What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2025-11-17 compared with 2024-11-13 · 572 added, 435 removed, 1570 unchanged (39% of the section changed)

24 unchanged sentences

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of Gladstone Capital Corporation and its subsidiaries (the “Company”) as of September 30, 2024 and 2023, and the related consolidated statements of operations, of changes in net assets and of cash flows for each of the three years in the period ended September 30, 2024, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the "consolidated financial statements").

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of Gladstone Capital Corporation and its subsidiary (the “Company”) as of September 30, 2025 and 2024, and the related consolidated statements of operations, changes in net assets and cash flows for each of the three years in the period ended September 30, 2025, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2025 and 2024, and the results of its operations, changes in its net assets and its cash flows for each of the three years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

We have also previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated statements of assets and liabilities, including the consolidated schedules of investments, of the Company as of September 30, 2023, 2022 and 2021, and the related consolidated statements of operations, changes in net assets and cash flows for the years ended September 30, 2022 and 2021 (none of which are presented herein), and we expressed unqualified opinions on those consolidated financial statements.

In our opinion, the information set forth in the Senior Securities table of the Company for each of the ten years in the period ended September 30, 2024, appearing on pages 53-54 under Item 5 of this Form 10-K, is fairly stated, in all material respects, in relation to the consolidated financial statements from which it has been derived.

In our opinion, the information set forth in the Senior Securities table of the Company for each of the five years in the period ended September 30, 2025 is fairly stated, in all material respects, in relation to the consolidated financial statements from which it has been derived.

Basis for Opinion

12 unchanged sentences

Our procedures included confirmation of securities owned as of September 30, 2025 and 2024 by correspondence with the custodian, agent banks and portfolio company investees.

when replies were not received, we performed other auditing procedures.

We believe that our audits provide a reasonable basis for our opinion.

12 unchanged sentences

/s/ PricewaterhouseCoopers LLP

Washington, District of Colombia

Washington, District of Columbia

November 17, 2025

11 unchanged sentences

108,896 37,918

Cash and cash equivalents 2,172 1,306

Restricted cash and cash equivalents 132 95

Cash equivalents 31,774 2,157

Restricted cash — 132

Interest receivable, net 5,702 5,923

4 unchanged sentences

Line of credit at fair value (Cost of $ 0 and $ 70,600 , respectively)

$ 70,600 $ 47,800

Notes payable, net of unamortized deferred financing costs of $ 2,990 and $ 3,886 , respectively

Notes payable, net of unamortized deferred financing costs and discounts of $ 8,644 and $ 2,990 , respectively

397,856 254,010

8 unchanged sentences

Preferred stock, $ 0.001 par value per share, 6,000,000 and 6,000,000 shares authorized, respectively, and 865,452 and 349,931 shares issued and outstanding, respectively

$ 19,387 $ 7,846

Common stock, $ 0.001 par value per share, 44,000,000 and 44,000,000 shares authorized, respectively, and 22,593,069 and 22,230,587 shares issued and outstanding, respectively (C)

24 unchanged sentences

Affiliate investments

— 3,799 3,523

Control investments

8 unchanged sentences

Control investments

1,105 247 303

Total PIK interest income

2 unchanged sentences

87,281 93,294 83,030

Success fee income

Dividend income

Non-Control/Non-Affiliate investments

1 unchanged sentence

Affiliate investments

Total success fee income

Control investments

Total dividend income

481 1,417 1,521

Dividend income

Prepayment fee income

Non-Control/Non-Affiliate investments

1,054 1,310 200

Control investments

Total dividend income

Affiliate investments

Total prepayment fee income

1,054 1,310 644

15 unchanged sentences

Professional fees

1,054 948 980

Other general and administrative expenses

14 unchanged sentences

55,368 1,749 9,661

Affiliate investments

Control investments

274 3,951 319

3,951 319 ( 243 )

Total net realized gain (loss)

16 unchanged sentences

BASIC AND DILUTED PER COMMON SHARE:

Net investment income (B)

Net investment income - basic (B)

$ 2.02 $ 2.11 $ 2.20

Net increase (decrease) in net assets resulting from operations (B)

Net increase (decrease) in net assets from operations - basic (B)

$ 2.56 $ 4.34 $ 2.29

Net increase (decrease) in net assets from operations - diluted (B)

$ 2.55 $ 4.34 $ 2.29

WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:

Basic and Diluted (B)

22,357,574 21,781,074 18,657,961

22,662,197 21,781,074 18,657,961

(A) Refer to Note 4— Related Party Transactions for additional information.

21 unchanged sentences

( 44,289 ) ( 43,141 ) ( 35,407 )

Distributions to common stockholders from return of capital ( $ 0.00 , $ 0.00 , and $ 0.08 per share, respectively) (A)(B)

Distributions to common stockholders from realized gains ( $ 0.50 , $ 0.00 , and $ 0.00 per share, respectively) (A)(B)

( 11,191 ) — —

50 unchanged sentences

Increase (decrease) in accounts payable and accrued expenses

( 42 ) 224 506

Increase (decrease) in interest payable

14 unchanged sentences

147,258 — 57,000

Redemption of notes payable

— — ( 38,813 )

Financing costs

18 unchanged sentences

NON-CASH ACTIVITIES (B)

— 2,416 7,489

(A) Refer to Note 4 — Related Party Transactions for additional information.

5 unchanged sentences

6.75 % senior notes in the amount of $ 2.4 million.

• In June 2022, our investment in LWO Acquisitions Company LLC was restructured, resulting in non-cash activity of $ 6.8 million and new investments in Lonestar EMS, LLC, which are listed on the accompanying Consolidated Schedule of Investments as of September 30, 2022.

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

7 unchanged sentences

Secured First Lien Debt – 107.4 %

Aerospace and Defense – 19.7 %

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

Ohio Armor Holdings, LLC – Term Debt (S + 8.0 %, 12.8 % Cash, Due 2/2026) (C)

16,563 16,563 16,563

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

SpaceCo Holdings, LLC – Term Debt (S + 6.4 %, 11.0 % Cash, Due 12/2025) (C)(H)

42,757 42,376 42,757

92,206 92,587

Beverage, Food, and Tobacco – 2.2 %

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)

Wings ‘N More Restaurants LLC – Line of Credit, $ 1,500 available (S + 6.8 %, 10.9 % Cash, Due 11/2029) (C)

Wings ‘N More Restaurants LLC – Term Debt (S + 6.8 %, 10.9 % Cash, Due 11/2029) (C)

10,500 10,500 10,710

Wings ‘N More Restaurants LLC – Delayed Draw Term Loan, $ 5,000 available (S + 6.8 %, 10.9 % Cash, Due 11/2029) (C)

10,500 10,710

5 unchanged sentences

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)

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 – Line of Credit, $ 4,500 available (S + 7.0 %, 11.0 % Cash, 0.1 % PIK, Due 1/2028) (C)

5 unchanged sentences

11,529 11,529 11,645

Torrent Photonics Holdco LLC – Term Debt (S + 9.5 %, 13.6 % Cash, Due 4/2026) (C)

Unirac Holdings, Inc.

6 unchanged sentences

14,325 14,106 14,325

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 + 6.4 %, 10.5 % Cash, Due 5/2027) (C)

3 unchanged sentences

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 + 12.6 %, 17.4 % Cash, Due 10/2027) (C)

3,000 2,925 3,008

DKI Ventures, LLC – Line of Credit, $ 25 available ( 9.0 % Cash, Due 12/2025) (E)(F)

DKI Ventures, LLC – Term Debt ( 9.0 % Cash, Due 12/2025) (E)(F)

5,915 5,915 2,684

ENET Holdings, LLC – Line of Credit, $ 2,500 available (S + 7.3 %, 12.1 % Cash, Due 4/2025) (C)

ENET Holdings, LLC – Term Debt (S + 7.3 %, 12.1 % Cash, Due 4/2028) (C)

22,289 22,289 21,973

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2024

(DOLLAR AMOUNTS IN THOUSANDS)

Company and Investment (A)(B)(K)(Q)

Cost Fair Value

Fix-It Group, LLC – Line of Credit, $ 3,000 available (S + 7.1 %, 11.9 % Cash, Due 12/2026) (C)

Fix-It Group, LLC – Term Debt (S + 7.1 %, 11.9 % Cash, Due 12/2026) (C)

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

Fix-It Group, LLC – Delayed Draw Term Loan, $ 0 available (S + 7.1 %, 11.9 % Cash, Due 12/2026) (C)

Axios Industrial Group, LLC – Term Debt ( 18.0 % PIK, Due 10/2027) (C)(F)

2,598 2,598 2,509

Leadpoint Business Services, LLC – Term Debt (S + 8.5 %, 13.3 % Cash, Due 2/2028) (C)

Leadpoint Business Services, LLC – Term Debt (S + 8.5 %, 12.6 % Cash, Due 2/2028) (C)(U)

28,117 28,117 28,398

MCG Energy Solutions, LLC – Term Debt (S + 7.6 %, 12.4 % Cash, 3.5 % PIK, Due 3/2026) (E)

MASSiv Brands, LLC – Term Debt ( 10.0 % Cash, 5.0 % PIK, Due 7/2030) (C)(F)

25,313 25,313 25,313

Quality Environmental Midco, Inc.

– Line of Credit, $ 3,000 available ( 12.0 % Cash, Due 11/2028) (C)(F)

– Line of Credit, $ 3,000 available ( 12.0 % Cash, 0.8 % PIK, Due 11/2028) (C)(F)

Quality Environmental Midco, Inc.

– Term Debt ( 12.0 % Cash, Due 11/2028) (C)(F)

– Term Debt ( 12.0 % Cash, 0.8 % PIK, Due 11/2028) (C)(F)

13,008 13,008 13,269

RF Technologies, LLC – Line of Credit, $ 3,500 available (S + 6.3 %, 10.4 % Cash, Due 6/2030) (C)

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)

2 unchanged sentences

Total Access Elevator, LLC – Delayed Draw Term Loan, $ 0 available (S + 6.5 %, 10.6 % Cash, Due 4/2029) (C)

WorkforceQA, LLC – Line of Credit, $ 800 available (S + 6.5 %, 11.3 % Cash, Due 12/2026) (C)

1,600 1,600 1,600

WorkforceQA, LLC – Term Debt (S + 6.5 %, 11.3 % Cash, Due 12/2026) (C)

WorkforceQA, LLC – Line of Credit, $ 900 available (S + 6.5 %, 10.6 % Cash, Due 12/2026) (C)

1,100 1,100 1,100

6 unchanged sentences

30,360 30,310 30,360

HH-Inspire Acquisition, Inc.

