What changed in this filing

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Item 9A. Controls and Procedures

2022-11-14 compared with 2021-11-15 · 140 added, 137 removed, 159 unchanged (64% of the section changed)

1 unchanged sentence

a) Disclosure Controls and Procedures

As of September 30,

2021 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness and design and operation of our disclosure controls and procedures.

Based on that evaluation, our

management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective in timely alerting management, including the Chief Executive Officer and Chief Financial Officer, of

material information about us required to be included in periodic SEC filings.

However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can

provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

As of September 30, 2022 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness and design and operation of our disclosure controls and procedures.

Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective in timely alerting management, including the Chief Executive Officer and Chief Financial Officer, of material information about us required to be included in periodic SEC filings.

However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

b) Management’s Annual Report on Internal Control Over Financial Reporting

Refer to the Managements Report on Internal Control over Financial Reporting located in Item 8 of this

Refer to the Management’s Report on Internal Control over Financial Reporting located in Item 8 of this Form 10-K.

c) Attestation Report of the Registered Public Accounting Firm

Not Applicable.

d) Change in Internal Control over Financial

There were no changes in internal controls for the three months ended September 30, 2021 that have materially affected, or are reasonably

likely to materially affect, our internal control over financial reporting.

d) Change in Internal Control over Financial Reporting

There were no changes in internal controls for the three months ended September 30, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

OTHER INFORMATION

Not applicable.

We will file a definitive Proxy Statement for our 2022 Annual Meeting of Stockholders (the 2022 Proxy Statement) with the SEC, pursuant to

Regulation 14A, not later than 120 days after the end of our fiscal year.

We will file a definitive Proxy Statement for our 2023 Annual Meeting of Stockholders (the “2023 Proxy Statement”) with the SEC, pursuant to Regulation 14A, not later than 120 days after the end of our fiscal year.

Accordingly, certain information required by Part III has been omitted under General Instruction G(3) to Form 10-K.

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The information required by Item 10 is hereby incorporated by reference from our 2023 Proxy Statement under the caption “Election of Directors.”

We have adopted a Code of Business Conduct and Ethics (the Code of Conduct) that applies to all of our officers and directors and to the employees

of our Adviser and our Administrator.

We have adopted a Code of Business Conduct and Ethics (the “Code of Conduct”) that applies to all of our officers and directors and to the employees of our Adviser and our Administrator.

The Code of Conduct is available in the Investors section of our website under “Governance – Governance Documents” at www.gladstonecapital.com.

EXECUTIVE COMPENSATION

The information required by Item 11 is hereby incorporated by reference from our 2022 Proxy Statement under the captions Executive Compensation and

Director Compensation.

The information required by Item 11 is hereby incorporated by reference from our 2023 Proxy Statement under the captions “Executive Compensation” and “Director Compensation.”

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information required by Item 12 is hereby incorporated by reference from our 2022 Proxy Statement under the caption

Security Ownership of Certain Beneficial Owners and Management.

The information required by Item 12 is hereby incorporated by reference from our 2023 Proxy Statement under the caption “Security Ownership of Certain Beneficial Owners and Management.”

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information required by Item 13 is hereby incorporated by reference from our 2022 Proxy Statement under the captions Certain Transactions and

Information Regarding our Board of Directors and Corporate GovernanceDirector Independence.

The information required by Item 13 is hereby incorporated by reference from our 2023 Proxy Statement under the captions “Certain Transactions” and “Information Regarding our Board of Directors and Corporate Governance — Director Independence.”

PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required by Item 14 is hereby incorporated by reference from our 2022 Proxy Statement under the caption Independent Registered Public

Accounting Firm Fees.

The information required by Item 14 is hereby incorporated by reference from our 2023 Proxy Statement under the caption “Independent Registered Public Accounting Firm Fees.”

