% Cash, Due 12/2026)(C)	1,100		1,100		1,100
Altior Healthcare, LLC – Term Debt (S + 6.5%, 10.8% Cash, Due 5/2030)(C)	46,000		46,000		46,000
WorkforceQA, LLC – Term Debt (S + 6.5%, 10.2% Cash, Due 12/2026)(C)	17,513		17,513		17,513
Freedom Dental Management, Inc. – Term Debt (S + 7.3%, 11.6% Cash, Due 6/2030)(C)	15,000		15,000		14,781
			109,880		109,466
HH-Inspire Acquisition, Inc. – Line of Credit, $0 available (S + 8.0%, 12.3% Cash, 2.0% PIK, Due 4/2028)(C)	1,852		1,852		1,697

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

Table of Contents

GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSJUNE 30, 2025(UNAUDITED)(DOLLAR AMOUNTS IN THOUSANDS)
GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSMARCH 31, 2026(UNAUDITED)(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/Shares/Units(I)(J)		Cost		Fair Value
HH-Inspire Acquisition, Inc. – Term Debt (S + 8.0%, 12.3% Cash, 2.0% PIK, Due 4/2028)(C)	19,855		19,764		18,191
Ecological – 3.7%
Giving Home Health Care, LLC – Term Debt (S + 6.3%, 10.5% Cash, Due 4/2029)(C)(H)	34,924		34,855		34,924
Clean Water Environmental Services, Inc. – Term Debt (S + 7.3%, 11.0% Cash, Due 2/2031)(C)(H)(L)	18,000		18,000		18,000
Turn Key Health Clinics, LLC – Line of Credit, $4,000 available (S + 7.3%, 11.6% Cash, Due 6/2026)(C)	—		—		—
Healthcare, Education, and Childcare – 37.3%
Turn Key Health Clinics, LLC – Term Debt (S + 7.3%, 11.6% Cash, Due 6/2026)(C)	17,500		17,500		17,500
ALS Education, LLC – Line of Credit, $3,000 available (S + 6.3%, 9.9% Cash, Due 12/2028)(C)	—		—		—
Vet's Choice Radiology LLC(S) – Term Debt (S + 8.0%, 12.3% Cash, Due 12/2027)(C)	42,750		42,750		42,391
ALS Education, LLC – Term Debt (S + 6.3%, 9.9% Cash, Due 12/2028)(C)	30,360		30,317		30,360
			208,521		206,438
ALS Education, LLC – Delayed Draw Term Loan, $6,000 available (S + 6.3%, 9.9% Cash, Due 12/2028)(C)	—		—		—
Machinery – 3.7%
Altior Healthcare, LLC – Term Debt (S + 6.5%, 10.2% Cash, Due 5/2030)(C)	46,000		46,000		46,920
Arc Drilling Holdings LLC – Line of Credit, $3,925 available (S + 6.8%, 11.1% Cash, Due 9/2029)(C)	1,075		1,075		1,075
Freedom Dental Management, Inc. – Term Debt (S + 7.5%, 11.2% Cash, Due 6/2030)(C)	15,000		15,000		15,150
Arc Drilling Holdings LLC – Term Debt (S + 6.8%, 11.1% Cash, Due 9/2029)(C)	16,000		16,000		16,320
Giving Home Health Care, LLC – Term Debt (S + 6.0%, 9.7% Cash, Due 4/2029)(C)	33,883		33,825		34,390
			17,075		17,395
HH-Inspire Acquisition, Inc. – Line of Credit, $0 available (S + 9.5%, 11.7% Cash, 1.5% PIK, Due 4/2028)(C)	1,880		1,880		1,756
Oil and Gas – 0.0%
HH-Inspire Acquisition, Inc. – Term Debt (S + 9.5%, 11.7% Cash, 1.5% PIK, Due 4/2028)(C)	19,952		19,881		18,650
FES Resources Holdings LLC – Term Debt (4.5% Cash, Due 12/2024)(E)(F)	325		325		—
Turn Key Health Clinics, LLC – Line of Credit, $5,000 available (S + 6.8%, 10.4% Cash, Due 11/2030)(C)	—		—		—
Turn Key Health Clinics, LLC – Term Debt (S + 6.8%, 10.4% Cash, Due 11/2030)(C)	32,500		32,500		32,737
			179,403		179,963
Home and Office Furnishings, Housewares and Durable Consumer Products – 6.2%
Foodservices Brand Group, LLC – Line of Credit, $10,000 available (S + 6.5%, 10.2% Cash, Due 8/2029)(C)	—		—		—
Foodservices Brand Group, LLC – Term Debt (S + 6.5%, 10.2% Cash, Due 8/2029)(C)	29,813		29,813		29,882
			29,813		29,882
Machinery – 3.6%
Arc Drilling Holdings LLC – Line of Credit, $3,350 available (S + 7.0%, 10.7% Cash, Due 9/2029)(C)	1,650		1,650		1,650
Arc Drilling Holdings LLC – Term Debt (S + 7.0%, 10.7% Cash, Due 9/2029)(C)	15,800		15,800		15,958
			17,450		17,608
Telecommunications – 0.7%
B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (S + 2.0%, 7.0% Cash, Due 12/2026)(E)	1,320		1,320		545
B+T Group Acquisition, Inc.(L) – Line of Credit, $0 available (S + 2.0%, 7.0% Cash, Due 12/2026)(E)(P)	1,320		1,320		578
B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (S + 2.0%, 7.0% Cash, Due 12/2026)(E)	450		450		186
B+T Group Acquisition, Inc.(L) – Line of Credit, $0 available (S + 2.0%, 7.0% Cash, Due 12/2026)(E)(P)	450		450		197
B+T Group Acquisition, Inc.(S) – Term Debt (S + 2.0%, 7.0% Cash, Due 12/2026)(E)	6,000		6,000		2,479
B+T Group Acquisition, Inc.(L) – Term Debt (S + 2.0%, 7.0% Cash, Due 12/2026)(E)(P)	6,000		6,000		2,628
			7,770		3,~~210~~403
Total Secured First Lien Debt			$	~~465~~525,~~314~~939	$	~~458~~522,~~578~~097
Secured Second Lien Debt – 28.6%
Secured Second Lien Debt – 34.5%
Automobile – 3.8%
Beverage, Food, and Tobacco – 5.0%
Sea Link International IRB, Inc. – Term Debt (11.3% Cash, 2.0% PIK, Due 12/2025)(C)(F)	$	13,653	$	13,653	$	13,653
Dutch Gold Honey, Inc.(L) – Term Debt (S + 7.5%, 11.2% Cash, Due 8/2030)(C)	$	24,300	$	24,300	$	24,300
Sea Link International IRB, Inc. – Term Debt (12.0% Cash, 2.0% PIK, Due 12/2025)(C)(F)	4,142		4,142		4,142
Cargo Transportation – 10.3%
			17,795		17,795
RPM Freight Systems, LLC – Term Debt (S + 7.7%, 11.3% Cash, Due 11/2029)(C)	50,000		49,439		49,928
Beverage, Food, and Tobacco – 4.5%
Diversified/Conglomerate Manufacturing – 9.8%
8th Avenue Food & Provisions, Inc. – Term Debt (Prime + 6.8%, 14.3% Cash, Due 10/2026)(D)(T)(U)	3,683		3,683		3,683
Incodema3D Holdings, Inc. – Term Debt (10.0% Cash, 2.0% PIK, Due 9/2031)(C)(F)	10,000		10,000		10,000
Dutch Gold Honey, Inc.(S) – Term Debt (S + 7.5%, 11.8% Cash, Due 8/2030)(C)	18,000		18,000		17,878
OCI, LLC – Term Debt (7.0% Cash, 7.0% PIK, Due 11/2028)(C)(F)	2,400		2,400		2,452
			21,683		21,561
Springfield, Inc. – Term Debt (S + 11.1%, 14.8% Cash, Due 5/2031)(C)	30,000		29,712		30,000
Cargo Transportation – 4.2%
Tube Bending Technology, LLC – Term Debt (12.5% Cash, Due 6/2027)(C)(F)	5,000		5,000		4,901
RPM Freight Systems, LLC – Term Debt (S + 7.7%, 12.0% Cash, Due 11/2029)(C)	20,000		20,000		20,000
			47,112		47,353
Diversified/Conglomerate Manufacturing – 7.9%
Diversified/Conglomerate Service – 1.8%
OCI, LLC – Term Debt (7.0% Cash, 7.0% PIK, Due 11/2028)(C)(F)	2,276		2,276		2,393
Flexible Technology Solutions, LLC – Term Debt (11.5% Cash, Due 3/2031)(C)(F)	9,000		9,000		8,747
Springfield, Inc. – Term Debt (S + 11.1%, 15.4% Cash, Due 12/2026)(C)	30,000		30,000		30,000
Healthcare, Education, and Childcare – 4.7%
Tube Bending Technology, LLC – Term Debt (13.5% Cash, Due 6/2026)(C)(F)	5,000		5,000		4,933
Pan-Am Dental, LLC – Term Debt (12.0% Cash, Due 6/2030)(C)(F)	23,000		23,000		22,506
			37,276		37,326
Oil and Gas – 2.8%
Healthcare, Education, and Childcare – 4.9%
Imperative Holdings Corporation – Term Debt (S + 9.8%, 13.4% Cash, Due 8/2028)(C)	13,515		13,458		13,515
Pan-Am Dental, LLC – Term Debt (12.0% Cash, Due 6/2030)(C)(F)	23,000		23,000		23,060
Total Secured Second Lien Debt			$	166,309	$	166,349
Oil and Gas – 3.3%
Imperative Holdings Corporation – Term Debt (S + 9.8%, 14.1% Cash, Due 8/2028)(C)	15,766		15,685		15,765
Total Secured Second Lien Debt			$	135,439	$	135,507
Unsecured Debt – 0.0%
Diversified/Conglomerate Service – 0.0%
Frontier Financial Group Inc. – Convertible Debt (6.0%, Due 6/2022)(E)(F)	$	198	$	198	$	20
Preferred Equity – 3.8%
Automobile – 0.1%
Sea Link International IRB, Inc. – Preferred Stock(E)(G)	98,039		$	98	$	244
Beverage, Food, and Tobacco – 0.0%
Triple H Food Processors, LLC – Preferred Stock(E)(G)	75		75		190
Buildings and Real Estate – 0.0%
GFRC 360, LLC – Preferred Stock(E)(G)	1,000		1,025		—

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

Table of Contents

GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSJUNE 30, 2025(UNAUDITED)(DOLLAR AMOUNTS IN THOUSANDS)
GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSMARCH 31, 2026(UNAUDITED)(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/Shares/Units(I)(J)			Cost		Fair Value
Unsecured Debt – 0.0%
Diversified/Conglomerate Service – 0.0%
Frontier Financial Group Inc. – Convertible Debt (6.0%, Due 6/2022)(E)(F)	$	198		$	198	$	16
Preferred Equity – 4.7%
Automobile – 0.1%
Sea Link International IRB, Inc. – Preferred Stock(E)(G)	98,039			$	98	$	276
Beverage, Food, and Tobacco – 0.7%
Sicilian Oven Restaurants LLC – Preferred Stock(E)(G)	26,900			2,690		3,136
Triple H Food Processors, LLC – Preferred Stock(E)(G)	75			75		215
				2,765		3,351
Buildings and Real Estate – 0.0%
GFRC 360, LLC – Preferred Stock(E)(G)	1,000			1,025		105
Diversified/Conglomerate Manufacturing – 0.5%
Torrent Photonics Holdco LLC – Preferred Stock(E)(G)	2,650			2,650		2,~~599~~260
Diversified/Conglomerate Service – 0.9%
Diversified/Conglomerate Service – 1.0%
Flexible Technology Solutions, LLC – Preferred Stock(E)(G)	22,500			2,250		2,250
Frontier Financial Group Inc. – Preferred Stock(E)(G)	766			500		—
Frontier Financial Group Inc. – Preferred Stock Warrant(E)(G)	168			—		—
Quality Environmental Midco, Inc. – Preferred Equity(E)(G)	3,000,000			3,000		2,741
Quality Environmental Midco, Inc. – Preferred Equity(E)(G)	3,000,000			3,000		4,134
				5,750		4,991
				3,500		4,134
Healthcare, Education, and Childcare – 1.9%
Healthcare, Education, and Childcare – 1.8%
HH-Inspire Acquisition, Inc. – Preferred Stock(E)(G)	1,681,949			2,604		2,716
HH-Inspire Acquisition, Inc. – Preferred Stock(E)(G)	1,681,949			2,604		2,072
Pan-Am Dental, LLC – Preferred Stock(E)(G)	5,909,091			5,909		6,538
Pan-Am Dental, LLC – Preferred Stock(E)(G)	5,909,091			5,909		6,278
				8,513		9,254
				8,513		8,350
Oil and Gas – 0.5%
FES Resources Holdings LLC – Preferred Equity Units(E)(G)	6,350			6,350		—
Imperative Holdings Corporation – Preferred Equity Units(E)(G)	972,569			488		2,461
Imperative Holdings Corporation – Preferred Equity Units(E)(G)	972,569			488		2,609
				6,838		2,609
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(S) – Preferred Stock(E)(G)	6,130			2,024		—
B+T Group Acquisition, Inc.(L) – Preferred Stock(E)(G)	6,130			2,024		—
Total Preferred Equity				$	2423,~~723~~313	$	1822,~~126~~698
Common Equity – 5.6%
Common Equity – 7.3%
Aerospace and Defense – 0.3%
Aerospace and Defense – 0.2%
Ohio Armor Holdings, LLC – Common Equity(E)(G)	100			$	1,000	$	1,~~294~~000
Automobile – 0.1%
Sea Link International IRB, Inc.– Common Equity Units(E)(G)	823,333			823		~~316~~269
Beverage, Food, and Tobacco – 1.2%
Beverage, Food, and Tobacco – 2.1%
Dutch Gold Honey, Inc.(S) – Common Stock(E)(G)	900,000			900		818
Dutch Gold Honey, Inc.(L) – Common Stock(E)(G)	900,000			115		7,777
Salt & Straw, LLC – Common Warrant(E)(G)	0.5		%	—		~~155~~324
Sokol & Company Holdings, LLC – Common Stock(E)(G)	450,000			450		3,192
Triple H Food Processors, LLC – Common Stock(E)(G)	250,000			250		1,965
Triple H Food Processors, LLC – Common Stock(E)(G)	250,000			250		1,702
				365		10,066
				1,600		5,867
Buildings and Real Estate – 0.0%
GFRC 360, LLC – Common Stock Warrants(E)(G)	45		%	—		—
Diversified/Conglomerate Manufacturing – 0.3%
Diversified/Conglomerate Manufacturing – 1.0%
OCI, LLC – Common Units (E)(G)	~~306~~555			—1,111		—3,869
NeoGraf Solutions LLC – Common Stock(E)(G)	2,~~000~~141,~~000~~468			2,~~000~~083		~~1,439~~753
Viron International Corp.(S) – Common Stock(E)(G)	447			15		—
Viron International Corp.(L) – Common Stock(E)(G)	447			15		—
				2,015		1,439
				3,209		4,622
Diversified/Conglomerate Service – 0.4%
Diversified/Conglomerate Service – 0.5%
Total Access Elevator, LLC – Common Stock(E)(G)	750,000			750		1,~~296~~813
WorkforceQA, LLC – Common Stock(E)(G)	529			532		~~495~~477
				1,282		12,~~791~~290
Healthcare, Education, and Childcare – 1.6%
Healthcare, Education, and Childcare – 1.8%
Giving Home Health Care, LLC – Common Stock(E)(G)	10,667			—		56,~~439~~502
GSM MidCo LLC – Common Stock(E)(G)	767			767		2,~~065~~174
Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment)(G)(L)(R)	3.5		%	—		36
				767		8,676
				767		7,540
Machinery – 1.8%
Arc Drilling Holdings LLC – Common Stock(E)(G)	53,333			5,333		8,~~436~~521
Oil and Gas – 0.0%
FES Resources Holdings LLC – Common Equity Units(E)(G)	6,233			—		—
Total Safety Holdings, LLC – Common Equity(E)(G)	435			499		89
				499		89

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

Table of Contents

GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSJUNE 30, 2025(UNAUDITED)(DOLLAR AMOUNTS IN THOUSANDS)
GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSMARCH 31, 2026(UNAUDITED)(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/Shares/Units(I)(J)			Cost		Fair Value
Oil and Gas – 0.0%
Total Safety Holdings, LLC – Common Equity(E)(G)	435			499		22
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(S) – Common Stock Warrant(E)(G)	1.5		%	—		—
B+T Group Acquisition, Inc.(L) – Common Stock Warrant(E)(G)	1.5		%	—		—
Total Common Equity				$	13,~~319~~278	$	2635,~~772~~466
Total Non-Control/Non-Affiliate Investments				$	~~638~~729,~~993~~037	$	~~639~~746,~~003~~626
AFFILIATE INVESTMENTS(N) – 3.5%
AFFILIATE INVESTMENTS(N) – 11.0%
Secured First Lien Debt – 0.1%
Secured First Lien Debt – 6.9%
Diversified/Conglomerate Manufacturing – 0.1%
Diversified/Conglomerate Manufacturing – 2.6%
Edge Adhesives Holdings, Inc.(S) – Term Debt (S + 5.5%, 9.8% Cash, Due 8/2026)(E)(P)	$	6,140		$	6,140	$	245
Edge Adhesives Holdings, Inc.(L) – Term Debt (S + 5.5%, 9.2% Cash, Due 8/2026)(E)(P)	$	6,140		$	6,140	$	409
Preferred Equity – 1.6%
Zero Case Holding Inc. – Line of Credit, $1,000 available (S + 6.4%, 10.1% Cash, Due 7/2030)(C))	—			—		—
Zero Case Holding Inc. – Term Debt (S + 6.4%, 10.1% Cash, Due 7/2030)(C)	12,000			12,000		11,940
				18,140		12,349
Personal, Food, and Miscellaneous Services – 4.3%
Snif-Snax, LLC – Term Debt (S + 6.7%, 10.4% Cash, Due 7/2030)(C)(H)	20,905			20,905		20,753
Total Secured First Lien Debt				$	39,045	$	33,102
Preferred Equity – 1.9%
Diversified/Conglomerate Manufacturing – 0.0%
Edge Adhesives Holdings, Inc.(S) – Preferred Stock(E)(G)	5,466			$	5,466	$	—
Edge Adhesives Holdings, Inc.(L) – Preferred Stock(E)(G)	5,466			$	5,466	$	—
Diversified/Conglomerate Service – 1.4%
Diversified/Conglomerate Service – 1.3%
Encore Dredging Holdings, LLC – Preferred Stock(E)(G)	3,840,000			3,840		6,~~604~~247
Personal, Food, and Miscellaneous Services – 0.4%
Snif-Snax, LLC – Preferred Stock(E)(G)	1,500,000			1,500		2,038
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2%
Canopy Safety Brands, LLC – Preferred Stock(E)(G)	500,000			500		~~987~~939
Total Preferred Equity				$	911,~~806~~306	$	79,~~591~~224
Common Equity – 1.8%
Common Equity – 2.2%
Finance – 1.1%
Diversified/Conglomerate Manufacturing – 0.3%
Gladstone Alternative Income Fund – Common Stock(G)(R)	500,000			$	5,000	$	5,010
Zero Case Holding Inc. – Common Stock(E)(G)	1,000			$	1,000	$	1,450
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.8%
Finance – 1.0%
Canopy Safety Brands, LLC – Common Stock(E)(G)	1,170,370			800		3,748
Gladstone Alternative Income Fund – Common Stock(D)(G)	500,000			5,000		5,005
Total Common Equity				$	5,800	$	8,758
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.9%
Total Affiliate Investments				$	21,746	$	16,594
Canopy Safety Brands, LLC – Common Stock(E)(G)	1,170,370			800		4,310
CONTROL INVESTMENTS(O) – 20.2%
Total Common Equity				$	6,800	$	10,765
Secured First Lien Debt – 14.8%
Total Affiliate Investments				$	57,151	$	53,091
Beverage, Food, and Tobacco – 2.7%
CONTROL INVESTMENTS(O) – 22.2%
Eegee Acquisition Corp. – Line of Credit, $3,250 available (S + 7.0%, 11.3% Cash, Due 4/2028)(E)(P)	$	12,750		$	12,750	$	12,750
Secured First Lien Debt – 15.6%
Diversified/Conglomerate Manufacturing – 4.7%
Beverage, Food, and Tobacco – 3.1%
Engineering Manufacturing Technologies, LLC – Line of Credit, $1,900 available (S + 8.3%, 12.6% Cash, Due 10/2026)(E)	1,100			1,100		835
Eegee Acquisition Corp. – Line of Credit, $900 available (S + 7.0%, 10.7% Cash, Due 4/2028)(E)(P)	$	15,100		$	15,100	$	15,100
Engineering Manufacturing Technologies, LLC – Term Debt (S + 8.3%, 8.0% Cash, 4.6% PIK, Due 10/2026)(E)	22,894			22,894		17,372
Diversified/Conglomerate Manufacturing – 5.4%
Lonestar EMS, LLC – Term Debt (12.0% Cash, Due 6/2027)(E)(F)	4,200			4,147		4,200
Engineering Manufacturing Technologies, LLC – Line of Credit, $565 available (S + 8.3%, 11.9% Cash, Due 10/2026)(E)	2,435			2,435		1,932
				28,141		22,407
Engineering Manufacturing Technologies, LLC – Term Debt (S + 8.3%, 8.0% Cash, 3.9% PIK, Due 10/2026)(E)	23,655			23,655		18,769
Healthcare, Education, and Childcare – 5.7%
Lonestar EMS, LLC – Line of Credit, $232 available (12.0% Cash, Due 6/2027)(E)(F)	768			768		768
Technical Resource Management, LLC – Line of Credit, $0 available (S + 10.5%, 10.3% Cash, 4.5% PIK, Due 4/2028)(E)	3,041			3,041		2,942
Lonestar EMS, LLC – Term Debt (12.0% Cash, Due 6/2027)(E)(F)	4,450			4,415		4,450
Technical Resource Management, LLC – Line of Credit, $400 available (S + 10.5%, 10.3% Cash, 4.5% PIK, Due 4/2028)(E)	1,200			1,200		1,161
				31,273		25,919
Technical Resource Management, LLC – Term Debt (S + 10.5%, 10.3% Cash, 4.5% PIK, Due 4/2028)(E)	23,836			23,836		23,058
Healthcare, Education, and Childcare – 5.2%
				28,077		27,161
Technical Resource Management, LLC – Line of Credit, $0 available (S + 10.5%, 9.7% Cash, 4.5% PIK, Due 4/2028)(E)	3,146			3,146		2,678
Personal and Non-Durable Consumer Products (Manufacturing Only) – 1.7%
Technical Resource Management, LLC – Line of Credit, $0 available (S + 10.5%, 9.7% Cash, 4.5% PIK, Due 4/2028)(E)	1,642			1,642		1,398
WB Xcel Holdings, LLC – Line of Credit, $0 available (S + 10.5%, 14.8% Cash, Due 11/2026)(E)	5,150			5,150		2,763
WB Xcel Holdings, LLC – Term Debt (S + 10.5%, 14.8% Cash, Due 11/2026)(E)	9,775			9,775		5,245
				14,925		8,008
Printing and Publishing – 0.0%
TNCP Intermediate HoldCo, LLC – Line of Credit, $2,000 available (11.0% Cash, Due 10/2027)(E)(F)	—			—		—
Total Secured First Lien Debt				$	83,893	$	70,326
Secured Second Lien Debt – 1.9%
Automobile– 1.9%
Defiance Integrated Technologies, Inc. – Term Debt (S + 9.6%, 13.9% Cash, Due 1/2027)(E)	$	8,792		$	8,792	$	8,792

