GLADSTONE CAPITAL CORP 10-K

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Index to Consolidated Financial Statements Management ’ s Annual Report on Internal Control over Financial Reporting 78 Report of Independent Registered Public Accounting Firm (PCAOB ID 238 ) 79 Consolidated Statements of Assets and Liabilities as of September 30, 202 5 and 202 4 81 Consolidated Statements of Operations for the years ended September 30, 202 5 , 202 4 and 20 23 82 Consolidated Statements of Changes in Net Assets for the years ended September 30, 202 5 , 202 4 and 20 23 84 Consolidated Statements of Cash Flows for the years ended September 30, 202 5 , 202 4 and 20 23 85 Consolidated Schedules of Investments as of September 30, 202 5 and 202 4 86 Notes to Consolidated Financial Statements 98 77 Table of Contents Management’s Annual Report on Internal Control over Financial Reporting To the Stockholders and Board of Directors of Gladstone Capital Corporation: Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and include those policies and procedures that: (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and the dispositions of our assets; (2) provide reasonable assurance that our transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with appropriate authorizations; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Under the supervision and with the participation of our management, we assessed the effectiveness of our internal control over financial reporting as of September 30, 2025, using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013). Based on its assessment, management has concluded that our internal control over financial reporting was effective as of September 30, 2025. November 17, 2025 78 Table of Contents Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Gladstone Capital Corporation 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 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 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 These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. 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. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matters The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. 79 Table of Contents Valuation of Level 3 Investments As described in Notes 2 and 3 to the consolidated financial statements, the Company held $854 million of total level 3 investments at fair value as of September 30, 2025. Management uses significant unobservable inputs in estimating the fair value of its level 3 investments, including (i) with respect to investments valued using a total enterprise value, portfolio company earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA multiples, revenue and revenue multiples, or a discounted cash flow analysis using estimated risk-adjusted discount rates; (ii) with respect to investments valued using a yield analysis, a modified discount rate; and (iii) with respect to investments valued using market quotations for which a limited market exists, the lower indicative bid price in the bid-to-ask price range. The principal considerations for our determination that performing procedures relating to the valuation of level 3 investments is a critical audit matter are (i) the significant judgment by management to determine the fair value of these level 3 investments using a total enterprise value or yield analysis due to the use of significant unobservable inputs, which in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence related to the EBITDA and EBITDA multiples and revenue and revenue multiples used in a total enterprise value and the modified discount rate used in a yield analysis, and (ii) the audit effort involved the use of professionals with specialized skill and knowledge. Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, either (i) testing management’s process for determining the fair value estimate, including testing the completeness and accuracy of data provided by management, evaluating the appropriateness of management’s valuation methods, and evaluating the reasonableness of the EBITDA and EBITDA multiples and revenue and revenue multiples used in a total enterprise value and the modified discount rate used in a yield analysis by considering current and past performance of the investment, consistency of the unobservable inputs with external market data and evidence obtained in other areas of the audit, and management’s historical forecasting accuracy, or (ii) the involvement of professionals with specialized skill and knowledge to assist in developing an independent fair value estimate for certain level 3 investments and comparison of management’s estimate to the independently developed estimate. Developing an independent fair value estimate involved testing the completeness and accuracy of data provided by management and independently developing significant unobservable inputs related to the modified discount rate for those investments valued using a yield analysis and the EBITDA and EBITDA multiples or revenue and revenue multiples for those investments valued using a total enterprise value. /s/ PricewaterhouseCoopers LLP Washington, District of Columbia November 17, 2025 We have served as the Company’s auditor since 2002. 80 Table of Contents GLADSTONE CAPITAL CORPORATION CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) September 30, 2025 September 30, 2024 ASSETS Investments, at fair value: Non-Control/Non-Affiliate investments (Cost of $ 685,195 and $ 716,481 , respectively) $ 696,317 $ 750,904 Affiliate investments (Cost of $ 58,446 and $ 16,746 , respectively) 53,911 7,438 Control investments (Cost of $ 132,973 and $ 37,784 , respectively) 108,896 37,918 Cash 596 15 Cash equivalents 31,774 2,157 Restricted cash — 132 Interest receivable, net 5,702 5,923 Due from administrative agent 4,791 2,802 Deferred financing costs, net 1,951 1,053 Other assets, net 3,659 4,126 TOTAL ASSETS $ 907,597 $ 812,468 LIABILITIES Line of credit at fair value (Cost of $ 0 and $ 70,600 , respectively) $ — $ 70,600 Notes payable, net of unamortized deferred financing costs and discounts of $ 8,644 and $ 2,990 , respectively 397,856 254,010 Accounts payable and accrued expenses 1,188 1,230 Interest payable 3,141 2,916 Fees due to Adviser (A) 2,921 3,889 Fee due to Administrator (A) 610 569 Other liabilities 459 513 TOTAL LIABILITIES $ 406,175 $ 333,727 Commitments and contingencies (B) 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 NET ASSETS 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) $ 45 $ 44 Capital in excess of par value 501,628 492,305 Cumulative net unrealized appreciation (depreciation) of investments ( 17,490 ) 25,249 Under distributed net investment income 5,198 6,144 Accumulated net realized losses ( 7,346 ) ( 52,847 ) Total distributable loss ( 19,638 ) ( 21,454 ) TOTAL NET ASSETS $ 482,035 $ 470,895 NET ASSET VALUE PER COMMON SHARE (C) $ 21.34 $ 21.18 (A) Refer to Note 4— Related Party Transactions for additional information. (B) Refer to Note 11— Commitments and Contingencies for additional information. (C) Issued and outstanding shares of common stock and net asset value per share have been adjusted on a retroactive basis to reflect the 1-for-2 reverse stock split (the “Reverse Stock Split”) effected on April 4, 2024. Refer to Note 2—Summary of Significant Accounting Policies for additional information. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 81 Table of Contents GLADSTONE CAPITAL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Year ended September 30, 2025 2024 2023 INVESTMENT INCOME Interest income Non-Control/Non-Affiliate investments $ 76,084 $ 85,698 $ 72,656 Affiliate investments 698 — 3,799 Control investments 5,047 1,784 2,889 Cash and cash equivalents 462 136 136 Total interest income (excluding PIK interest income) 82,291 87,618 79,480 PIK interest income Non-Control/Non-Affiliate investments 3,885 5,429 2,737 Affiliate investments — — 510 Control investments 1,105 247 303 Total PIK interest income 4,990 5,676 3,550 Total interest income 87,281 93,294 83,030 Dividend income Non-Control/Non-Affiliate investments 290 1,417 830 Affiliate investments 191 — — Control investments — — 691 Total dividend income 481 1,417 1,521 Prepayment fee income Non-Control/Non-Affiliate investments 1,054 1,310 200 Affiliate investments — — 444 Total prepayment fee income 1,054 1,310 644 Other income 306 600 1,239 Total investment income 89,122 96,621 86,434 EXPENSES Base management fee (A) 13,910 13,609 11,998 Loan servicing fee (A) 8,888 8,862 8,053 Incentive fee (A) 10,486 11,410 10,255 Administration fee (A) 2,012 1,970 1,716 Interest expense on line of credit and notes payable 19,986 21,715 20,847 Amortization of deferred financing costs 2,293 1,864 1,529 Professional fees 1,054 948 980 Other general and administrative expenses 2,148 2,217 1,478 Expenses, before credits from Adviser 60,777 62,595 56,856 Credit to base management fee - loan servicing fee (A) ( 8,888 ) ( 8,862 ) ( 8,053 ) Credit to fees from Adviser - other (A) ( 7,974 ) ( 3,171 ) ( 3,389 ) Total expenses, net of credits 43,915 50,562 45,414 NET INVESTMENT INCOME 45,207 46,059 41,020 NET REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss): Non-Control/Non-Affiliate investments 55,368 1,749 9,661 Control investments — 259 2,684 Other 274 3,951 319 Total net realized gain (loss) 55,642 5,959 12,664 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 82 Table of Contents Net unrealized appreciation (depreciation): Non-Control/Non-Affiliate investments ( 23,301 ) 42,276 ( 10,928 ) Affiliate investments 4,773 ( 2,983 ) 3,996 Control investments ( 24,211 ) 3,410 ( 4,084 ) Total net unrealized appreciation (depreciation) ( 42,739 ) 42,703 ( 11,016 ) Net realized and unrealized gain (loss) 12,903 48,662 1,648 PREFERRED STOCK DIVIDENDS 919 215 — NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 57,191 $ 94,506 $ 42,668 BASIC AND DILUTED PER COMMON SHARE: Net investment income - basic (B) $ 2.02 $ 2.11 $ 2.20 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 (B) 22,357,574 21,781,074 18,657,961 Diluted (B) 22,662,197 21,781,074 18,657,961 (A) Refer to Note 4— Related Party Transactions for additional information. (B) Per share amounts and weighted average common shares outstanding have been adjusted on a retroactive basis to reflect the Reverse Stock Split effected on April 4, 2024. Refer to Note 2— Summary of Significant Accounting Policies for additional information. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 83 Table of Contents GLADSTONE CAPITAL CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (DOLLAR AMOUNTS IN THOUSANDS) Year ended September 30, 2025 2024 2023 OPERATIONS Net investment income $ 45,207 $ 46,059 $ 41,020 Net realized gain (loss) on investments 55,368 2,008 12,345 Net realized gain (loss) on other 274 3,951 319 Net unrealized appreciation (depreciation) of investments ( 42,739 ) 42,703 ( 11,016 ) Preferred stock dividends ( 919 ) ( 215 ) — Net increase (decrease) in net assets from operations 57,191 94,506 42,668 DISTRIBUTIONS Distributions to common stockholders from net investment income ( $ 1.98 , $ 1.98 , and $ 1.89 per share, respectively) (A)(B) ( 44,289 ) ( 43,141 ) ( 35,407 ) Distributions to common stockholders from realized gains ( $ 0.50 , $ 0.00 , and $ 0.00 per share, respectively) (A)(B) ( 11,191 ) — — Net decrease in net assets from distributions ( 55,480 ) ( 43,141 ) ( 35,407 ) CAPITAL TRANSACTIONS Issuance of common stock 9,583 10,998 87,394 Offering costs for issuance of common stock ( 154 ) ( 163 ) ( 1,447 ) Net increase (decrease) in net assets from capital transactions 9,429 10,835 85,947 NET INCREASE (DECREASE) IN NET ASSETS 11,140 62,200 93,208 NET ASSETS, BEGINNING OF YEAR 470,895 408,695 315,487 NET ASSETS, END OF YEAR $ 482,035 $ 470,895 $ 408,695 (A) Refer to Note 9 – Distributions to Common Stockholders for additional information. (B) Per share amounts have been adjusted on a retroactive basis to reflect the Reverse Stock Split effected on April 4, 2024. Refer to Note 2— Summary of Significant Accounting Policies for additional information. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 84 Table of Contents GLADSTONE CAPITAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (DOLLAR AMOUNTS IN THOUSANDS) Year ended September 30, 2025 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net increase (decrease) in net assets resulting from operations $ 57,191 $ 94,506 $ 42,668 Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: Purchase of investments ( 396,796 ) ( 177,649 ) ( 175,477 ) Principal repayments on investments 262,753 133,471 107,505 Proceeds from sale of investments 89,838 6,750 18,005 Increase in investments due to paid-in-kind interest or other ( 4,910 ) ( 5,525 ) ( 3,699 ) Net change in premiums, discounts and amortization ( 846 ) 170 114 Net realized gain on investments ( 55,368 ) ( 2,008 ) ( 12,345 ) Net unrealized depreciation (appreciation) of investments 42,739 ( 42,703 ) 11,016 Net realized loss (gain) on other ( 274 ) ( 3,951 ) ( 319 ) Amortization of deferred financing costs 2,293 1,864 1,529 Changes in assets and liabilities: Decrease (increase) in interest receivable, net 221 177 ( 3,363 ) Decrease (increase) in funds due from administrative agent ( 1,989 ) 134 263 Decrease (increase) in other assets, net 457 ( 1,224 ) ( 572 ) Increase (decrease) in accounts payable and accrued expenses ( 42 ) 224 506 Increase (decrease) in interest payable 225 ( 40 ) 439 Increase (decrease) in fees due to Adviser (A) ( 968 ) 17 1,768 Increase (decrease) in fee due to Administrator (A) 41 90 56 Increase (decrease) in other liabilities ( 54 ) ( 1,063 ) 1,046 Net cash provided by (used in) operating activities ( 5,489 ) 3,240 ( 10,860 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from line of credit 332,000 221,200 149,000 Repayments on line of credit ( 402,600 ) ( 198,400 ) ( 243,000 ) Proceeds from issuance of notes payable 147,258 — 57,000 Financing costs ( 6,603 ) ( 686 ) ( 3,522 ) Proceeds from issuance of common stock 9,583 10,998 87,394 Proceeds from issuance of preferred stock 11,541 7,846 — Offering costs for issuance of common stock ( 144 ) ( 154 ) ( 1,311 ) Distributions paid to common stockholders ( 55,480 ) ( 43,141 ) ( 35,407 ) Net cash provided by (used in) financing activities 35,555 ( 2,337 ) 10,154 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS 30,066 903 ( 706 ) CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR 2,304 1,401 2,107 CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF YEAR $ 32,370 $ 2,304 $ 1,401 CASH PAID DURING YEAR FOR INTEREST $ 19,761 $ 21,755 $ 20,408 NON-CASH ACTIVITIES (B) — — 2,416 (A) Refer to Note 4 — Related Party Transactions for additional information. (B) Non-cash activities relate to estimated tax liabilities and escrows associated with portfolio company exits and the following transactions: • In October 2022, our investment in Targus Cayman HoldCo Ltd. was sold for net proceeds of approximately $ 8.0 million, resulting in a realized gain of approximately $ 5.9 million. As part of the proceeds, we received an interest in B. Riley Financial, Inc. 6.75 % senior notes in the amount of $ 2.4 million. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 85 Table of Contents GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (DOLLAR AMOUNTS IN THOUSANDS) Company and Investment (A)(B)(K)(Q) Principal/ Shares/ Units (I)(J) Cost Fair Value NON-CONTROL/NON-AFFILIATE INVESTMENTS (M) – 144.5 % Secured First Lien Debt – 107.4 % Beverage, Food, and Tobacco – 2.2 % 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 Buildings and Real Estate – 0.5 % GFRC 360, LLC – Line of Credit, $ 95 available (S + 8.0 %, 12.1 % Cash, Due 9/2026) (C) 1,355 1,355 1,355 GFRC 360, LLC – Term Debt (S + 8.0 %, 12.1 % Cash, Due 9/2026) (C) 1,000 1,000 1,000 2,355 2,355 Diversified/Conglomerate Manufacturing – 24.9 % NeoGraf Solutions LLC – Line of Credit, $ 4,500 available (S + 7.0 %, 11.0 % Cash, 0.1 % PIK, Due 1/2028) (C) — — — NeoGraf Solutions LLC – Term Debt (S + 7.0 %, 11.0 % Cash, 0.1 % PIK, Due 1/2028) (C) 27,456 27,456 27,456 OCI, LLC – Term Debt (S + 7.5 %, 11.6 % Cash, Due 5/2028) (C) 32,000 32,000 32,000 Torrent Photonics Holdco LLC – Term Debt (S + 9.5 %, 13.6 % Cash, Due 4/2027) (C) 11,529 11,529 11,645 Torrent Photonics Holdco LLC – Term Debt (S + 9.5 %, 13.6 % Cash, Due 4/2026) (C) 500 500 505 Unirac Holdings, Inc. – Line of Credit, $ 1,633 available (S + 6.5 %, 10.6 % Cash, Due 9/2027) (C) 589 589 589 Unirac Holdings, Inc. – Delayed Draw Term Loan, $ 0 available (S + 6.5 %, 10.6 % Cash, Due 9/2027) (C) 1,067 1,067 1,067 Unirac Holdings, Inc. – Term Debt (S + 6.5 %, 10.6 % Cash, Due 9/2027) (C) 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) — — — Viva Railings, LLC – Term Debt (S + 6.4 %, 10.5 % Cash, Due 5/2027) (C) 13,875 13,875 13,875 119,505 119,937 Diversified/Conglomerate Service – 26.0 % 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 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 %, 12.6 % Cash, Due 2/2028) (C)(U) 28,117 28,117 28,398 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, 0.8 % PIK, Due 11/2028) (C)(F) — — — Quality Environmental Midco, Inc. – 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) — — — Total Access Elevator, LLC – Term Debt (S + 6.5 %, 10.6 % Cash, Due 4/2029) (C) 6,500 6,500 6,500 Total Access Elevator, LLC – Delayed Draw Term Loan, $ 0 available (S + 6.5 %, 10.6 % Cash, Due 4/2029) (C) 1,600 1,600 1,600 WorkforceQA, LLC – Line of Credit, $ 900 available (S + 6.5 %, 10.6 % Cash, Due 12/2026) (C) 1,100 1,100 1,100 WorkforceQA, LLC – Term Debt (S + 6.5 %, 10.6 % Cash, Due 12/2026) (C) 17,813 17,777 17,813 125,384 125,434 Healthcare, Education, and Childcare – 43.3 % ALS Education, LLC – Line of Credit, $ 3,000 available (S + 6.0 %, 10.1 % Cash, Due 12/2028) (C) — — — ALS Education, LLC – Term Debt (S + 6.0 %, 10.1 % Cash, Due 12/2028) (C) 30,360 30,310 30,360 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 Freedom Dental Management, Inc. – Term Debt (S + 7.3 %, 11.4 % Cash, Due 6/2030) (C) 15,000 15,000 15,300 Giving Home Health Care, LLC – Term Debt (S + 6.3 %, 10.4 % Cash, Due 4/2029) (C) 34,924 34,859 35,252 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 86 Table of Contents GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (DOLLAR AMOUNTS IN THOUSANDS) Company and Investment (A)(B)(K)(Q) Principal/ Shares/ Units (I)(J) 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 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 Turn Key Health Clinics, LLC – Line of Credit, $ 4,000 available (S + 7.3 %, 11.4 % Cash, Due 6/2026) (C) — — — Turn Key Health Clinics, LLC – Term Debt (S + 7.3 %, 11.4 % Cash, Due 6/2026) (C) 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 % Arc Drilling Holdings LLC – Line of Credit, $ 3,875 available (S + 6.8 %, 10.9 % Cash, Due 9/2029) (C) 1,125 1,125 1,125 Arc Drilling Holdings LLC – Term Debt (S + 6.8 %, 10.9 % Cash, Due 9/2029) (C) 16,000 16,000 16,160 17,125 17,285 Oil and Gas – 0.0 % FES Resources Holdings LLC – Term Debt ( 4.5 % Cash, Due 12/2024) (E)(F) 325 325 — Telecommunications – 0.7 % B+T Group Acquisition, Inc. (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, $ 0 available (S + 2.0 %, 7.0 % Cash, Due 12/2026) (E) 450 450 191 B+T Group Acquisition, Inc. (S) – Term Debt (S + 2.0 %, 7.0 % Cash, Due 12/2026) (E) 6,000 6,000 2,542 7,770 3,292 Total Secured First Lien Debt $ 521,049 $ 517,762 Secured Second Lien Debt – 27.3 % Automobile – 3.7 % Sea Link International IRB, Inc. – Term Debt ( 11.3 % Cash, 2.0 % PIK, Due 12/2025) (C)(F) $ 13,723 $ 13,723 $ 13,868 Sea Link International IRB, Inc. – Term Debt ( 12.0 % Cash, 2.0 % PIK, Due 12/2025) (C)(F) 4,163 4,163 4,163 17,886 18,031 Beverage, Food, and Tobacco – 3.8 % Dutch Gold Honey, Inc. (S) – Term Debt (S + 7.5 %, 11.6 % Cash, Due 8/2030) (C) 18,000 18,000 18,184 Cargo Transportation – 4.1 % RPM Freight Systems, LLC – Term Debt (S + 7.7 %, 11.8 % Cash, Due 11/2029) (C) 20,000 20,000 20,000 Diversified/Conglomerate Manufacturing – 7.8 % OCI, LLC – Term Debt ( 7.0 % Cash, 7.0 % PIK, Due 11/2028) (C)(F) 2,316 2,316 2,436 Springfield, Inc. – Term Debt (S + 11.1 %, 15.2 % Cash, Due 12/2026) (C) 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 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 % Imperative Holdings Corporation – Term Debt (S + 9.8 %, 13.9 % Cash, Due 8/2028) (C) 15,015 14,943 15,015 Total Secured Second Lien Debt $ 131,145 $ 131,750 Unsecured Debt – 0.0 % Diversified/Conglomerate Service – 0.0 % Frontier Financial Group Inc. – Convertible Debt ( 6.0 %, Due 6/2022) (E)(F) $ 198 $ 198 $ 17 Preferred Equity – 3.5 % Automobile – 0.1 % Sea Link International IRB, Inc. – Preferred Stock (E)(G) 98,039 $ 98 $ 261 Beverage, Food, and Tobacco – 0.0 % Triple H Food Processors, LLC – Preferred Stock (E)(G) 75 75 197 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 87 Table of Contents GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (DOLLAR AMOUNTS IN THOUSANDS) Company and Investment (A)(B)(K)(Q) Principal/ Shares/ Units (I)(J) Cost Fair Value Buildings and Real Estate – 0.0 % GFRC 360, LLC – Preferred Stock (E)(G) 1,000 1,025 214 Diversified/Conglomerate Manufacturing – 0.5 % Torrent Photonics Holdco LLC – Preferred Stock (E)(G) 2,650 2,650 2,377 Diversified/Conglomerate Service – 0.6 % Frontier Financial Group Inc. – Preferred Stock (E)(G) 766 500 — Frontier Financial Group Inc. – Preferred Stock Warrant (E)(G) 168 — — Quality Environmental Midco, Inc. – Preferred Equity (E)(G) 3,000,000 3,000 2,720 3,500 2,720 Healthcare, Education, and Childcare – 1.8 % HH-Inspire Acquisition, Inc. – Preferred Stock (E)(G) 1,681,949 2,604 2,290 Pan-Am Dental, LLC – Preferred Stock (E)(G) 5,909,091 5,909 6,285 8,513 8,575 Oil and Gas – 0.5 % Imperative Holdings Corporation – Preferred Equity Units (E)(G) 972,569 488 2,450 Telecommunications – 0.0 % B+T Group Acquisition, Inc. (S) – Preferred Stock (E)(G) 6,130 2,024 — Total Preferred Equity $ 18,373 $ 16,794 Common Equity – 6.2 % Aerospace and Defense – 0.2 % Ohio Armor Holdings, LLC – Common Equity (E)(G) 100 $ 1,000 $ 1,184 Automobile – 0.1 % Sea Link International IRB, Inc.– Common Equity Units (E)(G) 823,333 823 277 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) 0.5 % — 186 Sokol & Company Holdings, LLC – Common Stock (E)(G)(U) 450,000 450 2,240 Triple H Food Processors, LLC – Common Stock (E)(G) 250,000 250 2,147 1,600 7,906 Buildings and Real Estate – 0.0 % GFRC 360, LLC – Common Stock Warrants (E)(G) 45 % — — Diversified/Conglomerate Manufacturing – 0.5 % 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) 447 15 — 3,126 2,178 Diversified/Conglomerate Service – 0.4 % Total Access Elevator, LLC – Common Stock (E)(G) 750,000 750 1,500 WorkforceQA, LLC – Common Stock (E)(G) 529 532 457 1,282 1,957 Healthcare, Education, and Childcare – 1.5 % Giving Home Health Care, LLC – Common Stock (E)(G) 10,667 — 5,333 GSM MidCo LLC – Common Stock (E)(G) 767 767 1,980 Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($ 843 uncalled capital commitment) (D)(G)(L) 3.5 % — 36 767 7,349 Machinery – 1.9 % Arc Drilling Holdings LLC – Common Stock (E)(G) 53,333 5,333 9,096 Oil and Gas – 0.0 % Total Safety Holdings, LLC – Common Equity (E)(G) 435 499 47 Telecommunications – 0.0 % B+T Group Acquisition, Inc. (S) – Common Stock Warrant (E)(G) 1.5 % — — Total Common Equity $ 14,430 $ 29,994 Total Non-Control/Non-Affiliate Investments $ 685,195 $ 696,317 AFFILIATE INVESTMENTS (N) – 11.2 % Secured First Lien Debt – 7.2 % Diversified/Conglomerate Manufacturing – 2.6 % THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 88 Table of Contents GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (DOLLAR AMOUNTS IN THOUSANDS) Company and Investment (A)(B)(K)(Q) Principal/ Shares/ Units (I)(J) Cost Fair Value Edge Adhesives Holdings, Inc. (S) – Term Debt (S + 5.5 %, 9.6 % Cash, Due 8/2026) (E)(P) $ 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 % Diversified/Conglomerate Manufacturing – 0.0 % Edge Adhesives Holdings, Inc. (S) – Preferred Stock (E)(G) 5,466 $ 5,466 $ — Diversified/Conglomerate Service – 1.4 % Encore Dredging Holdings, LLC – Preferred Stock (E)(G) 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 % Canopy Safety Brands, LLC – Preferred Stock (E)(G) 500,000 500 1,006 Total Preferred Equity $ 11,306 $ 9,420 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 % Canopy Safety Brands, LLC – Common Stock (E)(G) 1,170,370 800 3,703 Total Common Equity $ 6,800 $ 9,778 Total Affiliate Investments $ 58,446 $ 53,911 CONTROL INVESTMENTS (O) – 22.6 % 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 %, 14.6 % Cash, Due 11/2026) (E) 5,150 5,150 3,160 WB Xcel Holdings, LLC – Term Debt (S + 10.5 %, 14.6 % Cash, Due 11/2026) (E) 9,775 9,775 5,997 14,925 9,157 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. 89 Table of Contents GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (DOLLAR AMOUNTS IN THOUSANDS) Company and Investment (A)(B)(K)(Q) Principal/ Shares/ Units (I)(J) Cost Fair Value Secured Second Lien Debt – 3.9 % Automobile – 1.8 % Defiance Integrated Technologies, Inc. – Term Debt (S + 9.6 %, 13.7 % Cash, Due 1/2027) (E) $ 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 % Automobile– 0.0 % Defiance Integrated Technologies, Inc. – Common Stock (E)(G) 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 9,750 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 — — 2,000 — Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0 % WB Xcel Holdings, LLC – Common Units (E)(G) 12,340 1 — Printing and Publishing – 1.2 % TNCP Intermediate HoldCo, LLC – Common Equity Units (E)(G) 790,000 500 5,809 Total Common Equity $ 21,332 $ 14,892 Total Control Investments $ 132,973 $ 108,896 TOTAL INVESTMENTS (T) – 178.2 % $ 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. The majority of the securities listed, totaling $ 754.6 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. 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, 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. If applicable, paid-in-kind (“PIK”) interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or SOFR plus a spread. Due dates represent the contractual maturity date. (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 net asset value provided by the fund as a practical expedient. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 90 Table of Contents (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. (F) Debt security has a fixed interest rate. (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 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. Warrants are represented as a percentage of ownership, as applicable. (J) Where applicable, aggregates all shares of a class of stock owned without regard to specific series owned within such class (some series of which may or may not be voting shares) or aggregates all warrants to purchase shares of a class of stock owned without regard to specific series of such class of stock such warrants allow us to purchase. (K) Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of September 30, 2025. (L) There are certain limitations on our ability to withdraw our partnership interest prior to dissolution of the entity, which must occur no later than May 9, 2024 or two years after all outstanding leverage has matured. (M) Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities. (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. (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 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) 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. (T) Cumulative gross unrealized depreciation for federal income tax purposes is $ 59.7 million; cumulative gross unrealized appreciation for federal income tax purposes is $ 34.1 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. Refer to Note 14 – Subsequent Events for additional information. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 91 Table of Contents GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2024 (DOLLAR AMOUNTS IN THOUSANDS) Company and Investment (A)(B)(K)(Q) Principal/ Shares/ Units (I)(J) Cost Fair Value NON-CONTROL/NON-AFFILIATE INVESTMENTS (M) – 159.5 % Secured First Lien Debt – 114.8 % 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 – 15.2 % 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) 8,500 8,500 8,500 76,136 71,349 Buildings and Real Estate – 0.5 % GFRC 360, LLC – Line of Credit, $ 95 available (S + 8.0 %, 12.8 % Cash, Due 9/2025) (C) 1,355 1,355 1,355 GFRC 360, LLC – Term Debt (S + 8.0 %, 12.8 % Cash, Due 9/2025) (C) 1,000 1,000 1,000 2,355 2,355 Diversified/Conglomerate Manufacturing – 24.2 % 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, 0.8 % PIK, Due 1/2028) (C) — — — NeoGraf Solutions LLC – Term Debt (S + 7.0 %, 11.0 % Cash, 0.8 % PIK, Due 1/2028) (C) 27,524 27,524 26,350 OCI, LLC – Term Debt (S + 7.5 %, 12.3 % Cash, Due 5/2028) (C) 18,500 18,500 18,685 Torrent Photonics Holdco LLC – Term Debt (S + 9.5 %, 14.3 % Cash, Due 4/2027) (C) 12,149 12,128 12,265 Unirac Holdings, Inc. – Line of Credit, $ 1,244 available (S + 6.5 %, 11.3 % Cash, Due 9/2027) (C) 978 978 978 Unirac Holdings, Inc. – Delayed Draw Term Loan, $ 0 available (S + 6.5 %, 11.3 % Cash, Due 9/2027) (C) 1,097 1,097 1,108 Unirac Holdings, Inc. – Term Debt (S + 6.5 %, 11.3 % Cash, Due 9/2027) (C) 14,738 14,494 14,885 Viva Railings, LLC – Line of Credit, $ 4,000 available (S + 7.1 %, 11.9 % Cash, Due 5/2027) (C) — — — Viva Railings, LLC – Term Debt (S + 7.1 %, 11.9 % Cash, Due 5/2027) (C) 20,202 20,202 20,202 117,153 113,756 Diversified/Conglomerate Service – 30.9 % 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) 350 350 159 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. 92 Table of Contents GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2024 (DOLLAR AMOUNTS IN THOUSANDS) Company and Investment (A)(B)(K)(Q) Principal/ Shares/ Units (I)(J) 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 %, 12.4 % Cash, 3.5 % PIK, Due 3/2026) (E) 20,290 20,264 20,290 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) 1,200 1,200 1,200 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 % ALS Education, LLC – Line of Credit, $ 3,000 available (S + 6.8 %, 11.6 % Cash, Due 12/2028) (C) — — — ALS Education, LLC – Term Debt (S + 6.8 %, 11.6 % Cash, Due 12/2028) (C) 31,680 31,680 31,997 HH-Inspire Acquisition, Inc. – 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 %, 12.8 % Cash, Due 4/2028) (C)(H) 15,852 15,852 15,399 HH-Inspire Acquisition, Inc. – Term Debt (S + 8.0 %, 12.8 % Cash, Due 4/2028) (C)(H) 3,193 3,193 3,102 Technical Resource Management, LLC – Line of Credit, $ 1,000 available (S + 8.0 %, 12.8 % Cash, Due 4/2028) (C) 2,000 2,000 2,008 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 Turn Key Health Clinics, LLC – Line of Credit, $ 4,000 available (S + 7.3 %, 12.1 % Cash, Due 6/2026) (C) — — — Turn Key Health Clinics, LLC – Term Debt (S + 7.3 %, 12.1 % Cash, Due 6/2026) (C) 17,500 17,500 17,500 95,110 95,010 Machinery – 3.6 % 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) 325 325 163 Telecommunications – 0.5 % B+T Group Acquisition, Inc. (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) – Line of Credit, $ 127 available (S + 2.0 %, 7.0 % Cash, Due 6/2025) (E)(P) 323 323 115 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 7,643 2,725 Total Secured First Lien Debt $ 555,941 $ 540,661 Secured Second Lien Debt – 22.3 % Automobile – 3.4 % Sea Link International IRB, Inc. – Term Debt ( 11.3 % Cash, 2.0 % PIK, Due 12/2025) (C)(F) 12,331 12,314 12,331 Sea Link International IRB, Inc. – Term Debt ( 12.0 % Cash, 2.0 % PIK, Due 12/2025) (C)(F) 4,079 4,079 4,079 16,393 16,410 Beverage, Food, and Tobacco – 0.7 % 8th Avenue Food & Provisions, Inc. – Term Debt (S + 7.9 %, 12.7 % Cash, Due 10/2026) (D) 3,683 3,683 3,241 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 93 Table of Contents GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2024 (DOLLAR AMOUNTS IN THOUSANDS) Company and Investment (A)(B)(K)(Q) Principal/ Shares/ Units (I)(J) Cost Fair Value 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 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 % Imperative Holdings Corporation – Term Debt (S + 9.8 %, 14.6 % Cash, Due 8/2028) (C) 18,015 17,909 18,015 Total Secured Second Lien Debt $ 105,144 $ 105,169 Unsecured Debt – 0.1 % Diversified/Conglomerate Service – 0.1 % Frontier Financial Group Inc. – Convertible Debt ( 6.0 % Cash, Due 6/2022) (E)(F) 198 198 32 Preferred Equity – 5.8 % Automobile – 0.1 % Sea Link International IRB, Inc. – Preferred Stock (E)(G) 98,039 98 220 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) 75 75 167 7,075 9,617 Buildings and Real Estate – 0.0 % GFRC 360, LLC – Preferred Stock (E)(G) 1,000 1,025 — Diversified/Conglomerate Manufacturing – 0.1 % Torrent Photonics Holdco LLC – Preferred Stock (E)(G) 2,650 2,650 552 Diversified/Conglomerate Service – 2.9 % Frontier Financial Group Inc. – Preferred Stock (E)(G) 766 500 — Frontier Financial Group Inc. – Preferred Stock Warrant (E)(G) 168 — — MCG Energy Solutions, LLC – Preferred Stock (E)(G) 7,000,000 7,000 9,954 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 % HH-Inspire Acquisition, Inc. – Preferred Stock (E)(G) 1,329,054 2,251 1,047 Oil and Gas – 0.5 % FES Resources Holdings LLC – Preferred Equity Units (E)(G) 6,350 6,350 — Imperative Holdings Corporation – Preferred Equity Units (E)(G) 972,569 488 2,275 6,838 2,275 Telecommunications – 0.0 % B+T Group Acquisition, Inc. (S) – Preferred Stock (E)(G) 6,130 2,024 — Total Preferred Equity $ 32,461 $ 27,247 Common Equity – 16.5 % Aerospace and Defense – 12.8 % Antenna Research Associates, Inc. – Common Equity Units (E)(G)(U) 4,283 4,283 59,423 Ohio Armor Holdings, LLC – Common Equity (E)(G) 100 1,000 1,086 5,283 60,509 Automobile – 0.1 % Sea Link International IRB, Inc.– Common Equity Units (E)(G) 823,333 823 160 Beverage, Food, and Tobacco – 0.9 % Salt & Straw, LLC – Common Warrant (E)(G) 0.4 % — 47 Sokol & Company Holdings, LLC – Common Stock (E)(G) 1,500,000 1,500 2,727 Triple H Food Processors, LLC – Common Stock (E)(G) 250,000 250 1,346 1,750 4,120 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 94 Table of Contents GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2024 (DOLLAR AMOUNTS IN THOUSANDS) Company and Investment (A)(B)(K)(Q) Principal/ Shares/ Units (I)(J) Cost Fair Value Buildings and Real Estate – 0.0 % GFRC 360, LLC – Common Stock Warrants (E)(G) 45.0 % — — Diversified/Conglomerate Manufacturing – 0.2 % Engineering Manufacturing Technologies, LLC – Common Stock (E)(G) 6,000 3,000 — OCI, LLC – Common Units (E)(G) 306 — — NeoGraf Solutions LLC – Common Stock (E)(G) 2,000,000 2,000 859 5,000 859 Diversified/Conglomerate Service – 0.3 % Total Access Elevator, LLC – Common Equity (E)(G) 750,000 750 1,234 WorkforceQA, LLC – Common Stock (E)(G) 532 532 346 1,282 1,580 Healthcare, Education, and Childcare – 1.2 % Giving Home Health Care, LLC – Warrant (E)(G) 10,667 — 3,995 GSM MidCo LLC – Common Stock (E)(G) 767 767 1,583 Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($ 843 uncalled capital commitment) (G)(L)(R) 3.5 % — 38 Technical Resource Management, LLC – Common Stock (E)(G) 2,000,000 2,000 34 2,767 5,650 Machinery – 1.0 % Arc Drilling Holdings LLC – Common Stock (E)(G) 53,333 5,333 4,816 Oil and Gas – 0.0 % FES Resources Holdings LLC – Common Equity Units (E)(G) 6,233 — — Total Safety Holdings, LLC – Common Equity (E)(G) 435 499 101 499 101 Telecommunications – 0.0 % B+T Group Acquisition, Inc. (S) – Common Stock Warrant (E)(G) 1.5 % — — Total Common Equity $ 22,737 $ 77,795 Total Non-Control/Non-Affiliate Investments $ 716,481 $ 750,904 AFFILIATE INVESTMENTS (N) – 1.6 % Secured First Lien Debt – 0.1 % Diversified/Conglomerate Manufacturing – 0.1 % Edge Adhesives Holdings, Inc. (S) – Term Debt (S + 5.5 %, 10.3 % Cash, Due 8/2026) (E)(P) 6,140 6,140 380 Preferred Equity – 0.9 % Diversified/Conglomerate Manufacturing – 0.0 % Edge Adhesives Holdings, Inc. (S) – Preferred Stock (E)(G) 5,466 5,466 $ — Diversified/Conglomerate Service– 0.7 % Encore Dredging Holdings, LLC – Preferred Stock (E)(G) 3,840,000 3,840 3,168 Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2 % Canopy Safety Brands, LLC – Preferred Stock (E)(G) 500,000 500 931 Total Preferred Equity $ 9,806 $ 4,099 Common Equity – 0.6 % Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.6 % Canopy Safety Brands, LLC – Common Stock (E)(G) 1,170,370 800 2,959 Total Affiliate Investments $ 16,746 $ 7,438 CONTROL INVESTMENTS (O) – 8.0 % Secured First Lien Debt – 3.0 % Diversified/Conglomerate Manufacturing – 0.9 % 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, $ 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 14,525 9,696 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 95 Table of Contents GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2024 (DOLLAR AMOUNTS IN THOUSANDS) Company and Investment (A)(B)(K)(Q) Principal/ Shares/ Units (I)(J) 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 – 1.8 % Automobile – 1.8 % Defiance Integrated Technologies, Inc. – Term Debt (S + 9.6 %, 14.4 % Cash, Due 1/2027) (E) 8,547 8,547 8,547 Preferred Equity – 0.0 % Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0 % WB Xcel Holdings, LLC – Preferred Stock (E)(G) 333 2,750 $ — Common Equity – 3.2 % Automobile – 0.6 % Defiance Integrated Technologies, Inc. – Common Stock (E)(G) 33,321 581 2,949 Diversified/Conglomerate Manufacturing – 1.7 % Lonestar EMS, LLC – Common Units (E)(G) 100.0 % 6,750 8,214 Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0 % WB Xcel Holdings, LLC – Common Warrant (E)(G) 1 1 $ — Printing and Publishing – 0.9 % TNCP Intermediate HoldCo, LLC – Common Equity Units (E)(G) 790,000 500 4,312 Total Common Equity $ 7,832 $ 15,475 Total Control Investments $ 37,784 $ 37,918 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. 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 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. The cash interest rate is the greater of the floor or SOFR plus a spread. Due dates represent the contractual maturity date. (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. (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. (F) Debt security has a fixed interest rate. (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. (I) Represents the principal balance for debt investments and the number of shares/units held for equity investments. Warrants are represented as a percentage of ownership, as applicable. (J) Where applicable, aggregates all shares of a class of stock owned without regard to specific series owned within such class (some series of which may or may not be voting shares) or aggregates all warrants to purchase shares of a class of stock owned without regard to specific series of such class of stock such warrants allow us to purchase. (K) Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of September 30, 2024. (L) There are certain limitations on our ability to withdraw our partnership interest prior to dissolution of the entity, which must occur no later than May 9, 2024 or two years after all outstanding leverage has matured. (M) Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities. (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. 96 Table of Contents (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. (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. Securities and Exchange Commission. (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 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. 