– Line of Credit, $ 110 available (S + 8.0 %, 12.8 % Cash, Due 4/2028) (C)(H)

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

HH-Inspire Acquisition, Inc.

– Term Debt (S + 8.0 %, 12.8 % Cash, Due 4/2028) (C)(H)

Freedom Dental Management, Inc.

– Term Debt (S + 7.3 %, 11.4 % Cash, Due 6/2030) (C)

15,000 15,000 15,300

HH-Inspire Acquisition, Inc.

– Term Debt (S + 8.0 %, 12.8 % Cash, Due 4/2028) (C)(H)

Giving Home Health Care, LLC – Term Debt (S + 6.3 %, 10.4 % Cash, Due 4/2029) (C)

34,924 34,859 35,252

Technical Resource Management, LLC – Line of Credit, $ 1,000 available (S + 8.0 %, 12.8 % Cash, Due 4/2028) (C)

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(DOLLAR AMOUNTS IN THOUSANDS)

Company and Investment (A)(B)(K)(Q)

Cost Fair Value

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

Technical Resource Management, LLC – Term Debt (S + 8.0 %, 12.8 % Cash, 2.5 % PIK, Due 4/2028) (C)

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

2 unchanged sentences

17,500 17,500 17,500

Vet's Choice Radiology LLC (S) – Term Debt (S + 8.0 %, 12.1 % Cash, Due 12/2027) (C)

42,750 42,750 43,098

208,085 208,749

Home and Office Furnishings, Housewares and Durable Consumer Products – 6.2 %

Foodservices Brand Group, LLC – Line of Credit, $ 10,000 available (S + 6.5 %, 10.6 % Cash, Due 8/2029) (C)

Foodservices Brand Group, LLC – Term Debt (S + 6.5 %, 10.6 % Cash, Due 8/2029) (C)

30,000 30,000 30,000

30,000 30,000

Machinery – 3.6 %

8 unchanged sentences

B+T Group Acquisition, Inc.

(S) – Line of Credit, $ 0 available (S + 2.0 %, 7.0 % Cash, Due 12/2026) (E)(P)

(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)

(S) – Line of Credit, $ 0 available (S + 2.0 %, 7.0 % Cash, Due 12/2026) (E)

B+T Group Acquisition, Inc.

(S) – Term Debt (S + 2.0 %, 7.0 % Cash, Due 12/2026) (E)(P)

(S) – Term Debt (S + 2.0 %, 7.0 % Cash, Due 12/2026) (E)

6,000 6,000 2,542

10 unchanged sentences

Beverage, Food, and Tobacco – 3.8 %

8th Avenue Food & Provisions, Inc.

– Term Debt (S + 7.9 %, 12.7 % Cash, Due 10/2026) (D)

Dutch Gold Honey, Inc.

(S) – Term Debt (S + 7.5 %, 11.6 % Cash, Due 8/2030) (C)

18,000 18,000 18,184

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2024

(DOLLAR AMOUNTS IN THOUSANDS)

Company and Investment (A)(B)(K)(Q)

Cost Fair Value

Cargo Transportation – 4.1 %

1 unchanged sentence

20,000 20,000 20,000

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 – 7.8 %

4 unchanged sentences

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

Diversified/Conglomerate Service – 3.2 %

Perimeter Solutions Group – Term Debt (S + 8.5 %, 13.3 % Cash, Due 2/2029) (C)(U)

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 %

5 unchanged sentences

Frontier Financial Group Inc.

– Convertible Debt ( 6.0 % Cash, Due 6/2022) (E)(F)

– Convertible Debt ( 6.0 %, Due 6/2022) (E)(F)

$ 198 $ 198 $ 17

Preferred Equity – 3.5 %

4 unchanged sentences

Beverage, Food, and Tobacco – 0.0 %

Salt & Straw, LLC – Preferred Equity (E)(G)

7,000,000 7,000 9,450

Triple H Food Processors, LLC – Preferred Stock (E)(G)

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(DOLLAR AMOUNTS IN THOUSANDS)

Company and Investment (A)(B)(K)(Q)

Cost Fair Value

Buildings and Real Estate – 0.0 %

9 unchanged sentences

– Preferred Stock Warrant (E)(G)

MCG Energy Solutions, LLC – Preferred Stock (E)(G)

7,000,000 7,000 9,954

Quality Environmental Midco, Inc.

1 unchanged sentence

3,000,000 3,000 2,720

10,500 13,536

Healthcare, Education, and Childcare – 1.8 %

2 unchanged sentences

1,681,949 2,604 2,290

Oil and Gas – 0.5 %

FES Resources Holdings LLC – Preferred Equity Units (E)(G)

Pan-Am Dental, LLC – Preferred Stock (E)(G)

5,909,091 5,909 6,285

Oil and Gas – 0.5 %

Imperative Holdings Corporation – Preferred Equity Units (E)(G)

7 unchanged sentences

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)

4 unchanged sentences

Beverage, Food, and Tobacco – 1.6 %

Dutch Gold Honey, Inc.

(S) – Common Stock (E)(G)

900,000 900 3,333

Salt & Straw, LLC – Common Warrant (E)(G)

Sokol & Company Holdings, LLC – Common Stock (E)(G)

Sokol & Company Holdings, LLC – Common Stock (E)(G)(U)

450,000 450 2,240

1 unchanged sentence

250,000 250 2,147

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2024

(DOLLAR AMOUNTS IN THOUSANDS)

Company and Investment (A)(B)(K)(Q)

Cost Fair Value

Buildings and Real Estate – 0.0 %

1 unchanged sentence

Diversified/Conglomerate Manufacturing – 0.5 %

Engineering Manufacturing Technologies, LLC – Common Stock (E)(G)

6,000 3,000 —

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)

Diversified/Conglomerate Service – 0.4 %

Total Access Elevator, LLC – Common Equity (E)(G)

Total Access Elevator, LLC – Common Stock (E)(G)

750,000 750 1,500

1 unchanged sentence

Healthcare, Education, and Childcare – 1.5 %

Giving Home Health Care, LLC – Warrant (E)(G)

Giving Home Health Care, LLC – Common Stock (E)(G)

10,667 — 5,333

2 unchanged sentences

Leeds Novamark Capital I, L.P.

– Limited Partnership Interest ($ 843 uncalled capital commitment) (G)(L)(R)

Technical Resource Management, LLC – Common Stock (E)(G)

2,000,000 2,000 34

– Limited Partnership Interest ($ 843 uncalled capital commitment) (D)(G)(L)

Machinery – 1.9 %

2 unchanged sentences

Oil and Gas – 0.0 %

FES Resources Holdings LLC – Common Equity Units (E)(G)

Total Safety Holdings, LLC – Common Equity (E)(G)

7 unchanged sentences

Diversified/Conglomerate Manufacturing – 2.6 %

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(DOLLAR AMOUNTS IN THOUSANDS)

Company and Investment (A)(B)(K)(Q)

Cost Fair Value

Edge Adhesives Holdings, Inc.

1 unchanged sentence

$ 6,140 $ 6,140 $ 513

Zero Case Holding Inc.

– Line of Credit, $ 4,000 available (S + 6.4 %, 10.5 % Cash, Due 7/2030) (E)

Zero Case Holding Inc.

– Term Debt (S + 6.4 %, 10.5 % Cash, Due 7/2030) (E)

12,000 12,000 12,000

18,140 12,513

Personal, Food, and Miscellaneous Services – 4.6 %

Snif-Snax, LLC – Term Debt (S + 6.7 %, 10.8 % Cash, Due 7/2030) (C)(H)

22,200 22,200 22,200

Total Secured First Lien Debt $ 40,340 $ 34,713

Preferred Equity – 2.0 %

6 unchanged sentences

3,840,000 3,840 6,914

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 %

3 unchanged sentences

Common Equity – 2.0 %

Diversified/Conglomerate Manufacturing – 0.2 %

Zero Case Holding Inc.

– Common Stock (E)(G)

1,000 $ 1,000 $ 1,000

Finance – 1.1 %

Gladstone Alternative Income Fund – Common Stock (D)(G)

500,000 5,000 5,075

Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.8 %

1 unchanged sentence

1,170,370 800 3,703

Total Common Equity $ 6,800 $ 9,778

Total Affiliate Investments $ 58,446 $ 53,911

1 unchanged sentence

Secured First Lien Debt – 14.5 %

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 %, 15.3 % Cash, Due 11/2026) (E)(P)

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 %, 15.3 % Cash, Due 11/2026) (E)(P)

WB Xcel Holdings, LLC – Term Debt (S + 10.5 %, 14.6 % Cash, Due 11/2026) (E)

9,775 9,775 5,997

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.

5 unchanged sentences

Cost Fair Value

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 $ 18,655 $ 13,896

Secured Second Lien Debt – 3.9 %

3 unchanged sentences

$ 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)

$ 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 $ —

Total Preferred Equity $ 7,750 $ 5,000

Common Equity – 3.1 %

3 unchanged sentences

33,321 $ 581 $ —

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

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 — —

Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0 %

WB Xcel Holdings, LLC – Common Warrant (E)(G)

WB Xcel Holdings, LLC – Common Units (E)(G)

Printing and Publishing – 1.2 %

5 unchanged sentences

$ 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.

1 unchanged sentence

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, our investment in Leeds Novamark Capital I, L.P.

(“Leeds”) is considered a non-qualifying asset under Section 55 of the 1940 Act.

Such non-qualifying assets represent less than 0.1 % of total investments, at fair value, as of September 30, 2024.

As of September 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 0.6 % of total investments, at fair value, as of September 30, 2025.

(B) Unless indicated otherwise, all cash interest rates are indexed to one-month Secured Overnight Financing Rate (“SOFR” or “S”), which was 4.13 % as of September 30, 2025.

4 unchanged sentences

(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 indicative bid price on or near September 30, 2024, offered by the respective syndication agent’s trading desk.

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

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

(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.

1 unchanged sentence

(G) Security is non-income producing.

(H) The cash interest rate on this investment was indexed to 90-day SOFR, which was 4.59 % as of September 30, 2024.

(H) The Company has entered into an agreement that entitles it to the “last out” tranche of the first lien secured loan, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, 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.

7 unchanged sentences

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

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

(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 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.

(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.

(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.

