What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2025-11-17 compared with 2024-11-13 · 88 added, 21 removed, 273 unchanged (29% of the section changed)

82 unchanged sentences

333-208637), filed November 6, 2018.

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

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

814-00237), filed December 15, 2020.

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

1 unchanged sentence

814-00237), filed November 4, 2021.

4.6 Fifth Supplemental Indenture between Gladstone Capital Corporation and U.S.

4.5 Sixth Supplemental Indenture between Gladstone Capital Corporation and U.S.

Bank Trust Company, National Association (as successor in interest to U.S.

Bank National Association), dated as of August 17, 2023, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No.

814-00237), filed August 17, 2023.

Bank National Association), dated as of September 12, 2025, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No.

814-00237), filed on September 12, 2025.

4.6* Description of Securities

17 unchanged sentences

333-185191), filed December 23, 2013.

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

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

10.7 Fifth Amended and Restated Investment Advisory and Management Agreement between the Registrant and Gladstone Management Corporation, dated as of January 24, 2 025, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No.

814-00237), filed on January 24, 2025.

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

24 unchanged sentences

814-00237), filed August 12, 2024.

10.17 Amendment No.

9 to Sixth Amended and Restated Credit Agreement, dated as of June 23, 2025 by and among Gladstone Business Loan, LLC, as Borrower, Gladstone Management Corporation, as Servicer, KeyBank National Association, as administrative agent, swingline lender, managing agent and lead arranger and certain other lenders party thereto, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No.

814-00237), filed June 25, 2025.

14* Code of Ethics

41 unchanged sentences

November 17, 2025

/s/ PAUL ADELGREN

Paul Adelgren

November 13, 2024

/s/ WALTER H.

24 unchanged sentences

$ 6,140 — — $ 380 — — $ 133 $ 513

Zero Case Holding Inc.

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

— — 4 — — — — —

Zero Case Holding Inc.

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

12,000 — 232 — 12,000 — — 12,000

$ — — $ 236 — $ 380 — $ 12,000 — $ — — $ 133 — $ 12,513

Personal, Food, and Miscellaneous Services – 4.6 %

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

22,200 — 487 — 22,200 — — 22,200

$ — $ 723 $ 380 $ 34,200 $ — $ 133 $ 34,713

Preferred Equity — 2.0 %

3 unchanged sentences

Encore Dredging Holdings, LLC—Preferred Stock 3,840,000 — 40 3,168 — — 3,746 6,914

Personal, Food, and Miscellaneous Services – 0.3 %

Snif-Snax, LLC – Preferred Stock 1,500,000 — — — 1,500 — — 1,500

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

1 unchanged sentence

Total Preferred Equity $ — $ 40 $ 4,099 $ 1,500 $ — $ 3,821 $ 9,420

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

Shares/Units (K)

Gain (Loss) for Period Amount of

September 30,

Additions (D)

Reductions (E)

(Depreciation) Value as of

September 30,

Common Equity— 2.0 %

Diversified/Conglomerate Manufacturing – 0.2 %

Zero Case Holding Inc.

– Common Stock 1,000 — — — 1,000 — — 1,000

Finance – 1.1 %

Gladstone Alternative Income Fund – Common Stock

500,000 — 191 — 5,000 — 75 5,075

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

Canopy Safety Brands, LLC—Common Stock 1,170,370 — — $ 2,959 — — $ 744 $ 3,703

Total Common Equity $ — $ 191 $ 2,959 $ 6,000 $ — $ 819 $ 9,778

TOTAL AFFILIATE INVESTMENTS $ — $ 954 $ 7,438 $ 41,700 $ — $ 4,773 $ 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)

12,750 $ — $ 646 $ — $ 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)

1,100 — 62 — 1,100 — ( 266 ) 834

Engineering Manufacturing Technologies, LLC – Term Debt (S + 8.3 %, 8.0 % Cash, 4.4 % PIK, Due 10/2026)

23,163 — 1,257 — 23,163 — ( 5,602 ) 17,561

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

4,450 — 588 4,200 273 — ( 23 ) 4,450

Lonestar EMS, LLC — Delayed Draw Term Loan (G)

$ — $ 1,907 $ 4,200 $ 24,536 $ — $ ( 5,891 ) $ 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)

3,076 — 230 — 3,076 — ( 353 ) 2,723

Technical Resource Management, LLC – Line of Credit, $ 400 available (S + 10.5 %, 10.1 % Cash, 4.5 % PIK, Due 4/2028)