97 Table of Contents GLADSTONE CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA AND AS OTHERWISE INDICATED) NOTE 1. ORGANIZATION 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 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”). In addition, we have elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). We were established for the purpose of investing in debt and equity securities of established private businesses operating in the United States (“U.S.”). Our investment objectives are to: (1) achieve and grow current income by investing in debt securities of established lower middle market companies (which we generally define as companies with annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $ 3 million to $ 25 million) in the U.S. that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness and make distributions to stockholders that grow over time; and (2) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities, in connection with our debt investments, that we believe can grow over time to permit us to sell our equity investments for capital gains. Gladstone Business Loan, LLC (“Business Loan”), a wholly-owned subsidiary of ours, was established on February 3, 2003, for the sole purpose of holding certain investments pledged as collateral under our line of credit. The financial statements of Business Loan are consolidated with those of Gladstone Capital Corporation. We are externally managed by Gladstone Management Corporation (the “Adviser”), an affiliate of ours and an SEC registered investment adviser, pursuant to an investment advisory and management agreement (as amended and/or restated from time to time, the “Advisory Agreement”). Administrative services are provided by Gladstone Administration, LLC (the “Administrator”), an affiliate of ours and the Adviser, pursuant to an administration agreement (the “Administration Agreement”). Refer to Note 4— Related Party Transactions for additional information regarding these arrangements. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation We prepare our Consolidated Financial Statements and the accompanying notes in accordance with accounting principles generally accepted in the U.S. (“GAAP ” ) and conform to Regulation S-X. Management believes it has made all necessary adjustments so that our accompanying Consolidated Financial Statements are presented fairly and that all such adjustments are of a normal recurring nature. Our accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Consolidation In accordance with Article 6 of Regulation S-X, we do not consolidate portfolio company investments. Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. Retroactive Adjustments for Reverse Stock Split The outstanding shares and per share amounts of the Company’s common stock in this Annual Report have been retroactively adjusted for the 1-for-2 reverse stock split (the “Reverse Stock Split”) effected on April 4, 2024 (effective April 5, 2024 for trading purposes) for all activity prior to that date, unless stated otherwise. 98 Table of Contents Use of Estimates Preparing financial statements requires management to make estimates and assumptions that affect the amounts reported in our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements. Actual results may differ from those estimates. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation in the Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements. Reclassifications did not impact net increase in net assets resulting from operations, total assets, total liabilities, or total net assets, or Consolidated Statements of Cash Flows classifications. Classification of Investments In accordance with the provisions of the 1940 Act applicable to BDCs, we classify portfolio investments on our accompanying Consolidated Financial Statements into the following categories: • Control Investments— Control investments 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 of such portfolio company; • Affiliate Investments — Affiliate investments are those in which we own, with the power to vote, between 5.0% and 25.0% of the issued and outstanding voting securities that are not classified as Control investments; and • Non-Control/Non-Affiliate Investments — Non-Control/Non-Affiliate investments are those that are neither control nor affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities. Cash and cash equivalents 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 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 Restricted cash is cash held in escrow that was generally received as part of an investment exit. Restricted cash is carried at cost, which approximates fair value. Investment Valuation Policy Accounting Recognition We record our investments at fair value in accordance with ASC 820 and the 1940 Act. Investment transactions are recorded on the trade date. Realized gains or losses are generally measured by the difference between the net proceeds from the repayment or sale and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Unrealized appreciation or depreciation primarily reflects the change in investment fair values, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Board Responsibility Our board of directors (the “Board of Directors”) has approved investment valuation policies and procedures pursuant to Rule 2a-5 under the 1940 Act (the “Policy”) and, in July 2022, designated the Adviser to serve as the Board of Directors’ valuation designee (“Valuation Designee”) under the 1940 Act. 99 Table of Contents In accordance with the 1940 Act, our Board of Directors has the ultimate responsibility for reviewing the good faith fair value determination of our investments for which market quotations are not readily available based on our Policy and for overseeing the Valuation Designee. Such review and oversight includes receiving written fair value determinations and supporting materials provided by the Valuation Designee, in coordination with the Administrator and with the oversight by the Company's chief valuation officer (collectively, the “Valuation Team”). The Valuation Committee of our Board of Directors (comprised entirely of independent directors) meets to review the valuation determinations and supporting materials, discusses the information provided by the Valuation Team, determines whether the Valuation Team has followed the Policy, and reviews other facts and circumstances, including current valuation risks, conflicts of interest, material valuation matters, appropriateness of valuation methodologies, back-testing results, price challenges/overrides, and ongoing monitoring and oversight of pricing services. After the Valuation Committee concludes its meeting, it and the chief valuation officer, representing the Valuation Designee, present the Valuation Committee’s findings on the Valuation Designee's determinations to the entire Board of Directors so that the full Board of Directors may review the Valuation Designee's determined fair values of such investments in accordance with the Policy. There is no single standard for determining fair value (especially for privately-held businesses), as fair value depends upon the specific facts and circumstances of each individual investment. In determining the fair value of our investments, the Valuation Team, led by the chief valuation officer, uses the Policy, and each quarter the Valuation Committee and Board of Directors review the Policy to determine if changes thereto are advisable and whether the Valuation Team has applied the Policy consistently. Use of Third Party Valuation Firms The Valuation Team engages third-party valuation firms to provide independent assessments of fair value of certain of our investments. A third-party valuation firm generally provides estimates of fair value on our debt investments. The Valuation Team generally assigns the third-party valuation firm’s estimates of fair value to our debt investments where we do not have the ability to effectuate a sale of the applicable portfolio company. The Valuation Team corroborates this third-party valuation firm’s estimates of fair value using one or more of the valuation techniques discussed below. The Valuation Team’s estimate of value on a specific debt investment may significantly differ from the third-party valuation firm’s. When this occurs, our Valuation Committee and Board of Directors review whether the Valuation Team has followed the Policy and the Valuation Committee reviews whether the Valuation Designee’s determined fair value is reasonable in light of the Policy and other relevant facts and circumstances. We may engage other independent valuation firms to provide earnings multiple ranges, as well as other information, and evaluate such information for incorporation into the total enterprise value (“TEV”) of certain of our investments. Generally, at least once per year, we engage an independent valuation firm to value or review the valuation of each of our significant equity investments, which includes providing the information noted above. The Valuation Team evaluates such information for incorporation into our TEV, including review of all inputs provided by the independent valuation firm. The Valuation Team then presents a determination to our Valuation Committee as to the fair value. Our Valuation Committee reviews the determined fair value and whether it is reasonable in light of the Policy and other relevant facts and circumstances. Valuation Techniques In accordance with ASC 820, the Valuation Team uses the following techniques when valuing our investment portfolio: • Total Enterprise Value — In determining the fair value using a TEV, the Valuation Team first calculates the TEV of the portfolio company by incorporating some or all of the following factors: the portfolio company’s ability to make payments and other specific portfolio company attributes; the earnings of the portfolio company (the trailing or projected twelve month revenue or EBITDA); EBITDA multiples obtained from our indexing methodology whereby the original transaction EBITDA multiple at the time of our closing is indexed to a general subset of comparable disclosed transactions and EBITDA multiples from recent sales to third parties of similar securities in similar industries; a comparison to publicly traded securities in similar industries; and other pertinent factors. The Valuation Team generally reviews industry statistics and may use outside experts when gathering this information. Once the TEV is determined for a portfolio company, the Valuation Team generally allocates the TEV to the portfolio company’s securities based on the facts and circumstances of the securities, which typically results in the allocation of fair value to securities based on the order of their relative priority in the capital structure. 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. 100 Table of Contents TEV is primarily calculated using EBITDA and EBITDA multiples; however, TEV may also be calculated using revenue and revenue multiples or a discounted cash flow (“DCF”) analysis whereby future expected cash flows of the portfolio company are discounted to determine a net present value using estimated risk-adjusted discount rates, which incorporate adjustments for nonperformance and liquidity risks. • Yield Analysis — The Valuation Team generally determines the fair value of our debt investments for which we do not have the ability to effectuate a sale of the applicable portfolio company using the yield analysis, which includes a DCF calculation and assumptions that the Valuation Team believes market participants would use, including, estimated remaining life, current market yield, current leverage, and interest rate spreads. This technique develops a modified discount rate that incorporates risk premiums including increased probability of default, increased loss upon default and increased liquidity risk. Generally, the Valuation Team uses the yield analysis to corroborate both estimates of value provided by our third party valuation firm and market quotes. • Market Quotes — For our investments for which a limited market exists, we generally base fair value on readily available and reliable market quotations which are corroborated by the Valuation Team (generally by using the yield analysis described above). In addition, the Valuation Team assesses trading activity for similar investments and evaluates variances in quotations and other market insights to determine if any available quoted prices are reliable. Typically, the Valuation Team uses the lower indicative bid price (“IBP”) in the bid-to-ask price range obtained from the respective originating syndication agent’s trading desk on or near the valuation date. The Valuation Team may take further steps to consider additional information to validate that price in accordance with the Policy. For securities that are publicly traded, the Valuation Team generally bases fair value on the closing market price of the securities we hold as of the reporting date. For restricted securities that are publicly traded, the Valuation Team generally bases fair value on the closing market price of the securities we hold as of the reporting date less a discount for the restriction, which includes consideration of the nature and term to expiration of the restriction and the lack of marketability of the security. • 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. 