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

Table of Contents

GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSJUNE 30, 2025(UNAUDITED)(DOLLAR AMOUNTS IN THOUSANDS)
GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSMARCH 31, 2026(UNAUDITED)(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/Shares/Units(I)(J)			Cost		Fair Value
Technical Resource Management, LLC – Term Debt (S + 10.5%, 9.7% Cash, 4.5% PIK, Due 4/2028)(E)	24,662			24,662		20,996
				29,450		25,072
Personal and Non-Durable Consumer Products (Manufacturing Only) – 1.9%
WB Xcel Holdings, LLC – Line of Credit, $0 available (S + 10.5%, 14.2% Cash, Due 11/2026)(E)(P)	5,150			5,150		3,187
WB Xcel Holdings, LLC – Term Debt (S + 10.5%, 14.2% Cash, Due 11/2026)(E)(P)	9,775			9,775		6,050
				14,925		9,237
Printing and Publishing – 0.0%
TNCP Intermediate HoldCo, LLC – Line of Credit, $2,000 available (11.0% Cash, Due 10/2027)(E)(F)	—			—		—
Total Secured First Lien Debt				$	90,748	$	75,328
Secured Second Lien Debt – 3.9%
Automobile– 1.8%
Defiance Integrated Technologies, Inc. – Term Debt (S + 9.6%, 13.3% Cash, Due 1/2027)(E)	$	8,792		$	8,792	$	8,792
Diversified/Conglomerate Service – 2.1%
Alsay Incorporated – Term Debt (12.8% Cash, Due 12/2030)(E)(F)	10,000			10,000		10,000
Total Secured Second Lien Debt				$	18,792	$	18,792
Unsecured Debt – 0.1%
Healthcare, Education, and Childcare – 0.1%
Technical Resource Management, LLC – Term Debt (14.0% PIK, Due 10/2028)(E)(F)	$	~~345~~383		$	~~345~~383	$	~~334~~325
Preferred Equity – 0.0%
Preferred Equity – 1.1%
Diversified/Conglomerate Service – 1.1%
Alsay Incorporated – Preferred Stock(E)(G)	5,000,000			$	5,000	$	5,472
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
WB Xcel Holdings, LLC – Preferred Stock(E)(G)	333			$2,750	~~2,750~~	$—	—
Common Equity – 3.4%
Total Preferred Equity				$	7,750	$	5,472
Common Equity – 1.5%
Automobile– 0.0%
Defiance Integrated Technologies, Inc. – Common Stock(E)(G)	33,321			$	581	$	—
Beverage, Food, and Tobacco – 1.1%
Beverage, Food, and Tobacco – 0.3%
Eegee Acquisition Corp. – Common Stock(E)(G)	1,000			8,500		51,~~173~~452
Diversified/Conglomerate Manufacturing – 1.2%
Diversified/Conglomerate Manufacturing – 0.1%
Engineering Manufacturing Technologies, LLC – Common Stock(E)(G)	16,000			3,000		—
Lonestar EMS, LLC – Common Units(E)(G)	100		%	6,750		~~5,593~~597
				9,750		~~5,593~~597
Healthcare, Education, and Childcare – 0.0%
Technical Resource Management, LLC – Common Stock(E)(G)	2,000,000			2,000		—
Technical Resource Management, LLC – Common Warrants(E)(G)	4,558,041			—		—
				2,000		—
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
WB Xcel Holdings, LLC – Common Units(E)(G)	12,340			1		—
Printing and Publishing – 1.1%
TNCP Intermediate HoldCo, LLC – Common Equity Units(E)(G)	790,000			500		5,~~445~~161
Total Common Equity				$	21,332	$	167,~~211~~210
Total Control Investments				$	~~117~~139,~~112~~005	$	95107,~~663~~127
TOTAL INVESTMENTS – 158.3%				$	777,851	$	751,260
TOTAL INVESTMENTS – 187.9%				$	925,193	$	906,844
CASH EQUIVALENTS - 0.7%
First Citizens Premium Money Market Savings (3.25% market yield)(R)	$	1,253		$	1,253	$	1,253
Dreyfus Treasury Obligations Cash Management Fund (3.31% market yield)(R)	1,924			1,924		1,924
Total Cash Equivalents				$	3,177	$	3,177
TOTAL INVESTMENTS AND CASH EQUIVALENTS - 188.6%				$	928,370	$	910,021

~~(A)Certain~~THE ofACCOMPANYING ~~the~~NOTES ~~securities~~ARE ~~listed~~AN inINTEGRAL ~~this~~PART ~~schedule~~OF ~~are~~THESE ~~issued~~CONSOLIDATED byFINANCIAL ~~affiliate(s) of the indicated portfolio company~~STATEMENTS. The majority of the securities listed, totaling $667.7 million at fair value, are pledged as collateral under our revolving line of credit, as described further in Note 5—Borrowings in the accompanying Notes to Consolidated Financial Statements. Under the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of June 30, 2025, our investments in Leeds Novamark Capital I, L.P. (“Leeds”) and Gladstone Alternative Income Fund (“Gladstone Alternative”) are considered non-qualifying assets under Section 55 of the 1940 Act. Such non-qualifying assets represent 0.7% of total investments, at fair value, as of June 30, 2025.

(B)Unless indicated otherwise, all cash interest rates are indexed to one-month Secured Overnight Financing Rate (“SOFR” or “S”), which was 4.32% as of June 30, 2025. 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 the reference rate plus a spread. Due dates represent the contractual maturity date.10

Table of Contents

(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 $818.8 million at fair value, are pledged as collateral under our revolving line of credit, as described further in Note 5—Borrowings in the accompanying Notes to Consolidated Financial Statements. Under the 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 March 31, 2026, our investment in Gladstone Alternative Income Fund (“Gladstone Alternative”) is considered a non-qualifying asset under Section 55 of the 1940 Act. This non-qualifying asset represents 0.6% of total investments, at fair value, as of March 31, 2026.

(B)Unless indicated otherwise, all cash interest rates are indexed to one-month SOFR, which was 3.66% as of March 31, 2026. 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 the reference rate plus a spread. Due dates represent the contractual maturity date.

(C)Fair value was based on an internal yield analysis or on estimates of value submitted by a third party valuation firm.

(D)Fair value was based on ~~the~~net ~~indicative~~asset ~~bid~~value ~~price~~provided ~~on or near June 30, 2025, offered~~ by the ~~respective~~underlying ~~syndication~~fund ~~agent’s~~as ~~trading~~a ~~desk~~practical expedient.

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

(F)Debt security has a fixed interest rate.

(G)Security is non-income producing.

(H)The ~~cash~~Company ~~interest~~has ~~rate~~entered oninto ~~this~~an ~~investment~~agreement ~~was~~that ~~indexed~~entitles it to ~~90-day~~the ~~SOFR~~“last out” tranche of the first lien secured loan, ~~which~~whereby ~~was~~the ~~4.29%~~“first out” tranche will receive priority as to the “last out” tranche with respect to payments of ~~June 30~~principal, ~~2025~~interest, and any other amounts due thereunder.

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

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

(K)Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of ~~June~~March 3031, ~~2025~~2026.

(L)~~There~~One ~~are~~or ~~certain~~more ~~limitations~~of on our ~~ability~~affiliated tofunds, ~~withdraw~~Gladstone ~~our~~Investment ~~partnership~~Corporation ~~interest~~or ~~prior~~Gladstone toAlternative, ~~dissolution~~co-invested ofwith ~~the~~us ~~entity,~~in ~~which~~this ~~must~~portfolio ~~occur~~company nopursuant ~~later~~to ~~than~~an ~~May~~exemptive 9,order ~~2024~~granted orby ~~two~~the ~~years~~U.S. ~~after~~Securities ~~all~~and ~~outstanding~~Exchange ~~leverage has matured~~Commission.

(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.

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

Table of Contents

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

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

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

(R)~~Fair~~Valued ~~value~~using ~~was~~Level ~~based~~1 oninputs ~~net~~within ~~asset~~the FASB ASC 820 fair value ~~provided~~hierarchy. byRefer to Note 3—Investments in the ~~underlying~~accompanying ~~fund~~Notes asto aConsolidated ~~practical~~Financial ~~expedient~~Statements for additional information.

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

(T)Investment was exited subsequent to June 30, 2025. Refer to Note 12 – Subsequent Events in the accompanying Notes to the Consolidated Financial Statements for additional information.

(U)The cash interest rate on this investment was indexed to the U.S. Prime Rate, which was 7.50% as of June 30, 2025.

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

Table of Contents

GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSSEPTEMBER 30, 2024(DOLLAR AMOUNTS IN THOUSANDS)
GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSSEPTEMBER 30, 2025(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/Shares/Units(I)(J)		Cost		Fair Value
NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 159.5%
NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 144.5%
Secured First Lien Debt – 114.8%
Secured First Lien Debt – 107.4%
Aerospace and Defense – 19.7%
Beverage, Food, and Tobacco – 2.2%
Antenna Research Associates, Inc. – Term Debt (S + 10.0%, 14.8% Cash, 4.0% PIK, Due 11/2026)(E)(U)	$	31,267	$	31,267	$	31,267
Wings ‘N More Restaurants LLC – Line of Credit, $1,500 available (S + 6.8%, 10.9% Cash, Due 11/2029)(C)	$	—	$	—	$	—
Ohio Armor Holdings, LLC – Term Debt (S + 8.0%, 12.8% Cash, Due 2/2026)(C)	16,563		16,563		16,563
Wings ‘N More Restaurants LLC – Term Debt (S + 6.8%, 10.9% Cash, Due 11/2029)(C)	10,500		10,500		10,710
SpaceCo Holdings, LLC – Line of Credit, $0 available (S + 6.4%, 11.0% Cash, Due 12/2025)(C)(H)	2,000		2,000		2,000
Wings ‘N More Restaurants LLC – Delayed Draw Term Loan, $5,000 available (S + 6.8%, 10.9% Cash, Due 11/2029)(C)	—		—		—
SpaceCo Holdings, LLC – Term Debt (S + 6.4%, 11.0% Cash, Due 12/2025)(C)(H)	42,757		42,376		42,757
			10,500		10,710
			92,206		92,587
Beverage, Food, and Tobacco – 15.2%
Café Zupas – Line of Credit, $700 available (S + 7.5%, 12.3% Cash, Due 12/2027)(C)	1,050		1,050		1,061
Café Zupas – Delayed Draw Term Loan, $3,150 available (S + 7.5%, 12.3% Cash, Due 12/2027)(C)	7,350		7,350		7,424
Café Zupas – Term Debt (S + 7.5%, 12.3% Cash, Due 12/2027)(C)	26,250		26,074		26,513
Eegee’s LLC – Line of Credit, $500 available (S + 7.8%, 12.6% Cash, Due 6/2026)(C)	1,500		1,500		1,135
Eegee’s LLC – Delayed Draw Term Loan, $0 available (S + 7.8%, 8.0% Cash, 4.6% PIK, Due 6/2026)(C)	3,145		3,145		2,380
Eegee’s LLC – Term Debt (S + 7.8%, 8.0% Cash, 4.6% PIK, Due 6/2026)(C)	17,824		17,824		13,486
Salt & Straw, LLC – Line of Credit, $2,000 available (S + 9.1%, 13.9% Cash, Due 9/2027)(C)	—		—		—
Salt & Straw, LLC – Delayed Draw Term Loan, $3,500 available (S + 9.1%, 13.9% Cash, Due 9/2027)(C)	10,850		10,693		10,850
Sokol & Company Holdings, LLC – Term Debt (S + 6.8%, 11.6% Cash, Due 8/2027)(C)	8,500		8,500		8,500
			76,136		71,349
Buildings and Real Estate – 0.5%
GFRC 360, LLC – Line of Credit, $95 available (S + 8.0%, 12.8% Cash, Due 9/2025)(C)	1,355		1,355		1,355
GFRC 360, LLC – Line of Credit, $95 available (S + 8.0%, 12.1% Cash, Due 9/2026)(C)	1,355		1,355		1,355
GFRC 360, LLC – Term Debt (S + 8.0%, 12.8% Cash, Due 9/2025)(C)	1,000		1,000		1,000
GFRC 360, LLC – Term Debt (S + 8.0%, 12.1% Cash, Due 9/2026)(C)	1,000		1,000		1,000
			2,355		2,355
Diversified/Conglomerate Manufacturing – 24.2%
Diversified/Conglomerate Manufacturing – 24.9%
Engineering Manufacturing Technologies, LLC – Line of Credit, $3,000 available (S + 8.3%, 13.1% Cash, Due 10/2026)(E)	—		—		—
NeoGraf Solutions LLC – Line of Credit, $4,500 available (S + 7.0%, 11.0% Cash, 0.1% PIK, Due 1/2028)(C)	—		—		—
Engineering Manufacturing Technologies, LLC – Term Debt (S + 8.3%, 10.0% Cash, 3.1% PIK, Due 10/2026)(E)	22,230		22,230		19,283
NeoGraf Solutions LLC – Term Debt (S + 7.0%, 11.0% Cash, 0.1% PIK, Due 1/2028)(C)	27,456		27,456		27,456
NeoGraf Solutions LLC – Line of Credit, $4,500 available (S + 7.0%, 11.0% Cash, 0.8% PIK, Due 1/2028)(C)	—		—		—
OCI, LLC – Term Debt (S + 7.5%, 11.6% Cash, Due 5/2028)(C)	32,000		32,000		32,000
NeoGraf Solutions LLC – Term Debt (S + 7.0%, 11.0% Cash, 0.8% PIK, Due 1/2028)(C)	27,524		27,524		26,350
Torrent Photonics Holdco LLC – Term Debt (S + 9.5%, 13.6% Cash, Due 4/2027)(C)	11,529		11,529		11,645
OCI, LLC – Term Debt (S + 7.5%, 12.3% Cash, Due 5/2028)(C)	18,500		18,500		18,685
Torrent Photonics Holdco LLC – Term Debt (S + 9.5%, 13.6% Cash, Due 4/2026)(C)	500		500		505
Torrent Photonics Holdco LLC – Term Debt (S + 9.5%, 14.3% Cash, Due 4/2027)(C)	12,149		12,128		12,265
Unirac Holdings, Inc. – Line of Credit, $1,633 available (S + 6.5%, 10.6% Cash, Due 9/2027)(C)	589		589		589
Unirac Holdings, Inc. – Line of Credit, $1,244 available (S + 6.5%, 11.3% Cash, Due 9/2027)(C)	978		978		978
Unirac Holdings, Inc. – Delayed Draw Term Loan, $0 available (S + 6.5%, 10.6% Cash, Due 9/2027)(C)	1,067		1,067		1,067
Unirac Holdings, Inc. – Delayed Draw Term Loan, $0 available (S + 6.5%, 11.3% Cash, Due 9/2027)(C)	1,097		1,097		1,108
Unirac Holdings, Inc. – Term Debt (S + 6.5%, 10.6% Cash, Due 9/2027)(C)	14,325		14,106		14,325
Unirac Holdings, Inc. – Term Debt (S + 6.5%, 11.3% Cash, Due 9/2027)(C)	14,738		14,494		14,885
Viron International Corp.(S) – Term Debt (S + 7.0%, 11.1% Cash, Due 2/2030)(C)	18,383		18,383		18,475
Viva Railings, LLC – Line of Credit, $4,000 available (S + 7.1%, 11.9% Cash, Due 5/2027)(C)	—		—		—
Viva Railings, LLC – Line of Credit, $4,000 available (S + 6.4%, 10.5% Cash, Due 5/2027)(C)	—		—		—
Viva Railings, LLC – Term Debt (S + 7.1%, 11.9% Cash, Due 5/2027)(C)	20,202		20,202		20,202
Viva Railings, LLC – Term Debt (S + 6.4%, 10.5% Cash, Due 5/2027)(C)	13,875		13,875		13,875
			117,153		113,756
			119,505		119,937
Diversified/Conglomerate Service – 30.9%
Diversified/Conglomerate Service – 26.0%
Axios Industrial Group, LLC – Term Debt (S + 9.6%, 14.4% Cash, Due 10/2027)(C)	11,325		11,301		11,357
Axios Industrial Group, LLC – Term Debt (S + 11.6%, 0.0% Cash, 15.7% PIK, Due 10/2027)(C)	16,771		16,771		16,197
Axios Industrial Group, LLC – Term Debt (S + 12.6%, 17.4% Cash, Due 10/2027)(C)	3,000		2,925		3,008
Axios Industrial Group, LLC – Term Debt (18.0% PIK, Due 10/2027)(C)(F)	2,598		2,598		2,509
DKI Ventures, LLC – Line of Credit, $25 available (9.0% Cash, Due 12/2025)(E)(F)	350		350		159
Leadpoint Business Services, LLC – Term Debt (S + 8.5%, 12.6% Cash, Due 2/2028)(C)(U)	28,117		28,117		28,398
DKI Ventures, LLC – Term Debt (9.0% Cash, Due 12/2025)(E)(F)	5,915		5,915		2,684
MASSiv Brands, LLC – Term Debt (10.0% Cash, 5.0% PIK, Due 7/2030)(C)(F)	25,313		25,313		25,313
ENET Holdings, LLC – Line of Credit, $2,500 available (S + 7.3%, 12.1% Cash, Due 4/2025)(C)	—		—		—
Quality Environmental Midco, Inc. – Line of Credit, $3,000 available (12.0% Cash, 0.8% PIK, Due 11/2028)(C)(F)	—		—		—
ENET Holdings, LLC – Term Debt (S + 7.3%, 12.1% Cash, Due 4/2028)(C)	22,289		22,289		21,973
Quality Environmental Midco, Inc. – Term Debt (12.0% Cash, 0.8% PIK, Due 11/2028)(C)(F)	13,008		13,008		13,269
Fix-It Group, LLC – Line of Credit, $3,000 available (S + 7.1%, 11.9% Cash, Due 12/2026)(C)	—		—		—
RF Technologies, LLC – Line of Credit, $3,500 available (S + 6.3%, 10.4% Cash, Due 6/2030)(C)	—		—		—
Fix-It Group, LLC – Term Debt (S + 7.1%, 11.9% Cash, Due 12/2026)(C)	13,324		13,324		13,457
RF Technologies, LLC – Term Debt (S + 6.3%, 10.4% Cash, Due 6/2030)(C)	12,600		12,600		12,735
Total Access Elevator, LLC – Line of Credit, $3,000 available (S + 6.5%, 10.6% Cash, Due 4/2029)(C)	—		—		—
Total Access Elevator, LLC – Term Debt (S + 6.5%, 10.6% Cash, Due 4/2029)(C)	6,500		6,500		6,500
Total Access Elevator, LLC – Delayed Draw Term Loan, $0 available (S + 6.5%, 10.6% Cash, Due 4/2029)(C)	1,600		1,600		1,600
WorkforceQA, LLC – Line of Credit, $900 available (S + 6.5%, 10.6% Cash, Due 12/2026)(C)	1,100		1,100		1,100
WorkforceQA, LLC – Term Debt (S + 6.5%, 10.6% Cash, Due 12/2026)(C)	17,813		17,777		17,813
			125,384		125,434
Healthcare, Education, and Childcare – 43.3%
ALS Education, LLC – Line of Credit, $3,000 available (S + 6.0%, 10.1% Cash, Due 12/2028)(C)	—		—		—
ALS Education, LLC – Term Debt (S + 6.0%, 10.1% Cash, Due 12/2028)(C)	30,360		30,310		30,360
ALS Education, LLC – Delayed Draw Term Loan, $6,000 available (S + 6.0%, 10.1% Cash, Due 12/2028)(C)	—		—		—
Altior Healthcare, LLC – Term Debt (S + 6.5%, 10.6% Cash, Due 5/2030)(C)	46,000		46,000		46,920
Freedom Dental Management, Inc. – Term Debt (S + 7.3%, 11.4% Cash, Due 6/2030)(C)	15,000		15,000		15,300