1 unchanged sentence

cumulative gross unrealized appreciation for federal income tax purposes is $ 34.1 million.

Cumulative net unrealized appreciation is $ 19.7 million, based on a tax cost of $ 776.5 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.

11 unchanged sentences

Antenna Research Associates, Inc.

– Term Debt (S + 10.0 %, 15.3 % Cash, 4.0 % PIK, Due 11/2026) (E)

– Term Debt (S + 10.0 %, 14.8 % Cash, 4.0 % PIK, Due 11/2026) (E)(U)

$ 31,267 $ 31,267 $ 31,267

1 unchanged sentence

16,563 16,563 16,563

SpaceCo Holdings, LLC – Line of Credit, $ 550 available (S + 7.2 %, 12.5 % Cash, Due 12/2025) (C)(U)

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

SpaceCo Holdings, LLC – Term Debt (S + 7.2 %, 12.5 % Cash, Due 12/2025) (C)(U)

SpaceCo Holdings, LLC – Term Debt (S + 6.4 %, 11.0 % Cash, Due 12/2025) (C)(H)

42,757 42,376 42,757

2 unchanged sentences

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)

3 unchanged sentences

Eegee’s LLC – Line of Credit, $ 500 available (S + 7.8 %, 12.6 % Cash, Due 6/2026) (C)

Eegee’s LLC – Delayed Draw Term Loan, $ 4,500 available (S + 7.8 %, 13.1 % Cash, Due 6/2026) (C)

1,500 1,500 1,135

Eegee’s LLC – Term Debt (S + 7.8 %, 13.1 % Cash, Due 6/2026) (C)

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)

10 unchanged sentences

Diversified/Conglomerate Manufacturing – 24.2 %

Engineering Manufacturing Technologies, LLC – Line of Credit, $ 3,000 available (S + 8.3 %, 13.6 % Cash, Due 10/2026) (C)

Engineering Manufacturing Technologies, LLC – Term Debt (S + 8.3 %, 13.6 % Cash, Due 10/2026) (C)

Engineering Manufacturing Technologies, LLC – Line of Credit, $ 3,000 available (S + 8.3 %, 13.1 % Cash, Due 10/2026) (E)

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

4 unchanged sentences

18,500 18,500 18,685

Salvo Technologies, Inc.

– Term Debt (S + 9.5 %, 14.8 % Cash, Due 4/2027) (C)

Torrent Photonics Holdco LLC – Term Debt (S + 9.5 %, 14.3 % Cash, Due 4/2027) (C)

12,149 12,128 12,265

14 unchanged sentences

11,325 11,301 11,357

DKI Ventures, LLC – Line of Credit, $ 170 available ( 9.0 % Cash, Due 12/2025) (C)(F)

DKI Ventures, LLC – Term Debt ( 9.0 % Cash, Due 12/2025) (C)(F)

5,915 5,915 3,253

ENET Holdings, LLC – Term Debt (S + 8.3 %, 13.6 % Cash, Due 4/2025) (C)

Axios Industrial Group, LLC – Term Debt (S + 12.6 %, 17.4 % Cash, Due 10/2027) (C)

3,000 2,925 3,008

Fix-It Group, LLC – Line of Credit, $ 2,500 available (S + 8.1 %, 13.4 % Cash, Due 12/2026) (C)

Fix-It Group, LLC – Term Debt (S + 8.1 %, 13.4 % Cash, Due 12/2026) (C)

DKI Ventures, LLC – Line of Credit, $ 25 available ( 9.0 % Cash, Due 12/2025) (E)(F)

DKI Ventures, LLC – Term Debt ( 9.0 % Cash, Due 12/2025) (E)(F)

5,915 5,915 2,684

Fix-It Group, LLC – Delayed Draw Term Loan, $ 0 available (S + 8.1 %, 13.4 % Cash, Due 12/2026) (C)

ENET Holdings, LLC – Line of Credit, $ 2,500 available (S + 7.3 %, 12.1 % Cash, Due 4/2025) (C)

ENET Holdings, LLC – Term Debt (S + 7.3 %, 12.1 % Cash, Due 4/2028) (C)

22,289 22,289 21,973

6 unchanged sentences

Cost Fair Value

Fix-It Group, LLC – Line of Credit, $ 3,000 available (S + 7.1 %, 11.9 % Cash, Due 12/2026) (C)

Fix-It Group, LLC – Term Debt (S + 7.1 %, 11.9 % Cash, Due 12/2026) (C)

13,324 13,324 13,457

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

Leadpoint Business Services, LLC – Term Debt (S + 8.5 %, 13.3 % Cash, Due 2/2028) (C)

25,500 25,475 26,010

MCG Energy Solutions, LLC – Term Debt (S + 7.6 %, 12.9 % Cash, 3.5 % PIK, Due 3/2026) (C)

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

Trowbridge Chicago, LLC – Line of Credit, $ 2,000 available (S + 7.0 %, 12.3 % Cash, Due 6/2029) (C)

Trowbridge Chicago, LLC – Term Debt (S + 7.0 %, 12.3 % Cash, Due 6/2029) (C)

Quality Environmental Midco, Inc.

– Line of Credit, $ 3,000 available ( 12.0 % Cash, Due 11/2028) (C)(F)

Quality Environmental Midco, Inc.

– Term Debt ( 12.0 % Cash, Due 11/2028) (C)(F)

13,000 13,000 13,390

Total Access Elevator, LLC – Line of Credit, $ 3,000 available (S + 6.9 %, 11.7 % Cash, Due 4/2029) (C)

Total Access Elevator, LLC – Term Debt (S + 6.9 %, 11.7 % Cash, Due 4/2029) (C)

6,500 6,500 6,695

Total Access Elevator, LLC – Delayed Draw Term Loan, $ 2,500 available (S + 6.9 %, 11.7 % Cash, Due 4/2029) (C)

WorkforceQA, LLC – Line of Credit, $ 800 available (S + 6.5 %, 11.3 % Cash, Due 12/2026) (C)

WorkforceQA, LLC – Term Debt (S + 8.4 %, 13.7 % Cash, Due 12/2026) (C)(H)

1,200 1,200 1,200

WorkforceQA, LLC – Term Debt (S + 9.3 %, 14.6 % Cash, Due 12/2026) (C)(H)

WorkforceQA, LLC – Term Debt (S + 6.5 %, 11.3 % Cash, Due 12/2026) (C)

16,306 16,286 16,306

WorkforceQA, LLC – Term Debt (S + 7.5 %, 12.3 % Cash, Due 12/2026) (C)

2,406 2,403 2,406

148,013 145,716

Healthcare, Education, and Childcare – 20.2 %

3 unchanged sentences

HH-Inspire Acquisition, Inc.

– Line of Credit, $ 478 available (S + 8.0 %, 13.4 % Cash, Due 4/2028) (C)(U)

– 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 %, 13.4 % Cash, Due 4/2028) (C)(U)

– 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 %, 13.4 % Cash, Due 4/2028) (C)(U)

3,225 3,225 3,197

Pansophic Learning, Ltd.

– Term Debt (S + 7.5 %, 12.9 % Cash, Due 3/2027) (C)(U)

28,000 27,968 27,965

Pansophic Learning, Ltd.

– Term Debt (S + 7.5 %, 12.9 % Cash, Due 3/2027) (C)(U)

– Term Debt (S + 8.0 %, 12.8 % Cash, Due 4/2028) (C)(H)

3,193 3,193 3,102

1 unchanged sentence

2,000 2,000 2,008

Technical Resource Management, LLC – Term Debt (S + 8.0 %, 13.3 % Cash, Due 4/2028) (C)

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

Technical Resource Management, LLC – Delayed Draw Term Loan, $ 2,500 available (S + 8.0 %, 13.3 % Cash, Due 4/2028) (C)

Turn Key Health Clinics, LLC – Line of Credit, $ 4,000 available (S + 7.3 %, 12.1 % Cash, Due 6/2026) (C)

3 unchanged sentences

Machinery – 3.6 %

Arc Drilling Holdings LLC – Line of Credit, $ 1,000 available (S + 11.5 %, 10.5 % Cash, 6.3 % PIK, Due 2/2024) (C)

Arc Drilling Holdings LLC – Term Debt (S + 11.5 %, 10.5 % Cash, 6.3 % PIK, Due 2/2024) (C)

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 – Term Debt (S + 7.0 %, 11.8 % Cash, Due 9/2029) (C)

16,000 16,000 16,000

17,000 17,000

Oil and Gas – 0.0 %

FES Resources Holdings LLC – Term Debt ( 4.5 % Cash, Due 12/2024) (E)(F)

Telecommunications – 0.5 %

B+T Group Acquisition, Inc.

(S) – Line of Credit, $ 0 available (S + 2.0 %, 7.3 % Cash, Due 12/2024) (C)

(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) – Term Debt (S + 2.0 %, 7.3 % Cash, Due 12/2024) (C)

(S) – Line of Credit, $ 127 available (S + 2.0 %, 7.0 % Cash, Due 6/2025) (E)(P)

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

13 unchanged sentences

3,683 3,683 3,241

Diversified/Conglomerate Manufacturing – 8.9 %

OCI, LLC – Term Debt ( 7.0 % Cash, 7.0 % PIK, Due 11/2028) (C)(F)

2,012 2,012 1,992

Springfield, Inc.

– Term Debt (S + 10.1 %, 15.4 % Cash, Due 12/2026) (C)

30,000 30,000 29,850

Tailwind Smith Cooper Intermediate Corporation – Term Debt (S + 9.0 %, 14.4 % Cash, Due 5/2027) (D)(U)

5,000 4,856 4,294

36,868 36,136

Diversified/Conglomerate Service – 4.0 %

CHA Holdings, Inc.

– Term Debt (S + 9.0 %, 14.4 % Cash, Due 4/2026) (D)(U)

3,000 2,974 2,820

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

5 unchanged sentences

Cost Fair Value

Gray Matter Systems, LLC – Term Debt ( 12.0 % Cash, 2.0 % PIK, Due 12/2026) (C)(F)

Cargo Transportation – 4.3 %

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 – Delayed Draw Term Loan, $ 5,000 available (S + 7.7 % 12.5 % Cash, Due 11/2029) (C)

20,000 20,200

Healthcare, Education, and Childcare – 7.1 %

Giving Home Health Care, LLC – Term Debt ( 12.5 % Cash, Due 2/2028) (C)(F)

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 %

12 unchanged sentences

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)

3 unchanged sentences

Diversified/Conglomerate Manufacturing – 0.1 %

Salvo Technologies, Inc.

