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Dilution profile // every instrument, one screen, from SEC filings

GLADSTONE CAPITAL CORP (GLAD)

CIK 1143513 · all EDGAR filings →

Overall dilution risk
LOWworst of 3 computed sub-ratings (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
not every sub-rating was computable; treat as a floor
Offering ability
LOWno live registration found
= is there a registration (S-1/S-3 family) on file without a later withdrawal
Overhead supply
NOT COMPUTEDno warrant count tagged in XBRL
= warrant shares outstanding divided by current shares outstanding
absence of a tag is not proof of absence of warrants
Historical dilution
LOW-48% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
LOW~33.2 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2022-11-112026-08-03

Latest: 22.6M shares as of Aug 3, 2026 (10-Q).

⊙
EVIDENCE — filed/published fact
SourceSEC XBRL, cover-page share count
Fielddei:EntityCommonStockSharesOutstanding
As of2026-08-03
HowThe newest cover-page count as filed, whatever its age. The float checker applies a 200-day freshness rule and sets this beside the balance-sheet count.
Open the source document →
Share count fell from 43.5M to 21.8M between Feb 2, 2024 and Apr 30, 2024, a pattern consistent with a reverse split (roughly 1-for-2); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Self-funding

profitable · generates cash

Full breakdown: cash runway tool · source filing →

Warrants

No warrant figures tagged in this filer’s XBRL facts. That means the company has not reported them in structured form; it does not prove no warrants exist. The exhibits are the ground truth.

Convertible notes

NotePrincipalCarryingConv. priceRateIf converted
2030 Convertible Notes$149.5M—$26.025.875%~5.7M sh

If every note above converted at its tagged price: ~5.7M new shares on 22.6M currently outstanding. An estimate from principal ÷ conversion price, with inputs carrying different as-of dates; make-whole adjustments, capped calls and partial repurchases are not modeled.

Notes exactly as the company dimensioned them in its 10-Q filed Aug 4, 2026 →. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding22.6MAug 3, 2026
+ 2030 Convertible Notes (if fully converted)5.7MSep 30, 2025
Fully diluted estimate28.3M+25.4% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Last 12 months: 1 executed · 0 registered.

MARKETINGJun 3, 2026Free-writing prospectus — offering being marketedFWP →
EXECUTEDJun 3, 2026Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →
EXECUTEDSep 11, 2025Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →
MARKETINGSep 10, 2025Free-writing prospectus — offering being marketedFWP →
EXECUTEDSep 8, 2025Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →
EXECUTEDNov 22, 2024Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →
EXECUTEDAug 16, 2024Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →
EFFECTIVEJan 17, 2024SEC declared a registration effective — selling can beginEFFECT →
MARKETINGOct 11, 2023Free-writing prospectus — offering being marketedFWP →
MARKETINGSep 11, 2023Free-writing prospectus — offering being marketedFWP →
EXECUTEDAug 14, 2023Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →
EXECUTEDAug 10, 2023Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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