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: the nature and realizable value of the collateral, including external parties’ guaranties, any relevant offers or letters of intent to acquire the portfolio company, timing of expected loan repayments, and the markets in which the portfolio company operates. Fair value measurements of our investments may involve subjective judgments and estimates and due to the uncertainty inherent in valuing these securities, the determinations of fair value may fluctuate from period to period and may differ materially from the values that could be obtained if a ready market for these securities existed. Our NAV could be materially affected if the determinations regarding the fair value of our investments are materially different from the values that we ultimately realize upon our disposal of such securities. Additionally, changes in the market environment and other events that may occur over the life of the investment may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which it is recorded. Refer to Note 3— Investments for additional information regarding fair value measurements and our application of ASC 820. 101 Table of Contents Revenue Recognition Interest Income Recognition Interest income, including the amortization of premiums, acquisition costs and amendment fees, the accretion of original issue discounts (“OID”), and paid-in-kind (“PIK”) interest, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when a loan becomes 90 days or more past due or if our qualitative assessment indicates that the debtor is unable to service its debt or other obligations, we will place the loan on non-accrual status and cease recognizing interest income on that loan for financial reporting purposes until the borrower has demonstrated the ability and intent to pay contractual amounts due. However, we remain contractually entitled to this interest. Interest payments received on non-accrual loans may be recognized as income or applied to the cost basis depending upon management's judgment. Generally, non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current, or due to a restructuring such that the interest income is deemed to be collectible. 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, 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. We recognize OID for loans originally issued at discounts and recognize the income over the life of the obligation based on an effective yield calculation. PIK interest, computed at the contractual rate specified in a loan agreement, is added to the principal balance of a loan and recorded as income over the life of the obligation. Thus, the actual collection of PIK income may be deferred until the time of debt principal repayment. 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 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 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. We collected $ 7.2 million, $ 0.2 million, and $ 1.1 million of PIK interest in cash during the years ended September 30, 2025, 2024, and 2023, respectively. Success Fee Income Recognition We record success fees as income when earned, which often occurs upon receipt of cash. Success fees are generally contractually due upon a change of control in a portfolio company, typically resulting from an exit or sale, and are non-recurring. Dividend Income Recognition We accrue dividend income on preferred and common equity securities to the extent that such amounts are expected to be collected and if we have the option to collect such amounts in cash or other consideration. Deferred Financing and Offering Costs Deferred financing and offering costs consist of costs incurred to obtain financing, including lender fees and legal fees. Certain costs associated with our Credit Facility (as defined below) are deferred and amortized using the straight-line method, which approximates the effective interest method, over the term of our Credit Facility’s revolving period. Costs associated with the issuance of our notes payable are presented as discounts to the principal amount of the notes payable and are amortized using the straight-line method, which approximates the effective interest method, over the term of the notes. Refer to Note 5 — Borrowings for further discussion. 102 Table of Contents Related Party Fees 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. Additionally, we pay the Adviser a loan servicing fee as compensation for its services as servicer under the terms of our revolving line of credit with KeyBank National Association (“KeyBank”), as administrative agent, lead arranger and lender (as amend and/or restated from time to time, our “Credit Facility”). These fees are accrued at the end of the quarter when the services are performed and generally paid the following quarter. We are also party to the Administration Agreement with the Administrator, which is indirectly owned and controlled by our chairman and chief executive officer, whereby we pay separately for administrative services. Refer to Note 4— Related Party Transactions for additional information regarding these related party fees and agreements. Income Taxes We intend to continue to qualify for treatment as a RIC under subchapter M of the Code, which generally allows us to avoid paying corporate income taxes on any income or gains that we distribute to our stockholders. We intend to continue to distribute sufficient dividends to eliminate taxable income. Refer to Note 10— Federal and State Income Taxes for additional information regarding our RIC requirements. ASC 740, “Income Taxes” requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authorities. Tax positions not deemed to satisfy the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current fiscal year. We have evaluated the implications of ASC 740, for all open tax years and in all major tax jurisdictions, and determined that there is no material impact on our accompanying Consolidated Financial Statements. Our federal tax returns for fiscal years 2022 to 2024 remain subject to examination by the Internal Revenue Service (“IRS”). Distributions Distributions to stockholders are recorded on the ex-dividend date. We are required to pay out at least 90.0% of our Investment Company Taxable Income (as defined below), which is generally our net ordinary income plus the excess of our net short-term capital gains over net long-term capital losses for each taxable year as a distribution to our stockholders in order to maintain our ability to be taxed as a RIC under Subchapter M of the Code. It is our policy to pay out as a distribution up to 100.0 % of those amounts. The amount to be paid is determined by our Board of Directors each quarter and is based on the annual earnings estimated by our management. Based on that estimate, a distribution is declared each quarter and is paid out monthly over the course of the respective quarter. Refer to Note 9— Distributions to Common Stockholders for further information. Our transfer agent, Computershare, Inc., offers a dividend reinvestment plan for our common stockholders. This is an “opt in” dividend reinvestment plan, meaning that common stockholders may elect to have their cash distributions automatically reinvested in additional shares of our common stock. Common stockholders who do not make such election will receive their distributions in cash. Common stockholders who receive distributions in the form of stock will be subject to the same federal, state and local tax consequences as stockholders who elect to receive their distributions in cash. As plan agent, Computershare, Inc. 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 103 Table of Contents Operations reflect our significant expense categories and are provided to the CODM on a regular basis. Recent Accounting Pronouncements 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. NOTE 3. INVESTMENTS 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. This fair value definition focuses on exit price in the principal, or most advantageous, market and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. ASC 820 also establishes the following three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of a financial instrument as of the measurement date. • Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical financial instruments in active markets; • Level 2 — inputs to the valuation methodology include quoted prices for similar financial instruments in active or inactive markets, and inputs that are observable for the financial instrument, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers; and • Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs are those inputs that reflect assumptions that market participants would use when pricing the financial instrument and can include the Valuation Team’s assumptions based upon the best available information. When a determination is made to classify our investments within Level 3 of the valuation hierarchy, such determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable, or Level 3, inputs, observable inputs (or components that are actively quoted and can be validated to external sources). The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. Investments in funds measured using NAV as a practical expedient are not categorized within the fair value hierarchy. 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. During the years ended September 30, 2025 and 2024, there were no investments transferred into or out of Levels 1, 2 or 3 of the valuation hierarchy. 104 Table of Contents As of September 30, 2025 and 2024, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy: Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value As of September 30, 2025: Secured first lien debt $ — $ — $ 622,371 $ 622,371 Secured second lien debt — — 150,542 150,542 Unsecured debt — — 333 333 Preferred equity — — 31,214 31,214 Common equity/equivalents — — 49,553 49,553 Total $ — $ — $ 854,013 $ 854,013 Investments measured at NAV (A) — — — 5,111 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 Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value As of September 30, 2024: Secured first lien debt $ — $ — $ 554,937 $ 554,937 Secured second lien debt — — 113,716 113,716 Unsecured debt — — 32 32 Preferred equity — — 31,346 31,346 Common equity/equivalents — — 96,191 96,191 Total $ — $ — $ 796,222 $ 796,222 Investments measured at NAV (A) — — — 38 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. 105 Table of Contents 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: Total Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) September 30, 2025 September 30, 2024 Non-Control/Non-Affiliate Investments Secured first lien debt $ 517,762 $ 540,661 Secured second lien debt 131,750 105,169 Unsecured debt 17 32 Preferred equity 16,794 27,247 Common equity/equivalents 29,958 (A) 77,757 (B) Total Non-Control/Non-Affiliate Investments $ 696,281 $ 750,866 Affiliate Investments Secured first lien debt $ 34,713 $ 380 Preferred equity 9,420 4,099 Common equity/equivalents 4,703 2,959 Total Affiliate Investments $ 48,836 $ 7,438 Control Investments Secured first lien debt $ 69,896 $ 13,896 Secured second lien debt 18,792 8,547 Unsecured debt 316 — Preferred equity 5,000 — Common equity/equivalents 14,892 15,475 Total Control Investments $ 108,896 $ 37,918 Total Investments at Fair Value Using Level 3 Inputs $ 854,013 $ 796,222 (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. 106 Table of Contents 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. The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to our fair value measurements. The weighted average calculations in the table below are based on the principal balances for all debt related calculations and on the cost basis for all equity related calculations for the particular input. Quantitative Information about Level 3 Fair Value Measurements Range / Weighted Average as of September 30, 2025 September 30, 2024 Valuation Techniques/ Methodologies Unobservable Input September 30, 2025 September 30, 2024 Secured first lien debt $ 548,670 $ 464,090 Yield Analysis Discount Rate 9.4 %– 19.8 % / 11.7 % 10.8 %– 17.3 % / 12.6 % 73,701 90,847 TEV EBITDA multiple 3.5 x– 8.0 x / 6.0 x 4.1 x– 13.9 x / 10.0 x EBITDA $ 538 –$ 4,655 / $ 3,540 $ 3,020 –$ 16,211 / $ 10,309 Revenue multiple 0.6 x– 0.8 x / 0.7 x 0.2 x– 4.6 x / 2.1 x Revenue $ 10,844 –$ 21,649 / $ 15,090 $ 6,336 –$ 21,118 / $ 13,981 Secured second lien debt 141,750 101,928 Yield Analysis Discount Rate 11.4 %– 15.2 % / 13.1 % 12.2 %— 16.0 % / 14.1 % — 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 5.4 x– 5.4 x / 5.4 x EBITDA $ 2,345 –$ 2,345 / $ 2,345 $ 3,343 –$ 3,343 / $ 3,343 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 $ 7,834 –$ 7,834 / $ 7,834 Preferred and common equity / equivalents (A) 80,767 127,537 TEV EBITDA multiple 3.5 x– 14.6 x / 6.8 x 4.1 x– 13.9 x / 8.0 x EBITDA $ 538 –$ 142,549 / $ 10,222 $ 1,182 –$ 144,458 / $ 10,847 Revenue multiple 0.6 x– 0.9 x / 0.7 x 0.2 x– 4.6 x / 2.0 x Revenue $ 4,846 –$ 21,649 / $ 12,394 $ 4,672 –$ 21,118 / $ 12,587 Total Level 3 Investments, at Fair Value $ 854,013 $ 796,222 (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. Changes in discount rates, EBITDA or EBITDA multiples (or revenue or revenue multiples), each in isolation, may change the fair value of certain of our investments. Generally, an increase/(decrease) in market yields, discount rates, or a (decrease)/increase in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a (decrease)/increase, respectively, in the fair value of certain of our investments. 