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GLAD on Nasdaq

GLADSTONE CAPITAL CORP

American company based in McLean, listed on Nasdaq (GLAD)2

In its 2025 annual report the company says: “We are an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a BDC under the 1940 Act. In addition, we have elected to be treated for tax purposes as a RIC under the Code. We were established for the purpose of investing in debt and equity securities of established private businesses operating in the United States.”5

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Last updated Oct 21, 2026.

Overview

$57.2MNet income, fiscal 20253

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  • TickerGLAD on Nasdaq2
  • HeadquartersMcLean, United States2
  • Incorporated inMD4
  • Business address1521 Westbranch Drive, Suite 100, Mclean, Va 221024
  • Filer categoryNon-accelerated filer4
  • Legal formCORPORATION2
  • LEI549300AWMOT9JR1SIJ742
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O CSC-LAWYERS INCORPORATING SERVICE COMPANY, 21202 Baltimore, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D063186122

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Gladstone Capital Corporation was incorporated under the Maryland General Corporation Law on May 30, 2001. We are an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a BDC under the 1940 Act. In addition, we have elected to be treated for tax purposes as a RIC under 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.”).5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

11.9%Return on equity3

Financial statements

Net income673$57.2M in 2025−32% since 2021
0$25.0M$50.0M$75.0M$100.0M2021: $84.3M$84.3M20212022: $19.9M$19.9M2022−76%2023: $42.7M$42.7M2023+114%2024: $94.5M$94.5M2024+121%2025: $57.2M$57.2M2025−39%

Every line of the income statement as filed: the last 5 fiscal years, latest first.3

Period ending2025-09-302024-09-302023-09-302022-09-302021-09-30
Total interest income (excluding PIK interest income)$82.3M$87.6M$79.5M
PIK interest income$5.0M$5.7M$3.5M
Total interest income$87.3M$93.3M$83.0M
Dividend income$481.0K$1.4M$1.5M
Prepayment fee income$1.1M$1.3M$644.0K
Other income$306.0K$600.0K$1.2M
Total investment income$89.1M$96.6M$86.4M
Base management fee$13.9M$13.6M$12.0M
Loan servicing fee$8.9M$8.9M$8.1M
Incentive fee$10.5M$11.4M$10.3M
Administration fee$2.0M$2.0M$1.7M
Interest expense on line of credit and notes payable$20.0M$21.7M$20.8M
Amortization of deferred financing costs$2.3M$1.9M$1.5M
Professional fees$1.1M$948.0K$980.0K
Other general and administrative expenses$2.1M$2.2M$1.5M
Expenses, before credits from Adviser$60.8M$62.6M$56.9M
Credits to base management fee loan servicing fee-$8.9M-$8.9M-$8.1M
Credits to fees from Adviser - other-$8.0M-$3.2M-$3.4M
Total expenses, net of credits$43.9M$50.6M$45.4M
NET INVESTMENT INCOME$45.2M$46.1M$41.0M
Total net realized gain (loss)$55.6M$6.0M$12.7M
Total net unrealized appreciation (depreciation)-$42.7M$42.7M-$11.0M
Net realized and unrealized gain (loss)$12.9M$48.7M$1.6M
PREFERRED STOCK DIVIDENDS$919.0K$215.0K$0
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS$57.2M$94.5M$42.7M
Net investment income, basic (in USD per share)$2.02$2.11$2.20$1.88$1.58
Net increase (decrease) in net assets resulting from operations, basic (in USD per share)$3$4$2
Net increase (decrease) in net assets resulting from operations, diluted (in USD per share)$3$4$2
Basic (in shares)22.4M shares21.8M shares18.7M shares
Diluted (in shares)22.7M shares21.8M shares18.7M shares

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What it owns

What GLADSTONE CAPITAL CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.2M7 Sep 30, 2024$1.3M7 Sep 30, 2023+66.3%

Properties, in its own words

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

Item 2 of the 10-K filed Nov 17, 2025.5

Leadership

Who has led GLADSTONE CAPITAL CORP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. David Gladstone2006–2018