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

Table of Contents

GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSSEPTEMBER 30, 2024(DOLLAR AMOUNTS IN THOUSANDS)
GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSSEPTEMBER 30, 2025(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/Shares/Units(I)(J)		Cost		Fair Value
Fix-It Group, LLC – Delayed Draw Term Loan, $0 available (S + 7.1%, 11.9% Cash, Due 12/2026)(C)	6,781		6,781		6,781
Giving Home Health Care, LLC – Term Debt (S + 6.3%, 10.4% Cash, Due 4/2029)(C)	34,924		34,859		35,252
Leadpoint Business Services, LLC – Term Debt (S + 8.5%, 13.3% Cash, Due 2/2028)(C)	25,500		25,475		26,010
HH-Inspire Acquisition, Inc. – Line of Credit, $0 available (S + 10.0%, 12.1% Cash, 2.0% PIK, Due 4/2028)(C)	1,861		1,861		1,739
MCG Energy Solutions, LLC – Term Debt (S + 7.6%, 12.4% Cash, 3.5% PIK, Due 3/2026)(E)	20,290		20,264		20,290
HH-Inspire Acquisition, Inc. – Term Debt (S + 10.0%, 12.1% Cash, 2.0% PIK, Due 4/2028)(C)	19,890		19,805		18,580
Quality Environmental Midco, Inc. – Line of Credit, $3,000 available (12.0% Cash, Due 11/2028)(C)(F)	—		—		—
Turn Key Health Clinics, LLC – Line of Credit, $4,000 available (S + 7.3%, 11.4% Cash, Due 6/2026)(C)	—		—		—
Quality Environmental Midco, Inc. – Term Debt (12.0% Cash, Due 11/2028)(C)(F)	13,000		13,000		13,390
Turn Key Health Clinics, LLC – Term Debt (S + 7.3%, 11.4% Cash, Due 6/2026)(C)	17,500		17,500		17,500
Total Access Elevator, LLC – Line of Credit, $3,000 available (S + 6.9%, 11.7% Cash, Due 4/2029)(C)	—		—		—
Vet's Choice Radiology LLC(S) – Term Debt (S + 8.0%, 12.1% Cash, Due 12/2027)(C)	42,750		42,750		43,098
Total Access Elevator, LLC – Term Debt (S + 6.9%, 11.7% Cash, Due 4/2029)(C)	6,500		6,500		6,695
			208,085		208,749
Total Access Elevator, LLC – Delayed Draw Term Loan, $2,500 available (S + 6.9%, 11.7% Cash, Due 4/2029)(C)	—		—		—
Home and Office Furnishings, Housewares and Durable Consumer Products – 6.2%
WorkforceQA, LLC – Line of Credit, $800 available (S + 6.5%, 11.3% Cash, Due 12/2026)(C)	1,200		1,200		1,200
Foodservices Brand Group, LLC – Line of Credit, $10,000 available (S + 6.5%, 10.6% Cash, Due 8/2029)(C)	—		—		—
WorkforceQA, LLC – Term Debt (S + 6.5%, 11.3% Cash, Due 12/2026)(C)	16,306		16,286		16,306
Foodservices Brand Group, LLC – Term Debt (S + 6.5%, 10.6% Cash, Due 8/2029)(C)	30,000		30,000		30,000
WorkforceQA, LLC – Term Debt (S + 7.5%, 12.3% Cash, Due 12/2026)(C)	2,406		2,403		2,406
			30,000		30,000
			148,013		145,716
Healthcare, Education, and Childcare – 20.2%
ALS Education, LLC – Line of Credit, $3,000 available (S + 6.8%, 11.6% Cash, Due 12/2028)(C)	—		—		—
ALS Education, LLC – Term Debt (S + 6.8%, 11.6% Cash, Due 12/2028)(C)	31,680		31,680		31,997
HH-Inspire Acquisition, Inc. – Line of Credit, $110 available (S + 8.0%, 12.8% Cash, Due 4/2028)(C)(H)	1,727		1,727		1,677
HH-Inspire Acquisition, Inc. – Term Debt (S + 8.0%, 12.8% Cash, Due 4/2028)(C)(H)	15,852		15,852		15,399
HH-Inspire Acquisition, Inc. – Term Debt (S + 8.0%, 12.8% Cash, Due 4/2028)(C)(H)	3,193		3,193		3,102
Technical Resource Management, LLC – Line of Credit, $1,000 available (S + 8.0%, 12.8% Cash, Due 4/2028)(C)	2,000		2,000		2,008
Technical Resource Management, LLC – Term Debt (S + 8.0%, 12.8% Cash, 2.5% PIK, Due 4/2028)(C)	23,234		23,158		23,327
Turn Key Health Clinics, LLC – Line of Credit, $4,000 available (S + 7.3%, 12.1% Cash, Due 6/2026)(C)	—		—		—
Turn Key Health Clinics, LLC – Term Debt (S + 7.3%, 12.1% Cash, Due 6/2026)(C)	17,500		17,500		17,500
			95,110		95,010
Machinery – 3.6%
Arc Drilling Holdings LLC – Line of Credit, $4,000 available (S + 7.0%, 11.8% Cash, Due 9/2029)(C)	1,000		1,000		1,000
Arc Drilling Holdings LLC – Line of Credit, $3,875 available (S + 6.8%, 10.9% Cash, Due 9/2029)(C)	1,125		1,125		1,125
Arc Drilling Holdings LLC – Term Debt (S + 7.0%, 11.8% Cash, Due 9/2029)(C)	16,000		16,000		16,000
Arc Drilling Holdings LLC – Term Debt (S + 6.8%, 10.9% Cash, Due 9/2029)(C)	16,000		16,000		16,160
			17,000		17,000
			17,125		17,285
Oil and Gas – 0.0%
FES Resources Holdings LLC – Term Debt (4.5% Cash, Due 12/2024)(E)(F)	325		325		~~163~~—
Telecommunications – 0.5%
Telecommunications – 0.7%
B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (S + 2.0%, 7.0% Cash, Due 12/2026)(E)(P)	1,320		1,320		471
B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (S + 2.0%, 7.0% Cash, Due 12/2026)(E)	1,320		1,320		559
B+T Group Acquisition, Inc.(S) – Line of Credit, $127 available (S + 2.0%, 7.0% Cash, Due 6/2025)(E)(P)	323		323		115
B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (S + 2.0%, 7.0% Cash, Due 12/2026)(E)	450		450		191
B+T Group Acquisition, Inc.(S) – Term Debt (S + 2.0%, 7.0% Cash, Due 12/2026)(E)(P)	6,000		6,000		2,139
B+T Group Acquisition, Inc.(S) – Term Debt (S + 2.0%, 7.0% Cash, Due 12/2026)(E)	6,000		6,000		2,542
			7,643		2,725
			7,770		3,292
Total Secured First Lien Debt			$	~~555~~521,~~941~~049	$	~~540~~517,~~661~~762
Secured Second Lien Debt – 22.3%
Secured Second Lien Debt – 27.3%
Automobile – 3.4%
Automobile – 3.7%
Sea Link International IRB, Inc. – Term Debt (11.3% Cash, 2.0% PIK, Due 12/2025)(C)(F)	~~12,331~~$	13,723	~~12,314~~$	13,723	~~12,331~~$	13,868
Sea Link International IRB, Inc. – Term Debt (12.0% Cash, 2.0% PIK, Due 12/2025)(C)(F)	4,~~079~~163		4,~~079~~163		4,~~079~~163
			16,393		16,410
			17,886		18,031
Beverage, Food, and Tobacco – 0.7%
Beverage, Food, and Tobacco – 3.8%
8th Avenue Food & Provisions, Inc. – Term Debt (S + 7.9%, 12.7% Cash, Due 10/2026)(D)	3,683		3,683		3,241
Dutch Gold Honey, Inc.(S) – Term Debt (S + 7.5%, 11.6% Cash, Due 8/2030)(C)	18,000		18,000		18,184
Cargo Transportation – 4.3%
Cargo Transportation – 4.1%
RPM Freight Systems, LLC – Term Debt (S + 7.7%, 12.5% Cash, Due 11/2029)(C)	20,000		20,000		20,200
RPM Freight Systems, LLC – Term Debt (S + 7.7%, 11.8% Cash, Due 11/2029)(C)	20,000		20,000		20,000
Diversified/Conglomerate Manufacturing – 7.8%
OCI, LLC – Term Debt (7.0% Cash, 7.0% PIK, Due 11/2028)(C)(F)	2,316		2,316		2,436
Springfield, Inc. – Term Debt (S + 11.1%, 15.2% Cash, Due 12/2026)(C)	30,000		30,000		30,000
Tube Bending Technology, LLC – Term Debt (12.5% Cash, Due 6/2026)(C)(F)	5,000		5,000		4,955
			37,316		37,391
Healthcare, Education, and Childcare – 4.8%
Pan-Am Dental, LLC – Term Debt (12.0% Cash, Due 6/2030)(C)(F)	23,000		23,000		23,129
Oil and Gas – 3.1%
Imperative Holdings Corporation – Term Debt (S + 9.8%, 13.9% Cash, Due 8/2028)(C)	15,015		14,943		15,015
Total Secured Second Lien Debt			$	131,145	$	131,750
Unsecured Debt – 0.0%
Diversified/Conglomerate Service – 0.0%
Frontier Financial Group Inc. – Convertible Debt (6.0%, Due 6/2022)(E)(F)	$	198	$	198	$	17
Preferred Equity – 3.5%
Automobile – 0.1%
Sea Link International IRB, Inc. – Preferred Stock(E)(G)	98,039		$	98	$	261
Beverage, Food, and Tobacco – 0.0%
Triple H Food Processors, LLC – Preferred Stock(E)(G)	75		75		197

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

Table of Contents

GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSSEPTEMBER 30, 2024(DOLLAR AMOUNTS IN THOUSANDS)
GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSSEPTEMBER 30, 2025(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/Shares/Units(I)(J)		Cost		Fair Value
RPM Freight Systems, LLC – Delayed Draw Term Loan, $5,000 available (S + 7.7% 12.5% Cash, Due 11/2029)(C)	—		—		—
			20,000		20,200
Diversified/Conglomerate Manufacturing – 6.9%
OCI, LLC – Term Debt (7.0% Cash, 7.0% PIK, Due 11/2028)(C)(F)	2,159		2,159		2,303
Springfield, Inc. – Term Debt (S + 11.1%, 15.9% Cash, Due 12/2026)(C)	30,000		30,000		30,000
			32,159		32,303
Diversified/Conglomerate Service – 3.2%
Perimeter Solutions Group – Term Debt (S + 8.5%, 13.3% Cash, Due 2/2029)(C)(U)	15,000		15,000		15,000
Oil and Gas – 3.8%
Imperative Holdings Corporation – Term Debt (S + 9.8%, 14.6% Cash, Due 8/2028)(C)	18,015		17,909		18,015
Total Secured Second Lien Debt			$	105,144	$	105,169
Unsecured Debt – 0.1%
Diversified/Conglomerate Service – 0.1%
Frontier Financial Group Inc. – Convertible Debt (6.0% Cash, Due 6/2022)(E)(F)	198		198		32
Preferred Equity – 5.8%
Automobile – 0.1%
Sea Link International IRB, Inc. – Preferred Stock(E)(G)	98,039		98		220
Beverage, Food, and Tobacco – 2.0%
Salt & Straw, LLC – Preferred Equity(E)(G)	7,000,000		7,000		9,450
Triple H Food Processors, LLC – Preferred Stock(E)(G)	75		75		167
			7,075		9,617
Buildings and Real Estate – 0.0%
GFRC 360, LLC – Preferred Stock(E)(G)	1,000		1,025		—214
Diversified/Conglomerate Manufacturing – 0.1%
Diversified/Conglomerate Manufacturing – 0.5%
Torrent Photonics Holdco LLC – Preferred Stock(E)(G)	2,650		2,650		~~552~~2,377
Diversified/Conglomerate Service – 2.9%
Diversified/Conglomerate Service – 0.6%
Frontier Financial Group Inc. – Preferred Stock(E)(G)	766		500		—
Frontier Financial Group Inc. – Preferred Stock Warrant(E)(G)	168		—		—
MCG Energy Solutions, LLC – Preferred Stock(E)(G)	7,000,000		7,000		9,954
Quality Environmental Midco, Inc. – Preferred Equity(E)(G)	3,000,000		3,000		2,720
Quality Environmental Midco, Inc. – Preferred Equity(E)(G)	3,000,000		3,000		3,582
			3,500		2,720
			10,500		13,536
Healthcare, Education, and Childcare – 1.8%
Healthcare, Education, and Childcare – 0.2%
HH-Inspire Acquisition, Inc. – Preferred Stock(E)(G)	1,681,949		2,604		2,290
HH-Inspire Acquisition, Inc. – Preferred Stock(E)(G)	1,329,054		2,251		1,047
Pan-Am Dental, LLC – Preferred Stock(E)(G)	5,909,091		5,909		6,285
			8,513		8,575
Oil and Gas – 0.5%
FES Resources Holdings LLC – Preferred Equity Units(E)(G)	6,350		6,350		—
Imperative Holdings Corporation – Preferred Equity Units(E)(G)	972,569		488		2,450
Imperative Holdings Corporation – Preferred Equity Units(E)(G)	972,569		488		2,275
			6,838		2,275
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(S) – Preferred Stock(E)(G)	6,130		2,024		—
Total Preferred Equity			$	3218,~~461~~373	$	2716,~~247~~794
Common Equity – 16.5%
Common Equity – 6.2%
Aerospace and Defense – 12.8%
Aerospace and Defense – 0.2%
Antenna Research Associates, Inc. – Common Equity Units(E)(G)(U)	4,283		4,283		59,423
Ohio Armor Holdings, LLC – Common Equity(E)(G)	100		$	1,000	$	1,184
Ohio Armor Holdings, LLC – Common Equity(E)(G)	100		1,000		1,086
			5,283		60,509
Automobile – 0.1%
Sea Link International IRB, Inc.– Common Equity Units(E)(G)	823,333		823		~~160~~277
Beverage, Food, and Tobacco – 0.9%
Beverage, Food, and Tobacco – 1.6%
Salt & Straw, LLC – Common Warrant(E)(G)	0.4	%	—		47
Dutch Gold Honey, Inc.(S) – Common Stock(E)(G)	900,000		900		3,333
Sokol & Company Holdings, LLC – Common Stock(E)(G)	1,500,000		1,500		2,727
Salt & Straw, LLC – Common Warrant(E)(G)	0.5	%	—		186
Triple H Food Processors, LLC – Common Stock(E)(G)	250,000		250		1,346
Sokol & Company Holdings, LLC – Common Stock(E)(G)(U)	450,000		450		2,240
			1,750		4,120
Triple H Food Processors, LLC – Common Stock(E)(G)	250,000		250		2,147
			1,600		7,906
Buildings and Real Estate – 0.0%
GFRC 360, LLC – Common Stock Warrants(E)(G)	45.0	%	—		—
Diversified/Conglomerate Manufacturing – 0.5%
OCI, LLC – Common Units (E)(G)	555		1,111		1,111
NeoGraf Solutions LLC – Common Stock(E)(G)	2,000,000		2,000		1,067
Viron International Corp.(S) – Common Stock(E)(G)	447		15		—
			3,126		2,178
Diversified/Conglomerate Service – 0.4%
Total Access Elevator, LLC – Common Stock(E)(G)	750,000		750		1,500
WorkforceQA, LLC – Common Stock(E)(G)	529		532		457
			1,282		1,957
Healthcare, Education, and Childcare – 1.5%
Giving Home Health Care, LLC – Common Stock(E)(G)	10,667		—		5,333
GSM MidCo LLC – Common Stock(E)(G)	767		767		1,980
Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment)(D)(G)(L)	3.5	%	—		36
			767		7,349
Machinery – 1.9%
Arc Drilling Holdings LLC – Common Stock(E)(G)	53,333		5,333		9,096
Oil and Gas – 0.0%
Total Safety Holdings, LLC – Common Equity(E)(G)	435		499		47
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(S) – Common Stock Warrant(E)(G)	1.5	%	—		—
Total Common Equity			$	14,430	$	29,994
Total Non-Control/Non-Affiliate Investments			$	685,195	$	696,317
AFFILIATE INVESTMENTS(N) – 11.2%
Secured First Lien Debt – 7.2%
Diversified/Conglomerate Manufacturing – 2.6%

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

Table of Contents

GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSSEPTEMBER 30, 2024(DOLLAR AMOUNTS IN THOUSANDS)
GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSSEPTEMBER 30, 2025(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/Shares/Units(I)(J)			Cost		Fair Value
Diversified/Conglomerate Manufacturing – 0.2%
Edge Adhesives Holdings, Inc.(S) – Term Debt (S + 5.5%, 9.6% Cash, Due 8/2026)(E)(P)	$	6,140		$	6,140	$	513
Engineering Manufacturing Technologies, LLC – Common Stock(E)(G)	6,000			3,000		—
Zero Case Holding Inc. – Line of Credit, $4,000 available (S + 6.4%, 10.5% Cash, Due 7/2030)(E)	—			—		—
OCI, LLC – Common Units (E)(G)	306			—		—
Zero Case Holding Inc. – Term Debt (S + 6.4%, 10.5% Cash, Due 7/2030)(E)	12,000			12,000		12,000
NeoGraf Solutions LLC – Common Stock(E)(G)	2,000,000			2,000		859
				18,140		12,513
				5,000		859
Personal, Food, and Miscellaneous Services – 4.6%
Diversified/Conglomerate Service – 0.3%
Snif-Snax, LLC – Term Debt (S + 6.7%, 10.8% Cash, Due 7/2030)(C)(H)	22,200			22,200		22,200
Total Access Elevator, LLC – Common Equity(E)(G)	750,000			750		1,234
Total Secured First Lien Debt				$	40,340	$	34,713
WorkforceQA, LLC – Common Stock(E)(G)	532			532		346
Preferred Equity – 2.0%
				1,282		1,580
Healthcare, Education, and Childcare – 1.2%
Giving Home Health Care, LLC – Warrant(E)(G)	10,667			—		3,995
GSM MidCo LLC – Common Stock(E)(G)	767			767		1,583
Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment)(G)(L)(R)	3.5		%	—		38
Technical Resource Management, LLC – Common Stock(E)(G)	2,000,000			2,000		34
				2,767		5,650
Machinery – 1.0%
Arc Drilling Holdings LLC – Common Stock(E)(G)	53,333			5,333		4,816
Oil and Gas – 0.0%
FES Resources Holdings LLC – Common Equity Units(E)(G)	6,233			—		—
Total Safety Holdings, LLC – Common Equity(E)(G)	435			499		101
				499		101
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(S) – Common Stock Warrant(E)(G)	1.5		%	—		—
Total Common Equity				$	22,737	$	77,795
Total Non-Control/Non-Affiliate Investments				$	716,481	$	750,904
AFFILIATE INVESTMENTS(N) – 1.6%
Secured First Lien Debt – 0.1%
Diversified/Conglomerate Manufacturing – 0.1%
Edge Adhesives Holdings, Inc. (S) – Term Debt (S + 5.5%, 10.3% Cash, Due 8/2026)(E)(P)	6,140			6,140		380
Preferred Equity – 0.9%
Diversified/Conglomerate Manufacturing – 0.0%
Edge Adhesives Holdings, Inc.(S) – Preferred Stock(E)(G)	5,466			~~5,466~~$	5,466	$	—
Diversified/Conglomerate Service– 0.7%
Diversified/Conglomerate Service – 1.4%
Encore Dredging Holdings, LLC – Preferred Stock(E)(G)	3,840,000			3,840		36,~~168~~914
Personal, Food, and Miscellaneous Services – 0.3%
Snif-Snax, LLC – Preferred Stock(E)(G)	1,500,000			1,500		1,500
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2%
Canopy Safety Brands, LLC – Preferred Stock(E)(G)	500,000			500		~~931~~1,006
Total Preferred Equity				$	911,~~806~~306	$	49,~~099~~420
Common Equity – 0.6%
Common Equity – 2.0%
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.6%
Diversified/Conglomerate Manufacturing – 0.2%
Canopy Safety Brands, LLC – Common Stock(E)(G)	1,170,370			800		2,959
Zero Case Holding Inc. – Common Stock(E)(G)	1,000			$	1,000	$	1,000
Total Affiliate Investments				$	16,746	$	7,438
Finance – 1.1%
CONTROL INVESTMENTS(O) – 8.0%
Gladstone Alternative Income Fund – Common Stock(D)(G)	500,000			5,000		5,075
Secured First Lien Debt – 3.0%
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.8%
Diversified/Conglomerate Manufacturing – 0.9%
Canopy Safety Brands, LLC – Common Stock(E)(G)	1,170,370			800		3,703
Lonestar EMS, LLC – Term Debt (12.0% Cash, Due 6/2027)(E)(F)	4,200			4,130		4,200
Total Common Equity				$	6,800	$	9,778
Personal and Non-Durable Consumer Products (Manufacturing Only) – 2.1%
Total Affiliate Investments				$	58,446	$	53,911
WB Xcel Holdings, LLC – Line of Credit, $0 available (S + 10.5%, 15.3% Cash, Due 11/2026)(E)(P)	4,750			4,750		3,171
CONTROL INVESTMENTS(O) – 22.6%
WB Xcel Holdings, LLC – Term Debt (S + 10.5%, 15.3% Cash, Due 11/2026)(E)(P)	9,775			9,775		6,525
Secured First Lien Debt – 14.5%
				14,525		9,696
Beverage, Food, and Tobacco – 2.6%
Eegee Acquisition Corp. – Line of Credit, $3,250 available (S + 7.0%, 11.1% Cash, Due 4/2028)(E)	$	12,750		$	12,750	$	12,750
Diversified/Conglomerate Manufacturing – 4.7%
Engineering Manufacturing Technologies, LLC – Line of Credit, $1,900 available (S + 8.3%, 12.4% Cash, Due 10/2026)(E)	1,100			1,100		834
Engineering Manufacturing Technologies, LLC – Term Debt (S + 8.3%, 8.0% Cash, 4.4% PIK, Due 10/2026)(E)	23,163			23,163		17,561
Lonestar EMS, LLC – Term Debt (12.0% Cash, Due 6/2027)(E)(F)	4,450			4,403		4,450
				28,666		22,845
Healthcare, Education, and Childcare – 5.2%
Technical Resource Management, LLC – Line of Credit, $0 available (S + 10.5%, 10.1% Cash, 4.5% PIK, Due 4/2028)(E)	3,076			3,076		2,723
Technical Resource Management, LLC – Line of Credit, $400 available (S + 10.5%, 10.1% Cash, 4.5% PIK, Due 4/2028)(E)	1,214			1,214		1,074
Technical Resource Management, LLC – Term Debt (S + 10.5%, 10.1% Cash, 4.5% PIK, Due 4/2028)(E)	24,111			24,111		21,347
				28,401		25,144
Personal and Non-Durable Consumer Products (Manufacturing Only) – 1.9%
WB Xcel Holdings, LLC – Line of Credit, $0 available (S + 10.5%, 14.6% Cash, Due 11/2026)(E)	5,150			5,150		3,160
WB Xcel Holdings, LLC – Term Debt (S + 10.5%, 14.6% Cash, Due 11/2026)(E)	9,775			9,775		5,997
				14,925		9,157
Printing and Publishing – 0.0%
TNCP Intermediate HoldCo, LLC – Line of Credit, $2,000 available (11.0% Cash, Due 10/2027)(E)(F)	—			—		—
Total Secured First Lien Debt				$	84,742	$	69,896

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

Table of Contents

GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSSEPTEMBER 30, 2024(DOLLAR AMOUNTS IN THOUSANDS)
GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSSEPTEMBER 30, 2025(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(K)(Q)	Principal/Shares/Units(I)(J)			Cost		Fair Value
TNCP Intermediate HoldCo, LLC – Line of Credit, $2,000 available (11.0% Cash, Due 10/2027)(E)(F)	—			—		—
Secured Second Lien Debt – 3.9%
Total Secured First Lien Debt				$	18,655	$	13,896
Secured Second Lien Debt – 1.8%
Automobile – 1.8%
Defiance Integrated Technologies, Inc. – Term Debt (S + 9.6%, 14.4% Cash, Due 1/2027)(E)	8,547			8,547		8,547
Defiance Integrated Technologies, Inc. – Term Debt (S + 9.6%, 13.7% Cash, Due 1/2027)(E)	$	8,792		$	8,792	$	8,792
Preferred Equity – 0.0%
Diversified/Conglomerate Service – 2.1%
Alsay Incorporated – Term Debt (12.8% Cash, Due 12/2030)(E)(F)	10,000			10,000		10,000
Total Secured Second Lien Debt				$	18,792	$	18,792
Unsecured Debt – 0.1%
Healthcare, Education, and Childcare – 0.1%
Technical Resource Management, LLC – Term Debt (14.0% PIK, Due 10/2028)(E)(F)	$	357		$	357	$	316
Preferred Equity – 1.0%
Diversified/Conglomerate Service – 1.0%
Alsay Incorporated – Preferred Stock(E)(G)	5,000,000			$	5,000	$	5,000
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
WB Xcel Holdings, LLC – Preferred Stock(E)(G)	333			2,750		—
Common Equity – 3.2%
Total Preferred Equity				$	7,750	$	5,000
Automobile – 0.6%
Common Equity – 3.1%
Defiance Integrated Technologies, Inc. – Common Stock(E)(G)	33,321			581		2,949
Automobile – 0.0%
Diversified/Conglomerate Manufacturing – 1.7%
Defiance Integrated Technologies, Inc. – Common Stock(E)(G)	33,321			$	581	$	—
Lonestar EMS, LLC – Common Units(E)(G)	100.0		%	6,750		8,214
Beverage, Food, and Tobacco – 1.0%
Eegee Acquisition Corp. – Common Stock(E)(G)	1,000			8,500		4,858
Diversified/Conglomerate Manufacturing – 0.9%
Engineering Manufacturing Technologies, LLC – Common Stock(E)(G)	16,000			3,000		—
Lonestar EMS, LLC – Common Units(E)(G)	100		%	6,750		4,225
				9,750		4,225
Healthcare, Education, and Childcare – 0.0%
Technical Resource Management, LLC – Common Stock(E)(G)	2,000,000			2,000		—
Technical Resource Management, LLC – Common Warrants(E)(G)	4,558,041			—		—
				2,000		—
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
WB Xcel Holdings, LLC – Common Warrant(E)(G)	1			1		—
WB Xcel Holdings, LLC – Common Units(E)(G)	12,340			1		—
Printing and Publishing – 0.9%
Printing and Publishing – 1.2%
TNCP Intermediate HoldCo, LLC – Common Equity Units(E)(G)	790,000			500		45,~~312~~809
Total Common Equity				$	721,~~832~~332	$	1514,~~475~~892
Total Control Investments				$	37132,~~784~~973	$	37108,~~918~~896
TOTAL INVESTMENTS(T) – 169.1%				$	771,011	$	796,260
TOTAL INVESTMENTS(T) – 178.2%				$	876,614	$	859,124
CASH EQUIVALENTS - 6.6%
Dreyfus Treasury Obligations Cash Management Fund (3.77% market yield)(R)	$	30,523		$	30,523	$	30,523
First Citizens Premium Money Market Savings (0.40% market yield)(R)	1,251			1,251		1,251
Total Cash Equivalents				$	31,774	$	31,774
TOTAL INVESTMENTS AND CASH EQUIVALENTS - 184.8%				$	908,388	$	890,898

(A)Certain of the securities listed in this schedule are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $~~714~~754.4 6 million at fair value, are pledged as collateral under our revolving line of credit, as described further in Note 5—Borrowings in the accompanying Notes to Consolidated Financial Statements. Under the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, ~~2024~~2025, our ~~investment~~investments in Leeds isNovamark ~~considered~~Capital aI, L.P. (“Leeds”) and Gladstone Alternative Income Fund (“Gladstone Alternative”) are considered non-qualifying ~~asset~~assets under Section 55 of the 1940 Act. Such non-qualifying assets represent ~~less than~~ 0.16% of total investments, at fair value, as of September 30, ~~2024~~2025.