– Preferred Stock (E)(G)

Torrent Photonics Holdco LLC – Preferred Stock (E)(G)

2,650 2,650 552

6 unchanged sentences

7,000,000 7,000 9,954

Trowbridge Chicago, LLC – Preferred Stock (E)(G)

Quality Environmental Midco, Inc.

– Preferred Equity (E)(G)

3,000,000 3,000 3,582

10,500 13,536

Healthcare, Education, and Childcare – 0.2 %

15 unchanged sentences

Antenna Research Associates, Inc.

– Common Equity Units (E)(G)

– Common Equity Units (E)(G)(U)

4,283 4,283 59,423

10 unchanged sentences

250,000 250 1,346

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2024

(DOLLAR AMOUNTS IN THOUSANDS)

Company and Investment (A)(B)(K)(Q)

Cost Fair Value

Buildings and Real Estate – 0.0 %

7 unchanged sentences

Diversified/Conglomerate Service – 0.3 %

Total Access Elevator, LLC – Common Equity (E)(G)

750,000 750 1,234

WorkforceQA, LLC – Common Stock (E)(G)

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2023

(DOLLAR AMOUNTS IN THOUSANDS)

Company and Investment (A)(B)(K)(Q)

Cost Fair Value

Healthcare, Education, and Childcare – 1.2 %

13 unchanged sentences

Total Safety Holdings, LLC – Common Equity (E)(G)

Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0 %

Funko Acquisition Holdings, LLC (S) – Common Units (G)(T)

Telecommunications – 0.0 %

29 unchanged sentences

Diversified/Conglomerate Manufacturing – 0.9 %

Lonestar EMS, LLC – Term Debt ( 8.0 % PIK, Due 6/2027) (E)(F)

Lonestar EMS, LLC – Term Debt ( 12.0 % Cash, Due 6/2027) (E)(F)

4,200 4,130 4,200

Personal and Non-Durable Consumer Products (Manufacturing Only) – 2.1 %

WB Xcel Holdings, LLC – Line of Credit, $ 32 available (S + 10.5 %, 15.8 % Cash, Due 11/2026) (E)

1,468 1,468 1,468

WB Xcel Holdings, LLC – Term Debt (S + 10.5 %, 15.8 % Cash, Due 11/2026) (E)

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

WB Xcel Holdings, LLC – Term Debt (S + 10.5 %, 15.3 % Cash, Due 11/2026) (E)(P)

9,775 9,775 6,525

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2024

(DOLLAR AMOUNTS IN THOUSANDS)

Company and Investment (A)(B)(K)(Q)

Cost Fair Value

Printing and Publishing – 0.0 %

8 unchanged sentences

Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0 %

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

GLADSTONE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2023

(DOLLAR AMOUNTS IN THOUSANDS)

Company and Investment (A)(B)(K)(Q)

Cost Fair Value

WB Xcel Holdings, LLC – Preferred Stock (E)(G)

8 unchanged sentences

100.0 % 6,750 8,214

Machinery – 0.1 %

PIC 360, LLC – Common Equity Units (E)(G)

Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0 %

WB Xcel Holdings, LLC – Common Warrant (E)(G)

Printing and Publishing – 0.9 %

3 unchanged sentences

Total Control Investments $ 37,784 $ 37,918

TOTAL INVESTMENTS (V) – 172.5 %

TOTAL INVESTMENTS (T) – 169.1 %

$ 771,011 $ 796,260

CASH EQUIVALENTS - 0.5 %

Dreyfus Treasury Obligations Cash Management Fund ( 4.58 % market yield) (V)

$ 2,157 $ 2,157 $ 2,157

Total Cash Equivalents $ 2,157 $ 2,157

TOTAL INVESTMENTS AND CASH EQUIVALENTS - 169.6 %

$ 773,168 $ 798,417

(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 $ 714.4 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.

As of September 30, 2023, our investments in Leeds Novamark Capital I, L.P.

(“Leeds”) and Funko Acquisition Holdings, LLC (“Funko”) are considered non-qualifying assets under Section 55 of the 1940 Act.

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 September 30, 2024, our investment in Leeds is considered a non-qualifying asset under Section 55 of the 1940 Act.

Such non-qualifying assets represent less than 0.1 % of total investments, at fair value, as of September 30, 2024.

(B) Unless indicated otherwise, all cash interest rates are indexed to one-month Secured Overnight Financing Rate (“SOFR” or “S”), which was 5.32 % as of September 30, 2023.

If applicable, paid-in-kind (“PIK”) interest rates are noted separately from the cash interest rate.

(B) Unless indicated otherwise, all cash interest rates are indexed to one-month SOFR, which was 4.85 % as of September 30, 2024.

If applicable, PIK interest rates are noted separately from the cash interest rate.

Certain securities are subject to an interest rate floor.

6 unchanged sentences

(G) Security is non-income producing.

(H) The Company has entered into an agreement that entitles it to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder.

(H) The cash interest rate on this investment was indexed to 90-day SOFR, which was 4.59 % as of September 30, 2024.

(I) Represents the principal balance for debt investments and the number of shares/units held for equity investments.

5 unchanged sentences

(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.

(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 ASC 820 fair value hierarchy.

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

2 unchanged sentences

Securities and Exchange Commission.

(T) Our investment in Funko was valued using Level 2 inputs within ASC 820 of the fair value hierarchy.

Our common units in Funko are convertible to class A common stock in Funko, Inc.

upon meeting certain requirements.

Fair value was based on the closing market price of

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

shares of Funko, Inc.

as of the reporting date, less a discount for lack of marketability.

is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(U) The cash interest rate on this investment was indexed to 90-day SOFR, which was 5.40 % as of September 30, 2023.

(V) Cumulative gross unrealized depreciation for federal income tax purposes is $ 56.9 million;

(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 depreciation is $ 23.2 million, based on a tax cost of $ 728.0 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.

(V) 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.

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

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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.

The terms “the Company,” “we,” “our” and “us” all refer to Gladstone Capital Corporation and its consolidated 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”).

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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 is carried at cost, which approximates fair value.

We place our cash with financial institutions, and at times, cash held in checking accounts may exceed the Federal Deposit Insurance Corporation insured limit.

Cash and cash equivalents are carried at cost, which approximates fair value.

We place our funds with financial institutions, and at times, cash held in checking 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.

Investments in money market funds represent Level 1 investments within the FASB ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy.

Restricted Cash and Cash Equivalents

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Accounting Recognition

We record our investments at fair value in accordance with the FASB ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) and the 1940 Act.

We record our investments at fair value in accordance with ASC 820 and the 1940 Act.

Investment transactions are recorded on the trade date.

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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.

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;

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• 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.

Any invested capital that is not yet reflected in the NAV provided by the fund is valued at par value.

The Valuation Team may also determine fair value of our investments in other investment funds based on the capital accounts of the underlying entity.

ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without 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:

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As of September 30, 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 $ 28.8 million, or 3.6 % of the cost basis of all debt investments in our portfolio, and a fair value of $ 13.0 million, or 1.7 % of the fair value of all debt investments in our portfolio.

As of September 30, 2023, our loan to Edge Adhesives Holdings, Inc.

was on non-accrual status with a cost basis of $ 6.1 million, or 0.9 % of the cost basis of all debt investments in our portfolio, and a fair value of $ 2.9 million, or 0.5 % of the fair value of all debt investments in our portfolio.

As of September 30, 2024, 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 $ 28.3 million, or 4.1 % of the cost basis of all debt investments in our portfolio, and a fair value of $ 12.8 million, or 1.9 % 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.

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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 September 30, 2024 and 2023, we held two and four OID loans, respectively.

As of each of September 30, 2025 and 2024, we held two OID loans.

We recorded OID income of $ 0.4 million, $ 0.4 million, and $ 0.2 million during the years ended September 30, 2025, 2024, and 2023, respectively.

The unamortized balance of OID investments as of September 30, 2025 and 2024 totaled $ 0.2 million and $ 0.6 million, respectively.

As of each of September 30, 2024 and 2023, we had eight investments which had a PIK interest component.

As of September 30, 2025 and 2024, we had nine and eight investments which had a PIK interest component, respectively.

We recorded PIK interest income of $ 5.0 million, $ 5.7 million, and $ 3.6 million during the years ended September 30, 2025, 2024, and 2023, respectively.

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Related Party Fees

We are party to the Advisory Agreement with the Adviser, which is indirectly owned and controlled by our chairman and chief executive officer.

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.

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purchases shares in the open market in connection with the obligations under the plan.

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.

Recent Accounting Pronouncements

In June 2022, the FASB issued Accounting Standards Update 2022-03, “Fair Value Measurement (Topic 820):

Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”), which clarifies the measurement and presentation of fair value for equity securities subject to contractual restrictions that prohibit the sale of the equity security.

ASU 2022-03 is effective for annual reporting periods beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted.

Our early adoption of ASU 2022-03 did not have a material impact on our financial position, results of operations or cash flows.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures” which was issued to enhance the transparency and decision usefulness of income tax disclosures.

The new guidance is effective for annual periods beginning after December 15, 2024.

The Company evaluated the impact of the new standard on the Company’s consolidated financial statements and related disclosures and does not believe it will have a material impact on its consolidated financial statements or its disclosure.

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.

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Investments in funds measured using NAV as a practical expedient are not categorized within the fair value hierarchy.

As of September 30, 2024, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in Leeds Novamark Capital I, L.P.

(“Leeds”), which was valued using NAV as a practical expedient.

As of September 30, 2023, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in Funko Acquisition Holdings, LLC (“Funko”), which was valued using Level 2 inputs, and our investment in Leeds, which was valued using NAV as a practical expedient.

As of September 30, 2025, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investments in money market funds, which were valued using Level 1 inputs and our investments in Gladstone Alternative Income Fund (“Gladstone Alternative”) and Leeds Novamark Capital I, L.P.

(“Leeds”), which were valued using NAV as a practical expedient.

As of September 30, 2024, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investments in money market funds, which were valued using Level 1 inputs and our investment in Leeds, which was 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.