Chair

  1. David Gladstone2006

President

  1. Robert L. Marcotte2014–now

Chief financial officer

  1. Harry Brill2006
  2. Gresford Gray2008
  3. David Hibbert Watson2011
  4. Melissa Morrison2014
  5. Nicole Frances Dubas Schaltenbrand2016–now

Chief operating officer

  1. Terry Lee Brubaker2006–2016
2010201520202025
Board members and other officers (24)

Timeline

  1. Oct 1, 20268-K Executive or director change40
  2. Aug 4, 20268-K Results of operations41
  3. Jun 5, 20268-K Entered a material agreement42
  4. Jun 2, 20268-K Executive or director change; Regulation FD disclosure43
  5. May 6, 20268-K Results of operations44
  6. Mar 23, 20268-K Executive or director change; Regulation FD disclosure45
  7. Feb 5, 20268-K Shareholder vote46
  8. Feb 4, 20268-K Results of operations47
  9. Nov 17, 20258-K Results of operations48
  10. Sep 15, 20258-K Other events49
  11. Sep 12, 20258-K Entered a material agreement50
  12. Aug 4, 20258-K Results of operations51
  13. Sep 11, 2006New chief executive David Gladstone becomes CEO10

Calendar

Coming up

  1. Oct 23, 2026Dividend Ex-dividend; $0.15 a share; paid 2026-10-30.52
  2. Nov 16, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.52 a share, on Nov 17, 2025.53
  3. Nov 19, 2026Dividend Ex-dividend; $0.15 a share; paid 2026-11-30.52
  4. Dec 21, 2026Dividend Ex-dividend; $0.15 a share; paid 2026-12-31.52

When it reported results

  1. Aug 4, 2026Reported quarterly or annual results41
  2. May 6, 2026Reported quarterly or annual results44
  3. Feb 4, 2026Reported quarterly or annual results47
  4. Nov 17, 2025Reported quarterly or annual results48
  5. Aug 4, 2025Reported quarterly or annual results51
  6. May 6, 2025Reported quarterly or annual results54
  7. Feb 11, 2025Reported quarterly or annual results55
  8. Nov 13, 2024Reported quarterly or annual results56

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

173 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 73 major events, 12 insider forms, 68 other. The latest 20:

  1. Oct 1, 20268-K EDGAR
  2. Aug 4, 20268-K EDGAR
  3. Aug 4, 202610-Q EDGAR
  4. Jun 5, 20263/A AMENDED INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  5. Jun 5, 20268-K EDGAR
  6. Jun 3, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  7. Jun 3, 2026424B2 EDGAR
  8. Jun 3, 2026FWP EDGAR
  9. Jun 2, 20268-K EDGAR
  10. May 6, 20268-K EDGAR
  11. May 6, 202610-Q EDGAR
  12. Apr 7, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  13. Apr 7, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  14. Mar 30, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  15. Mar 23, 20268-K EDGAR
  16. Feb 5, 20268-K EDGAR
  17. Feb 4, 20268-K EDGAR
  18. Feb 4, 202610-Q EDGAR
  19. Dec 19, 2025DEF 14A EDGAR
  20. Nov 21, 20254 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR

The 173 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

4 open-market trades by officers, directors and large owners since October 2021: 2 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 20, 2025Schaltenbrand Nicole Frances DubasCFO and TreasurerBuy496$20.16$10.0KForm 4
Apr 11, 2025ENGLISH MICHELA ADirectorSale225$23.69$5.3KForm 4
Dec 11, 2024Marcotte BobPresidentSale15,500$27.35$423.9KForm 4
Feb 22, 2022Schaltenbrand Nicole Frances DubasCFO and TreasurerBuy230$10.85$2.5KForm 4