(B)Unless indicated otherwise, all cash interest rates are indexed to one-month Secured Overnight Financing Rate (“SOFR” or “S”), which was 4.8513% as of September 30, ~~2024~~2025. If applicable, paid-in-kind (“PIK”) interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or SOFR plus a spread. Due dates represent the contractual maturity date.

(C)Fair value was based on an internal yield analysis or on estimates of value submitted by a third party valuation firm.

(D)Fair value was based on ~~the~~net ~~indicative~~asset ~~bid~~value ~~price~~provided ~~on or near September 30, 2024, offered~~ by the ~~respective~~fund ~~syndication~~as ~~agent’s~~a ~~trading~~practical ~~desk~~expedient.

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

Table of Contents

(F)Debt security has a fixed interest rate.

(G)Security is non-income producing.

(H)The ~~cash~~Company ~~interest~~has ~~rate~~entered oninto ~~this~~an ~~investment~~agreement ~~was~~that ~~indexed~~entitles it to ~~90-day~~the ~~SOFR~~“last out” tranche of the first lien secured loan, ~~which~~whereby ~~was~~the ~~4.59%~~“first out” tranche will receive priority as to the “last out” tranche with respect to payments of ~~September 30~~principal, ~~2024~~interest, and any other amounts due thereunder.

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

(K)Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of September 30, ~~2024~~2025.

(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.

(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.

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

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

(R)Valued using Level 1 inputs within the FASB ASC 820 fair value hierarchy. Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(T)Cumulative gross unrealized depreciation for federal income tax purposes is $59.7 million; cumulative gross unrealized appreciation for federal income tax purposes is $34.1 million. Cumulative net unrealized depreciation is $25.5 million, based on a tax cost of $884.7 million.

(U)Investment was exited subsequent to September 30, 2025.

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

Table of Contents

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

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

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

(U)Investment was exited subsequent to September 30, 2024.

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

Table of Contents

GLADSTONE CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

~~JUNE~~MARCH 3031, ~~2025~~2026

(DOLLAR AMOUNTS IN TABLES 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~~subsidiary. We are an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and are applying the guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services-Investment Companies” (“ASC 946”). In addition, we have elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). We were established for the purpose of investing in debt and equity securities of established private businesses operating in the United States (“U.S.”). Our investment objectives are to: (1) achieve and grow current income by investing in debt securities of established lower middle market companies (which we generally define as companies with annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $3 million to $25 million) in the U.S. that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness and make distributions to stockholders that grow over time; and (2) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities, in connection with our debt investments, that we believe can grow over time to permit us to sell our equity investments for capital gains.

Gladstone Business Loan, LLC (“Business Loan”), a wholly-owned subsidiary of ours, was established on February 3, 2003, for the sole purpose of holding certain investments pledged as collateral under our line of credit. The financial statements of Business Loan are consolidated with those of Gladstone Capital Corporation. We may also have significant subsidiaries (as defined under Rule 1-02(w)(2) of the U.S. Securities and Exchange Commission’s (“SEC”) Regulation S-X) whose financial statements are not consolidated with ours. We did not have any unconsolidated subsidiaries that met any of the significance conditions under Rule 1-02(w)(2) of the SEC’s Regulation S-X as of or during the three and ~~nine~~six month periods ended ~~June~~March 3031, ~~2025~~2026 and ~~June~~March 3031, ~~2024~~2025.

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~~subsidiary. 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~~subsidiary. 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~~six months ended ~~June~~March 3031, ~~2025~~2026 are not necessarily indicative of results that ultimately may be achieved for the fiscal year ending

Table of Contents

September 30, ~~2025~~2026 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, ~~2024~~2025, as filed with the SEC on November 1317, ~~2024~~2025.

Retroactive Adjustments for Reverse Stock Split

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

Use of Estimates

Preparing financial statements requires management to make estimates and assumptions that affect the amounts reported in our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements. Actual results may differ from those estimates.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation in the Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements. Reclassifications did not impact net increase (decrease) in net assets resulting from operations, total assets, total liabilities, or total net assets, or Consolidated Statements of Cash Flows classifications.

Cash and cash equivalents

We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Cash isand cash equivalents are carried at cost, which approximates fair value. We place our cash with financial institutions, and at times, cash held in ~~checking~~our accounts may exceed the Federal Deposit Insurance Corporation insured limit. We seek to mitigate this concentration of credit risk by depositing funds with major financial institutions. ~~We held $14.9 million and $2.2 million of cash equivalents in Dreyfus Treasury Obligations Cash Management fund as of June 30, 2025 and September 30, 2024, respectively.~~ Investments in money market funds represent Level 1 investments within the FASB ASC Topic 820, “Fair Value ~~Measurements~~Measurement and Disclosures” (“ASC 820”) fair value hierarchy.

Investment Valuation Policy

Accounting Recognition

We record our investments at fair value in accordance with ASC 820 and the 1940 Act. Investment transactions are recorded on the trade date. Realized gains or losses are generally measured by the difference between the net proceeds from the repayment or sale and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Unrealized appreciation or depreciation primarily reflects the change in investment fair values, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Board Responsibility

Our board of directors (the “Board of Directors”) has approved investment valuation policies and procedures pursuant to Rule 2a-5 under the 1940 Act (the “Policy”) and, ~~in July 2022,~~ designated the Adviser to serve as the Board of Directors’ valuation designee ("Valuation Designee") under the 1940 Act.

In accordance with the 1940 Act, our Board of Directors has the ultimate responsibility for reviewing the good faith fair value determination of our investments for which market quotations are not readily available based on our Policy and for overseeing the Valuation Designee. Such review and oversight includes receiving written fair value determinations and supporting materials provided by the Valuation Designee, ~~in coordination with the Administrator~~ and with the oversight by the Company's chief valuation officer (collectively, the “Valuation Team”). The Valuation Committee of our Board of Directors (comprised entirely of independent directors) meets to review the valuation determinations and supporting materials, discusses the information provided by the Valuation Team, determines whether the Valuation Team has followed the Policy, and reviews other facts and circumstances, including current valuation risks, conflicts of interest, material valuation matters, appropriateness of valuation methodologies, back-testing results, price challenges/overrides, and ongoing monitoring and oversight of pricing services. After the Valuation Committee concludes its meeting, it and the chief valuation officer, representing the Valuation Designee, present the Valuation Committee’s findings on the Valuation Designee's determinations to the entire Board of Directors so that the full Board of Directors may review the Valuation Designee's determined fair values of such investments in accordance with the Policy.

There is no single standard for determining fair value (especially for privately-held businesses), as fair value depends upon the specific facts and circumstances of each individual investment. In determining the fair value of our investments, the Valuation Team, led by the chief valuation officer, uses the Policy, and each quarter the Valuation Committee and Board of

Table of Contents

Use of Third Party Valuation Firms

The Valuation Team engages third-party valuation firms to provide independent assessments of fair value of certain of our investments.

A third-party valuation firm generally provides estimates of fair value on our debt investments. The Valuation Team generally assigns the third-party valuation firm’s estimates of fair value to our debt investments where we do not have the ability to effectuate a sale of the applicable portfolio company. The Valuation Team corroborates the third-party valuation firm’s estimates of fair value using one or more of the valuation techniques discussed below. The Valuation Team’s estimate of value on a specific debt investment may significantly differ from the third-party valuation firm’s. When this occurs, our Valuation Committee and Board of Directors review whether the Valuation Team has followed the Policy and the Valuation Committee reviews whether the Valuation Designee’s determined fair value is reasonable in light of the Policy and other relevant facts and circumstances.

We may engage other independent valuation firms to provide earnings multiple ranges, as well as other information, and evaluate such information for incorporation into the total enterprise value (“TEV”) of certain of our investments. Generally, at least once per year, we engage an independent valuation firm to value or review the valuation of each of our significant equity investments, which includes providing the information noted above. The Valuation Team evaluates such information for incorporation into our TEV, including review of all inputs provided by the independent valuation firm. The Valuation Team then presents a determination to our Valuation Committee as to the fair value. Our Valuation Committee reviews the determined fair value and whether it is reasonable in light of the Policy and other relevant facts and circumstances.

Valuation Techniques

In accordance with ASC 820, the Valuation Team uses the following techniques when valuing our investment portfolio:

•Total Enterprise Value — In determining the fair value using a TEV, the Valuation Team first calculates the TEV of the portfolio company by incorporating some or all of the following factors: the portfolio company’s ability to make payments and other specific portfolio company attributes; the earnings of the portfolio company (the trailing or projected twelve month revenue or EBITDA); EBITDA multiples obtained from our indexing methodology whereby the original transaction EBITDA multiple at the time of our closing is indexed to a general subset of comparable disclosed transactions; and EBITDA multiples from recent sales to third parties of similar securities in similar industries; a comparison to publicly traded securities in similar industries; and other pertinent factors. The Valuation Team generally reviews industry statistics and may use outside experts when gathering this information. Once the TEV is determined for a portfolio company, the Valuation Team generally allocates the TEV to the portfolio company’s securities based on the facts and circumstances of the securities, which typically results in the allocation of fair value to securities based on the order of their relative priority in the capital structure. Generally, the Valuation Team uses TEV to value our equity investments and, in the circumstances where we have the ability to effectuate a sale of a portfolio company, our debt investments. When there is equity value or sufficient TEV to cover the principal balance of our debt securities, the fair value of our senior secured debt generally equals or approximates cost.

TEV is primarily calculated using EBITDA and EBITDA multiples; however, TEV may also be calculated using revenue and revenue multiples or a discounted cash flow (“DCF”) analysis whereby future expected cash flows of the portfolio company are discounted to determine a net present value using estimated risk-adjusted discount rates, which incorporate adjustments for nonperformance and liquidity risks.

•Yield Analysis — The Valuation Team generally determines the fair value of our debt investments for which we do not have the ability to effectuate a sale of the applicable portfolio company using the yield analysis, which includes a DCF calculation and assumptions that the Valuation Team believes market participants would use, including, estimated remaining life, current market yield, current leverage, and interest rate spreads. This technique develops a modified discount rate that incorporates risk premiums including increased probability of default, increased loss upon default and increased liquidity risk. Generally, the Valuation Team uses the yield analysis to corroborate both estimates of value provided by our third party valuation firm and market quotes.

•Market Quotes — For our investments for which a limited market exists, we generally base fair value on readily available and reliable market quotations which are corroborated by the Valuation Team (generally by using the yield analysis described above). In addition, the Valuation Team assesses trading activity for similar investments and evaluates variances in quotations and other market insights to determine if any available quoted prices are

Table of Contents

~~•Market Quotes — For our investments for which a limited market exists, we generally base fair value on readily available and~~ reliable ~~market quotations which are corroborated by the Valuation Team (generally by using the yield analysis described above)~~. In addition, the Valuation Team assesses trading activity for similar investments and evaluates variances in quotations and other market insights to determine if any available quoted prices are reliable. Typically, the Valuation Team uses the lower indicative bid price (“IBP”) in the bid-to-ask price range obtained from the respective originating syndication agent’s trading desk on or near the valuation date. The Valuation Team may take further steps to consider additional information to validate that price in accordance with the Policy. For securities that are publicly traded, wethe Valuation Team 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, wethe Valuation Team 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 and the lack of marketability of the security.

•Investments in Funds — For equity investments in other funds for which we cannot effectuate a sale of the fund, the Valuation Team generally determines the fair value of our invested capital at the net asset value (“NAV”) provided by the fund. ASC ~~Any~~Topic ~~invested~~820 ~~capital~~permits an entity holding investments in certain entities that iseither ~~not~~are ~~yet~~investment ~~reflected~~companies, inor ~~the~~have attributes similar to an investment company, and calculate NAV ~~provided~~per byshare ~~the~~or ~~fund~~its isequivalent ~~valued~~for atwhich ~~par~~the fair value. ~~The~~is ~~Valuation~~not ~~Team~~readily ~~may~~determinable, ~~also~~to ~~determine~~measure the fair value of ~~our~~such investments inon ~~other~~the ~~investment~~basis ~~funds~~of ~~based~~that onNAV ~~the~~per ~~capital~~share, ~~accounts~~or ofits ~~the~~equivalent, ~~underlying~~without ~~entity~~adjustment.

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~~March 3031, ~~2025~~2026, our loans to B+T Group Acquisition, Inc., Edge Adhesives Holdings, Inc., and WB Xcel Holdings, LLC were on non-accrual status with a cost basis of $28.8 million, or 43.14% of the cost basis of all debt investments in our portfolio, and a fair value of $1113.50 million, or 1.76% of the fair value of all debt investments in our portfolio. As of September 30, ~~2024~~2025, our loans to B+T Group Acquisition, Inc., Edge Adhesives Holdings, Inc., and WB Xcel Holdings, LLC were on non-accrual status with a cost basis of $28.38 million, or 43.16% of the cost basis of all debt investments in our portfolio, and a fair value of $1213.80 million, or 1.97% 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

Table of Contents

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 ~~each of June~~March 3031, ~~2025~~2026 and September 30, ~~2024~~2025, we held three and two OID loans, respectively. We recorded OID income of $~~0.2~~52 ~~million~~thousand and $~~0.4~~85 ~~million~~thousand during the three and ~~nine~~six months ended ~~June~~March 3031, ~~2025~~2026, respectively, and $0.1 million and $0.2 million during the three and ~~nine~~six months ended ~~June~~March 3031, ~~2024~~2025, respectively. The unamortized balance of OID investments as of ~~June~~March 3031, ~~2025~~2026 and September 30, ~~2024~~2025 totaled $0.38 million and $0.62 million, respectively. As of ~~June~~each of March 3031, ~~2025~~2026 and September 30, ~~2024~~2025, we had ~~seven~~nine ~~and eight~~ investments which had a PIK interest component~~, respectively~~. We recorded PIK interest income of $1.37 million and $34.0 million during the three and ~~nine~~six months ended ~~June~~March 3031, ~~2025~~2026, respectively, and $10.59 million and $41.37 million during the three and ~~nine~~six months ended ~~June~~March 3031, ~~2024~~2025, respectively. We collected $03 thousand and $7.2.8 million of PIK interest in cash during the three and ~~nine~~six months ended ~~June~~March 3031, ~~2025~~2026, respectively, and $0.2.6 million ~~during~~and ~~each~~$7.2 ofmillion during the three and ~~nine~~six months ended ~~June~~March 3031, ~~2024~~2025, respectively.

Success Fee Income Recognition

We record success fees as income when earned, which often occurs upon receipt of cash. Success fees are generally contractually due upon a change of control in a portfolio company, typically resulting from an exit or sale, and are non-recurring.

Dividend Income Recognition

We accrue dividend income on preferred and common equity securities to the extent that such amounts are expected to be collected and if we have the option to collect such amounts in cash or other consideration.

Related Party Fees

We are party to the Advisory Agreement with the Adviser, which is indirectly owned by our chairman ~~and chief executive officer~~. In accordance with the Advisory Agreement, we pay the Adviser fees as compensation for its services, consisting of a base management fee and an incentive fee. Additionally, we pay the Adviser a loan servicing fee as compensation for its services as servicer under the terms of our revolving line of credit with KeyBank National Association (“KeyBank”), as administrative agent, lead arranger and lender (as amended and/or restated from time to time, our “Credit Facility”). These fees are accrued at the end of the quarter when the services are performed and generally paid the following quarter.

We are also party to the Administration Agreement with the Administrator, which is indirectly owned and controlled by our chairman ~~and chief executive officer~~, whereby we pay separately for administrative services. Refer to Note 4 — Related Party Transactions for additional information regarding these related party fees and agreements.

Segment Reporting

In November 2023, the FASB issued Accounting Standards Update 2023-07, “Segment Reporting - Improvements to Reportable Segment Disclosures” (“ASU 2023-07”) to improve reportable segments disclosure requirements. The ASU requires existing annual segment disclosures to also be disclosed on an interim basis and also requires additional disclosures around significant segment expenses and disclosures to identify the title and position of the chief operating decision maker (“CODM”). The standard is effective for fiscal years beginning after December 15, 2023, and interim periods thereafter. We adopted ASU 2023-07 as of September 30, 2025.

Our current business strategy includes one reporting segment which derives investment income from our portfolio companies. Our CODM is our Chief Executive Officer. The CODM assesses performance based on net investment income, net realized and unrealized gains (losses) and net increase (decrease) in net assets resulting from operations, which are reported on the Consolidated Statement of Operations. The expense categories included on the Consolidated Statement of Operations reflect our significant expense categories and are provided to the CODM on a regular basis.

Table of Contents

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~~March 3031, ~~2025~~2026, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investments in ~~Gladstone~~money ~~Alternative~~market ~~Income~~funds, ~~Fund~~which ~~(“Gladstone~~were ~~Alternative”)~~valued using Level 1 inputs, and ~~Leeds~~our ~~Novamark~~investment ~~Capital~~in I,Gladstone ~~L.P.~~Alternative Income Fund (“~~Leeds~~Gladstone Alternative”), which ~~were~~was valued using NAV as a practical expedient. As of September 30, ~~2024~~2025, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our ~~investment~~investments in money market funds, which were valued using Level 1 inputs, and our investments in Gladstone Alternative and Leeds Novamark Capital I, L.P. (“Leeds”), which ~~was~~were 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~~six months ended ~~June~~March 3031, ~~2025~~2026 and ~~2024~~2025, there were no investments transferred into or out of Levels 1, 2 or 3 of the valuation hierarchy.

Table of Contents

As of ~~June~~March 3031, ~~2025~~2026 and September 30, ~~2024~~2025, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy:

	Fair Value Measurements
	Quoted Prices in Active Markets for Identical Assets(Level 1)		Significant Other Observable Inputs(Level 2)		Significant Unobservable Inputs(Level 3)		Fair Value
As of June 30, 2025:
As of March 31, 2026:
Secured first lien debt	$	—	$	—	$	~~529~~630,~~149~~527	$	~~529~~630,~~149~~527
Secured second lien debt	—		—		~~144~~185,~~299~~141		~~144~~185,~~299~~141
Unsecured debt	—		—		~~354~~341		~~354~~341
Preferred equity	—		—		2537,~~717~~394		2537,~~717~~394
Common equity/equivalents	—		—		4648,~~695~~436		4648,~~695~~436
Total	$	—	$	—	$	~~746~~901,~~214~~839	$	~~746~~901,~~214~~839
Investments measured at NAV(A)	—		—		—		5,~~046~~005
Total Investments as of June 30, 2025	$	—	$	—	$	746,214	$	751,260
Total Investments	$	—	$	—	$	901,839	$	906,844
Cash Equivalents	3,177		—		—		3,177
Total Investments and Cash Equivalents as of March 31, 2026	$	3,177	$	—	$	901,839	$	910,021

	Fair Value Measurements
	Quoted Prices in Active Markets for Identical Assets(Level 1)		Significant Other Observable Inputs(Level 2)		Significant Unobservable Inputs(Level 3)		Fair Value
As of September 30, 2024:
As of September 30, 2025:
Secured first lien debt	$	—	$	—	$	~~554~~622,~~937~~371	$	~~554~~622,~~937~~371
Secured second lien debt	—		—		~~113~~150,~~716~~542		~~113~~150,~~716~~542
Unsecured debt	—		—		32333		32333
Preferred equity	—		—		31,~~346~~214		31,~~346~~214
Common equity/equivalents	—		—		9649,~~191~~553		9649,~~191~~553
Total	$	—	$	—	$	~~796~~854,~~222~~013	$	~~796~~854,~~222~~013
Investments measured at NAV(A)	—		—		—		385,111
Total Investments as of September 30, 2024	$	—	$	—	$	796,222	$	796,260
Total Investments	$	—	$	—	$	854,013	$	859,124
Cash Equivalents	31,774		—		—		31,774
Total Investments and Cash Equivalents as of September 30, 2025	$	31,774	$	—	$	854,013	$	890,898

(A)Includes our ~~investments~~investment in Gladstone Alternative ~~and Leeds~~ as of ~~June~~March 3031, ~~2025~~2026 and our ~~investment~~investments in Gladstone Alternative and Leeds as of September 30, ~~2024~~2025. Investments that are measured at fair value using NAV as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented elsewhere in this quarterly report.

Table of Contents

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~~March 3031, ~~2025~~2026 and September 30, ~~2024~~2025, 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, 2025			September 30, 2024
	March 31, 2026			September 30, 2025
Non-Control/Non-Affiliate Investments
Secured first lien debt	$	~~458~~522,~~578~~097		$	~~540~~517,~~661~~762
Secured second lien debt	~~135~~166,~~507~~349			~~105~~131,~~169~~750
Unsecured debt	2016			3217
Preferred equity	1822,~~126~~698			2716,~~247~~794
Common equity/equivalents	2635,~~736~~466		~~(A)~~	7729,~~757~~958		(B)
Total Non-Control/Non-Affiliate Investments	$	~~638~~746,~~967~~626		$	~~750~~696,~~866~~281
Affiliate Investments
Secured first lien debt	$	~~245~~33,102		$	~~380~~34,713
Preferred equity	79,~~591~~224			49,~~099~~420
Common equity/equivalents	35,~~748~~760		(A)	24,~~959~~703		(B)
Total Affiliate Investments	$	1148,~~584~~086		$	748,~~438~~836
Control Investments
Secured first lien debt	$	7075,~~326~~328		$	1369,896
Secured second lien debt	818,792			818,~~547~~792
Unsecured debt	~~334~~325			—316
Common equity/equivalents	16,211			15,475
Preferred equity	5,472			5,000
Total Control Investments	$	95,663		$	37,918
Common equity/equivalents	7,210			14,892
Total Investments at Fair Value Using Level 3 Inputs	$	746,214		$	796,222
Total Control Investments	$	107,127		$	108,896
Total Investments at Fair Value Using Level 3 Inputs	$	901,839		$	854,013

In(A)Excludes ~~accordance~~our ~~with~~investment ~~ASC~~in ~~820,~~Gladstone ~~the~~Alternative ~~following~~with ~~table~~a ~~provides quantitative information about our Level 3~~ fair value ~~measurements~~ of ~~our~~$5.0 ~~investments~~million as of ~~June~~March 3031, ~~2025 and September 30~~2026, ~~2024.~~which ~~The~~was ~~table~~valued ~~below~~using isNAV ~~not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs~~ as ~~they~~a ~~relate~~practical ~~to our fair value measurements~~expedient.

(B)Excludes our investments in Gladstone Alternative and Leeds with fair values of $5.1 million and $36 thousand, respectively, as of September 30, 2025, which were valued using NAV as a practical expedient.

In accordance with ASC 820, the following table provides quantitative information about our Level 3 fair value measurements of our investments as of March 31, 2026 and September 30, 2025. 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.

Table of Contents

The weighted average calculations in the table below are based on the principal balances for all debt related calculations and on the cost basis for all equity related calculations for the particular input.

