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Our common stock is traded on Nasdaq under the symbol “GLAD.” The following table reflects, by quarter, the high and low intraday sales prices per share of our common stock on the Nasdaq, the high and low intraday sales prices as a percentage of NAV per share and quarterly distributions declared per common share for each fiscal quarter during the last two completed fiscal years and the current fiscal year through November 12, 2024.
−Removed: Ending Sales Prices Premium /
+Added: Sales Prices Premium /
(Discount) of
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(B) The premiums (discounts) set forth in these columns represent the high or low, as applicable, intraday sale prices per share for the relevant quarter minus the NAV per share as of the end of such quarter, and therefore may not reflect the premium (discount) to NAV per share on the date of the high and low intraday sales prices.
+Added: (C) Per share data has been adjusted on a retroactive basis to reflect 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, as described in See Note 2 — Summary of Significant Accounting Policies in the accompanying Consolidated Financial Statements included elsewhere in this Annual Report.
* Not yet available, as the NAV per share as of the end of this quarter has not yet been determined.
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This stock performance graph and the related textual information are not necessarily indicative of future performance.
+Added: Per share data has been adjusted on a retroactive basis to reflect the Reverse Stock Split effected on April 4, 2024.
S&P BDC Index
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Interest payments on borrowed funds (7)
+Added: Preferred stock dividends (8)
Other expenses (9)
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(i) assistance obtaining, sourcing or structuring credit facilities, long term loans or additional equity from unaffiliated third parties;
−Removed: (ii) negotiating important contractual financial relationships;
+Added: (ii) negotiating important contractual financial
+Added: 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;
−Removed: and (iv) primary role in
−Removed: interviewing, vetting and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members.
+Added: and (iv) primary role in interviewing, vetting and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members.
Generally, at the end of each quarter, 100.0% of the fees for such services are non-contractually, unconditionally and irrevocably credited against the base management fee that we would otherwise be required to pay to the Adviser;
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From time to time, the Adviser has non-contractually, unconditionally and irrevocably agreed to waive a portion of the incentive fees, to the extent net investment income did not cover 100.0% of the distributions to common stockholders during the period.
−Removed: There was no incentive fee credit for the quarter ended September 30, 2023.
+Added: The incentive fee credit for the quarter ended September 30, 2024 was $0.1 million.
There can be no guarantee that the Adviser will continue to credit any portion of the fees under the Advisory Agreement in the future.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations— Liquidity and Capital Resources—Notes Payable” for additional information regarding our notes payable.
+Added: (8) Includes amounts paid to preferred stockholders.
(9) Includes our overhead expenses, including payments under the Administration Agreement based on our projected allocable portion of overhead and other expenses estimated to be incurred by the Administrator in performing its obligations under the Administration Agreement for the current fiscal year.
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Additionally, we have assumed that the entire amount of such 5% annual return would constitute ordinary income as we have not historically realized positive capital gains (computed net of all realized capital losses) on our investments.
−Removed: Because the assumed 5% annual return is significantly below the hurdle rate of 7% that we must achieve under the Advisory Agreement to trigger the payment of an income-based incentive fee, we have assumed, for purposes of this example, that no income-based incentive fee would be payable if we realized a 5% annual return on our investments.
+Added: Because the assumed 5% annual return is significantly below the hurdle rate of 7%
+Added: that we must achieve under the Advisory Agreement to trigger the payment of an income-based incentive fee, we have assumed, for purposes of this example, that no income-based incentive fee would be payable if we realized a 5% annual return on our investments.
(2) While the example assumes reinvestment of all dividends and distributions at NAV, participants in our dividend reinvestment plan will receive a number of shares of our common stock, determined by dividing the total dollar amount of the dividend payable to a participant by the average cost of shares of our common stock purchased in the open market in the period beginning on or before the payment date of the distribution and ending when the plan agent has expended for such purchases all of the cash that would have been otherwise payable to participants.
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September 30, 2015 61,000,000 1,993 25.00 25.02
−Removed: September 30, 2014 61,000,000 3,054 25.00 24.45
Series 2024 Term Preferred Stock (6)
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September 30, 2024 $ 8,748,275 $ 2,373 $ 25.00 N/A
+Added: September 30, 2023 — 2,311 25.00 N/A
6.125% Notes due 2023 (7)
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September 30, 2022 150,000,000 1,904 — N/A
+Added: September 30, 2021 150,000,000 2,307 — N/A
3.75% Notes due 2027
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September 30, 2023 50,000,000 2,311 — N/A
+Added: September 30, 2022 50,000,000 1,904 — N/A
7.75% Notes due 2028
September 30, 2024 $ 57,000,000 $ 2,436 $ 25.00 $ 25.55
+Added: September 30, 2023 57,000,000 $ 2,311 25.00 25.06
(1) Total amount of each class of senior securities outstanding at the end of the period presented.
−Removed: (2) Asset coverage ratio for a class of our “senior securities representing indebtedness” means the ratio of the value of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of “senior
−Removed: securities representing indebtedness” and asset coverage ratio for a class of our “senior securities that are stock” means the ratio of the value of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of “senior securities representing indebtedness” plus the aggregate involuntary liquidation preference of a class of “senior security that is stock.” Asset coverage per unit is the asset coverage ratio expressed in terms of dollar amounts per one thousand dollars of indebtedness.
+Added: (2) Asset coverage ratio for a class of our “senior securities representing indebtedness” means the ratio of the value of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of “senior securities representing indebtedness” and asset coverage ratio for a class of our “senior securities that are stock” means the ratio of the value of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of “senior securities representing indebtedness” plus the aggregate involuntary liquidation preference of a class of “senior security that is stock.” Asset coverage per unit is the asset coverage ratio expressed in terms of dollar amounts per one thousand dollars of indebtedness.
(3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it.
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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.