1,214 — 60 — 1,214 — ( 140 ) 1,074

Technical Resource Management, LLC – Term Debt (S + 10.5 %, 10.1 % Cash, 4.5 % PIK, Due 4/2028)

24,111 — 1,800 — 24,111 — ( 2,764 ) 21,347

$ — $ 2,090 $ — $ 28,401 $ — $ ( 3,257 ) $ 25,144

Personal and Non-Durable Consumer Products (Manufacturing Only) — 1.9 %

WB Xcel Holdings, LLC—Line of Credit, $ 0 available (S + 10.5 %, 14.6 % Cash, Due 11/2026)

5,150 — $ — $ 3,171 $ 400 — $ ( 411 ) $ 3,160

WB Xcel Holdings, LLC—Term Loan (S + 10.5 %, 14.6 % Cash, Due 11/2026)

9,775 — — 6,525 — $ — ( 528 ) 5,997

$ — $ — $ 9,696 $ 400 $ — $ ( 939 ) $ 9,157

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

6 unchanged sentences

September 30,

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

WB Xcel Holdings, LLC—Line of Credit, $ 0 available (S + 10.5 %, 15.3 % Cash, Due 11/2026)

4,750 — $ 59 $ 1,468 $ 3,282 — $ ( 1,579 ) $ 3,171

WB Xcel Holdings, LLC—Term Loan (S + 10.5 %, 15.3 % Cash, Due 11/2026)

9,775 — 402 9,825 — $ ( 50 ) ( 3,250 ) 6,525

$ — $ 461 $ 11,293 $ 3,282 $ ( 50 ) $ ( 4,829 ) $ 9,696

Printing and Publishing — 0.0 %

6 unchanged sentences

8,792 — $ 1,236 $ 8,547 $ 325 $ ( 80 ) — $ 8,792

Diversified/Conglomerate Service – 2.1 %

Alsay Incorporated – Term Debt ( 12.8 % Cash, Due 12/2030) (F)

10,000 — 319 — 10,000 — — 10,000

Total Secured Second Lien Debt $ — $ 1,555 $ 8,547 $ 10,325 $ ( 80 ) $ — $ 18,792

Unsecured Debt— 0.1 %

Healthcare, Education, and Childcare – 0.1 %

Technical Resource Management, LLC – Term Debt ( 14.0 % PIK, Due 10/2028) (F)

357 $ — $ 24 $ — $ 357 $ — $ ( 41 ) $ 316

Preferred Equity— 1.0 %

Diversified/Conglomerate Service – 1.0 %

Alsay Incorporated – Preferred Stock 5,000,000 $ — $ — $ — $ 5,000 $ — $ — $ 5,000

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

WB Xcel Holdings, LLC - Preferred Stock 333 — — — — — — —

Total Preferred Equity $ — $ — $ — $ 5,000 $ — $ — $ 5,000

Common Equity— 3.1 %

1 unchanged sentence

Defiance Integrated Technologies, Inc.—Common Stock 33,321 — — 2,949 — — $ ( 2,949 ) —

Beverage, Food, and Tobacco – 1.0 %

Eegee Acquisition Corp.

– Common Stock

1,000 — — — 8,500 — ( 3,642 ) 4,858

Diversified/Conglomerate Manufacturing— 0.9 %

Engineering Manufacturing Technologies, LLC – Common Stock 16,000 — — — 3,000 — ( 3,000 ) —

Lonestar EMS, LLC - Common Units 100 % — — 8,214 — — ( 3,989 ) 4,225

Machinery— 0.0 %

PIC 360, LLC—Common Equity Units (G)

$ — $ — $ 8,214 $ 3,000 $ — $ ( 6,989 ) $ 4,225

Healthcare, Education, and Childcare – 0.0 %

Technical Resource Management, LLC – Common Stock

2,000,000 — — — 2,000 — ( 2,000 ) —

Technical Resource Management, LLC – Common Warrants

4,558,041 — — — — — — —

$ — $ — $ — $ 2,000 $ — $ ( 2,000 ) $ —

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

WB Xcel Holdings, LLC - Common Warrant 12,340 — — — — — — —

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

Shares/Units (K)

Gain (Loss) for Period Amount of

September 30,

Additions (D)

Reductions (E)

(Depreciation) Value as of

September 30,

Printing and Publishing— 1.2 %

8 unchanged sentences

(F) Debt security has a fixed interest rate.

(G) Investment was exited/paid off during the year ended September 30, 2024.

(G) Reserved.

(H) Reserved.

15 unchanged sentences

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

What changed 10-K

Item 9A. Controls and Procedures