Quantitative Information about Level 3 Fair Value Measurements

Range / Weighted Average as of

June 30,2025

September 30,2024

ValuationTechniques/Methodologies

Unobservable Input

June 30,2025

September 30,2024

March 31,2026

September 30,2025

ValuationTechniques/Methodologies

Unobservable Input

March 31,2026

September 30,2025

Secured first lien debt

~~455~~551,~~368~~387

~~464~~548,~~090~~670

Yield Analysis

Discount Rate

109.51% - 1820.0% / 1211.02%

109.84% - 1719.38% / 1211.67%

73,781

90,847

TEV

EBITDA multiple

4.5x – 7.2x/ 6.3x

4.1x – 13.9x/ 10.0x

79,140

73,701

TEV

EBITDA multiple

3.6x – 8.3x/ 6.2x

3.5x – 8.0x/ 6.0x

EBITDA

$~~408~~430 - $4,~~591~~173/ $3,~~330~~486

$~~3,020~~538 - $164,~~211~~655/ $103,~~309~~540

Revenue multiple

0.6x – 0.7x8x/ 0.7x

0.2x6x – 40.6x8x/ 20.1x7x

Revenue

$117,~~320~~269 - $21,~~248~~768/ $14,~~719~~346

$610,~~336~~844 - $21,~~118~~649/ $1315,~~981~~090

Secured second lien debt

~~131~~166,~~824~~349

~~101~~141,~~928~~750

Yield Analysis

Discount Rate

11.92% - 1514.48%/ 1312.45%

1211.24% - 1615.02%/ 1413.1%

3,683

3,241

Market Quote

IBP

100.0% - 100.0%/ 100.0%

88.0% - 88.0%/ 88.0%

18,792

8,792

TEV

EBITDA multiple

5.0x – 5.6x/ 5.3x

5.4x – 5.4x/ 5.4x

8,792

8,547

TEV

EBITDA multiple

5.4x – 5.4x/ 5.4x

EBITDA

$2,363 - $11,319/ $7,129

$2,345 - $2,345/ $2,345

EBITDA

$2,463 - $2,463/ $2,463

$3,343 - $3,343/ $3,343

Unsecured debt

341

333

TEV

EBITDA multiple

8.3x – 8.3x/ 8.3x

8.0x – 8.0x/ 8.0x

Unsecured debt

354

TEV

EBITDA multiple

7.2x – 7.2x/ 7.2x

0.0x – 0.0x/ 0.0x

EBITDA

$3,654 - $3,654/ $3,654

$3,804 - $3,804/ $3,804

EBITDA

$4,591 - $4,591/ $4,591

$0 - $0/ $0

Revenue multiple

0.9x – 0.9x/ 0.9x

Revenue multiple

1.0x – 1.0x/ 1.0x

Revenue

$4,513 - $4,513/ $4,513

$4,846 - $4,846/ $4,846

Revenue

$5,202 - $5,202/ $5,202

$7,834 - $7,834/ $7,834

Preferred and common equity / equivalents(A)

85,830

80,767

TEV

EBITDA multiple

3.6x – 15.2x / 7.2x

3.5x – 14.6x/ 6.8x

Preferred and common equity / equivalents(A)

72,412

127,537

TEV

EBITDA multiple

4.1x – 14.7x / 7.3x

4.1x – 13.9x/ 8.0x

EBITDA

$430 -$146,305/ $10,144

$538 -$142,549/ $10,222

EBITDA

$408 -$143,118/ $8,787

$1,182 -$144,458/ $10,847

Revenue multiple

0.6x – 0.9x/ 0.8x

0.6x– 0.9x / 0.7x

Revenue multiple

0.6x – 1.0x/ 0.7x

0.2x– 4.6x / 2.0x

Revenue

$4,513 -$21,768/ $10,540

$4,846 -$21,649/ $12,394

Revenue

$5,202 -$21,248/ $13,175

$4,672 -$21,118/ $12,587

Total Level 3 Investments, at Fair Value

901,839

854,013

Total Level 3 Investments, at Fair Value

746,214

796,222

(A)Fair value as of March 31, 2026 excludes our investment in Gladstone Alternative with a fair value of $5.0 million, which was valued using NAV as a practical expedient. Fair value as of September 30, 2025 includes one proprietary equity investment totaling $2.2 million, which was valued using the payoff amount as the unobservable input. Fair value as of September 30, 2025 excludes our investments in Gladstone Alternative and Leeds with fair values of $5.1 million and $36 thousand, respectively, which were valued using NAV as a practical expedient.

Fair value measurements can be sensitive to changes in one or more of the valuation inputs. Changes in discount rates, EBITDA or EBITDA multiples (or revenue or revenue multiples), each in isolation, may change the fair value of certain of our investments. Generally, an increase/(decrease) in market yields, discount rates, or a (decrease)/increase in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a (decrease)/increase, respectively, in the fair value of certain of our investments.

Table of Contents

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~~six months ended ~~June~~March 3031, ~~2025~~2026 and ~~2024~~2025 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, 2025	SecuredFirst Lien Debt		SecuredSecond Lien Debt		Unsecured Debt		Preferred Equity		CommonEquity/ Equivalents		Total
Three months ended March 31, 2026	SecuredFirst Lien Debt		SecuredSecond Lien Debt		Unsecured Debt		Preferred Equity		CommonEquity/ Equivalents		Total
Fair Value as of March 31, 2025	$	541,524	$	144,970	$	335	$	25,031	$	45,765	$	757,625
Fair Value as of December 31, 2025	$	647,576	$	170,662	$	346	$	36,761	$	42,492	$	897,837
Total gains (losses):
Net realized gain (loss)(A)	(~~4,439~~213)		—		—		—		~~731~~—		(~~3,708~~213)
Net unrealized appreciation (depreciation)(B)	~~815~~(611)		(~~355~~1,159)		7(18)		~~686~~633		(76,~~570)~~646		(65,~~417)~~491
Reversal of prior period net depreciation (appreciation) on realization(B)	~~6,053~~(642)		~~295~~—		—		—		—		~~6,348~~(642)
New investments, repayments and settlements: (C)
Issuances/originations	7329,~~889~~114		~~130~~16,342		1213		—		—83		7445,~~031~~552
Settlements/repayments	(8044,~~193~~697)		(~~741~~704)		—		—		—		(8045,~~934~~401)
Net proceeds from sales	—		—		—		—		(~~731~~785)		(~~731~~785)
Transfers	(8,500)		—		—		—		8,500		—
Fair Value as of March 31, 2026	$	630,527	$	185,141	$	341	$	37,394	$	48,436	$	901,839
Fair Value as of June 30, 2025	$	529,149	$	144,299	$	354	$	25,717	$	46,695	$	746,214

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Nine months ended June 30, 2025	SecuredFirst LienDebt		SecuredSecondLien Debt		UnsecuredDebt		PreferredEquity		CommonEquity/ Equivalents		Total
Six months ended March 31, 2026	SecuredFirst LienDebt		SecuredSecondLien Debt		UnsecuredDebt		PreferredEquity		CommonEquity/ Equivalents		Total
Fair Value as of September 30, 2024	$	554,937	$	113,716	$	32	$	31,346	$	96,191	$	796,222
Fair Value as of September 30, 2025	$	622,371	$	150,542	$	333	$	31,214	$	49,553	$	854,013
Total gains (losses):
Net realized gain (loss)(A)	(~~8,513~~325)		—		—		~~5,404~~—		641,~~827~~790		611,~~718~~465
Net unrealized appreciation (depreciation)(B)	(~~10,011~~634)		(~~252~~420)		(2318)		71,~~513~~240		61,~~432~~825		31,~~659~~993
Reversal of prior period net depreciation (appreciation) on realization(B)	~~9,612~~(811)		~~295~~(145)		—		~~(5,404)~~—		(601,~~010~~790)		(552,~~507~~746)
New investments, repayments and settlements: (C)
Issuances/originations	~~212~~86,~~754~~390		4755,~~827~~413		~~345~~26		64,~~262~~940		~~915~~83		~~268~~146,~~103~~852
Settlements/repayments	(~~221~~76,~~130~~464)		(1720,~~287~~249)		—		—		—		(~~238~~96,~~417~~713)
Net proceeds from sales	—		—		—		~~(19,404)~~—		(703,~~160~~025)		(893,~~564~~025)
Transfers	(8,500)		—		—		—		8,500		—
Fair Value as of March 31, 2026	$	630,527	$	185,141	$	341	$	37,394	$	48,436	$	901,839
Fair Value as of June 30, 2025	$	529,149	$	144,299	$	354	$	25,717	$	46,695	$	746,214

Table of Contents

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Three months ended June 30, 2024	SecuredFirst Lien Debt		SecuredSecond Lien Debt		Unsecured Debt		Preferred Equity		CommonEquity/ Equivalents		Total
Three Months Ended March 31, 2025	SecuredFirst Lien Debt		SecuredSecond Lien Debt		Unsecured Debt		Preferred Equity		CommonEquity/ Equivalents		Total
Fair Value as of March 31, 2024	$	563,849	$	140,409	$	33	$	32,598	$	54,435	$	791,324
Fair Value as of December 31, 2024	$	586,409	$	127,234	$	359	$	31,294	$	49,164	$	794,460
Total gains (losses):
Net realized gain (loss)(A)	~~(50)~~—		—		—		—2,954		14,~~465~~748		17,~~415~~702
Net unrealized appreciation (depreciation)(B)	(67,~~748~~292)		~~727~~(12)		—(35)		~~367~~3,691		91,~~213~~606		3(2,~~559~~042)
Reversal of prior period net depreciation (appreciation) on realization(B)	(3322)		~~(58)~~—		—		—(2,954)		—(4,870)		(917,846)
New investments, repayments and settlements: (C)
Issuances/originations	2627,~~964~~111		2018,~~132~~453		—11		—		~~750~~915		4746,~~846~~490
Settlements/repayments	(4164,~~749~~682)		(~~43,335~~705)		—		—		—		(8565,~~084~~387)
Net proceeds from sales	50—		—		—		—(9,954)		(15,~~484~~798)		(115,~~434~~752)
Fair Value as of June 30, 2024	$	542,283	$	117,875	$	33	$	32,965	$	64,379	$	757,535
Fair Value as of March 31, 2025	$	541,524	$	144,970	$	335	$	25,031	$	45,765	$	757,625

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Nine months ended June 30, 2024	SecuredFirst LienDebt		SecuredSecondLien Debt		UnsecuredDebt		PreferredEquity		CommonEquity/ Equivalents		Total
Six months ended March 31, 2025	SecuredFirst LienDebt		SecuredSecondLien Debt		UnsecuredDebt		PreferredEquity		CommonEquity/ Equivalents		Total
Fair Value as of September 30, 2023	$	510,701	$	127,854	$	24	$	26,855	$	39,128	$	704,562
Fair Value as of September 30, 2024	$	554,937	$	113,716	$	32	$	31,346	$	96,191	$	796,222
Total gains (losses):
Net realized gain (loss)(A)	(504,074)		—		—		~~219~~5,404		164,~~724~~096		165,~~893~~426
Net unrealized appreciation (depreciation)(B)	(110,~~750~~826)		~~2,270~~103		9(30)		(36,~~270)~~827		2414,~~804~~002		2210,~~063~~076
Reversal of prior period net depreciation (appreciation) on realization(B)	~~(52)~~3,559		99—		—		~~130~~(5,404)		(~~283~~60,010)		(~~106~~61,855)
New investments, repayments and settlements: (C)
Issuances/originations	~~106~~138,~~939~~865		3547,~~494~~697		—333		106,~~000~~262		~~750~~915		~~153~~194,~~183~~072
Settlements/repayments	(73140,~~555~~937)		(4716,~~842~~546)		—		—		—		(~~121~~157,~~397~~483)
Net proceeds from sales	50—		—		—		(~~969~~19,404)		(169,~~744~~429)		(288,~~663~~833)
Fair Value as of June 30, 2024	$	542,283	$	117,875	$	33	$	32,965	$	64,379	$	757,535
Fair Value as of March 31, 2025	$	541,524	$	144,970	$	335	$	25,031	$	45,765	$	757,625

(A)Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the corresponding period.

(B)Included in net unrealized appreciation (depreciation) on investments on our accompanying Consolidated Statements of Operations for the corresponding period.

(C)Includes increases in the cost basis of investments resulting from new portfolio investments, accretion of discounts, PIK, and other non-cash disbursements to portfolio companies, as well as decreases in the cost basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs and other cost-basis adjustments.

Investment Concentrations

As of March 31, 2026, our investment portfolio consisted of investments in 55 portfolio companies located in 22 states in 17 different industries, with an aggregate fair value of $906.8 million. The five largest investments at fair value as of March 31, 2026 totaled $208.8 million, or 23.0% of our total investment portfolio, as compared to the five largest investments at fair value as of September 30, 2025 totaling $196.5 million, or 22.9% of our total investment portfolio. As of March 31, 2026 and September 30, 2025, our average investment by obligor was $16.8 million and $15.9 million at cost, respectively.

Table of Contents

~~Investment~~The ~~Activity~~following table outlines our investments by security type as of March 31, 2026 and September 30, 2025:

Proprietary Investments


	March 31, 2026								September 30, 2025
	Cost				Fair Value				Cost				Fair Value
Secured first lien debt	$	655,732	70.8	%	$	630,527	69.5	%	$	646,131	73.7	%	$	622,371	72.4	%
Secured second lien debt	185,101		20.0		185,141		20.4		149,937		17.1		150,542		17.5
Unsecured debt	581		0.1		341		0.1		555		0.1		333		0.1
Total debt investments	841,414		90.9		816,009		90.0		796,623		90.9		773,246		90.0
Preferred equity	42,369		4.6		37,394		4.1		37,429		4.3		31,214		3.6
Common equity/equivalents	41,410		4.5		53,441		5.9		42,562		4.8		54,664		6.4
Total equity investments	83,779		9.1		90,835		10.0		79,991		9.1		85,878		10.0
Total Investments	$	925,193	100.0	%	$	906,844	100.0	%	$	876,614	100.0	%	$	859,124	100.0	%

AsOur ~~of June 30, 2025 and September 30, 2024, we held 49 and 47 proprietary~~ investments ~~with~~at ~~an aggregate~~ fair value ofconsisted ~~$747.5 million and $792.9 million, or 99.5% and 99.6%~~ of the ~~total~~following ~~investment~~industry ~~portfolio~~classifications atas ~~fair~~of ~~value~~March 31, ~~respectively.~~2026 ~~The~~and ~~following significant proprietary investment transactions occurred during the nine months ended June~~September 30, 2025:

•In October 2024, our $15.0 million debt investment in Perimeter Solutions Group paid off at par. We also received a $0.5 million prepayment penalty in conjunction with the payoff.


	March 31, 2026				September 30, 2025
Industry Classification	Fair Value		Percentage of Total Investments		Fair Value		Percentage of Total Investments
Healthcare, Education, and Childcare	$	245,796	27.1	%	$	273,262	31.8	%
Diversified/Conglomerate Manufacturing	220,479		24.3		202,466		23.6
Diversified/Conglomerate Service	147,229		16.2		152,042		17.7
Beverage, Food, and Tobacco	89,760		9.9		54,605		6.4
Cargo Transportation	49,928		5.5		20,000		2.3
Home and Office Furnishings, Housewares and Durable Consumer Products	29,882		3.3		30,000		3.5
Machinery	26,129		2.9		26,381		3.1
Personal, Food, and Miscellaneous Supplies	22,791		2.5		23,700		2.7
Ecological	18,000		2.0		—		—
Oil and Gas	15,998		1.8		17,512		2.0
Personal and Non-Durable Consumer Products	14,486		1.6		13,866		1.6
Automobile	9,337		1.0		27,361		3.2
Printing and Publishing	5,161		0.6		5,809		0.7
Other, < 2.0%	11,868		1.3		12,120		1.4
Total Investments	$	906,844	100.0	%	$	859,124	100.0	%

~~•In~~Our ~~October~~investments ~~2024,~~at ~~our~~fair ~~investment~~value inwere ~~Antenna~~included ~~Research Associates, Inc. was sold, which resulted~~ in athe ~~net~~following ~~realized~~U.S. ~~gain~~geographic onregions ~~our~~as ~~common equity~~ of ~~approximately $59.3~~March ~~million~~31, 2026 and ~~the repayment of our debt investment of $31.3~~September ~~million~~30, at2025: ~~par.~~

•In November 2024, we invested an additional $28.9 million in Giving Home Healthcare, LLC (“Giving Home”), an existing portfolio company, through secured first lien debt. In June 2025, we invested an additional $7.0 million in Giving Home through secured first lien debt.


	March 31, 2026				September 30, 2025
Location	Fair Value		Percentage of Total Investments		Fair Value		Percentage of Total Investments
South	$	325,853	35.9	%	$	287,371	33.5	%
West	233,167		25.7		233,564		27.2
Midwest	221,458		24.4		237,417		27.6
Northeast	126,366		14.0		100,772		11.7
Total Investments	$	906,844	100.0	%	$	859,124	100.0	%

~~•In~~The ~~November~~geographic ~~2024,~~composition weindicates ~~invested~~the ~~$10.5 million~~location inof ~~Wings~~the ‘Nheadquarters ~~More~~for ~~Restaurants,~~our ~~LLC~~portfolio ~~(“Wings”) through secured first lien debt~~companies. We ~~also~~A ~~extended~~portfolio ~~Wings~~company amay ~~$1.5 million~~have ~~secured~~additional ~~first~~locations ~~lien~~in ~~line~~other ofgeographic ~~credit commitment and a $5~~regions.~~0 million secured first lien delayed draw term loan commitment, both of which were unfunded at close.~~

•In November 2024, our $22.3 million debt investment in ENET Holdings, LLC paid off at par.

•In December 2024, we invested $42.8 million in Vet’s Choice Radiology, LLC through secured first lien debt.

•In December 2024, we invested $28.9 million in Pan-Am Dental, LLC through secured second lien debt and preferred equity.

•In December 2024, we invested $15.0 million in Freedom Dental Management, Inc. through secured first lien debt.

•In December 2024, we invested $5.0 million in Tube Bending Technology, LLC through secured second lien debt.

•In December 2024, we invested $5.0 million in Gladstone Alternative, one of our affiliated funds, through common equity.

•In December 2024, our investment in Salt and Straw, LLC, paid off which resulted in a realized gain of approximately $2.5 million on our preferred equity and the repayment of our debt investment of $10.9 million at par. We also received a $0.1 million prepayment penalty in conjunction with the payoff. We continue to hold warrants for common equity in Salt and Straw, LLC.

•In December 2024, we sold our debt investments in DKI Ventures, LLC, which resulted in a net realized loss on our debt of approximately $4.1 million.

•In January 2025, our $20.6 million debt investment in Fix-It Group, LLC paid off at par. We also received a $0.1 million prepayment penalty.

•In January 2025, our $5.4 million debt investment in Sokol and Company, LLC (“Sokol”) paid off at par. Additionally, in February 2025, a portion of our common equity investment in Sokol was sold, representing a return of our equity cost basis of $1.1 million and a realized gain of $4.7 million.

•In February 2025, we invested $18.9 million in Dutch Gold Honey, Inc. through secured second lien debt and common equity.

•In February 2025, we invested $19.4 million in Viron International, LLC through secured first lien debt and common equity.

•In March 2025, we received a $6.0 million partial repayment on our debt investment in Viva Railings, LLC.

•In March 2025, we exited our investment in MCG Energy Solutions, LLC, which resulted in a realized gain on our preferred equity investment of approximately $3.0 million and the repayment of our debt investment of $20.4 million at par.

•In April 2025, our $42.2 million debt investment in SpaceCo Holdings, LLC paid off at par.

•In April 2025, our investment in Eegees, LLC was restructured as part of the bankruptcy process resulting in a new $12.8 million first lien debt investment and a new $8.5 million common equity investment in Eegee Acquisition Corporation. In conjunction with the restructuring, we recorded a net realized loss of approximately $4.4 million.

•In May 2025, we invested $46.0 million in Altior Healthcare, LLC through secured first lien debt.

•In June 2025, our $36.1 million debt investment in Cafe Zupas paid off at par. We also received a $0.4 million prepayment penalty in conjunction with the payoff.

Table of Contents

•In June 2025, we invested $12.6 million in RF Technologies, LLC through secured first lien debt. We also extended RF Technologies, LLC a $3.5 million secured first lien line of credit commitment which was unfunded as of June 30, 2025.

Syndicated Investments

As of June 30, 2025 and September 30, 2024, we held two syndicated investments with an aggregate fair value of $3.8 million and $3.3 million, or 0.5% and 0.4% of the total investment portfolio at fair value, respectively.

Investment Concentrations

As of June 30, 2025, our investment portfolio consisted of investments in 51 portfolio companies located in 22 states in 14 different industries, with an aggregate fair value of $751.3 million. The five largest investments at fair value as of June 30, 2025 totaled $189.7 million, or 25.3% of our total investment portfolio, as compared to the five largest investments at fair value as of September 30, 2024 totaling $232.7 million, or 29.2% of our total investment portfolio. As of June 30, 2025 and September 30, 2024, our average investment by obligor was $15.3 million and $15.7 million at cost, respectively.

The following table outlines our investments by security type as of June 30, 2025 and September 30, 2024:

	June 30, 2025								September 30, 2024
	Cost				Fair Value				Cost				Fair Value
Secured first lien debt	$	555,347	71.4	%	$	529,149	70.4	%	$	580,736	75.3	%	$	554,937	69.7	%
Secured second lien debt	144,231		18.5		144,299		19.2		113,691		14.8		113,716		14.3
Unsecured debt	543		0.1		354		0.1		198		0.0		32		0.0
Total debt investments	700,121		90.0		673,802		89.7		694,625		90.1		668,685		84.0
Preferred equity	37,279		4.8		25,717		3.4		45,017		5.8		31,346		3.9
Common equity/equivalents	40,451		5.2		51,741		6.9		31,369		4.1		96,229		12.1
Total equity investments	77,730		10.0		77,458		10.3		76,386		9.9		127,575		16.0
Total Investments	$	777,851	100.0	%	$	751,260	100.0	%	$	771,011	100.0	%	$	796,260	100.0	%

Our investments at fair value consisted of the following industry classifications as of June 30, 2025 and September 30, 2024:

	June 30, 2025				September 30, 2024
Industry Classification	Fair Value		Percentage of Total Investments		Fair Value		Percentage of Total Investments
Healthcare, Education, and Childcare	$	272,883	36.3	%	$	101,707	12.8	%
Diversified/Conglomerate Manufacturing	174,470		23.2		160,264		20.1
Diversified/Conglomerate Service	110,727		14.7		179,032		22.5
Beverage, Food, and Tobacco	56,001		7.5		88,327		11.1
Automobile	27,147		3.6		28,286		3.6
Machinery	25,831		3.4		21,816		2.7
Cargo Transportation	20,000		2.7		20,200		2.5
Oil and Gas	18,463		2.5		20,554		2.6
Aerospace and Defense	16,975		2.3		153,096		19.2
Personal and Non-Durable Consumer Products	12,743		1.7		13,586		1.7
Printing and Publishing	5,445		0.7		4,312		0.5
Other, < 2.0%	10,575		1.4		5,080		0.7
Total Investments	$	751,260	100.0	%	$	796,260	100.0	%

Table of Contents

Our investments at fair value were included in the following U.S. geographic regions as of June 30, 2025 and September 30, 2024:

	June 30, 2025				September 30, 2024
Location	Fair Value		Percentage of Total Investments		Fair Value		Percentage of Total Investments
South	$	247,674	33.0	%	$	314,010	39.4	%
Midwest	229,178		30.5		192,897		24.2
West	218,612		29.1		249,082		31.3
Northeast	55,796		7.4		40,271		5.1
Total Investments	$	751,260	100.0	%	$	796,260	100.0	%

The geographic composition indicates the location of the headquarters for our portfolio companies. A portfolio company may have additional locations in other geographic regions.

Investment Principal Repayments

The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of ~~June~~March 3031, ~~2025~~2026:

		Amount
For the remaining three months ending September 30:	2025(A)	$	4,951
For the remaining six months ending September 30:	2026(A)	$	13,626
For the fiscal years ending September 30:	~~2026~~2027	71137,~~503~~238
	2027	160,622
	2028	160,674
	2028	204,797
	2029	147,753
	2029	105,614
	2030	264,495
	Thereafter	~~153~~118,~~214~~910
	Total contractual repayments	$	~~700~~842,~~701~~696
	Adjustments to cost basis of debt investments	(~~580~~1,282)
	Investments in equity securities	7783,~~730~~779
	Investments held as of June 30, 2025 at cost:	$	777,851
	Investments held as of March 31, 2026 at cost:	$	925,193

(A)Includes debt investments with contractual principal amounts totaling $0.52 million for which the maturity date has passed as of ~~June~~March 3031, ~~2025~~2026.