From Forms 4 filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 76. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Van Eck Associates Corp456,227$8.9M0.0%+129,881
UBS Group AG286,863$5.6M0.0%+30,684
Legal & General Group Plc182,091$3.5M0.0%+6,363
Two Sigma Investments, LP162,633$3.2M0.0%+12,349
B. Riley Wealth Advisors, Inc.135,581$2.6M0.1%+47,286
LPL Financial LLC121,639$2.4M0.0%+8,349
Morgan Stanley108,974$2.1M0.0%−26,606
North Ground Capital105,280$2.0M2.5%−37,616
Millennium Management LLC97,486$1.9M0.0%−15,421
Legacy Capital Wealth Partners, LLC89,112$1.7M0.3%+21,005
BlackRock, Inc.85,522$1.7M0.0%−2,107
Bank Of America Corp /de/74,881$1.5M0.0%+49,506
Advisors Asset Management, Inc.73,780$1.4M0.0%+10,726
DNB Asset Management AS63,933$1.2M0.0%−13,592
Schonfeld Strategic Advisors LLC59,135$1.1M0.0%New
Beacon Pointe Advisors, LLC53,457$1.0M0.0%New
Wells Fargo & Company/mn51,399$998.2K0.0%+1,174
Raymond James Financial Inc44,837$870.7K0.0%−1,849
Jane Street Group, LLC42,274$821.0K0.0%+24,177
Campbell & CO Investment Adviser LLC39,226$761.8K0.0%−8,960
Bearing Point Capital, LLC37,000$718.5K0.1%New
Hennion & Walsh Asset Management, Inc.32,181$625.0K0.0%−1,020
PDT Partners, LLC32,116$623.7K0.0%New
Cetera Investment Advisers28,901$561.3K0.0%+11
Trexquant Investment LP27,234$528.9K0.0%−67

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

3 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jan 18, 2022Thomas R Carper, SenatePartial sale$1,001 - $15,000+84.0%Report
Jul 9, 2020Thomas R Carper, SenatePartial sale$1,001 - $15,000+103.4%Report
Apr 2, 2020Thomas R Carper, SenateBuy$1,001 - $15,000−111.2%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How GLADSTONE CAPITAL CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGLADSTONE CAPITAL CORP1
  • CIK0001143513
  • Employer ID (EIN)54-20407815
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inMaryland5
  • Fiscal year endsSeptember 301
  • Business address1521 Westbranch Drive, Suite 100, Mclean, VA 221021
  • Phone703-287-58001
  • Shares outstanding22,593,069 as of Aug 3, 20269
  • Public float$589.4M as of Mar 31, 20255
  • AuditorPricewaterhouseCoopers LLP, Washington, District of Columbia PCAOB ID 238; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceJun 22, 20011
  • Filings979 in all: 8-K (286), 4 (150), 10-Q (76), 497 (40), 497AD (32), CORRESP (29), DEFA14A (29), 3 (28)1
    All 55 form types

    DEF 14A (27), 10-K (25), 40-17G (24), SC 13G/A (20), POS EX (19), POS 8C (17), SC 13G (17), EFFECT (15), 424B2 (14), PRE 14A (14), N-2/A (12), N-2 (10), FWP (8), 40-APP/A (7), 25-NSE (6), 4/A (6), 8-A12B (6), N-23C-2 (6), 10-K/A (5), 8-K/A (5), ARS (5), 40-17F2 (3), 40-APP (3), CERT (3), UPLOAD (3), 144 (2), 3/A (2), 40-6C (2), 40-6C/A (2), 424B3 (2), 8-A12G (2), CERTNAS (2), 144/A (1), 25 (1), 305B2 (1), 424B5 (1), 8-A12B/A (1), APP NTC (1), APP ORDR (1), N-14 8C (1), N-2MEF (1), N-54A (1), RW (1), S-8 (1), S-8 POS (1), SC TO-I (1), SC TO-I/A (1)

  • Latest filingsAnnual report (10-K) Nov 17, 2025
    Quarterly report (10-Q) Aug 4, 2026
    Proxy statement (DEF 14A) Dec 19, 2025
    Latest 8-K (8-K) Oct 1, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.001 par value per shareGLADThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Nov 17, 2025 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks GLADSTONE CAPITAL CORP names in Item 1A of its 10-K filed Nov 17, 2025: 72 risks under these headings, as written.5