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

3 unchanged sentences

Report of Independent Registered Public Accounting Firm

Consolidated Statements of Assets and Liabilities as of September

30, 2021 and 2020

Consolidated Statements of Operations for the years ended September 30,

2021, 2020, and 2019

Consolidated Statements of Changes in Net Assets for the years ended September

30, 2021, 2020, and 2019

Consolidated Statements of Cash Flows for the years ended September 30,

2021, 2020, and 2019

Consolidated Schedules of Investments as of September

30, 2021 and 2020

Consolidated Statements of Assets and Liabilities as of September 30, 202 2 and 202 1

Consolidated Statements of Operations for the years ended September 30, 202 2 , 202 1 and 20 20

Consolidated Statements of Changes in Net Assets for the years ended September 30, 202 2 , 202 1 and 20 20

Consolidated Statements of Cash Flows for the years ended September 30, 202 2 , 202 1 and 20 20

Consolidated Schedules of Investments as of September 30, 202 2 and 202 1

Notes to Consolidated Financial Statements

The following

financial statement schedule is filed herewith:

Schedule 12-14 Investments in and Advances to Affiliates as of September

30, 2021 and 2020

No other financial statement schedules are filed herewith because (1) such schedules are not required or (2) the

information has been presented in the aforementioned financial statements.

The following financial statement schedule is filed herewith:

Schedule 12-14 Investments in and Advances to Affiliates as of September 30, 202 2 and 202 1

No other financial statement schedules are filed herewith because (1) such schedules are not required or (2) the information has been presented in the aforementioned financial statements.

The following exhibits are filed as part of this report or are hereby incorporated by reference to exhibits previously filed with the SEC:

2 unchanged sentences

333-63700), filed July 27, 2001.

Supplementary Establishing and Fixing the Rights and Preferences of Term Preferred Shares, including Appendix A thereto relating to the Term Preferred Shares, 7.125% Series

2016, incorporated by reference to Exhibit 2.a.2 to Post-Effective Amendment No.

5 to the Registration Statement on Form

N-2 (File No.

3.2 Articles Supplementary Establishing and Fixing the Rights and Preferences of Term Preferred Shares, including Appendix A thereto relating to the Term Preferred Shares, 7.125% Series 2016, incorporated by reference to Exhibit 2.a.2 to Post-Effective Amendment No.

5 to the Registration Statement on Form N-2 (File No.

333-162592), filed October 31, 2011.

Certificate of Correction to Articles Supplementary Establishing and Fixing the Rights and Preferences of Term Preferred Shares, incorporated by reference

to Exhibit 3.1 to the Current Report on Form 8-K (File No.

3.3 Certificate of Correction to Articles Supplementary Establishing and Fixing the Rights and Preferences of Term Preferred Shares, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No.

814-00237), filed October 29, 2015.

Articles Supplementary, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File

3.4 Articles Supplementary, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No.

814-00237), filed September 21, 2017.

Bylaws, incorporated by reference to Exhibit

99.b to Pre-Effective Amendment No.

3.5 Bylaws, incorporated by reference to Exhibit 99.b to Pre-Effective Amendment No.

1 to the Registration Statement on Form N-2 (File No.

333-63700), filed July 27, 2001.

Amendment to Bylaws, incorporated by reference to Exhibit 3.3 to the Quarterly Report on Form 10-Q (File

3.6 Amendment to Bylaws, incorporated by reference to Exhibit 3.3 to the Quarterly Report on Form 10-Q (File No.

814-00237), filed February 17, 2004.

Second Amendment to Bylaws, incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K

3.7 Second Amendment to Bylaws, incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K (File No.

814-00237), filed July 10, 2007.

Third Amendment to Bylaws, incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K (File

3.8 Third Amendment to Bylaws, incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K (File No.

814-00237), filed June 10, 2011.

Fourth Amendment to Bylaws, incorporated by reference to Exhibit 3.1 to the Current Report on Form

8-K (File No.

3.9 Fourth Amendment to Bylaws, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No.

814-00237), filed November 29, 2016.

Form of Certificate for Common Stock, incorporated by reference to Exhibit 99.d.2 to Pre-Effective Amendment

4.1 Form of Certificate for Common Stock, incorporated by reference to Exhibit 99.d.2 to Pre-Effective Amendment No.

3 to the Registration Statement on Form N-2 (File No.

1 unchanged sentence

4.2 Indenture between the Registrant and U.S.

Bank National Association, dated as of November

6, 2018, incorporated by reference to Exhibit 2.d.10 to Post-Effective Amendment No.

Bank National Association, dated as of November 6, 2018, incorporated by reference to Exhibit 2.d.l0 to Post-Effective Amendment No.