Receivables from Portfolio Companies

Receivables from portfolio companies represent non-recurring costs incurred on behalf of such portfolio companies and are included in other assets on our accompanying Consolidated Statements of Assets and Liabilities. We generally maintain an allowance for uncollectible receivables from portfolio companies when the receivable balance becomes 90 days or more past due or if it is determined, based upon management’s judgment, that the portfolio company is unable to pay its obligations. We write off accounts receivable when we have exhausted collection efforts and have deemed the receivables uncollectible. As of ~~June~~March 3031, ~~2025~~2026 and September 30, ~~2024~~2025, we had gross receivables from portfolio companies of $2.49 million and $12.74 million, respectively. The allowance for uncollectible receivables was $~~0.1~~66 ~~million~~thousand and $7552 thousand as of ~~June~~March 3031, ~~2025~~2026 and September 30, ~~2024~~2025, respectively.

NOTE 4. RELATED PARTY TRANSACTIONS

Transactions with the Adviser

We have been externally managed by the Adviser pursuant to the Advisory Agreement since October 1, 2004 pursuant to which we pay the Adviser a base management fee and an incentive fee for its services. Our Board of Directors, including a majority of the directors who are not parties to the Advisory Agreement or interested persons of us or the Adviser, unanimously approved the Advisory Agreement.

Table of Contents

We also pay the Adviser a loan servicing fee for its role of servicer pursuant to our Credit Facility. The entire loan servicing fee paid to the Adviser by Business Loan is non-contractually, unconditionally and irrevocably credited against the base management fee otherwise payable to the Adviser, since Business Loan is a consolidated subsidiary of ours, and overall, the base management fee (including any loan servicing fee) cannot exceed 1.75% of total assets (including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings) during any given fiscal year pursuant to the Advisory Agreement.

David Gladstone (our chairman ~~and chief executive officer~~) serves as a director and executive officer of the Adviser, which, as of ~~June~~March 3031, ~~2025~~2026, is 100% indirectly owned by Mr. Gladstone. Robert Marcotte (our chief executive officer and president) also serves as executive vice president of private equity of the Adviser. Michael McQuigg, our executive vice president, who will assume the role of our president on October 1, 2026, is also a Senior Managing Director of the Adviser. Michael LiCalsi, our chief administrative officer, co-general counsel, and co-secretary, also serves in the same roles for our Adviser and Administrator (in addition to serving as president of our Administrator). ~~Effective July 10, 2025,~~ Erich Hellmold, ~~was appointed as~~ our co-general counsel and co-secretary~~. He~~, ~~was~~serves ~~also~~in ~~appointed to~~ the same roles for ~~our~~the Adviser and Administrator. John Sateri, our chief investment officer, also serves in the same role for the Adviser.

Table of Contents

The following table summarizes the base management fee, incentive fee, and loan servicing fee and associated non-contractual, unconditional and irrevocable credits reflected in our accompanying Consolidated Statements of Operations:

	Three Months EndedJune 30,						Nine Months EndedJune 30,
	Three Months EndedMarch 31,						Six Months EndedMarch 31,
	2025			2024			2025			2024
	2026			2025			2026			2025
Average total assets subject to base management fee(A)(B)	$	~~764~~916,~~800~~571		$	~~790~~786,~~629~~514		$	~~787~~905,~~733~~029		$	~~772~~799,~~800~~200
Multiplied by prorated annual base management fee of 1.75%	0.4375		%	0.4375		%	10.~~3125~~8750		%	10.~~3125~~8750		%
Base management fee(C)	$	34,~~346~~010		$	3,~~459~~441		$	107,~~339~~919		$	106,~~143~~993
Portfolio company fee credit	(~~1,089~~679)			(~~575~~712)			(32,~~897~~019)			(2,~~451~~808)
Syndicated loan fee credit	~~(11)~~—			(2511)			~~(32)~~—			(8321)
Net Base Management Fee	$	23,~~246~~331		$	2,~~859~~718		$	65,~~410~~900		$	74,~~609~~164
Loan servicing fee(C)	2,~~154~~513			2,~~250~~278			64,~~610~~964			64,~~638~~456
Credit to base management fee - loan servicing fee(C)	(2,~~154~~513)			(2,~~250~~278)			(64,~~610~~964)			(64,~~638~~456)
Net Loan Servicing Fee	$	—		$	—		$	—		$	—
Incentive fee(C)	2,~~594~~812			32,~~076~~407			75,~~705~~511			85,~~729~~111
Incentive fee credit	~~(679)~~—			—(1,423)			~~(2,341)~~—			(941,662)
Net Incentive Fee	$	12,~~915~~812		$	~~3,076~~984		$	5,~~364~~511		$	83,~~635~~449
Portfolio company fee credit	(~~1,089~~679)			(~~575~~712)			(32,~~897~~019)			(2,~~451~~808)
Syndicated loan fee credit	~~(11)~~—			(2511)			~~(32)~~—			(8321)
Incentive fee credit	~~(679)~~—			—(1,423)			~~(2,341)~~—			(941,662)
Credits to Fees From Adviser - other(C)	$	(~~1,779~~679)		$	(~~600~~2,146)		$	(62,~~270~~019)		$	(24,~~628~~491)

(A)Average total assets subject to the base management fee is defined in the Advisory Agreement as total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective periods and adjusted appropriately for any share issuances or repurchases during the period.

(B)Excludes our investment in Gladstone Alternative valued at the end of the applicable quarters with the respective periods.

(C)Reflected as a line item on our accompanying Consolidated Statements of Operations.

Base Management Fee

The base management fee is payable quarterly to the Adviser pursuant to our Advisory Agreement and is assessed at an annual rate of 1.75%, computed on the basis of the value of our average total assets at the end of the two most recently-completed quarters (inclusive of the current quarter), which are total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings and adjusted appropriately for any share issuances or repurchases during the period.

Additionally, pursuant to the requirements of the 1940 Act, the Adviser makes available significant managerial assistance to our portfolio companies. The Adviser may also provide other services to our portfolio companies under certain agreements and may receive fees for services other than managerial assistance. Such services may include: (i) assistance obtaining, sourcing or structuring credit facilities, long term loans or additional equity from unaffiliated third parties; (ii) negotiating important contractual financial relationships; (iii) consulting services regarding restructuring of the portfolio company and financial modeling as it relates to raising additional debt and equity capital from unaffiliated third parties; and (iv) taking a primary role in interviewing, vetting and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members. The Adviser non-contractually, unconditionally, and irrevocably credits 100% of any fees for such services against the base management fee that we would otherwise be required to pay to the Adviser.

32Our Board of Directors accepted a non-contractual, unconditional, and irrevocable credit from the Adviser to reduce the annual base management fee on syndicated loan participations to 0.5%, to the extent that proceeds resulting from borrowings were used to purchase such syndicated loan participations, for the three and six months ended March 31, 2025. There were no such credits for the three and six months ended March 31, 2026.

Table of Contents

parties; and (iv) taking a primary role in interviewing, vetting and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members. The Adviser non-contractually, unconditionally, and irrevocably credits 100% of any fees for such services against the base management fee that we would otherwise be required to pay to the Adviser.

Our Board of Directors accepted a non-contractual, unconditional, and irrevocable credit from the Adviser to reduce the annual base management fee on syndicated loan participations to 0.5%, to the extent that proceeds resulting from borrowings were used to purchase such syndicated loan participations, for each of the three and nine months ended June 30, 2025 and 2024.

Loan Servicing Fee

The Adviser also services the loans held by Business Loan (the borrower under the Credit Facility), in return for which the Adviser receives a 1.5% annual fee payable monthly based on the aggregate outstanding balance of loans pledged under our Credit Facility. As discussed in the notes to the table above, we treat payment of the loan servicing fee pursuant to the Credit Facility as a pre-payment of the base management fee under the Advisory Agreement. Accordingly, these loan servicing fees are 100% non-contractually, unconditionally and irrevocably credited back to us by the Adviser.

Table of Contents

our Credit Facility. As discussed in the notes to the table above, we treat payment of the loan servicing fee pursuant to the Credit Facility as a pre-payment of the base management fee under the Advisory Agreement. Accordingly, these loan servicing fees are 100% non-contractually, unconditionally and irrevocably credited back to us by the Adviser.

Incentive Fee

The incentive fee consists of two parts: an income-based incentive fee and a capital gains-based incentive fee. The income-based incentive fee rewards the Adviser if our quarterly net investment income (before giving effect to any incentive fee) exceeds 1.75% ~~(2.0% during the period from April 1, 2020 through March 31, 2023)~~ of our net assets, which we define as total assets less indebtedness and before taking into account any incentive fees payable or contractually due but not payable during the period, at the end of the immediately preceding calendar quarter, adjusted appropriately for any share issuances or repurchases during the period (the “hurdle rate”). The income-based incentive fee with respect to our pre-incentive fee net investment income is generally payable quarterly to the Adviser and is computed as follows:

•no incentive fee in any calendar quarter in which our pre-incentive fee net investment income does not exceed the hurdle rate;

•100.0% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.1875% ~~(2.50% from April 1, 2022 through March 31, 2023)~~ of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter; and

•20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.1875% ~~(2.50% from April 1, 2022 through March 31, 2023)~~ of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter.

The second part of the incentive fee is a capital gains-based incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date) and equals 20.0% of our “net realized capital gains” (as defined herein) as of the end of the fiscal year. In determining the capital gains-based incentive fee payable to the Adviser, we calculate “net realized capital gains” at the end of each applicable year by subtracting the sum of our cumulative aggregate realized capital losses and our entire portfolio’s aggregate unrealized capital depreciation from our cumulative aggregate realized capital gains. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment, when sold, and the original cost of such investment since inception. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment, when sold, is less than the original cost of such investment since inception. The entire portfolio’s aggregate unrealized capital depreciation, if any, equals the sum of the difference between the valuation of each investment as of the applicable calculation date and the original cost of such investment. At the end of the applicable fiscal year, the amount of capital gains that serves as the basis for our calculation of the capital gains-based incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses, less the entire portfolio’s aggregate unrealized capital depreciation, if any. If this number is positive at the end of such fiscal year, then the capital gains-based incentive fee for such year equals 20.0% of such amount, less the aggregate amount of any capital gains-based incentive fees paid in respect of our portfolio in all prior years. No capital gains-based incentive fee has been recorded or paid since our inception through ~~June~~March 3031, ~~2025~~2026, as cumulative unrealized capital depreciation has exceeded cumulative realized capital gains net of cumulative realized capital losses.

33In accordance with GAAP, a capital gains-based incentive fee accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation and depreciation. If such amount is positive at the end of a period, then GAAP requires us to record a capital gains-based incentive fee equal to 20.0% of such amount, less the aggregate amount of actual capital gains-based incentive fees paid in all prior years. If such amount is negative, then there is no accrual for such period. GAAP requires that the capital gains-based incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains-based incentive fee would be payable if such unrealized capital appreciation were realized. There can be no assurance that such unrealized capital appreciation will be realized in the future. No GAAP accrual for a capital gains-based incentive fee has been recorded from our inception through March 31, 2026.

Our Board of Directors accepted non-contractual, unconditional and irrevocable credits from the Adviser to reduce the income-based incentive fee to the extent net investment income did not cover 100.0% of distributions to common stockholders for the three and six months ended March 31, 2025. There were no such credits during the three and six months ended March 31, 2026.

Table of Contents

In accordance with GAAP, a capital gains-based incentive fee accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation and depreciation. If such amount is positive at the end of a period, then GAAP requires us to record a capital gains-based incentive fee equal to 20.0% of such amount, less the aggregate amount of actual capital gains-based incentive fees paid in all prior years. If such amount is negative, then there is no accrual for such period. GAAP requires that the capital gains-based incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains-based incentive fee would be payable if such unrealized capital appreciation were realized. There can be no assurance that such unrealized capital appreciation will be realized in the future. No GAAP accrual for a capital gains-based incentive fee has been recorded from our inception through June 30, 2025.

Transactions with the Administrator

We have entered into the Administration Agreement with the Administrator to provide administrative services. We reimburse the Administrator pursuant to the Administration Agreement for the portion of expenses the Administrator incurs while performing services for us. The Administrator’s expenses are primarily rent and the salaries, benefits and expenses of the Administrator’s employees, including: our chief financial officer and treasurer, chief compliance officer, chief valuation officer, and co-general counsels and co-secretaries and their respective staffs. David Gladstone (our chairman ~~and chief executive officer~~) serves as a member of the board of managers and executive officer of the Administrator, which, as of ~~June~~March 3031, ~~2025~~2026, is 100% indirectly owned and controlled by Mr. Gladstone. Another of our officers, Michael LiCalsi, our chief administrative officer, co-general counsel and co-secretary, also serves in the same roles for our Adviser and Administrator (in addition to serving as president of our Administrator). ~~Effective~~ ~~July 10, 2025,~~ Erich Hellmold, ~~was appointed as~~ our co-general counsel and co-secretary~~. He~~, ~~was~~ also ~~appointed~~serves toin the same roles for our Adviser and Administrator.

Our allocable portion of the Administrator’s expenses is generally derived by multiplying the Administrator’s total expenses by the approximate percentage of time during the current quarter the Administrator’s employees performed services for us in relation to their time spent performing services for all companies serviced by the Administrator. On July 10, 2025, our Board of Directors, including a majority of the directors who are not parties to the Administration Agreement or interested persons of either party, approved the renewal of the Administration Agreement through August 31, 2026.

Transactions with Gladstone Securities, LLC

Gladstone Securities, LLC (“Gladstone Securities”), a privately-held broker-dealer registered with the Financial Industry Regulatory Authority and insured by the Securities Investor Protection Corporation, which is 100% indirectly owned and controlled by Mr. Gladstone, our chairman ~~and chief executive officer~~, has provided other services, such as investment banking and due diligence services, to certain of our portfolio companies, for which Gladstone Securities receives a fee. Any such fees paid by portfolio companies to Gladstone Securities do not impact the fees we pay to the Adviser or the non-contractual, unconditional and irrevocable credits against the base management fee or incentive fee. Gladstone Securities received fees from portfolio companies totaling $0.1 million and $0.53 million during the three and ~~nine~~six months ended ~~June~~March 3031, ~~2025~~2026, respectively, and $0.2 million and $0.34 million during the three and ~~nine~~six months ended ~~June~~March 3031, ~~2024~~2025, respectively.

We entered into a dealer manager agreement (the “Dealer Manager Agreement”) with Gladstone Securities pursuant to which Gladstone Securities serves as our exclusive dealer manager in connection with the offering of our Series A Preferred Stock (as defined in Note 6—Cumulative Redeemable Preferred Stock Offering). Under the Dealer Manager Agreement, Gladstone Securities provides certain sales, promotional and marketing services to us in connection with the offering of the Series A Preferred Stock (the “Series A Offering”), and we pay Gladstone Securities (i) selling commissions of up to 7.0% of the gross proceeds from sales of Series A Preferred Stock in the offering, and (ii) a dealer manager fee of up to 3.0% of the gross proceeds from sales of Series A Preferred Stock in the offering. Gladstone Securities may, in its sole discretion, reallow a portion of the dealer manager fee to participating broker-dealers in support of the Series A Offering. The terms of the Dealer Manager Agreement were approved by our board of directors, including its independent directors. During the three and ~~nine~~six months ended ~~June~~March 3031, ~~2025~~2026, we paid Gladstone Securities selling commissions and dealer manager fees totaling $0.38 million and $01.79 million, respectively, related to the offering of Series A Preferred Stock, which are netted against gross proceeds from the sales. During the three and six months ended March 31, 2025, we paid Gladstone Securities selling commissions and dealer manager fees totaling $0.2 million and $0.4 million, respectively.

Table of Contents

which are netted against gross proceeds from the sales. During the three and nine months ended June 30, 2024, we paid Gladstone Securities selling commissions and dealer manager fees totaling $0.4 million and $0.6 million, respectively.

Investment in Affiliated Fund

In December 2024, we invested in Gladstone Alternative, one of our affiliated funds, that is a registered, non-diversified, closed-end management investment company that operates as an interval fund. The fair value of the investment in Gladstone Alternative ~~will~~is be excluded from the average total assets subject to base management fee for the purposes of calculating the base management fee we pay to the Adviser.

Table of Contents

Related Party Fees Due

Amounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows:

	June 30, 2025		September 30, 2024
	March 31, 2026		September 30, 2025
Base management fee due to (from) Adviser	$	91818	$	~~809~~(408)
Loan servicing fee due to Adviser	~~473~~628		~~509~~551
Incentive fee due to Adviser	12,~~915~~812		2,~~571~~778
Total fees due to Adviser	24,~~479~~258		32,~~889~~921
Fee due to Administrator	~~1,007~~823		~~569~~610
Total Related Party Fees Due	$	35,~~486~~081	$	43,~~458~~531

In addition to the above fees, other operating expenses due to the Adviser as of ~~June~~March 3031, ~~2025~~2026 and September 30, ~~2024~~2025 totaled $0.12 million and $520.1 ~~thousand~~million, respectively. In addition, net expenses payable to Gladstone Investment Corporation (for reimbursement purposes), which includes certain co-investment expenses, totaled $~~0.1~~66 ~~million~~thousand and $7552 thousand as of ~~June~~March 3031, ~~2025~~2026 and September 30, ~~2024~~2025, respectively. These amounts are generally settled in the quarter subsequent to being incurred and are included in other liabilities on the accompanying Consolidated Statements of Assets and Liabilities as of ~~June~~March 3031, ~~2025~~2026 and September 30, ~~2024~~2025.

NOTE 5. BORROWINGS

Revolving Line of Credit

On May 13, 2021, we, through Business Loan, entered into a sixth amended and restated credit agreement with KeyBank as administrative agent, lead arranger, managing agent and lender, the Adviser, as servicer, and certain other lenders party thereto (the “Credit Facility”). On ~~June~~November 2325, 2025, we, through Business Loan, entered into Amendment No. 910 to the Credit Facility to increase the total commitment by $20.0 million. On February 3, 2026, we, through Business Loan, entered into Amendment No. 11 to the Credit Facility to increase the total commitment by $25.0 million.

As of ~~June~~March 3031, ~~2025~~2026, our Credit Facility had a total commitment amount of $~~320~~365.0 million with an “accordion” feature that permits us to increase the size of the facility to $400.0 million. The Credit Facility has a revolving period end date of October 31, 2027, and a final maturity date of October 31, 2029 (at which time all principal and interest will be due and payable if the Credit Facility is not extended by the revolving period end date). The interest rate margin is 2.60% during the revolving period and 3.10% thereafter.

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

	June 30, 2025		September 30, 2024
	March 31, 2026		September 30, 2025
Commitment amount	$	~~320~~365,000	$	~~293~~320,~~659~~000
Line of credit outstanding, at cost	27199,~~500~~800		~~70,600~~—
Availability(A)	~~277~~151,~~744~~078		~~200~~307,~~381~~467

	For the Three Months EndedJune 30,						For the Nine Months Ended June 30,
	For the Three Months EndedMarch 31,						For the Six Months EndedMarch 31,
	2025			2024			2025			2024
	2026			2025			2026			2025
Weighted average borrowings outstanding, at cost	$	183,708		$	53,680		$	152,429		$	39,787
Weighted average interest rate(B)	6.9		%	11.4		%	7.4		%	13.9		%
Commitment (unused) fees incurred	$	257		$	611		$	677		$	1,289

Table of Contents

Weighted average borrowings outstanding, at cost	$	6,558		$	76,843		$	28,711		$	71,809
Weighted average interest rate(B)	58.3		%	10.5		%	17.3		%	10.7		%
Commitment (unused) fees incurred	$	724		$	396		$	2,013		$	1,146

(A) Available borrowings are subject to various constraints imposed under our Credit Facility, based on the aggregate loan balance pledged by Business Loan, which varies as loans are added and repaid, regardless of whether such repayments are prepayments or made as contractually required.

(B) Includes unused commitment fees and excludes the impact of deferred financing costs.

Our Credit Facility also requires that any interest or principal payments on pledged loans be remitted directly by the borrower into a lockbox account with KeyBank. KeyBank is also the trustee of the account and generally remits the collected funds to us once each month. Amounts collected in the lockbox account with KeyBank are presented as Due from administrative agent on the accompanying Consolidated Statements of Assets and Liabilities as of June 30, 2025 and September 30, 2024. 34

Table of Contents

Our Credit Facility contains covenants that require Business Loan to maintain its status as a separate legal entity, prohibit certain significant corporate transactions (such as mergers, consolidations, liquidations or dissolutions), and restrict material changes to our credit and collection policies without the lenders’ consent. Our Credit Facility also generally limits distributions to our stockholders on a fiscal year basis to the sum of our net investment income, net capital gains and amounts elected to have been paid during the prior year in accordance with Section 855(a) of the Code. Business Loan is also subject to certain limitations on the type of loan investments it can apply as collateral towards the borrowing base to receive additional borrowing availability under our Credit Facility, including restrictions on geographic concentrations, sector concentrations, loan size, payment frequency and status, average life and lien property. Our Credit Facility further requires Business Loan to comply with other financial and operational covenants, which obligate Business Loan to, among other things, maintain certain financial ratios, including asset and interest coverage and a minimum number of 25 obligors required in the borrowing base.

Additionally, we are required to maintain (i) a minimum net worth (defined in our Credit Facility to include any outstanding redeemable preferred stock) of $500.0 million plus 50.0% of all equity and subordinated debt raised after June 23, 2025 less 50% of any equity and subordinated debt retired or redeemed after June 23, 2025, which equates to $~~500~~486.05 million as of ~~June~~March 3031, ~~2025~~2026, (ii) asset coverage with respect to “senior securities representing indebtedness” of at least 150% (or such percentage as may be set forth in Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act), and (iii) our status as a BDC under the 1940 Act and as a RIC under the Code.

As of ~~June~~March 3031, ~~2025~~2026, and as defined in our Credit Facility, we had a net worth of $~~727~~674.0 million, asset coverage on our “senior securities representing indebtedness” of ~~267~~225.97%, calculated in accordance with the requirements of Section 18 and 61 of the 1940 Act, and an active status as a BDC and RIC. In addition, we had 3337 obligors in our Credit Facility’s borrowing base as of ~~June~~March 3031, ~~2025~~2026. As of ~~June~~March 3031, ~~2025~~2026, we were in compliance with all of our Credit Facility covenants.

Fair Value

We elected to apply the fair value option of ASC 825, “Financial Instruments,” specifically for the Credit Facility, which was consistent with our application of ASC 820 to our investments. Generally, the fair value of our Credit Facility is determined using a yield analysis which includes a DCF calculation and the assumptions that the Valuation Team believes market participants would use, including the estimated remaining life, counterparty credit risk, current market yield and interest rate spreads of similar securities as of the measurement date. As of ~~June~~March 3031, ~~2025~~2026, the discount rate used to determine the fair value of our Credit Facility was one-month Term SOFR, plus 2.60% per annum, plus a 10.0060% unused commitment fee. As of September 30, ~~2024~~2025, the discount rate used to determine the fair value of our Credit Facility was one-month Term SOFR, plus 32.1060% per annum, plus a 1.00% unused commitment fee. Generally, an increase or decrease in the discount rate used in the DCF calculation may result in a corresponding decrease or increase, respectively, in the fair value of our Credit Facility. As of ~~June~~March 3031, ~~2025~~2026 and September 30, ~~2024~~2025, our Credit Facility was valued using Level 3 inputs and any changes in its fair value are recorded in net unrealized depreciation (appreciation) of other on our accompanying Consolidated Statements of Operations.