  • Risks Related to the Economy
  • Market conditions could negatively impact our business, results of operations, cash flows and financial condition.
  • Volatility in the capital markets could make it more difficult to raise capital and may adversely affect the valuations of our investments.
  • Tariffs may adversely affect us or our portfolio companies.
  • We may experience fluctuations in our quarterly and annual results based on the impact of inflation in the U.S.
  • Risks Related to Interest Rates
  • Market interest rates may have an effect on the value of our securities.
  • Changes in interest rates may negatively impact our investments and have an adverse effect on our business, financial condition, results of operations, and cash flows.
  • A change in interest rates may adversely affect our profitability and any hedging strategy we adopt may expose us to additional risks.
  • Risks Related to Our Investments
  • We operate in a highly competitive market for investment opportunities.
  • Our investments in lower middle market companies are extremely risky and could cause you to lose all or a part of your investment.
The other 63 risks
  • •Lower middle market companies are likely to have greater exposure to economic downturns than larger businesses.
  • •Lower middle market companies may have limited financial resources and may not be able to repay the loans we make to them.
  • •Lower middle market companies typically have narrower product lines and smaller market shares than large businesses.
  • •There is generally little or no publicly available information about these businesses.
  • •Lower middle market companies generally have less predictable operating results.
  • •Lower middle market companies are more likely to be dependent on one or two persons.
  • •Lower middle market companies may have limited operating histories.
  • •Debt securities of lower middle market companies typically are not rated by a credit rating agency.
  • •Lower middle market companies may be highly leveraged.
  • Because the majority of the loans we make and equity securities we receive when we make loans are not publicly traded, there is uncertainty regarding the value of our privately held securities.
  • The valuation process for certain of our portfolio holdings creates a conflict of interest.
  • The lack of liquidity of our privately held investments may adversely affect our business.
  • When we are a debt or minority equity investor in a portfolio company, which we expect will generally be the case, we may not be in a position to control the entity, and its management may make decisions that could decrease the value of our investment.
  • We often invest in transactions involving acquisitions, buyouts and recapitalizations of companies, which will subject us to the risks associated with change in control transactions.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and/or we could be subject to lender liability claims.
  • Prepayments of our investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
  • Our portfolio is concentrated in a limited number of companies and industries, which subjects us to an increased risk of significant loss if any one of these companies does not repay us or if the industries experience downturns.
  • Investments in securities of foreign portfolio companies, if any, may involve significant risks in addition to the risks inherent in U.S. investments.
  • We invest in equity securities, which involves a substantial degree of risk.
  • The disposition of our investments may result in contingent liabilities.
  • Portfolio company litigation or other litigation or claims against us or our personnel could result in additional costs and the diversion of management time and resources.
  • Any unrealized depreciation we experience on our investment portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
  • Risks Related to Our External Financing
  • In addition to regulatory limitations on our ability to raise capital, our Credit Facility contains various covenants which, if not complied with, could accelerate our repayment obligations under the facility, thereby materially and adversely affecting our liquidity, financial condition, results of operations and ability to pay distributions.
  • Any inability to renew, extend or replace our Credit Facility on terms favorable to us, or at all, could adversely impact our liquidity and ability to fund new investments or maintain distributions to our stockholders.
  • Our business plan is dependent upon external financing, which is constrained by the limitations of the 1940 Act.
  • We financed certain of our investments with borrowed money and capital from the issuance of senior securities, which will magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us.
  • Risks Related to Our Regulation and Structure
  • We will be subject to corporate-level tax if we are unable to satisfy Code requirements for RIC qualification.
  • If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy.
  • We are subject to restrictions that may discourage a change of control. Certain provisions contained in our articles of incorporation and Maryland law may prohibit or restrict a change of control and adversely impact the price of our common stock.