7 to the Registration Statement on Form N-2 (File No.

1 unchanged sentence

4.3 Third Supplemental Indenture between Gladstone Capital Corporation and U.S.

Bank National Association, dated as of December

15, 2020, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No.

Bank National Association, dated as of December 15, 2020, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No.

814-00237), filed December 15, 2020.

4.4 Fourth Supplemental Indenture between Gladstone Capital Corporation and U.S.

Bank National Association, dated as of November

4, 2021, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No.

Bank National Association, dated as of November 4, 2021, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No.

814-00237), filed November 4, 2021.

3 unchanged sentences

333-63700), filed July 27, 2001.

Custody Agreement between the Registrant and The Bank of New York, dated as of May

5, 2006, incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q (File No.

10.2 Custody Agreement between the Registrant and The Bank of New York, dated as of May 5, 2006, incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q (File No.

814-00237), filed August 1, 2006.

Administration Agreement between the Registrant and Gladstone Administration, LLC, dated as of October

1, 2006, incorporated by reference to Exhibit 99.2 to the Current Report on Form 8-K (File No.

10.3 Administration Agreement between the Registrant and Gladstone Administration, LLC, dated as of October 1, 2006, incorporated by reference to Exhibit 99.2 to the Current Report on Form 8-K (File No.

814-00237), filed October 5, 2006.

10 unchanged sentences

333-185191), filed December 23, 2013.

Third Amended and Restated Investment Advisory and Management Agreement between the Registrant and Gladstone Management Corporation, dated as

of April 13, 2021, incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q (File No.

814-00237), filed on

Sixth Amended and Restated Credit Agreement dated as of May

13, 2021 by and among Gladstone Business Loan, LLC as Borrower, Gladstone Management Corporation as Servicer, KeyBank National Association, as Administrative Agent and the financial institutions from the time to time party thereto, incorporated by reference

to Exhibit 10.1 to the Current Report on Form 8-K (File No.

10.7 Fourth Amended and Restated Investment Advisory and Management Agreement between the Registrant and Gladstone Management Corporation, dated as of April 12, 2022, incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q (File No.

814-00237), filed on May 3, 2022.

10.8 Sixth Amended and Restated Credit Agreement dated as of May 13, 2021 by and among Gladstone Business Loan, LLC as Borrower, Gladstone Management Corporation as Servicer, KeyBank National Association, as Administrative Agent and the financial institutions from the time to time party thereto, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No.

814-00237), filed May 13, 2021.

10.9* Amendment No.

1 to the Sixth Amended and Restated Credit Agreement dated as of September 12, 2022 by and among Gladstone Business Loan, LLC as Borrower, Gladstone Management Corporation as Servicer, KeyBank National Association, as Administrative Agent and the financial institutions from the time to time party thereto.

10.10* Amendment No.

2 to the Sixth Amended and Restated Credit Agreement dated as of September 20, 2022 by and among Gladstone Business Loan, LLC as Borrower, Gladstone Management Corporation as Servicer, KeyBank National Association, as Administrative Agent and the financial institutions from the time to time party thereto.

10.11* Amendment No.

3 to the Sixth Amended and Restated Credit Agreement dated as of October 31, 2022 by and among Gladstone Business Loan, LLC as Borrower, Gladstone Management Corporation as Servicer, KeyBank National Association, as Administrative Agent and the financial institutions from the time to time party thereto.

21* Subsidiaries of the Registrant.

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32.2** Certification of Chief Financial Officer pursuant to section 906 of The Sarbanes-Oxley Act of 2002.

101.INS XBRL Instance Document

101.SCH XBRL Taxonomy Extension Schema Document

101.LAB XBRL Taxonomy Extension Label Linkbase Document

101.PRE XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF XBRL Definition Linkbase

104 Cover Page Interactive Data File (formatted in iXBRL and contained in Exhibit 101)

* Filed herewith

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FORM 10-K SUMMARY

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on

its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GLADSTONE CAPITAL CORPORATION

3 unchanged sentences

Chief Financial Officer and Treasurer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following

persons on behalf of the registrant and in the capacities and on the dates indicated.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