36The following tables present our Credit Facility carried at fair value as of March 31, 2026 and September 30, 2025, on our accompanying Consolidated Statements of Assets and Liabilities for Level 3 of the hierarchy established by ASC 820 and the changes in fair value of our Credit Facility during the three and six months ended March 31, 2026 and 2025:

Table of Contents

The following tables present our Credit Facility carried at fair value as of June 30, 2025 and September 30, 2024, on our accompanying Consolidated Statements of Assets and Liabilities for Level 3 of the hierarchy established by ASC 820 and the changes in fair value of our Credit Facility during the three and nine months ended June 30, 2025 and 2024:


	Total Recurring Fair Value Measurement Reported in
	Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3)
	March 31, 2026		September 30, 2025
Credit Facility	$	199,800	$	—

	Total Recurring Fair Value Measurement Reported in
Fair Value Measurements Using Significant Unobservable Data Inputs (Level 3)
	Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3)
	Three Months EndedMarch 31,
	June 30, 2025		September 30, 2024
	2026		2025
Credit Facility	$	27,500	$	70,600
Fair value as of December 31, 2025 and 2024, respectively	$	213,200	$	61,500
Borrowings	50,200		61,000
Repayments	(63,600)		(97,400)
Net unrealized appreciation	—		49
Fair Value as of March 31, 2026 and 2025, respectively	$	199,800	$	25,149

Fair Value Measurements Using Significant Unobservable Data Inputs (Level 3)
	Three Months EndedJune 30,
	Six Months EndedMarch 31,
	2025		2024
	2026		2025
Fair value as of March 31, 2025 and 2024, respectively	$	25,149	$	117,200
Fair value as of September 30, 2025 and 2024, respectively	$	—	$	70,600
Borrowings	63284,~~500~~000		45148,~~200~~500
Repayments	(6184,~~100~~200)		(96194,~~600~~000)
Net unrealized appreciation	~~(49)~~—		—49
Fair Value as of June 30, 2025 and 2024, respectively	$	27,500	$	65,800
Fair Value as of March 31, 2026 and 2025, respectively	$	199,800	$	25,149

Fair Value Measurements Using Significant Unobservable Data Inputs (Level 3)
	Nine Months EndedJune 30,
	2025		2024
Fair value as of September 30, 2024 and 2023, respectively	$	70,600	$	47,800
Borrowings	212,000		179,500
Repayments	(255,100)		(161,500)
Net unrealized appreciation	—		—
Fair Value as of June 30, 2025 and 2024, respectively	$	27,500	$	65,800

The fair value of the collateral under our Credit Facility totaled approximately $818.8 million and $754.6 million as of March 31, 2026 and September 30, 2025, respectively.

The fair value of the collateral under our Credit Facility totaled approximately $667.7 million and $714.4 million as of June 30, 2025 and September 30, 2024, respectively.

Notes Payable

In2030 ~~August~~Convertible ~~2023, we completed an offering of $57.0 million aggregate principal amount of 7.75%~~ Notes due 2028 (the “2028 Notes”) for net proceeds of approximately $55.1 million after deducting underwriting discounts, commissions and offering expenses borne by us. The 2028 Notes are traded under the ticker symbol “GLADZ” on the Nasdaq Global Select Market. The 2028 Notes will mature on September 1, 2028 and may be redeemed in whole or in part at any time or from time to time at our option on or after September 1, 2025. The 2028 Notes bear interest at a rate of 7.75% per year. Interest is payable quarterly on March 1, June 1, September 1, and December 1 of each year (which equates to approximately $4.4 million per year).

In ~~November~~September ~~2021~~2025, we completed aan ~~private~~offering ~~placement~~ of $50149.0 5 million aggregate principal amount of 35.75875% Convertible Notes due ~~2027~~2030 (the “~~2027~~2030 Convertible Notes”) for net proceeds of approximately $48142.5 8 million after deducting ~~initial~~underwriting ~~purchasers’ costs~~discounts, commissions and offering expenses borne by us. The ~~2027~~2030 Convertible Notes will mature on ~~May~~October 1, ~~2027~~2030, ~~and~~unless ~~may~~earlier beconverted, redeemed ~~in whole~~ or ~~in part at any time or from time to time at the Company’s option prior to maturity at par plus a “make-whole” premium, if applicable~~repurchased. The ~~2027~~2030 Convertible Notes bear interest at a rate of 35.75875% per year. Interest is payable semi-annually in arrears on ~~May~~April 1 and ~~November~~October 1 of each year beginning April 1, 2026 (which equates to approximately $18.9 8 million per year).

InAt ~~April~~any ~~2022,~~time ~~pursuant~~prior to the ~~registration~~close ~~rights~~of ~~agreement~~business weon ~~entered~~the ~~into~~business inday ~~connection~~immediately ~~with~~preceding ~~the~~October ~~2027~~1, 2030, holders may convert all or any portion of their 2030 Convertible Notes. Upon conversion, wethe ~~conducted~~Company anwill ~~exchange~~pay ~~offer~~or ~~through~~deliver, ~~which~~as wethe ~~offered~~case tomay ~~exchange~~be, ~~all~~cash, shares of ~~our~~its ~~then~~common ~~outstanding~~stock, ~~2027~~or ~~Notes~~a (combination of cash and shares of its common stock, at the ~~“Restricted~~Company's election. The conversion rate was initially 38.4394 shares of common stock per $1,000 principal amount of 2030 Convertible Notes” (equivalent to an initial conversion price of $26.02 per share of common stock). ~~that~~The ~~were~~conversion ~~issued~~rate onis ~~November~~subject 4to adjustment upon certain events, ~~2021~~such as share splits and combinations, ~~for~~mergers, antender ~~equal~~or ~~aggregate~~exchange offers, increases in dividends per share and certain changes in control. In no event will the total number of shares of common stock issuable upon conversion exceed 42.2834 per $1,000 principal amount of ~~our~~the ~~new~~2030 ~~3.75%~~Convertible Notes. ~~due~~The ~~2027~~Company has

Table of Contents

determined that the embedded conversion option in the 2030 Convertible Notes is not required to be separately accounted for as a derivative under GAAP.

The following table summarizes certain key terms related to the convertible features of the 2030 Convertible Notes as of March 31, 2026.


	2030 Convertible Notes
Conversion Premium	10.0		%
Closing stock price at issuance	$	23.65
Closing stock price date	September 9, 2025
Conversion price(A)	$	25.90
Conversion rate (shares per $1,000 principal amount)(A)	38.61
Last conversion price calculation date	September 22, 2025

(A)Represents conversion price and conversion rate, as applicable, as of March 31, 2026.

We may redeem for cash all or any portion of the 2030 Convertible Notes (subject to the partial redemption limitation), at our option, on a redemption date on or after October 6, 2028 and on or before the 45th scheduled trading day immediately prior to the maturity date if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the 2030 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

The indenture relating to the 2030 Convertible Notes contains certain covenants including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing and (ii) that we will file with the trustee any documents or reports that we are required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act within 15 days after the same are required to be filed with the SEC; provided that any documents filed by us with the SEC via the EDGAR system will be deemed to be filed with the trustee.

The issuance of the 2030 Convertible Notes is considered part of the if-converted method for calculation of diluted earnings per share as reflected in Note 8—Net Increase (Decrease) in Net Assets Resulting From Operations per Weighted Average Common Share.

The 2030 Convertible Notes are recorded at the principal amount, plus applicable premiums, less discounts and offering costs, on our Consolidated Statements of Assets and Liabilities. The fair value of the 2030 Convertible Notes, based on the indicative bid price offered by a recognized independent data provider was $140.7 million on March 31, 2026, which we consider to be a Level 2 input within the ASC 820 hierarchy.

2028 Notes

In August 2023, we completed an offering of $57.0 million aggregate principal amount of 7.75% Notes due 2028 (the “2028 Notes”) for net proceeds of approximately $55.1 million after deducting underwriting discounts, commissions and offering expenses borne by us. The 2028 Notes traded under the ticker symbol “GLADZ” on the Nasdaq Global Select Market. On October 15, 2025, we voluntarily redeemed the 2028 Notes with an aggregate principal amount outstanding of $57.0 million. In connection with the voluntary redemption of the 2028 Notes, we incurred a loss on extinguishment of debt of $1.2 million, which is primarily comprised of the unamortized deferred issuance costs at the time of redemption. The 2028 Notes would have otherwise matured on September 1, 2028.

2027 Notes

In November 2021, we completed a private placement of $50.0 million aggregate principal amount of 3.75% Notes due 2027 (the “2027 Notes”) for net proceeds of approximately $48.5 million after deducting initial purchasers’ costs, commissions and offering expenses borne by us. The 2027 Notes will mature on May 1, 2027 and may be redeemed in whole or in part at any time or from time to time at the Company’s option prior to maturity at par plus a “make-whole”

Table of Contents

~~(the “Exchange Notes”) that had been registered with the SEC under the Securities Act of 1933~~premium, asif ~~amended~~applicable. The ~~terms~~2027 ~~of the Exchange~~ Notes ~~are~~bear ~~identical~~interest toat ~~those~~a rate of ~~the~~3.75% ~~Restricted~~per ~~Notes,~~year. ~~except~~Interest ~~that~~is ~~the~~payable ~~transfer~~semi-annually ~~restrictions~~on ~~and~~May ~~registration~~1 ~~rights relating to the Restricted Notes do not apply to the Exchange Notes,~~ and ~~the~~November ~~Exchange~~1 ~~Notes do not provide for the payment~~ of ~~additional~~each ~~interest~~year in(which ~~the~~equates ~~event~~to ofapproximately a$1.9 million ~~registration~~per ~~default~~year).

In ~~December~~April ~~2020~~2022, wepursuant ~~completed~~to anthe ~~offering~~registration ofrights ~~$100.0 million~~agreement ~~aggregate~~we ~~principal~~entered ~~amount~~into ofin ~~5.125%~~connection ~~Notes~~with ~~due 2026 (~~the ~~“2026~~2027 Notes”), ~~for~~we ~~net~~conducted ~~proceeds~~an ofexchange ~~approximately~~offer ~~$97.7 million~~through ~~after~~which ~~deducting~~we ~~underwriting~~offered ~~discounts,~~to ~~commissions~~exchange ~~and~~all ~~offering~~of ~~expenses~~our ~~borne~~then byoutstanding ~~us.~~2027 InNotes ~~March~~(the ~~2021,~~“Restricted weNotes”) ~~completed~~that anwere ~~offering~~issued ofon anNovember ~~additional~~4, ~~$50.0 million~~2021, for an equal aggregate principal amount of ~~the~~our ~~2026~~new 3.75% Notes ~~for~~due ~~net~~2027 ~~proceeds~~(the of“Exchange ~~approximately~~Notes”) ~~$50.6 million~~that ~~after~~had ~~adding~~been ~~premiums~~registered ~~and~~with ~~deducting~~the ~~underwriting~~SEC ~~costs,~~under ~~commissions~~the ~~and~~Securities ~~offering~~Act ~~expenses~~of ~~borne~~1933, byas usamended. The ~~2026~~terms ~~Notes~~of ~~will~~the ~~mature~~Exchange onNotes ~~January~~are ~~31,~~identical ~~2026~~to ~~and~~those ~~may~~of bethe ~~redeemed~~Restricted inNotes, ~~whole~~except orthat inthe ~~part~~transfer atrestrictions ~~any~~and ~~time~~registration orrights ~~from~~relating ~~time~~ to ~~time~~the atRestricted ~~the~~Notes ~~Company’s~~do ~~option~~not ~~prior~~apply to ~~maturity~~the atExchange ~~par plus a “make-whole” premium~~Notes, ifand ~~applicable.~~the ~~The~~Exchange ~~2026~~ Notes ~~bear~~do ~~interest~~not atprovide afor ~~rate~~the payment of ~~5.125%~~additional ~~per~~interest ~~year.~~in ~~Interest~~the isevent ~~payable semi-annually on January 31 and July 31~~ of ~~each~~a ~~year~~registration ~~(which equates to approximately $7~~default.~~7 million per year).~~

The indenture relating to the ~~2028 Notes, the~~ 2027 Notes, ~~and the 2026 Notes~~ contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the ~~2028 Notes, the~~ 2027 Notes, and the ~~2026 Notes, as applicable, and the~~ trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements.

The ~~2028 Notes,~~ 2027 Notes, ~~and 2026 Notes~~ are recorded at the principal amount, plus applicable premiums, less discounts and offering costs, on our Consolidated Statements of Assets and Liabilities. The fair value, based on a DCF analysis, of the 2027 Notes as of March 31, 2026 was $48.5 million. We consider the 2027 Notes to be Level 3 within the ASC 820 fair value hierarchy.

The fair value, based on the last quoted closing price, of the 2028 Notes as of June 30, 2025 was $58.3 million. We consider the trading price of the 2028 Notes to be a Level 1 input within the ASC 820 hierarchy. The fair value, based on a DCF analysis, of the 2027 Notes as of June 30, 2025 was $47.7 million. The fair value, based on a DCF analysis, of the 2026 Notes ~~as of June 30, 2025 was $148.8 million. We consider the 2027 Notes and 2026 Notes to be Level 3 within the ASC 820 fair value hierarchy.~~

In December 2020, we completed an offering of $100.0 million aggregate principal amount of 5.125% Notes due 2026 (the “2026 Notes”) for net proceeds of approximately $97.7 million after deducting underwriting discounts, commissions and offering expenses borne by us. In March 2021, we completed an offering of an additional $50.0 million aggregate principal amount of the 2026 Notes for net proceeds of approximately $50.6 million after adding premiums and deducting underwriting costs, commissions and offering expenses borne by us. On October 31, 2025, we voluntarily redeemed the 2026 Notes with an aggregate principal amount outstanding of $150.0 million. In connection with the voluntary redemption of the 2026 Notes, we incurred a loss on extinguishment of debt of $0.2 million, which is primarily comprised of the unamortized deferred issuance costs at the time of redemption. The 2026 Notes would have otherwise matured on January 31, 2026.

NOTE 6. CUMULATIVE REDEEMABLE PREFERRED STOCK OFFERING

In May 2023, we entered into a Dealer Manager Agreement pursuant to which we may sell a maximum of 6,000,000 shares of 6.25% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), par value $0.001 per share, on a “reasonable best efforts” basis through our affiliated dealer manager, Gladstone Securities, at a public offering price of $25.00 per share. Pursuant to the Dealer Manager Agreement, the offering will terminate on the date that is the earlier of (1) December 31, 2026 (unless earlier terminated or extended by our Board of Directors) and (2) the date on which all 6,000,000 shares of Series A Preferred Stock offered are sold. See Note 4, Related-Party Transactions—Other Transactions, for a discussion of the commissions and fees to be paid to Gladstone Securities in connection with the Series A Offering.

The Series A Preferred Stock is currently being sold pursuant to our shelf registration statement on Form N-2 (File No. 333-275934) (the “2024 Registration Statement”), under the Securities Act of 1933, as amended, and a prospectus supplement, dated November 22, 2024, and a base prospectus dated January 17, 2024. As of ~~June~~March 3031, ~~2025~~2026, we had a remaining capacity to sell up to an additional 54,~~352~~415,~~180~~183 of Series A Preferred Shares under the Dealer Manager Agreement.

During the three and ~~nine~~six months ended ~~June~~March 3031, ~~2025~~2026, we sold ~~127~~302,~~427~~740 and ~~300~~743,~~689~~405 shares of Series A Preferred Stock, respectively, for gross proceeds of $37.26 million and $718.56 million, respectively, and net proceeds of $26.98 million and $616.76 million, respectively. During the three and ~~nine~~six months ended ~~June~~March 3031, ~~2024~~2025, we sold ~~179~~72,~~473~~868 and ~~249~~173,~~517~~262 shares of Series A Preferred Stock, respectively, for gross proceeds of $41.58 million and $64.23 million, respectively, and net proceeds of $41.~~0 million and $5.~~6 million, respectively. During the three and nine months ended June 30, 2025, we redeemed 2,800 shares of Series A Preferred Stock for a total gross cost of $70 thousand. There were no redemptions of Series A Preferred Stock during the three and nine months ended June 30, 2024. There were 647,820 and 349,931 shares of Series A Preferred Stock outstanding as of June 30, 2025 and September 30, 2024, respectively.

Table of Contents

Inmillion ~~accordance~~and ~~with~~$3.9 ~~ASC 480-10-S99-3A~~million, ~~the~~respectively. ~~Company’s~~During ~~Series~~the Athree ~~Preferred~~and ~~Stock~~six ~~has~~months ~~been~~ended ~~classified~~March 31, in2026, ~~temporary~~we ~~equity~~redeemed on20,000 ~~the~~and ~~Consolidated~~24,040 ~~Statements~~shares of ~~Assets and Liabilities. The~~ Series A Preferred Stock isfor ~~recorded~~a ~~net~~total ofgross ~~offering~~cost ~~and~~of ~~issuance costs~~$0.5 ~~Dividend~~million ~~payments~~and to$0.6 ~~our~~million, ~~preferred~~respectively. ~~stockholders~~There ~~are~~were ~~included~~no inredemptions ~~preferred stock dividends on our Consolidated Statements~~ of ~~Operations,~~Series ~~which~~A ~~totaled~~Preferred ~~$0.2~~Stock ~~million and $0.6 million~~ during the three and ~~nine~~six months ended ~~June~~March 3031, 2025,. ~~respectively~~There were 1,584,817 and ~~$88~~865,452 ~~thousand~~shares ~~and~~of ~~$96~~Series ~~thousand~~A ~~during~~Preferred ~~the~~Stock ~~three~~outstanding ~~and~~as ~~nine~~of ~~months~~March 31, ~~ended~~2026 ~~June~~and September 30, ~~2024~~2025, respectively.

WeIn ~~may~~accordance bewith ~~required~~ASC to480-10-S99-3A, ~~mandatorily~~the ~~redeem~~Company’s ~~some~~Series orA ~~all~~Preferred ofStock has been classified in temporary equity on the ~~shares~~Consolidated Statements of ~~our~~Assets and Liabilities. The Series A Preferred Stock ifis werecorded ~~fail~~net toof ~~maintain~~offering ~~asset~~and ~~coverage~~issuance ofcosts. atDividend ~~least~~payments ~~the~~to ~~minimum~~our ~~amount~~preferred ~~required~~stockholders byare ~~Sections~~included 18in ~~and~~preferred 61stock ofdividends ~~the~~on ~~1940~~our ~~Act~~Consolidated ~~(which~~Statements isof ~~currently~~Operations, ~~150%)~~which totaled $0. ~~The~~6 ~~asset~~million ~~coverage~~and on$1.1 ~~our~~million ~~“senior~~during ~~securities~~the ~~that~~three ~~are~~and ~~stock”~~six asmonths ofended ~~June~~March 3031, ~~2025~~2026, ~~was~~respectively, ~~253~~and $0.~~7%,~~2 ~~calculated~~million inand ~~accordance~~$0.4 ~~with~~million ~~Sections~~during 18the three and 61six ofmonths ~~the~~ended ~~1940~~March 31, ~~Act~~2025, respectively.

We ~~paid~~may ~~cash~~be ~~dividends~~required ofto ~~$0.130208~~mandatorily ~~per~~redeem ~~share~~some toor ~~holders~~all of the shares of our Series A Preferred Stock ~~for~~if ~~each~~we ~~month~~fail ~~during~~to maintain asset coverage of at least the ~~three~~minimum amount required by Sections 18 and ~~nine~~61 ~~months~~of ~~ended~~the ~~June~~1940 Act (which is currently 150%). The asset coverage on our “senior securities that are stock” as of March 3031, ~~2025~~2026 was 205.7%, calculated in accordance with Sections 18 and 61 of the 1940 Act.

We paid cash dividends of $0.130208 per share to holders of our Series A Preferred Stock for each month during the three and six months ended March 31, 2026 and 2025.

NOTE 7. REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS

Reverse Stock Split

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

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

Common Stock At-the-Market Offerings

In August 2024, we entered into an equity distribution agreement with Jefferies LLC and Huntington Securities, Inc, under which we have the ability to issue and sell, from time to time, shares of our common stock with an aggregate offering price of up to $150.0 million in an “at the market offering” (the “2024 ATM Program”). During the three and ~~nine~~six months ended ~~June~~March 3031, 2025, we sold 0 and 99,265 shares of our common stock, respectively, under the 2024 ATM Program, at a weighted-average price of $24.90 per share and raised $2.5 million of gross proceeds. Net proceeds, after deducting commissions and offering costs borne by us, were approximately $2.4 million. There were no shares sold under the 2024 ATM Program during the three and six months ended March 31, 2026. As of ~~June~~March 3031, ~~2025~~2026, we had a remaining capacity to sell up to an additional $~~136~~129.54 million of our common stock under the 2024 ATM Program.

Shelf Registration Statement

Our 2024 Registration Statement, which was declared effective on January 17, 2024, permits us to issue, through one or more transactions, up to an aggregate of $700.0 million in securities, consisting of common stock, preferred stock, subscription rights, debt securities and warrants to purchase common stock or preferred stock. As of ~~June~~March 3031, ~~2025~~2026, we had the ability to issue up to $~~681~~501.3 million in securities under the 2024 Registration Statement.

Table of Contents

NOTE 8. NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED AVERAGE COMMON SHARE

The following table sets forth the computation of basic and diluted net increase (decrease) in net assets resulting from operations per weighted average common share for the ~~nine~~three and six months ended ~~June~~March 3031, ~~2025~~2026 and ~~2024~~2025:

	Three Months EndedJune 30,				Nine Months EndedJune 30,
	Three Months EndedMarch 31,				Six Months EndedMarch 31,
	2025		2024		2025		2024
	2026		2025		2026		2025
Numerator: basic and diluted net increase (decrease) in net assets resulting from operations per common share	$	7,448	$	19,056	$	43,220	$	62,689
Numerator: basic net increase (decrease) in net assets resulting from operations per common share	$	15,459	$	8,797	$	20,913	$	35,772
Denominator: basic and diluted weighted average common share	22,329,852		21,754,456		22,323,668		21,754,451
Denominator: basic weighted average common share	22,593,069		22,329,852		22,593,069		22,320,576
Basic and diluted net increase (decrease) in net assets resulting from operations per common share	$	0.33	$	0.88	$	1.93	$	2.88
Basic net increase (decrease) in net assets resulting from operations per common share	$	0.68	$	0.39	$	0.92	$	1.60
Numerator for basic net increase (decrease) in net assets resulting from operations per common share	$	15,459	$	8,797	$	20,913	$	35,772
Adjustment for interest and amortization on 2030 Convertible Notes	2,529		—		5,058		—
Numerator for diluted net increase (decrease) in net assets resulting from operations per common share	$	17,988	$	8,797	$	25,971	$	35,772
Denominator for basic weighted average common shares	22,593,069		22,329,852		22,593,069		22,320,576
Adjustment for dilutive effect of 2030 Convertible Notes	5,771,806		—		5,771,806		—
Denominator for diluted weighted average common shares	28,364,875		22,329,852		28,364,875		22,320,576
Diluted net increase (decrease) in net assets resulting from operations per common share(A)	$	0.63	$	0.39	$	0.92	$	1.60

(A) In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three and six months ended March 31, 2026 and March 31, 2025, respectively, there was no anti-dilution.

NOTE 9. DISTRIBUTIONS TO COMMON STOCKHOLDERS

To qualify to be taxed as a RIC under Subchapter M of the Code, we must generally distribute to our stockholders, for each taxable year, at least 90% of our taxable ordinary income plus the excess of our net short-term capital gains over net long-term capital losses (“Investment Company Taxable Income”). The amount to be paid out as distributions to our stockholders is determined by our Board of Directors quarterly and is based on management’s estimate of Investment Company Taxable Income. Based on that estimate, our Board of Directors declares three monthly distributions to common stockholders each quarter.

The federal income tax characteristics of all distributions will be reported to stockholders on the IRS Form 1099 after the end of each calendar year. Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of cash distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date.

For the calendar year ended December 31, ~~2024~~2025, 8393.17% of distributions to common stockholders were deemed to be paid from ordinary income and 166.93% were deemed to be paid from capital gains for 1099 stockholder reporting purposes. For the calendar year ended December 31, ~~2023~~2024, ~~100~~83.01% of distributions to common stockholders were deemed to be paid from ordinary income and 16.9% were deemed to be paid from capital gains for 1099 stockholder reporting purposes.