107 Table of Contents Changes in Level 3 Fair Value Measurements of Investments The following tables provide the changes in fair value, broken out by security type, during the years ended September 30, 2025 and 2024 for all investments for which we determine fair value using unobservable (Level 3) inputs. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Year Ended September 30, 2025 Secured First Lien Debt Secured Second Lien Debt Unsecured Debt Preferred Equity Common Equity/ Equivalents Total Fair Value as of September 30, 2024 $ 554,937 $ 113,716 $ 32 $ 31,346 $ 96,191 $ 796,222 Total gains (losses): Net realized gain (loss) (A) ( 8,513 ) — — ( 946 ) 64,827 55,368 Net unrealized appreciation (depreciation) (B) ( 7,573 ) 285 ( 56 ) 6,510 7,179 6,345 Reversal of prior period net depreciation (appreciation) on realization (B) 9,612 295 — 946 ( 60,010 ) ( 49,157 ) New investments, repayments and settlements: (C) Issuances/originations 322,603 57,958 357 12,762 3,026 396,706 Settlements/repayments ( 240,195 ) ( 21,712 ) — — — ( 261,907 ) Net proceeds from sales — — — ( 19,404 ) ( 70,160 ) ( 89,564 ) Transfers ( 8,500 ) — — — 8,500 — Fair Value as of September 30, 2025 $ 622,371 $ 150,542 $ 333 $ 31,214 $ 49,553 $ 854,013 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Year Ended September 30, 2024 Secured First Lien Debt Secured Second Lien Debt Unsecured Debt Preferred Equity Common Equity/ Equivalents Total Fair Value as of September 30, 2023 $ 510,701 $ 127,854 $ 24 $ 26,855 $ 39,128 $ 704,562 Total gains (losses): Net realized gain (loss) (A) ( 50 ) — — 332 1,724 2,006 Net unrealized appreciation (depreciation) (B) ( 7,071 ) 2,445 8 ( 5,039 ) 52,781 43,124 Reversal of prior period net depreciation (appreciation) on realization (B) ( 53 ) ( 22 ) — 130 ( 283 ) ( 228 ) New investments, repayments and settlements: (C) Issuances/originations 131,462 36,978 — 10,150 4,585 183,175 Settlements/repayments ( 80,102 ) ( 53,539 ) — — — ( 133,641 ) Net proceeds from sales 50 — — ( 1,082 ) ( 1,744 ) ( 2,776 ) Transfers — — — — — — Fair Value as of September 30, 2024 $ 554,937 $ 113,716 $ 32 $ 31,346 $ 96,191 $ 796,222 (A) Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the corresponding period. (B) Included in net unrealized appreciation (depreciation) on investments on our accompanying Consolidated Statements of Operations for the corresponding period. (C) Includes increases in the cost basis of investments resulting from new portfolio investments, accretion of discounts, PIK, and other non-cash disbursements to portfolio companies, as well as decreases in the cost basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs and other cost-basis adjustments. 108 Table of Contents Investment Activity Proprietary Investments As of September 30, 2025 and 2024, we held 54 and 47 proprietary investments with an aggregate fair value of $ 859.1 million and $ 792.9 million, or 100.0 % and 99.6 % of the total portfolio at fair value, respectively. The following significant proprietary investment transactions occurred during the year ended September 30, 2025: • 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. 109 Table of Contents • 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, 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 As of September 30, 2025, our investment portfolio consisted of investments in 55 portfolio companies located in 22 states in 16 different industries, with an aggregate fair value of $ 859.1 million. The five largest investments at fair value as of September 30, 2025 totaled $ 196.5 million, or 22.9 % of our total investment portfolio, as compared to the five largest investments at fair value as of September 30, 2024 totaling $ 232.7 million, or 29.2 % of our total investment portfolio. As of September 30, 2025 and 2024, our average investment by obligor was $ 15.9 million and $ 15.7 million at cost, respectively. The following table outlines our investments by security type as of September 30, 2025 and 2024: September 30, 2025 September 30, 2024 Cost Fair Value Cost Fair Value Secured first lien debt $ 646,131 73.7 % $ 622,371 72.4 % $ 580,736 75.3 % $ 554,937 69.7 % Secured second lien debt 149,937 17.1 150,542 17.5 113,691 14.8 113,716 14.3 Unsecured debt 555 0.1 333 0.1 198 0.0 32 0.0 Total debt investments 796,623 90.9 773,246 90.0 694,625 90.1 668,685 84.0 Preferred equity 37,429 4.3 31,214 3.6 45,017 5.8 31,346 3.9 Common equity/equivalents 42,562 4.8 54,664 6.4 31,369 4.1 96,229 12.1 Total equity investments 79,991 9.1 85,878 10.0 76,386 9.9 127,575 16.0 Total Investments $ 876,614 100.0 % $ 859,124 100.0 % $ 771,011 100.0 % $ 796,260 100.0 % 110 Table of Contents Our investments at fair value consisted of the following industry classifications as of September 30, 2025 and 2024: Industry Classification September 30, 2025 September 30, 2024 Fair Value Percentage of Total Investments Fair Value Percentage of Total Investments 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 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 Total Investments $ 859,124 100.0 % $ 796,260 100.0 % Our investments at fair value were included in the following U.S. geographic regions as of September 30, 2025 and 2024: Location September 30, 2025 September 30, 2024 Fair Value Percentage of Total Investments Fair Value Percentage of Total Investments South $ 287,371 33.5 % $ 314,010 39.4 % 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 Total Investments $ 859,124 100.0 % $ 796,260 100.0 % The geographic composition indicates the location of the headquarters for our portfolio companies. A portfolio company may have additional locations in other geographic regions. 111 Table of Contents Investment Principal Repayments The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of September 30, 2025: Year Ending September 30, Amount 2026 (A) $ 58,434 2027 157,554 2028 222,265 2029 139,336 2030 209,608 Thereafter 10,000 Total contractual repayments $ 797,197 Adjustments to cost basis of debt investments ( 574 ) Investments in equity securities 79,991 Investments held as of September 30, 2025 at cost: $ 876,614 (A) Includes debt investments with contractual principal amounts totaling $ 0.5 million for which the maturity date has passed as of September 30, 2025. Receivables from Portfolio Companies Receivables from portfolio companies represent non-recurring costs incurred on behalf of such portfolio companies and are included in other assets on our accompanying Consolidated Statements of Assets and Liabilities. We generally maintain an allowance for uncollectible receivables from portfolio companies when the receivable balance becomes 90 days or more past due or if it is determined, based upon management’s judgment, that the portfolio company is unable to pay its obligations. We write-off accounts receivable when we have exhausted collection efforts and have deemed the receivables uncollectible. As of September 30, 2025 and 2024, we had gross receivables from portfolio companies of $ 2.4 million and $ 1.7 million, respectively. The allowance for uncollectible receivables was $ 52 thousand and $ 75 thousand as of September 30, 2025 and 2024, respectively. NOTE 4. RELATED PARTY TRANSACTIONS Transactions with the Adviser 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 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. 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. Gladstone. 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. 112 Table of Contents 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: Year Ended September 30, 2025 2024 2023 Average total assets subject to base management fee (A)(B) $ 794,857 $ 777,657 $ 685,600 Multiplied by annual base management fee of 1.75 % 1.75 % 1.75 % 1.75 % Base management fee (C) 13,910 13,609 11,998 Portfolio company fee credit ( 5,593 ) ( 2,866 ) ( 3,263 ) Syndicated loan fee credit ( 37 ) ( 101 ) ( 126 ) Net Base Management Fee $ 8,280 $ 10,642 $ 8,609 Loan servicing fee (C) $ 8,888 $ 8,862 $ 8,053 Credit to base management fee - loan servicing fee (C) ( 8,888 ) ( 8,862 ) ( 8,053 ) Net Loan Servicing Fee $ — $ — $ — Incentive fee (C) $ 10,486 $ 11,410 $ 10,255 Incentive fee credit ( 2,344 ) ( 204 ) — Net Incentive Fee $ 8,142 $ 11,206 $ 10,255 Portfolio company fee credit $ ( 5,593 ) $ ( 2,866 ) $ ( 3,263 ) Syndicated loan fee credit ( 37 ) ( 101 ) ( 126 ) Incentive fee credit ( 2,344 ) ( 204 ) — 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) Excludes our investment in Gladstone Alternative valued at the end of the applicable periods. (C) Reflected as a line item on our accompanying Consolidated Statements of Operations. Base Management Fee The base management fee is payable quarterly to the Adviser pursuant to our Advisory Agreement and is assessed at an annual rate of 1.75 %, computed on the basis of the value of our average total assets at the end of the two most recently-completed quarters (inclusive of the current quarter), which are total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings and adjusted appropriately for any share issuances or repurchases during the period. Additionally, pursuant to the requirements of the 1940 Act, the Adviser makes available significant managerial assistance to our portfolio companies. The Adviser may also provide other services to our portfolio companies under certain agreements and may receive fees for services other than managerial assistance. Such services may include: (i) assistance obtaining, sourcing or structuring credit facilities, long term loans or additional equity from unaffiliated third parties; (ii) negotiating important contractual financial relationships; (iii) consulting services regarding restructuring of the portfolio company and financial modeling as it relates to raising additional debt and equity capital from unaffiliated third parties; and (iv) taking a primary role in interviewing, vetting and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members. 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. 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 113 Table of Contents borrowings were used to purchase such syndicated loan participations, for each of the years ended September 30, 2025 and 2024. Loan Servicing Fee The Adviser also services the loans held by Business Loan (the borrower under the Credit Facility), in return for which the Adviser receives a 1.5 % annual fee payable monthly based on the aggregate outstanding balance of loans pledged under our Credit Facility. As discussed in the notes to the table above, we treat payment of the loan servicing fee pursuant to the Credit Facility as a pre-payment of the base management fee under the Advisory Agreement. Accordingly, these loan servicing fees are 100 % non-contractually, unconditionally and irrevocably credited back to us by the Adviser. Incentive Fee The incentive fee consists of two parts: an income-based incentive fee and a capital gains-based incentive fee. The income-based incentive fee rewards the Adviser if our quarterly net investment income (before giving effect to any incentive fee) exceeds 1.75 % ( 2.0 % during the period from April 1, 2020 through March 31, 2023) of our net assets, which we define as total assets less indebtedness and before taking into account any incentive fees payable or contractually due but not payable during the period, at the end of the immediately preceding calendar quarter, adjusted appropriately for any share issuances or repurchases during the period (the “hurdle rate”). The income-based incentive fee with respect to our pre-incentive fee net investment income is generally payable quarterly to the Adviser and is computed as follows: • 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 % ( 2.50 % 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; and • 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. In determining the capital gains-based incentive fee payable to the Adviser, we calculate “net realized capital gains” at the end of each applicable year by subtracting the sum of our cumulative aggregate realized capital losses and our entire portfolio’s aggregate unrealized capital depreciation from our cumulative aggregate realized capital gains. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment, when sold, and the original cost of such investment since inception. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment, when sold, is less than the original cost of such investment since inception. The entire portfolio’s aggregate unrealized capital depreciation, if any, equals the sum of the difference between the valuation of each investment as of the applicable calculation date and the original cost of such investment. At the end of the applicable fiscal year, the amount of capital gains that serves as the basis for our calculation of the capital gains-based incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses, less the entire portfolio’s aggregate unrealized capital depreciation, if any. If this number is positive at the end of such fiscal year, then the capital gains-based incentive fee for such year equals 20.0 % of such amount, less the aggregate amount of any capital gains-based incentive fees paid in respect of our portfolio in all prior years. No capital gains-based incentive fee has been recorded or paid since our inception through September 30, 2025, as cumulative unrealized capital depreciation has exceeded cumulative realized capital gains net of cumulative realized capital losses. In accordance with GAAP, a capital gains-based incentive fee accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation and depreciation. If such amount is positive at the end of a period, then GAAP requires us to record a capital gains- based incentive fee equal to 20.0 % of such amount, less the aggregate amount of actual capital gains-based incentive fees paid in all prior years. 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 114 Table of Contents 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. Our Board of Directors accepted non-contractual, unconditional and irrevocable credits from the Adviser to reduce the income-based incentive fee to the extent net investment income did not 100.0 % cover distributions to common stockholders for the years ended September 30, 2025 and 2024, which credits totaled $ 2.3 million and $ 0.2 million, respectively. There were no such credits during the year ended September 30, 2023. Transactions with the Administrator We have entered into the Administration Agreement with the Administrator to provide administrative services. We reimburse the Administrator pursuant to the Administration Agreement for the portion of expenses the Administrator incurs while performing services for us. 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 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. Gladstone. 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). Mr. 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. On July 10, 2025, our Board of Directors, including a majority of the directors who are not parties to the Administration Agreement or interested persons of either party, approved the renewal of the Administration Agreement through August 31, 2026. Other Transactions Gladstone Securities, LLC (“Gladstone Securities”), a privately-held broker-dealer registered with the Financial Industry Regulatory Authority and insured by the Securities Investor Protection Corporation, which is 100 % indirectly owned and controlled by Mr. Gladstone, our chairman and chief executive officer, has provided other services, such as investment banking and due diligence services, to certain of our portfolio companies, for which Gladstone Securities receives a fee. Any such fees paid by portfolio companies to Gladstone Securities do not impact the fees we pay to the Adviser or the non-contractual, unconditional and irrevocable credits against the base management fee or incentive fee. Gladstone Securities received fees from portfolio companies totaling $ 1.1 million, $ 0.4 million, and $ 0.8 million during the years ended September 30, 2025, 2024, and 2023, respectively. We entered into a dealer manager agreement (the “Dealer Manager Agreement”) with Gladstone Securities pursuant to which Gladstone Securities serves as our exclusive dealer manager in connection with the offering of our Series A Preferred Stock (as defined in Note 6 —Cumulative Redeemable Preferred Stock Offering ). Under the Dealer Manager Agreement, Gladstone Securities provides certain sales, promotional and marketing services to us in connection with the offering of the Series A Preferred Stock (the “Series A Offering”), and we pay Gladstone Securities (i) selling commissions of up to 7.0 % of the gross proceeds from sales of Series A Preferred Stock in the offering, and (ii) a dealer manager fee of up to 3.0 % of the gross proceeds from sales of Series A Preferred Stock in the offering. Gladstone Securities may, in its sole discretion, reallow a portion of the dealer manager fee to participating broker-dealers in support of the Series A Offering. The terms of the Dealer Manager Agreement were approved by our board of directors, including its independent directors. 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. 115 Table of Contents Related Party Fees Due Amounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows: September 30, 2025 September 30, 2024 Base management fee due to (from) Adviser $ ( 408 ) $ 809 Loan servicing fee due to Adviser 551 509 Incentive fee due to (from) Adviser 2,778 2,571 Total fees due to (from) Adviser 2,921 3,889 Fee due to Administrator 610 569 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, 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. These amounts are generally settled in the quarter subsequent to being incurred and are included in other liabilities on the accompanying Consolidated Statements of Assets and Liabilities as of September 30, 2025 and 2024. NOTE 5. BORROWINGS Revolving Line of Credit 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 2.60 % during the revolving period and 3.10 % thereafter. The following tables summarize noteworthy information related to our Credit Facility: As of September 30, 2025 2024 Commitment amount $ 320,000 $ 293,659 Borrowings outstanding, at cost — 70,600 Availability (A) 307,467 200,381 Year Ended September 30, 2025 2024 2023 Weighted average borrowings outstanding, at cost $ 40,212 $ 70,572 $ 133,692 Weighted average interest rate (B) 13.8 % 11.0 % 8.0 % Commitment (unused) fees incurred $ 2,575 $ 1,696 $ 624 (A) Available borrowings are subject to various constraints imposed under our Credit Facility, based on the aggregate loan balance pledged by Business Loan, which varies as loans are added and repaid, regardless of whether such repayments are prepayments or made as contractually required. (B) Includes unused commitment fees and excludes the impact of deferred financing costs. 116 Table of Contents 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. 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. Our Credit Facility contains covenants that require Business Loan to maintain its status as a separate legal entity, prohibit certain significant corporate transactions (such as mergers, consolidations, liquidations or dissolutions), and restrict material changes to our credit and collection policies without the lenders’ consent. Our Credit Facility also generally limits distributions to our stockholders on a fiscal year basis to the sum of our net investment income, net capital gains and amounts elected to have been paid during the prior year in accordance with Section 855(a) of the Code. Business Loan is also subject to certain limitations on the type of loan investments it can apply as collateral towards the borrowing base to receive additional borrowing availability under our Credit Facility, including restrictions on geographic concentrations, sector concentrations, loan size, payment frequency and status, average life and lien property. 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 $ 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. In addition, we had 34 obligors in our Credit Facility’s borrowing base as of September 30, 2025. As of September 30, 2025, we were in compliance with all of our Credit Facility covenants. Fair Value We elected to apply the fair value option of ASC 825, “Financial Instruments,” specifically for the Credit Facility, which was consistent with our application of ASC 820 to our investments. Generally, the fair value of our Credit Facility is determined using a yield analysis which includes a DCF calculation and the assumptions that the Valuation Team believes market participants would use, including the estimated remaining life, counterparty credit risk, current market yield and interest rate spreads of similar securities as of the measurement date. As of September 30, 2025, the discount rate used to determine the fair value of our Credit Facility was one-month Term SOFR, plus 2.60 % per annum, plus a 1.00 % unused commitment fee. As of September 30, 2024, the discount rate used to determine the fair value of our Credit Facility was one-month Term SOFR, plus 3.10 % per annum, plus a 1.00 % unused commitment fee. Generally, an increase or decrease in the discount rate used in the DCF calculation may result in a corresponding decrease or increase, respectively, in the fair value of our Credit Facility. As of September 30, 2025 and 2024, our Credit Facility was valued using Level 3 inputs and any changes in its fair value are recorded in net unrealized depreciation (appreciation) of other on our accompanying Consolidated Statements of Operations. The following tables present our Credit Facility carried at fair value as of September 30, 2025 and 2024, on our accompanying Consolidated Statements of Assets and Liabilities for Level 3 of the hierarchy established by ASC 820 and the changes in fair value of our Credit Facility during the years ended September 30, 2025 and 2024: Total Recurring Fair Value Measurement Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) As of September 30, 2025 2024 Credit Facility $ — $ 70,600 117 Table of Contents Fair Value Measurements Using Significant Unobservable Data Inputs (Level 3) Year Ended September 30, 2025 2024 Fair value as of September 30, 2024 and 2023, respectively $ 70,600 $ 47,800 Borrowings 332,000 221,200 Repayments ( 402,600 ) ( 198,400 ) Net unrealized (appreciation) depreciation (A) — — Fair Value as of September 30, 2025 and 2024, respectively $ — $ 70,600 (A) Included in net unrealized (appreciation) depreciation of other on our accompanying Consolidated Statements of Operations for the years ended September 30, 2025 and 2024. The fair value of the collateral under our Credit Facility totaled approximately $ 754.6 million and $ 714.4 million as of September 30, 2025 and 2024, respectively. Notes Payable 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 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 118 Table of Contents 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) $ 25.90 Conversion rate (shares per $1,000 principal amount) (A) 38.61 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. 2028 Notes 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. 2027 Notes 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. The 2027 Notes bear interest at a rate of 3.75 % per year. Interest is payable semi-annually on May 1 and November 1 of each year (which equates to approximately $ 1.9 million per year). 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 119 Table of Contents 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. 2026 Notes 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. 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. 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 2026 Notes to be Level 3 within the ASC 820 fair value hierarchy. NOTE 6. CUMULATIVE REDEEMABLE PREFERRED STOCK OFFERING In May 2023, we entered into a Dealer Manager Agreement pursuant to which we may sell a maximum of 6,000,000 shares of 6.25 % Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), par value $ 0.001 per share, on a “reasonable best efforts” basis through our affiliated dealer manager, Gladstone Securities, at a public offering price of $ 25.00 per share. Pursuant to the Dealer Manager Agreement, the offering will terminate on the date that is the earlier of (1) December 31, 2026 (unless earlier terminated or extended by our Board of Directors) and (2) the date on which all 6,000,000 shares of Series A Preferred Stock offered are sold. See Note 4, “Related-Party Transactions—Other Transactions,” for a discussion of the commissions and fees to be paid to Gladstone Securities in connection with the Series A Offering. The Series A Preferred Stock is being sold pursuant to our shelf registration statement on Form N-2 (File No. 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. 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 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 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. 