November 14, 2022

24 unchanged sentences

November 14, 2022

/s/ PAULA NOVARA

SCHEDULE 12-14

2 unchanged sentences

(AMOUNTS IN THOUSANDS)

Investment (A)(B)(I)(L)(M)

Company and Investment (A)(B)(I)(L)(M)

Shares/Units (K)

Gain (Loss) for Period Amount of

September 30,

1 unchanged sentence

Reductions (E)

(Depreciation)

(Depreciation) Value as of

September 30,

2 unchanged sentences

Diversified/Conglomerate Manufacturing—0.8%

Edge Adhesives Holdings, Inc.Line of Credit

Edge Adhesives Holdings, Inc.Term Debt (L + 10.5%, 12.5% Cash, Due 2/2022)

Edge Adhesives Holdings, Inc.Term Debt (G)

Edge Adhesives Holdings, Inc.—Term Debt (L + 5.5%.

8.6% Cash, Due 8/2024) $ 6,140 — 534 5,540 600 — (3,590) 2,550

Diversified/Conglomerate Service—10.2%

Encore Dredging Holdings, LLC—Line of Credit, $3,000 available (L + 8.3%, 11.4% Cash, Due 12/2025) — — 128 — 3,000 (3,000) — —

Encore Dredging Holdings, LLCTerm Debt (L + 8.0%, 9.0% Cash, Due

Encore Dredging Holdings, LLCDelayed Draw Term Loan, $5,000 available (L + 8.0%, 9.0% Cash,

Due 12/2025) (F)

Encore Dredging Holdings, LLC—Term Debt (L + 7.0%, 10.1% Cash, 1.5% PIK, Due 12/2025) 23,611 — 2,273 23,618 111 — (767) 22,962

Encore Dredging Holdings, LLC—Term Debt (L + 7.0%, 10.1% Cash, 2.5% PIK, Due 12/2025) (F)

4,532 — 189 — 4,532 — (125) 4,407

Encore Dredging Holdings, LLC—Delayed Draw Term Loan, $0 available (L + 7.0%, 10.1% Cash, 1.5% PIK, Due 12/2025) 5,023 — 311 — 5,023 — (138) 4,885

— $ 2,901 $ 23,618 $ 12,666 $ (3,000) $ (1,030) $ 32,254

Total Secured First Lien Debt $ — $ 3,435 $ 29,158 $ 13,266 (3,000) $ (4,620) $ 34,804

1 unchanged sentence

Diversified Natural Resources, Precious Metals and Minerals—0.0%

Lignetics, Inc.Term Debt (L + 9.8%, 11.8% Cash, Due 6/2026)

Lignetics, Inc.—Term Debt (G)

$ — $ — $ 613 $ 6,540 $ — $ (6,000) $ (540) $ —

Lignetics, Inc.—Term Debt (G)

— — 729 8,633 — (8,000) (633) —

Lignetics, Inc.—Term Debt (G)

— — 230 3,491 — (3,300) (191) —

Lignetics, Inc.—Term Debt (G)

— — 204 3,199 — (3,000) (199) —

Lignetics, Inc.—Term Debt (G)

— — 45 2,500 — (2,500) — —

Lignetics, Inc.—Term Debt (G)

— — 89 6,200 — (6,200) — —

$ — $ 1,910 $ 30,563 $ — $ (29,000) $ (1,563) $ —

Preferred Equity —1.2%

Diversified/Conglomerate Manufacturing 0.0%

Edge Adhesives Holdings, Inc.Preferred Stock

Diversified/Conglomerate Service1.4%

Encore Dredging Holdings, LLCPreferred Stock (F)

Investment (A)(B)(I)(L)(M)

Company and Investment (A)(B)(I)(L)(M)

Shares/Units (K)

Gain (Loss) for Period Amount of

September 30,

1 unchanged sentence

Reductions (E)

(Depreciation)

(Depreciation) Value as of

September 30,

Diversified/Conglomerate Manufacturing —0.0%

Edge Adhesives Holdings, Inc.—Preferred Stock 5,466 $ — $ — $ — $ — $ — $ — $ —

Diversified/Conglomerate Service—0.9%

Encore Dredging Holdings, LLC—Preferred Stock 3,840,000 — — 4,525 640 — (2,323) 2,842