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Fair Value Measurements

Fair Value Quoted Prices

Identical Assets

(Level 1) Significant

(Level 2) Significant

Quoted Prices in

Active Markets

for Identical

As of September 30, 2025:

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Preferred equity

31,346 — — 31,346

Common equity/equivalents

Total Investments as of September 30, 2024:

— 49,553 49,553

Fair Value Fair Value Measurements

Quoted Prices

Identical Assets

(Level 1) Significant

(Level 2) Significant

$ — $ — $ 854,013 $ 854,013

Investments measured at NAV (A)

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

Fair Value Measurements

Quoted Prices in

Active Markets

for Identical

As of September 30, 2024:

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Preferred equity

26,855 — — 26,855

Common equity/equivalents

Total Investments as of September 30, 2023:

— 96,191 96,191

(A) Excludes our investment in Leeds with a fair value of $ 38 thousand and $ 0.2 million as of September 30, 2024 and 2023, respectively.

Leeds was valued using NAV as a practical expedient.

(B) Fair value was determined based on the closing market price of shares of Funko, Inc.

(our units in Funko can be converted into common shares of Funko, Inc.) at the reporting date less a discount for lack of marketability as our investment was subject to certain restrictions.

$ — $ — $ 796,222 $ 796,222

Investments measured at NAV (A)

Total Investments

$ — $ — $ 796,222 $ 796,260

Cash Equivalents

2,157 — — 2,157

Total Investments and Cash Equivalents as of September 30, 2024

$ 2,157 $ — $ 796,222 $ 798,417

(A) Includes our investments in Gladstone Alternative and Leeds as of September 30, 2025 and our investment in Leeds as of September 30, 2024.

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 annual report.

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 September 30, 2025 and 2024 by caption on our accompanying Consolidated Statements of Assets and Liabilities, and by security type:

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Secured second lien debt 18,792 8,547

Unsecured debt 316 —

Preferred equity 5,000 —

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Total Investments at Fair Value Using Level 3 Inputs $ 854,013 $ 796,222

(A) Excludes our investment in Leeds with fair value of $ 38 thousand as of September 30, 2024.

Leeds was valued using NAV as a practical expedient.

(B) Excludes our investments in Leeds and Funko with fair values of $ 0.2 million and $ 22 thousand, respectively, as of September 30, 2023.

Leeds was valued using NAV as a practical expedient, and Funko was valued using Level 2 inputs.

(A) 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.

(B) Excludes our investment in Leeds with a fair value of $ 38 thousand as of September 30, 2024, which was 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 September 30, 2025 and 2024.

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12.2 %— 16.0 % / 14.1 %

3,241 9,609 Market Quote IBP 88.0 %– 88.0 % / 88.0 %

67.8 %– 94.0 % / 82.2 %

— 3,241 Market Quote IBP N/A 88.0 %– 88.0 % / 88.0 %

8,792 8,547 TEV EBITDA multiple 5.4 x– 5.4 x / 5.4 x

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$ 3,343 –$ 3,343 / $ 3,343

Unsecured debt 32 24 TEV Revenue multiple 1.0 x– 1.0 x / 1.0 x

Unsecured debt 333 32 TEV EBITDA multiple 8.0 x– 8.0 x / 8.0 x

0.0 x– 0.0 x / 0.0 x

EBITDA $ 3,804 –$ 3,804 / $ 3,804

$ 0 –$ 0 / $ 0

Revenue multiple 0.9 x– 0.9 x / 0.9 x

1.0 x– 1.0 x / 1.0 x

Revenue $ 4,846 –$ 4,846 / $ 4,846

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Total Level 3 Investments, at Fair Value $ 854,013 $ 796,222

(A) Fair value as of September 30, 2024 excludes our investment in Leeds with fair value of $ 38 thousand.

Fair value as of September 30, 2023 excludes our investments in Leeds and Funko with fair values of $ 0.2 million and $ 22 thousand, respectively.

Leeds was valued using NAV as a practical expedient as of both September 30, 2024 and 2023, and Funko was valued using Level 2 inputs as of September 30, 2023.

(A) 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 as of September 30, 2024 excludes our investment in Leeds with a fair value of $ 38 thousand, which was valued using NAV as a practical expedient.

Fair value measurements can be sensitive to changes in one or more of the valuation inputs.

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The following significant proprietary investment transactions occurred during the year ended September 30, 2025:

• In November 2023, we invested $ 11.0 million in Quality Environmental Midco, Inc.

(“Quality”) through secured first lien debt and preferred equity.

We also extended Quality a $ 2.0 million secured first lien line of credit commitment, which was unfunded at close.

In February 2024, we invested an additional $ 5.0 million in Quality through new secured first lien debt and preferred equity and increased the secured first lien line of credit commitment to $ 3.0 million.

• In November 2023, we extended Cafe Zupas, an existing portfolio company, a new $ 10.5 million secured first lien delayed draw term loan commitment, which was unfunded at close.

We funded $ 1.4 million on the delayed draw term loan in December 2023.

In addition, our existing term loan was paid down by $ 7.3 million.

• In November 2023, our remaining investment in PIC 360, LLC was sold resulting in a net realized gain of $ 0.3 million.

• In December 2023, we invested an additional $ 14.3 million in ALS Education, LLC, an existing portfolio company, through secured first lien debt.

• In December 2023, we invested an additional $ 12.0 million in Leadpoint Business Services, LLC, an existing portfolio company, through secured first lien debt.

• In December 2023, we invested an additional $ 7.0 million in Salt & Straw, LLC, an existing portfolio company, through preferred equity.

We also increased our delayed draw term loan commitment to Salt & Straw, LLC by $ 2.9 million.

• In February and March 2024, we invested a total of an additional $ 13.5 million in SpaceCo Holdings, LLC (“SpaceCo”), an existing portfolio company, through secured first lien debt.

• In February 2024, we invested $ 15.0 million in Perimeter Solutions Group through secured second lien debt.

• In March 2024, we received net cash proceeds of $ 8.4 million from the sale of Trowbridge Chicago, LLC (“Trowbridge”), an existing portfolio company.

In conjunction with the sale, we received $ 0.2 million in prepayment fees and recorded a net realized gain of $ 0.2 million on our equity.

In September 2024, our remaining debt investment in Trowbridge paid off at par for net cash proceeds of $ 0.3 million.

• In April 2024, we invested $ 7.3 million in Total Access Elevator, LLC (“Total Access”) through secured first lien debt and common equity.

We also extended Total Access a $ 3.0 million line of credit commitment and a $ 2.5 million delayed draw term loan commitment, both of which were unfunded at close.

• In April 2024, our debt investment in Giving Home Healthcare, LLC (“Giving Home”) paid off at par for net cash proceeds of $ 29.7 million including a $ 0.9 million prepayment penalty.

We also exercised our warrant position for common equity in Giving Home, which we continue to hold, and received a $ 2.5 million distribution associated with this investment.

• In May 2024, our debt investment in Gray Matter Systems, LLC paid off at par for net cash proceeds of $ 14.0 million including a $ 0.2 million prepayment penalty.

• In May 2024, our debt investment in Pansophic Learning, Ltd.

(“Pansophic”) paid off at par for net cash proceeds of $ 33.0 million.

• In May 2024, we invested $ 20.0 million in RPM Freight Systems, LLC (“RPM”) through secured second lien debt.

We also extended RPM a $ 5.0 million delayed draw term loan commitment, which was unfunded at close.

• In May 2024, our remaining shares in Funko were sold representing an exit of our investment and a return of our equity cost basis of $ 21 thousand and a realized gain of $ 2 thousand.

• In June 2024, we invested an additional $ 7.4 million in Workforce QA, LLC, an existing portfolio company, through secured first lien debt.

• In July 2024, we invested an additional $ 6.5 million in Turn Key Health Clinics, LLC (“Turn Key”), an existing portfolio company, through secured first lien debt.

We also extended Turn Key an additional $ 2.0 million line of credit commitment which was funded in July 2024.

• In September 2024, we invested an additional $ 13.5 million in Arc Drilling Holdings LLC, an existing portfolio company, through secured first lien debt and common equity.

We also extended Arc Drilling an additional $ 4.0 million line of credit commitment and funded $ 0.9 million under the line of credit at close.

• 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.

• In October 2024, our investment in Antenna Research Associates, Inc.

was sold, which resulted in a net realized gain on our common equity of approximately $ 59.3 million and the repayment of our debt investment of $ 31.3 million at 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.

• In November 2024, we invested $ 10.5 million in Wings ‘N More Restaurants, LLC (“Wings”) through secured first lien debt.

We also extended Wings a $ 1.5 million secured first lien line of credit commitment and a $ 5.0 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.

• 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.

• In July 2025, we invested $ 25.0 million in MASSiv Brands, LLC through secured first lien debt.

• In July 2025, we invested $ 15.0 million in Alsay Incorporated through secured second lien debt and preferred equity.

• In July 2025, we invested $ 23.7 million in Snif-Snax, LLC through secured first lien debt and preferred equity.

• In July 2025, we invested $ 13.0 million in Zero Case Holding Inc.

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.

• In August 2025, we invested $ 30.0 million in Foodservices Brand Group (“FBG”) through secured first lien debt.

We also extended FBG a $ 10.0 million secured first lien line of credit commitment, which was unfunded at close.

• In September 2025, we recorded a realized loss of $ 6.4 million on our equity investment in FES Resources Holdings, LLC.

• In September 2025, our $ 15.4 million debt investment in Ohio Armor Holdings, LLC paid off at par.

We continue to hold a common equity investment in Ohio Armor Holdings, LLC.

Syndicated Investments

As of September 30, 2024 and 2023, we held two and four syndicated investments with an aggregate fair value of $ 3.3 million and $ 9.7 million, or 0.4 % and 1.4 % of the total portfolio at fair value, respectively.

The following significant syndicated investment transactions occurred during the year ended September 30, 2024:

• In January 2024, our investment in CHA Holdings, Inc.

paid off at par for net proceeds of $ 3.0 million.

• In July 2024, our investment in Tailwind Smith Cooper Immediate Corporation paid off at par for net proceeds of $ 5.0 million.

As of September 30, 2025 and 2024, we held one and two syndicated investments with an aggregate fair value of less than $ 0.1 million and $ 3.3 million, or less than 0.1 % and 0.4 % of the total portfolio at fair value, respectively.

The following significant syndicated investment transaction occurred during the year ended September 30, 2025:

• In July 2025, our $ 3.7 million debt investment in 8th Avenue Food & Provisions, Inc.

paid off at par.