  • We may not be permitted to declare a dividend or make any distribution to stockholders or repurchase shares until such time as we satisfy the asset coverage tests under the provisions of the 1940 Act that apply to BDCs.
  • Risks Related to Our External Management
  • We are dependent upon our key management personnel and the key management personnel of the Adviser, particularly David Gladstone and Robert L. Marcotte, and on the continued operations of the Adviser, for our future success.
  • Our success depends on the Adviser’s ability to attract and retain qualified personnel in a competitive environment.
  • The Adviser can resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
  • The Adviser's liability is limited under the Advisory Agreement, and we are required to indemnify our investment adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account.
  • Our incentive fee may induce the Adviser to make certain investments, including speculative investments.
  • We may be obligated to pay the Adviser incentive compensation even if we incur a loss.
  • We may be required to pay the Adviser incentive compensation on income accrued, but not yet received in cash.
  • The Adviser’s failure to identify and invest in securities that meet our investment criteria or perform its responsibilities under the Advisory Agreement would likely adversely affect our ability for future growth.
  • There are significant potential conflicts of interest, including with the Adviser, which could impact our investment returns.
  • The Adviser is not obligated to provide a credit of the base management fee or incentive fee, which could negatively impact our earnings and our ability to maintain our current level of distributions to our stockholders.
  • Our business model is dependent upon developing and sustaining strong referral relationships with investment bankers, business brokers and other intermediaries and any change in our referral relationships may impact our business plan.
  • Our base management fee may induce the Adviser to incur leverage.
  • Risks Related to an Investment in Our Securities
  • There is a risk that you may not receive distributions or that distributions may not grow over time.
  • Distributions to our stockholders have included and may in the future include a return of capital.
  • Common shares of closed-end investment companies frequently trade at a discount to NAV.
  • Risks Related to the 2027 Notes and 2030 Convertible Notes (collectively, the “Notes”)
  • The Notes are unsecured and therefore are effectively subordinated to any secured indebtedness we have incurred or may incur in the future and rank pari passu with, or equal to, all outstanding and future unsecured indebtedness issued by us and our general liabilities (total liabilities, less debt).
  • The Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.
  • The indentures under which the Notes were issued contain limited protection for holders of the Notes.
  • We cannot assure you an active trading market for the Notes will develop or be maintained.
  • If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the Notes.
  • We may choose to redeem the Notes when prevailing interest rates are relatively low.
  • We may not be able to repurchase the 2027 Notes upon a Change of Control Repurchase Event.
  • A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us or the Notes or change in the debt markets could cause the liquidity or market value of the Notes to decline significantly.
  • An increase in market interest rates could result in a decrease in the value of the Notes.
  • Additional Risks Related to our 2030 Convertible Notes
  • We may not have the ability to raise the funds necessary to settle conversions of the 2030 Convertible Notes in cash or to repurchase the 2030 Convertible Notes upon a fundamental change, and our future debt may contain limitations on our ability to pay cash upon conversion or repurchase of the 2030 Convertible Notes.
  • Recent and future regulatory actions and other events may adversely affect the trading price and liquidity of the 2030 Convertible Notes.
  • Volatility in the market price and trading volume of our common stock could adversely impact the trading price of the 2030 Convertible Notes.
  • Conversion of the 2030 Convertible Notes may dilute the ownership interest of our stockholders or may otherwise depress the price of our common stock.
  • The accounting method for the 2030 Convertible Notes could adversely affect our reported financial condition and results.
  • Future sales of our common stock or equity-linked securities in the public market could lower the market price for our common stock and adversely impact the trading price of the 2030 Convertible Notes.
  • Holders of 2030 Convertible Notes are not entitled to any rights with respect to our common stock, but they will be subject to all changes made with respect to our common stock to the extent our conversion obligation includes shares of our common stock.
  • Upon conversion of the 2030 Convertible Notes, you may receive less valuable consideration than expected because the value of our common stock may decline after you exercise your conversion right but before we settle our conversion obligation.

Legal proceedings

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

The opening of Item 3, Legal Proceedings.5

Sources

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