Table of Contents

We paid the following monthly distributions to common stockholders for the ~~nine~~six months ended ~~June~~March 3031, ~~2025~~2026 and ~~2024~~2025:

Fiscal Year

Declaration Date

Record Date

Payment Date

Distribution per Common Share

2025

October 8, 2024

October 22, 2024

October 31, 2024

0.165

2026

October 14, 2025

October 24, 2025

October 31, 2025

0.15

October 8, 2024

November 20, 2024

November 29, 2024

0.165

October 14, 2025

November 17, 2025

November 26, 2025

0.15

November 12, 2024

December 4, 2024

December 18, 2024(A)

0.400

October 14, 2025

December 22, 2025

December 31, 2025

0.15

October 8, 2024

December 20, 2024

December 31, 2024

0.165

January 13, 2026

January 23, 2026

January 30, 2026

0.15

January 14, 2025

January 24, 2025

January 31, 2025

0.165

January 13, 2026

February 18, 2026

February 27, 2026

0.15

January 14, 2025

February 19, 2025

February 28, 2025

0.165

January 13, 2026

March 23, 2026

March 31, 2026

0.15

January 14, 2025

March 19, 2025

March 31, 2025

0.165

Six Months Ended March 31, 2026:

0.900

April 8, 2025

April 21, 2025

April 30, 2025

0.165

April 8, 2025

May 21, 2025

May 30, 2025

0.165

April 8, 2025

June 20, 2025

June 30, 2025

0.165

Nine Months Ended June 30, 2025:

1.89

Fiscal Year

Declaration Date

Record Date

Payment Date

Distribution per Common Share~~(B)~~

2024

October 10, 2023

October 20, 2023

October 31, 2023

0.165

2025

October 8, 2024

October 22, 2024

October 31, 2024

0.165

October 10, 2023

November 20, 2023

November 30, 2023

0.165

October 8, 2024

November 20, 2024

November 29, 2024

0.165

October 10, 2023

December 18, 2023

December 29, 2023

0.165

November 12, 2024

December 4, 2024

December 18, 2024(A)

0.400

January 9, 2024

January 23, 2024

January 31, 2024

0.165

October 8, 2024

December 20, 2024

December 31, 2024

0.165

January 9, 2024

February 21, 2024

February 29, 2024

0.165

January 14, 2025

January 24, 2025

January 31, 2025

0.165

January 9, 2024

March 21, 2024

March 29, 2024

0.165

January 14, 2025

February 19, 2025

February 28, 2025

0.165

April 9, 2024

April 19, 2024

April 30, 2024

0.165

January 14, 2025

March 19, 2025

March 31, 2025

0.165

April 9, 2024

May 17, 2024

May 31, 2024

0.165

Six Months Ended March 31, 2025:

1.390

April 9, 2024

June 19, 2024

June 28, 2024

0.165

Nine Months Ended June 30, 2024:

1.49

(A) Represents a supplemental distribution to common stockholders.

~~(B) Per~~Aggregate ~~share~~distributions ~~data~~declared ~~has~~and ~~been~~paid ~~adjusted~~to onour acommon ~~retroactive~~stockholders ~~basis~~were toapproximately ~~reflect~~$20.3 million and $31.0 million for the ~~Reverse~~six ~~Stock~~months ~~Split~~ended ~~effected~~March 31, 2026 and 2025, respectively, and were declared based on ~~April~~estimates 4of Investment Company Taxable Income. For the fiscal year ended September 30, ~~2024~~2025, asour ~~described~~current and accumulated earnings and profits exceeded common stock distributions declared and paid, and, in ~~Note~~accordance 2with -Section ~~Summary~~855(a) of ~~Significant~~the ~~Accounting~~Code, ~~Policies~~we elected to treat $5.5 million of the first common distributions paid to common stockholders in the subsequent fiscal year as having been paid in the prior year.

~~Aggregate~~For ~~distributions declared and paid to our common stockholders were approximately $42.1 million and $32.3 million for~~ the ~~nine~~six months ended ~~June~~March 3031, ~~2025~~2026 and ~~2024, respectively, and were declared based on estimates of Investment Company Taxable Income. For~~ the fiscal year ended September 30, ~~2024~~2025, ~~our~~we ~~current~~recorded ~~and~~the ~~accumulated~~following ~~earnings~~adjustments ~~and~~for ~~profits~~book-tax ~~exceeded~~differences ~~common~~to ~~stock~~reflect ~~distributions~~tax ~~declared~~character. ~~and~~Results ~~paid,~~of ~~and~~operations, intotal ~~accordance~~net ~~with Section 855(a) of the Code~~assets, weand ~~elected~~cash toflows ~~treat~~were ~~$6.6~~not ~~million~~affected ofby ~~the~~these ~~first common distributions paid to common stockholders in the subsequent fiscal year as having been paid in the prior year~~adjustments.


	Six Months Ended March 31, 2026		Year Ended September 30, 2025
Undistributed net investment income	$	(2,519)	$	(946)
Accumulated net realized gain (loss)	2,522		1,053
Capital in excess of par value	(3)		(107)

Table of Contents

For the nine months ended June 30, 2025 and the fiscal year ended September 30, 2024, we recorded the following adjustments for book-tax differences to reflect tax character. Results of operations, total net assets, and cash flows were not affected by these adjustments.

	Nine Months EndedJune 30, 2025		Year EndedSeptember 30, 2024
Undistributed net investment income	$	(947)	$	(1,299)
Accumulated net realized gain (loss)	1,053		1,310
Capital in excess of par value	(106)		(11)

NOTE 10. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

We are party to certain legal proceedings incidental to the normal course of our business. We are required to establish reserves for litigation matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves. Based on current knowledge, we do not believe that loss contingencies, if any, arising from pending investigations, litigation or regulatory matters will have a material adverse effect on our financial condition, results of operations or cash flows. Additionally, based on our current knowledge, we do not believe such loss contingencies are both probable and estimable and therefore, as of ~~June~~March 3031, ~~2025~~2026 and September 30, ~~2024~~2025, we had no established reserves for such loss contingencies.

Table of Contents

Escrow Holdbacks

From time to time, we enter into arrangements relating to exits of certain investments whereby specific amounts of the proceeds are held in escrow to be used to satisfy potential obligations, as stipulated in the sales agreements. We record escrow amounts in Restricted cash and cash equivalents, if received in cash but subject to potential obligations or other contractual restrictions, or as escrow receivables in Other assets, net, if not yet received in cash, on our accompanying Consolidated Statements of Assets and Liabilities. We establish reserves and holdbacks against escrow amounts if we determine that it is probable and estimable that a portion of the escrow amounts will not ultimately be released or received at the end of the escrow period. Reserves and holdbacks against escrow amounts were $1.5 million ~~and $0.1 million~~ as of ~~June~~March 3031, ~~2025~~2026 and September 30, ~~2024, respectively~~2025.

Financial Commitments and Obligations

We have lines of credit, delayed draw term loans, and an uncalled capital commitment with certain of our portfolio companies that have not been fully drawn. Since these commitments have expiration dates and we expect many will never be fully drawn, the total commitment amounts do not necessarily represent future cash requirements. We estimate the fair value of the combined unused lines of credit, the unused delayed draw term loans and the uncalled capital commitment as of ~~June~~March 3031, ~~2025~~2026 and September 30, ~~2024~~2025 to be immaterial.

The following table summarizes the amounts of our unused lines of credit, delayed draw term loans and uncalled capital commitment, at cost, as of ~~June~~March 3031, ~~2025~~2026 and September 30, ~~2024~~2025, which are not reflected as liabilities in the accompanying Consolidated Statements of Assets and Liabilities:

	June 30,2025		September 30,2024
	March 31,2026		September 30,2025
Unused line of credit commitments(A)	$	4049,~~326~~264	$	4254,~~601~~553
Delayed draw term loans(A)	723,~~500~~100		1411,~~150~~000
Uncalled capital commitment	~~843~~—		843
Total	$	4872,~~669~~364	$	5766,~~594~~396

(A) There may be specific covenant requirements that temporarily limit a portfolio company’s availability to draw on an unused line of credit commitment or a delayed draw term loan.

Table of Contents

NOTE 11. FINANCIAL HIGHLIGHTS

	Three Months Ended June 30,						Nine Months Ended June 30,
				Six Months Ended March 31,
	2025			2024			2025			2024
							2026			2025
Per Common Share Data:
Net asset value at beginning of period(A)	$	~~21.41~~		$	~~19.80~~		$	21.1834		$	1821.7918
Income from operations(B)
Net investment income	~~0.50~~			~~0.57~~			1.5002			1.6100
Net realized and unrealized gain (loss) on investments	~~(0.18)~~			~~0.22~~			0.4303			10.0961
Net realized and unrealized gain (loss) on other	~~0.01~~			~~0.09~~			—(0.08)			(0.1801)
Total from operations	0.33			0.88			1.93			2.88
Preferred stock dividends							(0.05)			—
Distributions to common stockholders from(B)(C)
Total from operations							0.92			1.60
Net investment income	(0.49)			(0.50)			(1.49)			(1.49)
Distributions to common stockholders from(B)(C)
Realized gains	—			—			(0.40)			—
Net investment income							(0.87)			(1.00)
Total distributions	(0.49)			(0.50)			(1.89)			(1.49)
Realized gains							(0.03)			(0.40)
Capital share transactions(B)
Total distributions							(0.90)			(1.40)
Anti-dilutive effect of common stock issuance(D)	—			—			0.02			—
Capital share transactions(B)
Total capital share transactions	—			—			0.02			—
Anti-dilutive effect of common stock issuance(D)							—			0.02
Other, net	—			—			$	0.01		$	—
Total capital share transactions							—			0.02
Net asset value at end of period(A)	$	21.25		$	20.18		$	21.25		$	20.18
Other, net							—			0.01
Per common share market value at beginning of period	$	27.46		$	21.46		$	24.05		$	19.28
Net asset value at end of period(A)							$	21.36		$	21.41
Per common share market value at end of period	26.97			23.27			26.97			23.27
Per common share market value at beginning of period							$	21.87		$	24.05
Total return(E)	0.08		%	10.85		%	20.16		%	29.44		%
Per common share market value at end of period							17.35			27.46
Common stock outstanding at end of period(A)	22,329,852			21,754,449			22,329,852			21,754,449
Total return(E)							(16.93)		%	20.06		%
Statement of Assets and Liabilities Data:
Common stock outstanding at end of period(A)							22,593,069			22,329,852
Net assets at end of period	$	474,454		$	439,078		$	474,454		$	439,078
Statement of Assets and Liabilities Data:
Average net assets(F)	474,342			437,639			478,420			425,041
Net assets at end of period							$	482,614		$	478,059
Senior Securities Data:
Average net assets(F)							481,504			480,458
Borrowings under line of credit, at cost	27,500			65,800			27,500			65,800
Senior Securities Data:
Preferred Stock	16,196			6,238			16,196			6,238
Borrowings under line of credit, at cost							199,800			25,100
Notes Payable	257,000			257,000			257,000			257,000
Preferred Stock							39,620			13,080
Ratios/Supplemental Data:
Notes Payable							199,500			257,000
Ratio of net expenses to average net assets – annualized(G)(H)	8.74		%	12.15		%	8.76		%	11.86		%
Ratios/Supplemental Data:
Ratio of net investment income to average net assets – annualized(I)	9.52		%	11.33		%	9.41		%	11.01		%
Ratio of net expenses to average net assets – annualized(G)(H)							11.38		%	8.77		%
Ratio of net investment income to average net assets – annualized(I)							9.60		%	9.35		%

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

(B) Based on weighted average basic per share data.

(C) The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP.

(D) During the ~~nine~~six months ended ~~June 30~~March 31, 2025, the anti-dilution was a result of issuing common shares during the period at a price above the then current NAV per share.

(E) Total return equals the change in the ending market value of our common stock from the beginning of the fiscal year, taking into account distributions reinvested in accordance with the terms of our dividend reinvestment plan. Total return does not take into account distributions that may be characterized as a return of capital. For further information on the estimated character of our distributions to common stockholders, refer to Note 9—Distributions to Common Stockholders.

(F) Computed using the average of the balance of net assets at the end of each month of the reporting period.

(G) Ratio of net expenses to average net assets is computed using total expenses, net of credits from the Adviser, to the base management, loan servicing and incentive fees.

(H) Had we not received any non-contractual, unconditional and irrevocable credits of fees from the Adviser, the ratio of net expenses to average net assets would have been 1214.0932% and 12.3853% for the ~~three~~six ~~and nine~~ months ended ~~June~~March 3031, ~~2025,~~2026 ~~respectively,~~ and ~~14.79% and 14.80% for the three and nine months ended June~~March 3031, ~~2024~~2025, respectively.

(I) Had we not received any non-contractual, unconditional and irrevocable credits of fees from the Adviser, the ratio of net investment income to average net assets would have been 6.2271% and 5.8465% for the ~~three~~six ~~and nine~~ months ended ~~June~~March 3031, ~~2025,~~2026 ~~respectively,~~ and ~~8.74% and 8.13% for the three and nine months ended June~~March 3031, ~~2024~~2025, respectively.

NOTE 12. SUBSEQUENT EVENTS

Portfolio Activity

~~In July 2025, our $3.7 million debt investment in 8th Avenue Food and Provisions, Inc. paid off at par.~~ 43

InTable ~~July~~of ~~2025, we invested $25.0 million in MASSiv Brands, LLC through secured first lien debt.~~ Contents

In ~~July~~April ~~2025~~2026, we invested $1512.07 million in ~~Alsay,~~OneSource ~~Inc.~~HoldCo LLC (“OneSource”) through secured ~~second~~first lien debt and ~~preferred~~common equity. We also extended OneSource a $2.0 million line of credit commitment, of which $1.0 million was funded at close.

In ~~July~~April ~~2025~~2026, we invested $2332.75 million in ~~Snif-Snax~~SWECO Worldwide, ~~LLC~~Inc. (“SWECO”) through secured first lien debt and ~~preferred~~common equity. We also extended SWECO a $6.0 million line of credit commitment, which was unfunded at close.

In July 2025, we invested $13.0 million in a precision manufacturing business through secured first lien debt and common equity. We also extended this business a $4.0 million secured first lien line of credit commitment, which was unfunded at close.

In August 2025, we invested an additional $16.6 million in OCI, LLC, an existing portfolio company, through secured first lien debt and common equity.

Distributions and Dividends

On ~~July 10~~April 14, ~~2025~~2026, our Board of Directors declared the following distributions to common and preferred stockholders:

Record Date

Payment Date

Distribution per Common Share

July 21, 2025

July 31, 2025

0.165

April 24, 2026

April 30, 2026

0.15

August 20, 2025

August 29, 2025

0.165

May 20, 2026

May 29, 2026

0.15

September 22, 2025

September 30, 2025

0.165

June 23, 2026

June 30, 2026

0.15

Total for the Quarter:

0.~~495~~45

Record Date

Payment Date

Distribution per Series A Preferred Stock

July 25, 2025

August 4, 2025

0.130208

April 27, 2026

May 5, 2026

0.130208

August 27, 2025

September 5, 2025

0.130208

May 27, 2026

June 5, 2026

0.130208

September 24, 2025

October 3, 2025

0.130208

June 25, 2026

July 2, 2026

0.130208

Total for the Quarter:

0.390624

Table of Contents

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

All statements contained herein, other than historical facts, may constitute “forward-looking statements.” These statements may relate to, among other things, our future operating results, our business prospects and the prospects of our portfolio companies, actual and potential conflicts of interest with Gladstone Management Corporation (the “Adviser”), our investment adviser, and its affiliates, the use of borrowed money to finance our investments, the adequacy of our financing sources and working capital, and our ability to co-invest, among other factors. In some cases, you can identify forward-looking statements by terminology such as “estimate,” “may,” “might,” “believe,” “will,” “provided,” “anticipate,” “future,” “could,” “growth,” “plan,” “project,” “intend,” “expect,” “should,” “would,” “if,” “seek,” “possible,” “potential,” “likely” or the negative or variations of such terms or comparable terminology. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Such factors include: (1) changes in the economy and the capital markets, including stock price volatility, inflation, elevated interest rates, geopolitical conflicts, tariffs and trade wars and risks of recession; (2) risks associated with negotiation and consummation of pending and future transactions; (3) the loss of one or more of our executive officers, in particular ~~David~~Robert ~~Gladstone~~Marcotte orand ~~Robert~~Michael ~~L. Marcotte~~McQuigg; (4) changes in our investment objectives and strategy; (5) availability, terms (including the possibility of interest rate volatility) and deployment of capital; (6) changes in our industry, interest rates, exchange rates or the general economy; (7) our business prospects and the prospects of our portfolio companies; (8) the degree and nature of our competition; (9) changes in governmental regulation, tax rates and similar matters; (10) our ability to exit investments in a timely manner; (11) our ability to maintain our qualification as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”); and (12) those factors described herein, including Item 1A. “Risk Factors” of this Quarterly Report on Form 10-Q and in the “Risk Factors” section of our Annual Report on Form 10-K (our “Annual Report”) for the fiscal year ended September 30, ~~2024~~2025, filed with the U.S. Securities and Exchange Commission (“SEC”) on November 1317, ~~2024~~2025. We caution readers not to place undue reliance on any such forward-looking statements. Actual results could differ materially from those anticipated in our forward-looking statements and future results could differ materially from historical performance. We have based forward-looking statements on information available to us on the date of this report. Except as required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this Quarterly Report on Form 10-Q. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the SEC from time to time, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The forward-looking statements contained in this Quarterly Report on Form 10-Q are excluded from the safe harbor protection provided by the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act of 1933, as amended.

The following analysis of our financial condition and results of operations should be read in conjunction with our accompanying Consolidated Financial Statements and the notes thereto contained elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report. Historical financial condition and results of operations and percentage relationships among any amounts in the financial statements are not necessarily indicative of financial condition or results of operations for any future periods. Except per share amounts, dollar amounts in the tables included herein are in thousands unless otherwise indicated.

OVERVIEW

General

We were incorporated under the Maryland General Corporation Law on May 30, 2001. We operate as an externally managed, closed-end, non-diversified management investment company, and have elected to be treated as a BDC under the 1940 Act. In addition, for federal income tax purposes we have elected to be treated as a RIC under the Code. To continue to qualify as a RIC for federal income tax purposes and obtain favorable RIC tax treatment, we must meet certain requirements, including certain minimum distribution requirements.

Table of Contents

We were established for the purpose of investing in debt and equity securities of established private businesses operating in the U.S. Our investment objectives are to: (1) achieve and grow current income by investing in debt securities of established lower middle market companies in the U.S. that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness and make distributions to stockholders that grow over time; and (2) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities, in connection with our debt investments, that we believe can grow over time to permit us to sell our equity investments for capital gains. To achieve our investment objectives, our primary investment strategy is to invest in several categories of debt and equity securities, with each investment generally ranging from $8 million to $40 million, although investment size may vary, depending upon our total assets or available capital at the time of investment. We expect that our investment portfolio over time will consist of approximately 90.0% debt investments and 10.0% equity investments, at cost. As of ~~June~~March 3031, ~~2025~~2026, our investment portfolio was made up of approximately 90.09% debt investments and 109.01% equity investments, at cost.

We focus on investing in lower middle market companies (which we generally define as companies with annual earnings before interest, taxes, depreciation and amortization of $3 million to $25 million) in the U.S. that meet certain criteria, including the following: the sustainability of the business’ free cash flow and its ability to grow it over time, adequate assets for loan collateral, experienced management teams with a significant ownership interest in the borrower, reasonable capitalization of the borrower, including an ample equity contribution or cushion based on prevailing enterprise valuation multiples and, to a lesser extent, the potential to realize appreciation and gain liquidity in our equity position, if any. We lend to borrowers that need funds for growth capital or to finance acquisitions or recapitalize or refinance their existing debt facilities. We seek to avoid investing in high-risk, early-stage enterprises. Our targeted portfolio companies are generally considered too small for the larger capital marketplace.

We invest by ourselves or jointly with other funds and/or management of the portfolio company, depending on the opportunity. In July 2012, the SEC granted us an exemptive order (the “Co-Investment Order”) that expanded our ability to co-invest, under certain circumstances, with certain of our affiliates, including Gladstone Investment ~~Corporation~~, Gladstone Alternative ~~Income Fund (“Gladstone Alternative”),~~ and any future BDC or registered closed-end management investment company that is advised (or sub-advised if it controls the fund) by the Adviser, or any combination of the foregoing, subject to the conditions in the Co-Investment Order. ~~Since~~In ~~2012~~September 2025, wethe ~~have~~SEC ~~opportunistically~~granted ~~made~~us coa new Co-~~investments~~Investment ~~with~~Order ~~Gladstone~~that ~~Investment~~contains ~~Corporation~~a ~~and~~more ~~Gladstone~~flexible ~~Alternative~~requirement ~~pursuant~~that allocations be “fair and equitable” to us and that the Adviser consider the interests of us in allocations and which minimizes certain board approval requirements from the prior Co-Investment Order. We believe the Co-Investment Order has enhanced and will continue to enhance our ability to further our investment objectives and strategies. If we are participating in an investment with one or more co-investors, whether or not an affiliate of ours, our investment is likely to be smaller than if we were investing alone.

We are externally managed by the Adviser, an investment adviser registered with the SEC and an affiliate of ours, pursuant to an investment advisory and management agreement. The Adviser manages our investment activities. We have also entered into an administration agreement with Gladstone Administration, LLC (the “Administrator”), an affiliate of ours and the Adviser, whereby we pay separately for administrative services.

Additionally, Gladstone Securities, LLC (“Gladstone Securities”), a privately-held broker-dealer registered with the Financial Industry Regulatory Authority and insured by the Securities Investor Protection Corporation, which is 100% indirectly owned and controlled by Mr. Gladstone, our chairman ~~and chief executive officer~~, has provided other services, such as investment banking and due diligence services, to certain of our portfolio companies, for which Gladstone Securities receives a fee.

Business

Portfolio and Investment Activity

In general, our investments in debt securities have a term of no more than seven years, accrue interest at variable rates (generally based on one-month Term Secured Overnight Financing Rate (“SOFR”)) and, to a lesser extent, at fixed rates. We seek debt instruments that pay interest monthly or, at a minimum, quarterly, may have a success fee or deferred interest provision and are primarily interest only, with all principal and any accrued but unpaid interest due at maturity. Generally, success fees accrue at a set rate and are contractually due upon a change of control of a portfolio company, typically from an exit or sale. Some debt securities have deferred interest whereby some portion of the interest payment is added to the principal balance so that the interest is paid, together with the principal, at maturity. This form of deferred interest is often called paid-in-kind (“PIK”) interest.

Table of Contents

Typically, our equity investments consist of common stock, preferred stock, limited liability company interests, or warrants to purchase the foregoing. Often, these equity investments occur in connection with our original investment, recapitalizing a business, or refinancing existing debt.

During the ~~nine~~six months ended ~~June~~March 3031, ~~2025~~2026, we invested $~~204~~71.08 million in ~~ten~~five new portfolio companies and extended $6670.19 million in investments to existing portfolio companies. In addition, we exited ~~eight~~five portfolio companies during the ~~nine~~six months ended ~~June~~March 3031, ~~2025~~2026. We received a total of $~~328~~99.81 million in combined net proceeds and principal repayments from the aforementioned portfolio company exits, as well as principal repayments by existing portfolio companies, during the ~~nine~~six months ended ~~June~~March 3031, ~~2025~~2026. Our overall portfolio consists of 5155 portfolio companies as of ~~June~~March 3031, ~~2025~~2026 and increased by $648.86 million at cost since September 30, ~~2024~~2025. From our initial public offering in August 2001 through ~~June~~March 3031, ~~2025~~2026, we have made ~~695~~724 different loans to, or investments in, ~~287~~

Filing Compare · GLADSTONE CAPITAL CORP