Investment Concentrations

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Investments Fair Value Percentage of

Diversified/Conglomerate Service $ 179,032 22.5 % $ 135,060 19.2 %

Diversified/Conglomerate Manufacturing 160,264 20.1 158,061 22.4

Aerospace and Defense 153,096 19.2 97,836 13.9

Healthcare, Education, and Childcare $ 273,262 31.8 % $ 101,707 12.8 %

Diversified/Conglomerate Manufacturing 202,466 23.6 160,264 20.1

Diversified/Conglomerate Service 152,042 17.7 179,032 22.5

Beverage, Food, and Tobacco 54,605 6.4 88,327 11.1

Home and Office Furnishings, Housewares and Durable Consumer Products 30,000 3.5 — —

Automobile 27,361 3.2 28,286 3.6

Machinery 26,381 3.1 21,816 2.7

Oil and Gas 20,554 2.6 27,830 3.9

Personal, Food, and Miscellaneous Services 23,700 2.7 — —

Cargo Transportation 20,000 2.3 20,200 2.5

Oil and Gas 17,512 2.0 20,554 2.6

Personal and Non-Durable Consumer Products 13,866 1.6 13,586 1.7

Printing and Publishing 5,809 0.7 4,312 0.5

Aerospace and Defense 1,184 0.1 153,096 19.2

Other, < 2.0% 10,936 1.3 5,080 0.7

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South $ 287,371 33.5 % $ 314,010 39.4 %

West 249,082 31.3 224,235 31.8

Midwest 237,417 27.6 192,897 24.2

West 233,564 27.2 249,082 31.3

Northeast 100,772 11.7 40,271 5.1

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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.

On July 9, 2024, our Board of Directors, including a majority of the directors who are not parties to the Advisory Agreement or interested persons of such party, unanimously approved the renewal of the Advisory Agreement through August 31, 2025.

On July 10, 2025, 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 renewal of the Advisory Agreement through August 31, 2026.

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.

Two of our executive officers, David Gladstone (our chairman and chief executive officer) and Terry Lee Brubaker (our chief operating officer), serve as directors and executive officers of the Adviser, which is 100 % indirectly owned and controlled by Mr.

Robert Marcotte (our president) also serves as executive vice president of private equity (debt) of the Adviser.

Michael LiCalsi, our general counsel and secretary (who also serves as the Administrator’s president, general counsel and secretary), is also the executive vice president of administration of our Adviser.

David Gladstone (our chairman and chief executive officer) serves as a director and executive officer of the Adviser, which, as of September 30, 2025, is 100 % indirectly owned by Mr.

Robert Marcotte (our president) also serves as executive vice president of private equity 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).

Erich Hellmold, our co-general counsel and co-secretary, also serves in the same roles for our Adviser and Administrator.

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:

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2025 2024 2023

Average total assets subject to base management fee (A)

Average total assets subject to base management fee (A)(B)

$ 794,857 $ 777,657 $ 685,600

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1.75 % 1.75 % 1.75 %

Base management fee (B)

Base management fee (C)

13,910 13,609 11,998

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Net Base Management Fee $ 8,280 $ 10,642 $ 8,609

Loan servicing fee (B)

Loan servicing fee (C)

$ 8,888 $ 8,862 $ 8,053

Credit to base management fee - loan servicing fee (B)

Credit to base management fee - loan servicing fee (C)

( 8,888 ) ( 8,862 ) ( 8,053 )

Net Loan Servicing Fee $ — $ — $ —

Incentive fee (B)

Incentive fee (C)

$ 10,486 $ 11,410 $ 10,255

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Incentive fee credit ( 2,344 ) ( 204 ) —

Credit to Fees from Adviser—Other (B)

Credit to Fees from Adviser—Other (C)

$ ( 7,974 ) $ ( 3,171 ) $ ( 3,389 )

(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 two most recently completed quarters within the respective years and adjusted appropriately for any share issuances or repurchases during the period.

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

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

Base Management Fee

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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.

however, pursuant to the terms of the Advisory Agreement, a small percentage of certain of such fees, totaling $ 8 thousand, $ 0 , and $ 8 thousand for the years ended September 30, 2024, 2023, and 2022, respectively, was retained by the Adviser in the form of reimbursement, at cost, for tasks completed by personnel of the Adviser primarily for the valuation of portfolio companies.

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 years ended September 30, 2024 and 2023.

borrowings were used to purchase such syndicated loan participations, for each of the years ended September 30, 2025 and 2024.

Loan Servicing Fee

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• 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 % ( 2.4375 % during the period from April 1, 2020 through March 31, 2022 and 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;

• 20.0 % of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.1875 % ( 2.4375 % during the period from April 1, 2020 through March 31, 2022 and 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.

• 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;

• 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.

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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.

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 September 30, 2025.

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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 general counsel and secretary (who also serves as the Administrator’s president, general counsel and secretary) and their respective staffs.

Two of our executive officers, David Gladstone (our chairman and chief executive officer) and Terry Lee Brubaker (our chief operating officer) serve as members of the board of managers and executive officers of the Administrator, which is 100 % indirectly owned and controlled by Mr.

Another of our officers, Michael LiCalsi (our general counsel and secretary), serves as the Administrator’s president as well as the executive vice president of administration for the Adviser.

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 September 30, 2025, is 100 % indirectly owned and controlled by Mr.

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).

Hellmold, our co-general counsel and co-secretary also serves in 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.

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The terms of the Dealer Manager Agreement were approved by our board of directors, including its independent directors.

During the year ended September 30, 2024, we paid Gladstone Securities selling commissions and dealer manager fees totaling $ 0.9 million related to the offering of Series A Preferred Stock, which are netted against gross proceeds from the sales.

There were no such fees paid in the prior year.

During the years ended September 30, 2025, and 2024, respectively, we paid Gladstone Securities selling commissions and dealer manager fees totaling $ 1.3 million and $ 0.9 million related to the offering of Series A Preferred Stock, which are netted against gross proceeds from the sales.

There were no such fees paid during the year ended September 30, 2023.

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 is 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.

Related Party Fees Due

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Total Related Party Fees Due $ 3,531 $ 4,458

In addition to the above fees, other operating expenses due to the Adviser as of September 30, 2024 and 2023 totaled $ 52 thousand and $ 65 thousand, respectively.

In addition to the above fees, other operating expenses due to the Adviser as of September 30, 2025 and 2024 totaled $ 0.1 million and $ 52 thousand, respectively.

In addition, net expenses payable to Gladstone Investment Corporation (for reimbursement purposes), which includes certain co-investment expenses, totaled $ 52 thousand and $ 75 thousand as of September 30, 2025 and 2024, respectively.

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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 23, 2025, we, through Business Loan, entered into Amendment No.

9 to the Credit Facility.

As of September 30, 2025, our Credit Facility had a total commitment amount of $ 320.0 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 3.00 % during the revolving period and 3.50 % thereafter (in each case plus a 10 basis point SOFR credit spread adjustment).

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:

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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.

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 Statement of Assets and Liabilities as of September 30, 2025 and 2024.

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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 mandatorily redeemable preferred stock) of $ 325.0 million plus 50.0 % of all equity and subordinated debt raised after May 13, 2021 less 50 % of any equity and subordinated debt retired or redeemed after May 13, 2021, which equates to $ 418.8 million as of September 30, 2024, (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.

Additionally, we are required to maintain (i) a minimum net worth (defined in our Credit Facility to include any outstanding mandatorily 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 $ 581.0 million as of September 30, 2025, (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 September 30, 2025, and as defined in our Credit Facility, we had a net worth of $ 877.9 million, asset coverage on our “senior securities representing indebtedness” of 219.8 %, calculated in accordance with the requirements of Section 18 and 61 of the 1940 Act, and an active status as a BDC and RIC.

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Notes Payable

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 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 indenture relating to the 7.75 % Notes due 2028 (the “2028 Notes”), 3.75 % Notes due 2027 (the “2027 Notes”), and 5.125 % Notes due 2026 (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 indenture relating to the 5.875 % Convertible Notes due 2030 (the “2030 Convertible Notes”) similarly 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 2030 Convertible Notes, 2028 Notes, 2027 Notes, and 2026 Notes are recorded at the aggregate principal amount, plus applicable premiums, less discounts and offering costs, on our Consolidated Statements of Assets and Liabilities.

2030 Convertible Notes

In September 2025, we completed an offering of $ 149.5 million aggregate principal amount of 2030 Convertible Notes for net proceeds of approximately $ 142.8 million after deducting underwriting discounts, commissions and offering expenses borne by us.

The 2030 Notes will mature on October 1, 2030, unless earlier converted, redeemed or repurchased.

The 2030 Notes bear interest at a rate of 5.875 % per year.

Interest is payable quarterly on March 1, June 1, September 1, and December 1 of each year beginning December 1, 2023 (which equates to approximately $ 4.4 million per year).

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.

Interest is payable semi-annually on April 1 and October 1 of each year beginning April 1, 2026 (which equates to approximately $ 8.8 million per year).

At any time prior to the close of business on the business day immediately preceding October 1, 2030, holders may convert all or any portion of their 2030 Convertible Notes.

Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock, or a combination of cash and shares of its common stock, at the 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).

The conversion rate is subject to adjustment upon certain events, such as share splits and combinations, mergers, tender or 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 the 2030 Convertible Notes.

The Company has

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 September 30, 2025.

2030 Convertible Notes

Conversion Premium 10.0 %

Closing stock price at issuance $ 23.65

Closing stock price date September 9, 2025

Conversion price (A)

Conversion rate (shares per $1,000 principal amount) (A)

Last conversion price calculation date September 22, 2025

(A) Represents conversion price and conversion rate, as applicable, as of September 30, 2025.

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 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 Common Share.

The fair value of the 2030 Convertible Notes, based on the indicative bid price offered by a recognized independent data provider was $ 146.9 million on September 30, 2025, which we consider to be a Level 2 input within the ASC 820 hierarchy.

In August 2023, we completed an offering of $ 57.0 million aggregate principal amount of 2028 Notes for net proceeds of approximately $ 55.1 million after deducting underwriting discounts, commissions and offering expenses borne by us.

On October 15, 2025, we voluntarily redeemed 100 % of the issued and outstanding 2028 Notes, following which they were delisted from the Nasdaq Global Select Market.

The 2028 Notes would have otherwise matured on September 1, 2028.

The 2028 Notes bore interest at a rate of 7.75 % per year.

Interest was payable quarterly on March 1, June 1, September 1, and December 1 of each year.

The fair value, based on the last quoted closing price, of the 2028 Notes as of September 30, 2025 was $ 57.3 million.

We consider the trading price of the 2028 Notes to be a Level 1 input within the ASC 820 hierarchy.

In November 2021, we completed an issuance of $ 50.0 million aggregate principal amount of 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” premium, if applicable.

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In April 2022, pursuant to the registration rights agreement we entered into in connection with the 2027 Notes, we conducted an exchange offer through which we offered to exchange all of our then outstanding 2027 Notes (the “Restricted Notes”) that were issued on November 4, 2021, for an equal aggregate principal amount of our new 3.75 % Notes due 2027 (the “Exchange Notes”) that had been registered with the SEC under the Securities Act of 1933, as amended.

The terms of the Exchange Notes are identical to those of the Restricted Notes, except that the transfer restrictions and registration rights relating to the Restricted Notes do not apply to the Exchange Notes, and the Exchange Notes do not provide for the payment of additional interest in the event of a registration default.

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.

The 2026 Notes will mature on January 31, 2026 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” premium, if applicable.

The 2026 Notes bear interest at a rate of 5.125 % per year.

Interest is payable semi-annually on January 31 and July 31 of each year (which equates to approximately $ 7.7 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 the last quoted closing price, of the 2028 Notes as of September 30, 2024 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 Exchange Notes are identical to those of the Restricted Notes, except that the transfer restrictions and registration rights relating to the Restricted Notes do not apply to the Exchange Notes, and the Exchange Notes do not provide for the payment of additional interest in the event of a registration default.

The fair value, based on a DCF analysis, of the 2027 Notes as of September 30, 2025 was $ 48.0 million.

We consider the 2027 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 the 2026 Notes for net proceeds of approximately $ 97.7 million after deducting underwriting discounts, commissions and offering expenses borne by us.

On October 31, 2025, we voluntarily redeemed 100 % of the issued and outstanding 2026 Notes.

The 2026 Notes would have otherwise matured on January 31, 2026.

The 2026 Notes bore interest at a rate of 5.125 % per year.

Interest was payable semi-annually on January 31 and July 31 of each year.

The fair value, based on a DCF analysis, of the 2026 Notes as of September 30, 2025 was $ 149.4 million.

We consider the 2027 Notes and 2026 Notes to be Level 3 within the ASC 820 fair value hierarchy.

We consider the 2026 Notes to be Level 3 within the ASC 820 fair value hierarchy.

CUMULATIVE REDEEMABLE PREFERRED STOCK OFFERING

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The Series A Preferred Stock is being sold pursuant to our shelf registration statement on Form N-2 (File No.

333-261398) (the “2021 Registration Statement”), under the Securities Act of 1933, as amended, and a prospectus supplement, dated May 31, 2023, and a base prospectus dated December 22, 2021.

As of September 30, 2024, we had the ability to issue up to an additional $ 142.3 million in securities under the 2021 Registration Statement.

333-275934), 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 September 30, 2025, we had a remaining capacity to sell up to an additional 5,134,548 shares of Series A Preferred Stock under the Dealer Manager Agreement.

During the year ended September 30, 2025, we sold 518,321 shares of Series A Preferred Stock for gross proceeds of $ 13.0 million and net proceeds of $ 11.6 million.

There were no shares sold during the year ended September 30, 2023.

During the year ended September 30, 2024, we sold 349,931 shares of Series A Preferred Stock for gross proceeds of $ 8.7 million and net proceeds of $ 7.8 million.

During the year ended September 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 year ended September 30, 2024.

There were 865,452 and 349,931 shares of Series A Preferred Stock outstanding as of September 30, 2025 and September 30, 2024, respectively.

In accordance with ASC 480-10-S99-3A, the Company’s Series A Preferred Stock has been classified in temporary equity on the Consolidated Statements of Assets and Liabilities .

The Preferred Stock is recorded net of offering and issuance costs.

Dividend payments to our preferred stockholders are included in preferred stock dividends on our Consolidated Statements of Operations, which totaled $ 0.2 million during the year ended September 30, 2024.

The Series A Preferred Stock is recorded net of offering and issuance costs.

Dividend payments to our preferred stockholders are included in preferred stock dividends on our Consolidated Statements of Operations, which totaled $ 0.9 million and $ 0.2 million during the years ended September 30, 2025 and 2024, respectively.

We may be required to mandatorily redeem some or all of the shares of our Series A Preferred Stock if we fail to maintain asset coverage of at least the minimum amount required by Sections 18 and 61 of the 1940 Act (which is currently 150%).

The asset coverage on our “senior securities that are stock” as of September 30, 2025 was 208.8 %, calculated in accordance with Sections 18 and 61 of the 1940 Act.

We paid monthly cash dividends of $ 0.130208 per share to holders of our Series A Preferred Sock for each month from January through September during the year ended September 30, 2024.

We paid monthly cash dividends of $ 0.130208 per share to holders of our Series A Preferred Stock for each month during the year ended September 30, 2025 and each month from January through September during the year ended September 30, 2024.

REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS

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Net proceeds, after deducting commissions and offering costs borne by us, were approximately $ 9.4 million.

As of September 30, 2024, we had a remaining capacity to sell up to an additional $ 139.0 million of our common stock under the 2024 ATM Program.

In May 2021, we entered into an equity distribution agreement with Jefferies LLC, as amended in August 2022 (the “Sales Agreement”), under which we had the ability to issue and sell, from time to time, shares of our common stock with an aggregate offering price of up to $ 100.0 million in an “at the market offering” (the “ATM Program”).

In July 2023, we amended and restated the Sales Agreement to add Huntington Securities, Inc.

as a sales agent under the ATM Program in addition to Jefferies LLC.

During the year ended September 30, 2024, we sold 476,138 shares of our common stock under the 2024 Sales Agreement, at a weighted-average price of $ 23.10 per share and raised $ 11.0 million of gross proceeds.

Net proceeds, after deducting commissions and offering costs borne by us, were approximately $ 10.8 million.

This ATM program terminated in connection with our entry into the 2024 ATM Program.

As of September 30, 2025, we had a remaining capacity to sell up to an additional $ 129.4 million of our common stock under the 2024 ATM Program.

Shelf Registration Statement

Our shelf registration statement on Form N-2 (File No.

333-275934) (the “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.

Our 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 September 30, 2025, we had the ability to issue up to $ 519.3 million in securities under the registration statement.

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2025 2024 2023

Numerator for basic and diluted net increase (decrease) in net assets resulting from operations per common share $ 94,506 $ 42,668 $ 19,914

Denominator for basic and diluted weighted average common shares (A)

Numerator for basic net increase (decrease) in net assets resulting from operations per common share $ 57,191 $ 94,506 $ 42,668

Denominator for basic weighted average common shares (A)

22,357,574 21,781,074 18,657,961

Basic and diluted net increase (decrease) in net assets resulting from operations per common share (A)

Basic net increase (decrease) in net assets resulting from operations per common share (A)

$ 2.56 $ 4.34 $ 2.29

Numerator for basic net increase (decrease) in net assets resulting from operations per common share $ 57,191 $ 94,506 $ 42,668

Adjustment for interest and amortization on 2030 Convertible Notes (A)

Numerator for diluted net increase (decrease) in net assets resulting from operations per common share (A)

$ 57,708 $ 94,506 $ 42,668

Denominator for basic weighted average common shares (A)

22,357,574 21,781,074 18,657,961

Adjustment for dilutive effect of 2030 Convertible Notes 304,623 — —

Denominator for diluted weighted average common shares (A)

22,662,197 21,781,074 18,657,961

Diluted net increase (decrease) in net assets resulting from operations per common share (A)(B)

$ 2.55 $ 4.34 $ 2.29

(A) 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) 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 years ended September 30, 2025, 2024, and 2023, there was no anti-dilution.

DISTRIBUTIONS TO COMMON STOCKHOLDERS

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Estimates made on a quarterly basis are updated as of each interim reporting date.

For the calendar year ended December 31, 2023, 100.0 % of distributions to common stockholders were deemed to be paid from ordinary income for 1099 stockholder reporting purposes.

For the calendar year ended December 31, 2022, 93.2 % of distributions to common stockholders were deemed to be paid from ordinary income and 6.8 % of distributions were deemed to be return of capital for 1099 stockholder reporting purposes.

For the calendar year ended December 31, 2024, 83.1 % 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 Form 1099 reporting purposes.

For the calendar year ended December 31, 2023, 100.0 % of distributions to common stockholders were deemed to be paid from ordinary income for Form 1099 reporting purposes.

We paid the following monthly distributions to common stockholders for the years ended September 30, 2025 and 2024:

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October 8, 2024 November 20, 2024 November 29, 2024 0.165

November 12, 2024 December 4, 2024 December 18, 2024 (B)

October 8, 2024 December 20, 2024 December 31, 2024 0.165

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July 10, 2025 August 20, 2025 August 29, 2025 0.165

September 12, 2025 September 23, 2025 September 29, 2025 (B)

July 10, 2025 September 22, 2025 September 30, 2025 0.165

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July 9, 2024 August 21, 2024 August 30, 2024 0.165

July 11, 2023 September 7, 2023 September 15, 2023 (B)

July 9, 2024 September 20, 2024 September 30, 2024 0.165

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Aggregate distributions declared and paid to our common stockholders were approximately $ 55.5 million and $ 43.1 million for the years ended September 30, 2025 and 2024, respectively, and were declared based on estimates of Investment Company Taxable Income.

For the fiscal years ended September 30, 2024 and September 30, 2023, our current and accumulated earnings and profits exceeded common stock distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $ 6.6 million and $ 5.0 million, respectively of the first common distributions paid to common stockholders in the subsequent fiscal year as having been paid in the prior year.

For the fiscal year ended

September 30, 2022 distributions declared and paid exceeded taxable income available for common distributions resulting in a partial return of capital of approximately $ 1.4 million.

For the fiscal years ended September 30, 2025, 2024, and 2023, Investment Company Taxable Income exceeded common stock distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $ 5.5 million, $ 6.6 million, and $ 5.0 million, respectively, of the first common distributions paid to common stockholders in the subsequent fiscal year as having been paid in the prior year.

In addition, for the fiscal year ended September 30, 2025, net capital gains exceeded common stock distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $ 0.7 million of the first common distributions paid to common stockholders in the subsequent fiscal year as having been paid in the prior year.

There were no such amounts for the fiscal years ended September 30, 2024 and 2023.