Diversified Natural Resources, Precious Metals and Minerals—0.0%

Lignetics, Inc.Preferred Stock

Personal and Non-Durable Consumer Products

(Manufacturing Only)0.2%

Lignetics, Inc.—Preferred Stock (G)

— — — 5,602 — (1,321) (4,281) —

Personal and Non-Durable Consumer Products (Manufacturing Only)—0.3%

Canopy Safety Brands, LLC—Preferred Stock 500,000 — — 739 — — 59 798

2 unchanged sentences

Diversified Natural Resources, Precious Metals and Minerals—0.0%

Lignetics, Inc.Common Stock

Personal and Non-Durable Consumer Products

(Manufacturing Only)0.2%

Lignetics, Inc.—Common Stock (G)

— $ 13,408 $ — $ 10,969 $ — $ (1,855) $ (9,114) $ —

Personal and Non-Durable Consumer Products (Manufacturing Only)—0.2%

Canopy Safety Brands, LLC—Common Stock 800,000 — — 725 — — (78) 647

4 unchanged sentences

Diversified/Conglomerate Manufacturing—1.0%

LWO Acquisitions Company LLCTerm Debt (L + 7.5%, 10.0% Cash, Due 6/2021)

LWO Acquisitions Company LLCTerm Debt (Due 6/2021) (H)

Lonestar EMS, LLC—Term Debt (8.0% Cash, Due 6/2027) (F)(J)

$ 3,250 $ — $ 97 $ — $ 3,250 $ — $ (220) $ 3,030

LWO Acquisitions Company LLC—Term Debt (G)

— $ (6,000) $ 302 $ 2,841 $ — $ (6,000) $ 3,159 $ —

LWO Acquisitions Company LLC—Term Debt (G)

— (2,471) — — 100 (10,732) 10,632 —

$ (8,471) $ 399 $ 2,841 $ 3,350 $ (16,732) $ 13,571 $ 3,030

Personal and Non-Durable Consumer Products (Manufacturing Only) —3.6%

WB Xcel Holdings, LLC—Line of Credit, $32 available (L + 10.5%, 13.6% Cash, Due 11/2026) (F)

1,468 $ — $ 83 $ — $ 1,468 $ — $ — $ 1,468

WB Xcel Holdings, LLC—Term Loan (L + 10.5%, 13.6% Cash, Due 11/2026) (F)

9,925 — 1,001 — 10,000 (75) — 9,925

$ — $ 1,084 $ — $ 11,468 $ (75) $ — $ 11,393

Printing and Publishing—0.3%

TNCP Intermediate HoldCo, LLC—-Line of Credit, $1,000 available (8.0% Cash, Due 10/2024) (J)

1,000 — 89 1,300 — (300) — 1,000

Total Secured First Lien Debt $ (8,471) $ 1,572 $ 4,141 $ 14,818 $ (17,107) $ 13,571 $ 15,423

2 unchanged sentences

Defiance Integrated Technologies, Inc.—Term Debt (L + 9.5%, 12.6% Cash, Due 5/2026) $ 7,665 $ — $ 882 $ 7,985 $ — $ (320) $ — $ 7,665

Company and Investment (A)(B)(I)(L)(M)

Shares/Units (K)

Gain (Loss) for Period Amount of

September 30,

Additions (D)

Reductions (E)

(Depreciation) Value as of

September 30,

Unsecured Debt—0.0%

1 unchanged sentence

LWO Acquisitions Company LLC—Term Debt (Due 6/2023) (H)

$ 95 $ (25) $ — $ — $ 25 $ (25) $ — $ —

Preferred Equity—1.8%

Automobile– 0.0%

Defiance Integrated Technologies, Inc.Preferred Stock

Defiance Integrated Technologies, Inc.—Preferred Stock (G)

— $ — $ 33 $ 270 $ — $ (250) $ (20) $ —

Personal and Non-Durable Consumer Products (Manufacturing Only) —1.8%

WB Xcel Holdings, LLC - Preferred Stock (F)

333 — — — 2,750 — 2,937 $ 5,687

Total Preferred Equity $ — $ 33 $ 270 $ 2,750 $ (250) $ 2,917 $ 5,687

Common Equity—2.2%

1 unchanged sentence

Defiance Integrated Technologies, Inc.—Common Stock 33,321 $ — $ — $ 2,623 $ — $ — $ (1,476) $ 1,147