120 Table of Contents NOTE 7. REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS Reverse Stock Split On April 4, 2024, we completed a 1-for-2 Reverse Stock Split of the Company’s issued and outstanding common stock, by the filing of Articles of Amendment with the State Department of Assessments and Taxation of Maryland pursuant to the Maryland General Corporation Law. The Reverse Stock Split became effective at 4:05 p.m. Eastern Time on April 4, 2024. The Reverse Stock Split was effective for purposes of trading as of the opening of business on the Nasdaq Global Select Market on April 5, 2024. As a result of the Reverse Stock Split, every two shares of common stock issued and outstanding were automatically combined into one new share of common stock. The Reverse Stock Split did not modify any rights or preferences of the shares of common stock. The common stock issued pursuant to the Reverse Stock Split remains fully paid and non-assessable. The Reverse Stock Split did not affect the number of authorized shares of common stock or the par value of the common stock. Common Stock At-the-Market Offerings In August 2024, we entered into an equity distribution agreement with Jefferies LLC and Huntington Securities, Inc, (the “2024 Sales Agreement”) under which we have the ability to issue and sell, from time to time, shares of our common stock with an aggregate offering price of up to $ 150.0 million in an “at the market offering” (the “2024 ATM Program”). During the year ended September 30, 2025, we sold 362,482 shares of our common stock under the 2024 Sales Agreement, at a weighted-average price of $ 26.44 per share and raised $ 9.6 million of gross proceeds. Net proceeds, after deducting commissions and offering costs borne by us, were approximately $ 9.4 million. 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. 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 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. 121 Table of Contents NOTE 8. NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER COMMON SHARE The following table sets forth the computation of basic and diluted net increase (decrease) in net assets resulting from operations per weighted average common share for the years ended September 30, 2025, 2024, and 2023: Year Ended September 30, 2025 2024 2023 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 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) 517 — — 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. NOTE 9. DISTRIBUTIONS TO COMMON STOCKHOLDERS To qualify to be taxed as a RIC under Subchapter M of the Code, we must generally distribute to our stockholders, for each taxable year, at least 90% of our taxable ordinary income plus the excess of our net short- term capital gains over net long-term capital losses (“Investment Company Taxable Income”). The amount to be paid out as distributions to our stockholders is determined by our Board of Directors quarterly and is based on management’s estimate of Investment Company Taxable Income. Based on that estimate, our Board of Directors declares three monthly distributions to common stockholders each quarter. The federal income tax characteristics of all distributions will be reported to stockholders on the IRS Form 1099 after the end of each calendar year. Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of cash distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date. 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. 122 Table of Contents We paid the following monthly distributions to common stockholders for the years ended September 30, 2025 and 2024: Fiscal Year Declaration Date Record Date Payment Date Distribution per Common Share(A) 2025 October 8, 2024 October 22, 2024 October 31, 2024 $ 0.165 October 8, 2024 November 20, 2024 November 29, 2024 0.165 November 12, 2024 December 4, 2024 December 18, 2024 (B) 0.400 October 8, 2024 December 20, 2024 December 31, 2024 0.165 January 14, 2025 January 24, 2025 January 31, 2025 0.165 January 14, 2025 February 19, 2025 February 28, 2025 0.165 January 14, 2025 March 19, 2025 March 31, 2025 0.165 April 8, 2025 April 21, 2025 April 30, 2025 0.165 April 8, 2025 May 21, 2025 May 30, 2025 0.165 April 8, 2025 June 20, 2025 June 30, 2025 0.165 July 10, 2025 July 21, 2025 July 31, 2025 0.165 July 10, 2025 August 20, 2025 August 29, 2025 0.165 September 12, 2025 September 23, 2025 September 29, 2025 (B) 0.100 July 10, 2025 September 22, 2025 September 30, 2025 0.165 Year Ended September 30, 2025: $ 2.48 2024 October 10, 2023 October 20, 2023 October 31, 2023 $ 0.165 October 10, 2023 November 20, 2023 November 30, 2023 0.165 October 10, 2023 December 18, 2023 December 29, 2023 0.165 January 9, 2024 January 23, 2024 January 31, 2024 0.165 January 9, 2024 February 21, 2024 February 29, 2024 0.165 January 9, 2024 March 21, 2024 March 29, 2024 0.165 April 9, 2024 April 19, 2024 April 30, 2024 0.165 April 9, 2024 May 17, 2024 May 31, 2024 0.165 April 9, 2024 June 19, 2024 June 28, 2024 0.165 July 9, 2024 July 22, 2024 July 31, 2024 0.165 July 9, 2024 August 21, 2024 August 30, 2024 0.165 July 9, 2024 September 20, 2024 September 30, 2024 0.165 Year Ended September 30, 2024: $ 1.98 (A) Per share data has 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) Represents a supplemental distribution to common stockholders. 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, 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. 123 Table of Contents The components of our net assets on a tax basis were as follows: Year Ended September 30, 2025 2024 Common stock $ 45 $ 44 Capital in excess of par value 501,628 492,305 Cumulative net unrealized appreciation (depreciation) of investments ( 17,490 ) 25,249 Undistributed ordinary income 5,481 6,590 Undistributed capital gain 717 — Capital loss carryforward — ( 47,435 ) Other temporary differences ( 8,346 ) ( 5,858 ) 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.” For the years ended September 30, 2025 and 2024, we recorded the following adjustments for permanent book-tax differences to reflect tax character. Results of operations, total net assets, and cash flows were not affected by these adjustments. Year Ended September 30, 2025 2024 Undistributed net investment income $ ( 946 ) $ ( 1,299 ) Accumulated net realized losses 1,053 1,310 Capital in excess of par value ( 107 ) ( 11 ) NOTE 10. FEDERAL AND STATE INCOME TAXES We intend to continue to maintain our qualifications as a RIC for federal income tax purposes. As a RIC, we are generally not subject to federal income tax on the portion of our taxable income and gains that we distribute to stockholders. To maintain our qualification as a RIC, we must meet certain source-of-income and asset diversification requirements. In addition, to qualify to be taxed as a RIC, we must also meet certain annual stockholder distribution requirements. To satisfy the RIC annual distribution requirement, we must distribute to stockholders at least 90.0% of our Investment Company Taxable Income. Our policy generally is to make distributions to our stockholders in an amount up to 100.0 % of our Investment Company Taxable Income. Because we have distributed more than 90.0% of our Investment Company Taxable Income, no income tax provisions have been recorded for the years ended September 30, 2025, 2024, and 2023. 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. 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. 124 Table of Contents NOTE 11. COMMITMENTS AND CONTINGENCIES Legal Proceedings We are party to certain legal proceedings incidental to the normal course of our business. We are required to establish reserves for litigation matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves. Based on current knowledge, we do not believe that loss contingencies, if any, arising from pending investigations, litigation or regulatory matters will have a material adverse effect on our financial condition, results of operations or cash flows. Additionally, based on our current knowledge, we do not believe such loss contingencies are both probable and estimable and therefore, as of September 30, 2025 and 2024, we had no established reserves for such loss contingencies. Escrow Holdbacks From time to time, we enter into arrangements relating to exits of certain investments whereby specific amounts of the proceeds are held in escrow to be used to satisfy potential obligations, as stipulated in the sales agreements. We record escrow amounts in Restricted cash and cash equivalents, if received in cash but subject to potential obligations or other contractual restrictions, or as escrow receivables in Other assets, net, if not yet received in cash, on our accompanying Consolidated Statements of Assets and Liabilities. We establish reserves and holdbacks against escrow amounts if we determine that it is probable and estimable that a portion of the escrow amounts will not ultimately be released or received at the end of the escrow period. Reserves and holdbacks against escrow amounts were $ 1.5 million and $ 0.1 million as of September 30, 2025 and September 30, 2024, respectively. Financial Commitments and Obligations We have lines of credit, delayed draw term loans, and an uncalled capital commitment with certain of our portfolio companies that have not been fully drawn. Since these commitments have expiration dates and we expect many will never be fully drawn, the total commitment amounts do not necessarily represent future cash requirements. We estimate the fair value of the combined unused lines of credit, the unused delayed draw term loans and the uncalled capital commitment as of September 30, 2025 and 2024 to be immaterial. The following table summarizes the amounts of our unused lines of credit, delayed draw term loans and uncalled capital commitment, at cost, as of September 30, 2025 and 2024, which are not reflected as liabilities in the accompanying Consolidated Statements of Assets and Liabilities: As of September 30, 2025 2024 Unused line of credit commitments (A) $ 54,553 $ 42,601 Delayed draw term loans (A) 11,000 14,150 Uncalled capital commitment 843 843 Total $ 66,396 $ 57,594 (A) There may be specific covenant requirements that temporarily limit a portfolio company’s availability to draw on an unused line of credit commitment or a delayed draw term loan. 125 Table of Contents NOTE 12. FINANCIAL HIGHLIGHTS As of and for the Year Ended September 30, 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 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 (C) Net investment income 2.02 2.11 2.20 1.88 1.58 1.62 1.68 1.70 1.68 1.68 Net realized and unrealized gain (loss) on investments 0.57 2.05 0.07 ( 0.70 ) 3.58 ( 1.68 ) ( 0.30 ) ( 0.32 ) ( 0.24 ) ( 0.70 ) Net realized and unrealized gain (loss) on other 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 (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 ) Realized gains ( 0.50 ) — — — — — — — — ( 0.28 ) Return of capital — — — ( 0.08 ) ( 0.06 ) ( 0.02 ) ( 0.04 ) — — — Total distributions ( 2.48 ) ( 1.98 ) ( 1.89 ) ( 1.60 ) ( 1.56 ) ( 1.62 ) ( 1.68 ) ( 1.68 ) ( 1.68 ) ( 1.68 ) Capital share transactions (C) Discounts, commissions, and offering costs — — — — ( 0.02 ) — ( 0.02 ) ( 0.02 ) ( 0.08 ) ( 0.10 ) Repurchase of common stock — — — — — — — — — 0.04 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 ) Total capital share transactions 0.08 0.05 0.26 0.04 0.28 0.10 0.12 0.14 ( 0.12 ) ( 0.16 ) Other, net (C)(F) — ( 0.02 ) ( 0.03 ) — ( 0.04 ) — — — 0.02 ( 0.02 ) 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 Per common share market value at beginning of year $ 24.05 $ 19.28 $ 16.98 $ 22.60 $ 14.82 $ 19.50 $ 19.00 $ 19.00 $ 16.26 $ 16.26 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 (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 (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 Statement of Assets and Liabilities Data: 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 (H) 479,038 431,796 349,518 320,838 275,509 235,266 239,851 234,092 215,421 193,228 Senior Securities Data: 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 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 (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 (K) 9.44 10.67 11.74 10.06 9.48 10.70 10.25 9.86 9.95 10.08 126 Table of Contents (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 . (C) Based on weighted average basic per share data. (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. (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. (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. 127 Table of Contents NOTE 13. UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES In accordance with the SEC’s Regulation S-X, we do not consolidate portfolio company investments. Further, in accordance with ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. We did not have any unconsolidated subsidiaries that met any of the significance conditions under Rule l-02(w)(2) of the SEC’s Regulation S-X as of or during at least one of the years ended September 30, 2025, 2024, and 2023. NOTE 14. SUBSEQUENT EVENTS Portfolio Activity 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 On October 14, 2025, our Board of Directors declared the following distributions to common and preferred stockholders: Record Date Payment Date Distribution per Common Share October 24, 2025 October 31, 2025 $ 0.15 November 17, 2025 November 26, 2025 0.15 December 22, 2025 December 31, 2025 0.15 Total for the Quarter $ 0.45 128 Table of Contents Record Date Payment Date Distribution per Series A Preferred Stock October 27, 2025 November 5, 2025 $ 0.130208 November 25, 2025 December 5, 2025 0.130208 December 29, 2025 January 5, 2026 0.130208 Total for the Quarter $ 0.390624 129 Table of Contents ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None.