The components of our net assets on a tax basis were as follows:

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Undistributed ordinary income 5,481 6,590

Undistributed capital gain 717 —

Capital loss carryforward — ( 47,435 )

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Net Assets $ 482,035 $ 470,895

We intend to retain some or all of our realized capital gains first to the extent we have available capital loss carryforwards and second, through treating the retained amount as a “deemed distribution.” As of September 30, 2024, we had $ 47.4 million of capital loss carryforwards that do not expire.

For the years ended September 30, 2025 and 2024, we recorded the following adjustments for permanent book-tax differences to reflect tax character.

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In an effort to limit certain federal excise taxes imposed on RICs, a RIC has to distribute to stockholders, during each calendar year, an amount close to the sum of (1) 98.0 % of our ordinary income for the calendar year, (2) 98.2 %, of our capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (3) any ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years.

No excise tax provisions have been recorded for the years ended September 30, 2024, 2023, and 2022.

We incurred an excise tax of $ 0.1 million and $ 0 for the calendar years ended December 31, 2024 and 2023, respectively, which is included in Other general and administrative expenses on the accompanying Consolidated Statement of Operations.

Under the RIC Modernization Act, we are permitted to carry forward capital losses that we may incur in taxable years beginning after September 30, 2011 for an unlimited period, and such capital loss carryforwards will retain their character as either short-term or long-term capital losses.

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2025 2024 2023 2022 2021 2020 2019 2018 2017 2016

Per Common Share Data:

Net asset value at beginning of year (A)

Per Common Share Data (A) :

Net asset value at beginning of year (B)

$ 21.18 $ 18.79 $ 18.16 $ 18.56 $ 14.80 $ 16.44 $ 16.64 $ 16.80 $ 17.24 $ 18.12

Income from operations (B)

Income from operations (C)

Net investment income

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0.01 0.18 0.02 ( 0.02 ) ( 0.08 ) ( 0.06 ) ( 0.02 ) — ( 0.10 ) —

Preferred stock dividends

( 0.04 ) — — — — — — — — —

Total from operations

2.56 4.34 2.29 1.16 5.08 ( 0.12 ) 1.36 1.38 1.34 0.98

Distributions to common stockholders from (B)(C)

Distributions to common stockholders from (C)(D)

Net Investment Income ( 1.98 ) ( 1.98 ) ( 1.89 ) ( 1.52 ) ( 1.50 ) ( 1.60 ) ( 1.64 ) ( 1.68 ) ( 1.68 ) ( 1.40 )

5 unchanged sentences

( 2.48 ) ( 1.98 ) ( 1.89 ) ( 1.60 ) ( 1.56 ) ( 1.62 ) ( 1.68 ) ( 1.68 ) ( 1.68 ) ( 1.68 )

Capital share transactions (B)

Issuance of common stock

— — — — — — — — — 0.12

Capital share transactions (C)

Discounts, commissions, and offering costs

2 unchanged sentences

— — — — — — — — — 0.04

Net anti-dilutive (dilutive) effect of equity offering (D)

Net anti-dilutive (dilutive) effect of equity offering (E)

0.08 0.05 0.26 0.04 0.30 0.10 0.14 0.16 ( 0.04 ) ( 0.10 )

1 unchanged sentence

0.08 0.05 0.26 0.04 0.28 0.10 0.12 0.14 ( 0.12 ) ( 0.16 )

Other, net (B)(E)

Other, net (C)(F)

— ( 0.02 ) ( 0.03 ) — ( 0.04 ) — — — 0.02 ( 0.02 )

Net asset value at end of period / year (A)

Net asset value at end of period / year (B)

$ 21.34 $ 21.18 $ 18.79 $ 18.16 $ 18.56 $ 14.80 $ 16.44 $ 16.64 $ 16.80 $ 17.24

1 unchanged sentence

Per common share market value at end of year 21.87 24.05 19.28 16.98 22.60 14.82 19.50 19.00 19.00 16.26

Total return (F)

Total return (G)

( 0.17 ) % 36.61 % 24.85 % ( 19.16 ) % 64.93 % ( 15.75 ) % 12.55 % 9.53 % 27.90 % 11.68 %

Common stock outstanding at end of year (A)

Common stock outstanding at end of year (B)

22,593,069 22,230,587 21,754,449 17,367,398 17,152,186 15,783,425 15,172,962 14,250,990 13,080,342 11,672,211

1 unchanged sentence

Net assets at end of year $ 482,035 $ 470,895 $ 408,695 $ 315,487 $ 318,439 $ 233,743 $ 249,330 $ 237,092 $ 219,650 $ 201,207

Average net assets (G)

Average net assets (H)

479,038 431,796 349,518 320,838 275,509 235,266 239,851 234,092 215,421 193,228

1 unchanged sentence

Borrowings under line of credit, at cost $ — $ 70,600 $ 47,800 $ 141,800 $ 50,500 $ 128,000 $ 66,900 $ 110,000 $ 93,000 $ 71,300

Mandatorily redeemable preferred stock 8,748 — — — — 51,750 51,750 51,750 61,000 61,000

Preferred Stock 21,636 8,748 — — — — 51,750 51,750 51,750 61,000

Notes Payable 406,500 257,000 257,000 200,000 188,813 96,313 57,500 — — —

Ratios/Supplemental Data:

Ratio of net expenses to average net assets (H)(I)

Ratio of net expenses to average net assets (I)(J)

9.17 % 11.71 % 12.99 % 9.62 % 10.04 % 9.69 % 10.61 % 9.61 % 8.26 % 10.16 %

Ratio of net investment income to average net assets (J)

Ratio of net investment income to average net assets (K)

9.44 10.67 11.74 10.06 9.48 10.70 10.25 9.86 9.95 10.08

(A) Based on actual shares outstanding at the beginning or end of the corresponding year, as appropriate.

(A) Financial Highlights data presented for the fiscal years ended September 30, 2020, 2019, 2018, 2017, and 2016 are not covered by the report of the independent registered public accounting firm.

(B) Based on actual shares outstanding at the beginning or end of the corresponding year, as appropriate.

Per share data and shares outstanding have been adjusted on a retroactive basis to reflect the 1-for-2 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 fiscal years ended September 30, 2023, 2022, 2021, 2020, 2019, and 2018, the anti-dilution was a result of issuing common shares during the period at a price above the then-current NAV per share.

(D) 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.

(E) During the fiscal years ended September 30, 2025, 2024, 2023, 2022, 2021, 2020, 2019, and 2018, the anti-dilution was a result of issuing common shares during the period at a price above the then-current NAV per share.

During the fiscal years ended September 30, 2017 and 2016, the net dilution was a result of issuing common shares during the period at a price below the then-current NAV per share.

(E) Represents the impact of the different share amounts (weighted average shares outstanding during the fiscal year and shares outstanding at the end of the fiscal year) in the per share data calculations and rounding impacts.

(F) 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.

(F) Represents the impact of the different share amounts (weighted average shares outstanding during the fiscal year and shares outstanding at the end of the fiscal year) in the per share data calculations and rounding impacts.

(G) 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 or any sales load paid by a stockholder.

For further information on the estimated character of our distributions to common stockholders, refer to Note 9— Distributions to Common Stockholders.

(G) Computed using the average of the balance of net assets at the end of each month of the fiscal year.

(H) 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.

(I) 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 14.53 %, 16.31 %, 13.13 %, 13.17 %, 14.36 %, 14.18 %, 13.12 %, 12.14 %, 13.40 %, and 13.65 % for the fiscal years ended September 30, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, and 2015, respectively.

(J) 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 7.90 %, 8.49 %, 6.61 %, 6.40 %, 6.11 %, 6.74 %, 6.41 %, 6.13 %, 6.90 %, and 5.55 % for the fiscal years ended September 30, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, and 2015, respectively.

(H) Computed using the average of the balance of net assets at the end of each month of the fiscal year.

(I) 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.

(J) 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 12.72 %, 14.53 %, 16.31 %, 13.13 %, 13.17 %, 14.36 %, 14.18 %, 13.12 %, 12.14 %, and 13.40 % for the fiscal years ended September 30, 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, and 2016, respectively.

(K) 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 5.93 %, 7.90 %, 8.49 %, 6.61 %, 6.40 %, 6.11 %, 6.74 %, 6.41 %, 6.13 %, and 6.90 % for the fiscal years ended September 30, 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, and 2016, respectively.

UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES

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Portfolio Activity

In October 2024, our debt investment in Perimeter Solutions Group paid off at par for net cash proceeds of $ 15.5 million, including a $ 0.5 million prepayment penalty.

In October 2024, our investment in Antenna Research Associates, Inc.

was sold which resulted in a realized gain of approximately $ 59.3 million and the repayment of our debt investment of $ 31.3 million at par.

In November 2024, we invested an additional $ 28.9 million in Giving Home, an existing portfolio company, through secured first lien debt.

In October 2025, we invested an additional $ 11.0 million in Total Access Elevator, LLC (“Total Access”), an existing portfolio company, through secured first lien debt.

We also extended Total Access a new $ 9.85 million delayed draw term loan commitment, which was unfunded at close.

In October 2025, our $ 28.1 million debt investment in Leadpoint Business Services, LLC paid off at par.

We also received a $ 0.3 million prepayment penalty in conjunction with the payoff.

In October 2025, the sale of our remaining common equity investment in Sokol was completed, representing a return of our equity cost basis of $ 0.5 million and a realized gain of approximately $ 1.8 million.

In October 2025, our $ 17.8 million debt investment in Sea Link International IRB, Inc.

(“Sea Link”) paid off at par.

We also received a $ 0.2 million exit fee in conjunction with the payoff.

We continue to hold common and preferred equity in Sea Link.

In November 2025, we invested $ 15.0 million in Turn Key Health Clinics, LLC (“Turn Key”), an existing portfolio company, through secured first lien debt.

We also increased our existing line of credit commitment to Turn Key by $ 1.0 million to $ 5.0 million, which was unfunded at close.

In November 2025, we invested $ 26.6 million in Sicilian Oven Restaurants LLC through secured first lien debt and preferred equity.

Debt Redemption

On October 15, 2025, we voluntarily redeemed the 2028 Notes with an aggregate principal amount outstanding of $ 57.0 million.

On October 31, 2025, we voluntarily redeemed the 2026 Notes with an aggregate principal amount outstanding of $ 150.0 million.

Distributions

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Total for the Quarter $ 0.390624

In November 2024, our Board of Directors declared the following supplemental distribution to common stockholders:

Record Date Payment Date Distribution per Common Share

December 4, 2024 December 18, 2024 $ 0.4000

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

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 8. Financial Statements and Supplementary Data