Investment (A)(B)(I)(L)(M)

Shares/Units (K)

September 30,

Additions (D)

Reductions (E)

(Depreciation)

September 30,

Diversified/Conglomerate Manufacturing—0.0%

LWO Acquisitions Company LLCCommon Units

Circuitronics EMS Holdings LLC—Common Units 921,000 — — — — — — —

Lonestar EMS, LLC - Common Units (F)

100 % — — — 6,750 — (6,750) —

$ — $ — $ — $ 6,750 $ — $ (6,750) $ —

Machinery—1.1%

4 unchanged sentences

TOTAL CONTROL INVESTMENTS $ (8,496) $ 3,735 $ 20,730 $ 24,343 $ (17,702) $ 8,342 $ 35,713

Certain of the securities listed in this schedule are issued by affiliate(s) of the indicated portfolio

Common stock, warrants, options, membership units and, in some cases, preferred stock are generally non-income producing and restricted.

Represents the total amount of interest, dividends and other income credited to investment income for the

portion of the fiscal year an investment was a control or affiliate investment, as appropriate.

Gross additions include increases in investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and fees, and the exchange of one or more existing securities for one or more new securities.

Gross reductions include decreases in investments resulting from principal collections related to investment

repayments or sales, the amortization of premiums and acquisition costs, and the exchange of one or more existing securities for one or more new securities.

New investment during the year ended September 30, 2021.

Investment was exited/paid off during the year ended September 30, 2021.

Debt security does not have a stated interest rate that is payable thereon.

Interest rate percentages represent cash interest rates in effect at September 30, 2021, and due dates

represent the contractual maturity date.

Unless indicated otherwise, all cash interest rates are indexed to 30-day London Interbank Offered Rate (LIBOR), which was 0.08% as of September 30,

If applicable, paid-in-kind (PIK) interest rates are noted separately from the cash interest rates and any unused line of credit fees are excluded.

Debt security has a fixed interest rate.

Represents the principal balance for debt investments and the number of shares/units held for equity

investments as of September 30, 2021.

(A) Certain of the securities listed in this schedule are issued by affiliate(s) of the indicated portfolio company.

(B) Common stock, warrants, options, membership units and, in some cases, preferred stock are generally non-income producing and restricted.

(C) Represents the total amount of interest, dividends and other income credited to investment income for the portion of the fiscal year an investment was a control or affiliate investment, as appropriate.

(D) Gross additions include increases in investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and fees, and the exchange of one or more existing securities for one or more new securities.

(E) Gross reductions include decreases in investments resulting from principal collections related to investment repayments or sales, the amortization of premiums and acquisition costs, and the exchange of one or more existing securities for one or more new securities.

(F) New investment during the year ended September 30, 2022.

(G) Investment was exited/paid off during the year ended September 30, 2022.

(H) Debt security does not have a stated interest rate that is payable thereon.

(I) Interest rate percentages represent cash interest rates in effect at September 30, 2022, and due dates represent the contractual maturity date.

Unless indicated otherwise, all cash interest rates are indexed to 30-day London Interbank Offered Rate (“L”), which was 3.14% as of September 30, 2022.

If applicable, paid-in-kind interest rates are noted separately from the cash interest rates and any unused line of credit fees are excluded.

(J) Debt security has a fixed interest rate.

(K) Represents the principal balance for debt investments and the number of shares/units held for equity investments as of September 30, 2022.

Warrants are represented as a percentage of ownership, as applicable.

Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the 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.

Category percentages represent the fair value of each category and subcategory as a percentage of net assets as

of September 30, 2021.

Information related to the amount of equity in the net profit and loss for the year for the investments listed

has not been included in this schedule.

This information is not considered to be meaningful due to the complex capital structures of the portfolio companies, with different classes of equity securities outstanding with different preferences in

(L) Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the FASB Accounting Standard Codification Topic 820, “Fair Value Measurements and Disclosures” fair value hierarchy.

Refer to Note 3 —Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(M) Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of September 30, 2022.

** Information related to the amount of equity in the net profit and loss for the year for the investments listed has not been included in this schedule.

These investments are not consolidated, nor are they accounted for under the equity method of accounting.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures