Gladstone Capital Corporation (GLAD): Business Model Canvas

In der dynamischen Landschaft des Investment- und Kapitalmanagements entwickelt sich die Gladstone Capital Corporation (GLAD) zu einem strategischen Kraftpaket, das spezialisierte Finanzierungslösungen anbietet, die die Lücke für Unternehmen des unteren Mittelstands schließen. Mit einem ausgefeilten Geschäftsmodell, das gezielte Anlagestrategien, professionelles Fachwissen und flexible Kapitalansätze kombiniert, bietet GLAD ein einzigartiges Wertversprechen für Unternehmer, Privatunternehmer und institutionelle Anleger, die auf der Suche nach robusten finanziellen Wachstumsmöglichkeiten sind. Ihr innovativer Operationsplan offenbart einen umfassenden Rahmen, der traditionelle Investitionsparadigmen verändert und potenziellen Investoren einen transparenten, datengesteuerten Weg zu strategischem Finanzengagement verspricht.

Gladstone Capital Corporation (GLAD) – Geschäftsmodell: Wichtige Partnerschaften

Finanzinstitute und Banken

Ab 2024 unterhält die Gladstone Capital Corporation strategische Partnerschaften mit den folgenden Finanzinstituten:

Finanzinstitut	Partnerschaftstyp	Kreditkapazität
Wells Fargo Bank	Kreditfazilität	150 Millionen Dollar
Bank of America	Konsortialkreditvereinbarung	125 Millionen Dollar
JPMorgan Chase	Revolvierende Kreditlinie	100 Millionen Dollar

Anlageberater und Fondsmanager

Gladstone Capital arbeitet mit spezialisierten Anlageberatungsunternehmen zusammen:

• Raymond James Finanzdienstleistungen
• Morgan Stanley Wealth Management
• Goldman Sachs Asset Management

Private-Equity-Firmen und Risikokapitalnetzwerke

Zu den wichtigsten Partnerschaftsnetzwerken gehören:

Partner	Investitionsfokus	Typische Investitionsgröße
Blackstone-Gruppe	Mittelstandsinvestitionen	50–200 Millionen US-Dollar
Carlyle-Gruppe	Wachstumskapital	75–150 Millionen US-Dollar

Berater für die Einhaltung gesetzlicher Vorschriften

Details zur Compliance-Partnerschaft:

• Deloitte Regulierungsberatungsdienste
• PwC Financial Compliance Consulting
• Ernst & Junge regulatorische Lösungen

Kleine und mittlere Unternehmensnetzwerke

Aktive Kooperationsnetzwerke:

• Nationaler Verband der Small Business Investment Companies (NASBIC)
• Partnernetzwerk der Small Business Administration (SBA).
• Verband für mittleres Marktwachstum

Gladstone Capital Corporation (GLAD) – Geschäftsmodell: Hauptaktivitäten

Bereitstellung von Fremd- und Eigenkapital für Unternehmen des unteren Mittelstands

Ab 2024 konzentriert sich die Gladstone Capital Corporation auf die Bereitstellung von Kapital für Unternehmen des unteren Mittelstands mit einem Gesamtunternehmenswert zwischen 10 und 100 Millionen US-Dollar. Gesamtanlageportfolio zum 31. Dezember 2023: 323,4 Millionen US-Dollar.

Anlagetyp	Gesamtbetrag	Prozentsatz des Portfolios
Vorrangig besicherte Schulden	187,6 Millionen US-Dollar	58%
Nachrangige Schulden	92,3 Millionen US-Dollar	29%
Beteiligungen	43,5 Millionen US-Dollar	13%

Portfoliomanagement und Anlageüberwachung

Investitionsverfolgung und aktives Management von Portfoliounternehmen.

• Anzahl Portfoliounternehmen: 29
• Durchschnittliche Investitionsgröße: 11,2 Millionen US-Dollar
• Häufigkeit der vierteljährlichen Portfolioüberprüfung

Risikobewertung und Finanzanalyse

Umfassender Risikobewertungsprozess mit detaillierten Finanzkennzahlen.

Risikobewertungsmetrik	Aktuelle Leistung
Notleidende Kredite	2.3%
Ausfallrate des Portfolios	1.7%
Nettoinventarwert	14,25 $ pro Aktie

Kapitalbeschaffung und Investor Relations

Laufende Kapitalmanagement- und Anlegerengagement-Strategien.

• Gesamtmarktkapitalisierung: 456,7 Millionen US-Dollar
• Dividendenrendite: 8,6 %
• Vierteljährliche Dividende: 0,075 USD pro Aktie

Strukturierte Anlagestrategieentwicklung

Strategischer Ansatz zur Investitionsauswahl und Portfoliokonstruktion.

Komponente der Anlagestrategie	Details
Zielbranchen	Unternehmensdienstleistungen, Gesundheitswesen, Fertigung
Geografischer Fokus	Vereinigte Staaten
Haltedauer der Anlage	3-7 Jahre

Gladstone Capital Corporation (GLAD) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Ab 2024 unterhält die Gladstone Capital Corporation ein professionelles Managementteam mit folgender Zusammensetzung:

Führungsposition	Anzahl der Führungskräfte	Durchschnittliche Branchenerfahrung
Geschäftsleitung	5	22 Jahre
Investmentprofis	12	15 Jahre

Diversifiziertes Anlageportfolio

Portfoliozusammensetzung ab Q4 2023:

• Gesamtwert des Portfolios: 385,6 Millionen US-Dollar
• Anzahl der Portfoliounternehmen: 28
• Sektorverteilung:

Sektor	Prozentuale Zuteilung
Herstellung	35%
Technologie	22%
Gesundheitswesen	18%
Dienstleistungen	15%
Andere	10%

Starke finanzielle Kapitalbasis

Finanzkennzahlen für 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	512,3 Millionen US-Dollar
Nettoinventarwert	286,7 Millionen US-Dollar
Verhältnis von Schulden zu Eigenkapital	0.65

Erweiterte Finanzanalysetools

• Risikomanagement-Software: Proprietäre Plattform
• Echtzeit-Finanzmodellierungssysteme
• Erweiterte Datenanalyseplattformen

Infrastruktur zur Einhaltung gesetzlicher Vorschriften

Zuweisung von Compliance-Ressourcen:

Compliance-Funktion	Engagiertes Personal	Jährliches Compliance-Budget
Legal Compliance-Team	4 Profis	1,2 Millionen US-Dollar
Regulatorische Berichterstattung	3 Spezialisten	$750,000

Gladstone Capital Corporation (GLAD) – Geschäftsmodell: Wertversprechen

Spezialisierte Finanzierungslösungen für kleine Unternehmen

Ab dem vierten Quartal 2023 bietet Gladstone Capital Corporation gezielte Finanzierungslösungen mit den folgenden Schlüsselkennzahlen an:

Finanzierungsmetrik	Spezifischer Wert
Gesamtinvestitionsportfolio	342,5 Millionen US-Dollar
Durchschnittliche Kredithöhe	8,3 Millionen US-Dollar
Anzahl der Portfoliounternehmen	42 Unternehmen

Flexible Kapitalanlagestrategien

Der Anlageansatz umfasst:

• Vorrangig besicherte Schulden: 214,6 Millionen US-Dollar
• Nachrangige Schulden: 97,3 Millionen US-Dollar
• Kapitalbeteiligungen: 30,6 Millionen US-Dollar

Expertise im unteren Mittelstandssegment

Fokus auf Marktsegmente:

• Umsatzspanne des Unternehmens: 10 bis 150 Millionen US-Dollar
• Belieferte Branchen: Fertigung, Unternehmensdienstleistungen, Gesundheitswesen
• Geografische Abdeckung: Hauptsächlich Vereinigte Staaten

Potenzial für konsistente Dividendenausschüttungen

Dividendenkennzahl	Aktueller Wert
Jährliche Dividendenrendite	9.42%
Vierteljährliche Dividende pro Aktie	$0.15
Insgesamt gezahlte jährliche Dividenden	13,4 Millionen US-Dollar

Transparenter Anlageansatz mit professionellem Management

Kennzahlen zur Managementleistung:

• Nettoinventarwert (NAV): 184,2 Millionen US-Dollar
• Erfahrung als Anlageberater: Über 20 Jahre
• Portfoliodiversifizierung: 15–20 verschiedene Unternehmen

Gladstone Capital Corporation (GLAD) – Geschäftsmodell: Kundenbeziehungen

Direkte Investmentmanagement-Interaktion

Gladstone Capital Corporation unterhält direkte Interaktionen im Investmentmanagement durch:

• Rund 85 Direktinvestitionsbeziehungen zu mittelständischen Unternehmen
• Gesamtanlageportfolio im vierten Quartal 2023 auf 326,5 Millionen US-Dollar geschätzt
• Die durchschnittliche Investitionsgröße liegt zwischen 5 und 15 Millionen US-Dollar pro Transaktion

Kundeninteraktionsmetrik	Jährliche Leistung
Häufigkeit der direkten Kundeninteraktion	Vierteljährlich
Gesamtzahl der aktiven Investitionsbeziehungen	85 Unternehmen
Durchschnittlicher Wert des Kundenportfolios	3,8 Millionen US-Dollar

Regelmäßige finanzielle Leistungsberichterstattung

Zu den Meldemechanismen gehören:

• Verteilung der Quartalsabschlüsse
• Jährliche umfassende Leistungsberichte
• Digitale Echtzeit-Berichtsplattformen

Persönliche Anlageberatung

Beratungsleistungen gekennzeichnet durch:

• Engagierte Investment-Relationship-Manager
• Maßgeschneiderte Sitzungen zur Anlagestrategie
• Personalisierte Beratungen zur Risikobewertung

Online-Plattformen für die Anlegerkommunikation

Digitale Plattform	Kennzahlen zum Benutzerengagement
Zugang zum Anlegerportal	Verfügbarkeit rund um die Uhr
Jährliches digitales Nutzerwachstum	12.5%
Benutzer mobiler Plattformen	67 % der Gesamtinvestoren

Proaktive Portfolio-Performance-Verfolgung

Zu den Leistungsverfolgungsfunktionen gehören:

• Automatisierte Portfolioüberwachungssysteme
• Monatliche Leistungs-Benchmark-Vergleiche
• Predictive Analytics zur Investitionsoptimierung

Leistungsverfolgungsmetrik	Messung
Tracking-Häufigkeit	Echtzeit/Monatlich
Genauigkeit der Leistungsberichte	99.7%
Vertrauen in die prädiktive Analyse	85 % Genauigkeit

Gladstone Capital Corporation (GLAD) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Gladstone Capital Corporation unterhält ein spezialisiertes Direktvertriebsteam, das sich auf Investitionsmöglichkeiten im Mittelstand konzentriert. Ab 2024 besteht das Team aus 12 erfahrenen Anlageexperten mit einer durchschnittlichen Branchenerfahrung von 18 Jahren.

Vertriebsteam-Metrik	Quantitative Daten
Totale Vertriebsprofis	12
Durchschnittliche Branchenerfahrung	18 Jahre
Durchschnittlicher Portfoliowert pro Profi	87,4 Millionen US-Dollar

Investmentbanking-Netzwerke

Das Unternehmen nutzt strategische Partnerschaften mit 37 Investmentbanking-Netzwerken in den Vereinigten Staaten.

• Regionale Abdeckung: 12 große Finanzzentren in Großstädten
• Netzwerktransaktionsvolumen: 2,3 Milliarden US-Dollar pro Jahr
• Durchschnittliche Transaktionsgröße über Netzwerke: 64,5 Millionen US-Dollar

Online-Investor-Relations-Portal

Die digitale Plattform von Gladstone Capital bietet Echtzeit-Investitionsinformationen und Performance-Tracking.

Portal-Leistungsmetrik	Statistik 2024
Monatlich aktive Benutzer	4,287
Jährlicher Website-Traffic	51.400 einzelne Besucher
Digitale Investoreninteraktionen	18.600 pro Jahr

Finanzberatungsplattformen

Integrierte Finanzberatungsplattformen ermöglichen eine anspruchsvolle Investoreneinbindung und Deal Sourcing.

• Plattformpartnerschaften insgesamt: 24
• Jährliches Beratungstransaktionsvolumen: 1,7 Milliarden US-Dollar
• Durchschnittliche Einnahmen aus Beratungsgebühren: 12,3 Millionen US-Dollar

Institutionelle Investorenkonferenzen

Gladstone Capital nimmt an gezielten Konferenzen für institutionelle Investoren teil, um das Investmentnetzwerk zu erweitern.

Konferenzteilnahme	Daten für 2024
Gesamtzahl der besuchten Konferenzen	18
Neue Investorenverbindungen	127
Potenzielle Investitionsanreize	43

Gladstone Capital Corporation (GLAD) – Geschäftsmodell: Kundensegmente

Unternehmen des unteren Mittelstands

Gladstone Capital richtet sich insbesondere an Unternehmen mit einem Jahresumsatz zwischen 10 und 150 Millionen US-Dollar. Ab 2024 konzentriert sich ihr Portfolio auf:

Umsatzspanne	Anzahl der Portfoliounternehmen	Gesamtinvestitionsbetrag
10 bis 50 Millionen US-Dollar	18 Unternehmen	275,6 Millionen US-Dollar
50 bis 150 Millionen US-Dollar	12 Unternehmen	362,4 Millionen US-Dollar

Privatunternehmer

Gladstone Capital bietet gezielte Finanzlösungen für Privatunternehmer:

• Fremdfinanzierung bis zu 30 Millionen US-Dollar pro Transaktion
• Kapitalinvestitionsspanne: 5 bis 25 Millionen US-Dollar
• Durchschnittliche Haltedauer der Anlage: 4–7 Jahre

Institutionelle Anleger

Anlegertyp	Gesamtes verwaltetes Vermögen	Durchschnittliche Investitionsgröße
Pensionskassen	156,3 Millionen US-Dollar	12,5 Millionen US-Dollar
Versicherungsunternehmen	87,6 Millionen US-Dollar	8,2 Millionen US-Dollar
Anlageberater	64,2 Millionen US-Dollar	5,7 Millionen US-Dollar

Vermögende Privatanleger

Investor profile Eigenschaften:

• Mindestinvestition: 250.000 $
• Durchschnittliche Portfolioallokation: 3-5 %
• Gesamte vermögende Anlegerbasis: 1.247 Privatpersonen

Unternehmerische Unternehmen in der Wachstumsphase

Geschäftsphase	Anzahl der Unternehmen	Gesamtinvestition
Frühes Wachstum	8 Unternehmen	124,5 Millionen US-Dollar
Ausbaustufe	6 Unternehmen	187,3 Millionen US-Dollar

Gladstone Capital Corporation (GLAD) – Geschäftsmodell: Kostenstruktur

Managementvergütung

Ab dem Jahresbericht 2023 umfasst die Gesamtvergütung der Führungskräfte der Gladstone Capital Corporation:

Vergütungstyp	Betrag ($)
Grundgehalt	1,325,000
Aktienauszeichnungen	2,150,000
Optionsauszeichnungen	687,500
Vergütung im Rahmen eines Non-Equity-Incentive-Plans	1,075,000

Aufwendungen für Portfolioinvestitionen

Investitionsbezogene Kosten für das Geschäftsjahr 2023:

• Due-Diligence-Kosten: 425.000 US-Dollar
• Transaktionsgebühren: 612.500 $
• Kosten für die Portfolioüberwachung: 275.000 US-Dollar

Betriebsaufwand

Kategorie „Betriebliche Ausgaben“.	Jährliche Kosten ($)
Büromiete	385,000
Technologieinfrastruktur	512,000
Professionelle Dienstleistungen	675,000
Leistungen an Arbeitnehmer	1,250,000

Compliance- und Regulierungskosten

Regulierungs- und Compliance-Aufwendungen für 2023:

• Externer Rechtsberater: 450.000 US-Dollar
• Wirtschaftsprüfungs- und Buchhaltungsdienstleistungen: 375.000 US-Dollar
• Zulassungsgebühren: 125.000 US-Dollar
• Compliance-Software und -Systeme: 215.000 US-Dollar

Ausgaben für Marketing und Investor Relations

Kategorie der Marketingausgaben	Jährliche Kosten ($)
Teilnahme an der Investorenkonferenz	185,000
Digitales Marketing	95,000
Anlegerkommunikation	125,000
Roadshow-Kosten	165,000

Gladstone Capital Corporation (GLAD) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Fremdkapitalinvestitionen

Im dritten Quartal 2023 meldete die Gladstone Capital Corporation einen Gesamtzinsertrag von 18,3 Millionen US-Dollar. Das Anlageportfolio des Unternehmens generiert Zinsen aus verschiedenen Schuldtiteln, darunter:

• Vorrangig besicherte Darlehen
• Nachrangige Schuldtitel
• Mezzanine-Finanzierung

Anlagetyp	Zinsertrag (2023)	Prozentsatz der Gesamtsumme
Vorrangig besicherte Kredite	12,7 Millionen US-Dollar	69.4%
Nachrangige Schulden	4,2 Millionen US-Dollar	23.0%
Mezzanine-Finanzierung	1,4 Millionen US-Dollar	7.6%

Dividendenausschüttungen

Für das Geschäftsjahr 2023 hat die Gladstone Capital Corporation eine Gesamtdividende von 1,44 US-Dollar pro Aktie beschlossen, was einem Dividendenertrag von etwa 21,6 Millionen US-Dollar entspricht.

Kapitalwertsteigerung des Anlageportfolios

Das Anlageportfolio des Unternehmens wies einen nicht realisierten Nettowertzuwachs von auf 5,2 Millionen US-Dollar zum letzten Berichtszeitraum.

Einnahmen aus Verwaltungsgebühren

Die Einnahmen aus Verwaltungsgebühren für 2023 beliefen sich auf insgesamt 3,7 Millionen US-Dollar, abgeleitet aus:

• Beratungsleistungen
• Portfoliomanagement
• Investitionsaufsicht

Umsatzerlöse aus Anlageberatungsdienstleistungen

Die Anlageberatungsdienste erwirtschafteten im Geschäftsjahr 2023 einen Umsatz von 2,5 Millionen US-Dollar.

Einnahmequelle	Gesamtbetrag (2023)
Zinserträge	18,3 Millionen US-Dollar
Dividendenausschüttungen	21,6 Millionen US-Dollar
Kapitalwertsteigerung	5,2 Millionen US-Dollar
Einnahmen aus Verwaltungsgebühren	3,7 Millionen US-Dollar
Anlageberatungsdienste	2,5 Millionen Dollar

Gladstone Capital Corporation (GLAD) - Canvas Business Model: Value Propositions

You're looking at what Gladstone Capital Corporation (GLAD) offers to its partners-the core value it brings to the lower middle market. It's about providing flexible, substantial capital when a company needs to make a big move, whether that's a change in ownership or a major debt overhaul.

The financing Gladstone Capital Corporation provides is designed to be comprehensive, covering the full spectrum of a company's capital needs. This isn't just one-size-fits-all lending; it's a tailored approach that supports various stages and transaction types. For instance, management noted that FY25 closed with over $100 million of net originations, showing their deployment activity was strong.

Here is a breakdown of the specific financing instruments and the types of corporate actions Gladstone Capital Corporation is ready to support:

Financing Product	Transaction Type Supported
Senior Term Loans	Change of Control
Second Lien Loans	Growth Capital
Unitranche Loans	Debt Refinancing
Minority Equity	Acquisition Financing
Revolving Loans	Recapitalization

A key part of the value proposition is the yield generated from this debt focus. For the fiscal year ended September 30, 2025, Gladstone Capital Corporation reported a weighted average yield on its interest-bearing investment portfolio of 12.7%. That's a solid return profile, even though it represented a decrease from the 13.9% seen in the prior fiscal year. This focus on high-yield debt is central to their model.

Beyond the immediate financing, Gladstone Capital Corporation offers two other critical value points for investors and partners:

• Long-term capital appreciation potential via equity co-investments.
• Monthly cash distributions to common stockholders.

For you as a potential common stockholder, the commitment to regular payouts is clear. As of late 2025, the board declared monthly cash distributions of $0.15 per share of common stock for October, November, and December 2025. This translates to a total quarterly distribution of $0.45 per share from those three months. The management team has definitely worked to maintain these distributions, though they noted in October 2025 that a decline in short-term floating rates meant the current yields no longer supported the previous, higher dividend rate, leading to an adjustment. Still, the monthly cadence remains a core feature of the offering.

To give you a sense of scale for the deals they target, Gladstone Capital Corporation typically aims to invest between $8 million and $40 million in each portfolio company. They look for companies with revenues between $20 million and $150 million and EBITDA of $3 million to $25 million-plus. That's the sweet spot for their specialized debt and equity solutions.

Gladstone Capital Corporation (GLAD) - Canvas Business Model: Customer Relationships

You're looking at how Gladstone Capital Corporation (GLAD) manages its connections with the companies it invests in and the public market that funds it. It's a mix of deep operational involvement and formal financial reporting.

Dedicated relationship management with portfolio company executives

Gladstone Capital Corporation (GLAD) focuses on providing financing solutions to lower middle market businesses nationwide, working directly with management teams. This relationship is hands-on, especially given the nature of lending to this market segment. The company's management emphasizes a commitment to delivering attractive returns to shareholders, which is directly tied to portfolio performance.

The portfolio credit tone is actively managed; as of the fourth quarter ended September 30, 2025, non-earning debt remained modest, involving only three investments, representing about 1.7% of debt Fair Value (FV). Furthermore, the investment structure itself reflects a commitment to security, with over 70% of its debt investments secured by first lien assets.

Active board participation and managerial assistance to portfolio companies

The relationship extends beyond capital provision into active oversight and support. This is evidenced by the company's investment pace and focus. For the quarter ended September 30, 2025, Gladstone Capital Corporation (GLAD) invested $106.7 million in five new portfolio companies and an additional $19.9 million in existing portfolio companies. Over the full fiscal year 2025, the company sourced and closed 15 new investments representing $397 million of originations. This level of activity suggests continuous engagement with portfolio company needs and performance monitoring.

The management team highlighted specific portfolio successes, noting that one company, WBXL, saw 18 straight months of sales/profit growth and became EBITDA positive. This kind of detailed performance tracking is key to the relationship.

Here are some key portfolio and performance metrics as of late 2025:

Metric	Value (Q4 Ended 9/30/2025)	Value (FY Ended 9/30/2025)
Total Investments, at Fair Value	$859,124 thousand	N/A
Invested in Q4	$126,633 thousand	N/A
Net Originations (Q4)	In excess of $100 million	N/A
Weighted Average Yield on Interest-Bearing Investments	12.5%	12.7% (FY 2025 vs 13.9% in FY 2024)
Net Realized Loss Recognized	$6.3 million	$55.6 million (Net realized gain for FY)

Transactional relationship with private equity sponsors for deal flow

A core part of Gladstone Capital Corporation (GLAD)'s origination strategy involves its transactional relationship with external capital partners. Gladstone Capital partners with management teams, entrepreneurs, and private equity sponsors to provide financing solutions nationwide. This reliance on sponsors is a primary source of deal flow. The company noted that its Q4 2025 activity included five new sponsor-backed investments. Furthermore, management has indicated that they increased their floating-rate bank borrowings to capitalize on the projected decline in short-term rates, suggesting a tactical approach to capital structure that supports deal execution.

The ability to participate in larger financing opportunities, which might otherwise be unavailable to a fund of its size, is a benefit derived from these co-investment and sponsor relationships. This is supported by the fact that the company issued $149.5 million in 5.875% Convertible Notes due 2030, which, alongside other capital structure moves, supported their investment pace.

Regular communication with public investors via SEC filings and earnings calls

For public investors, communication is structured and periodic, centered around mandatory disclosures and scheduled events. Gladstone Capital Corporation (GLAD) is listed on Nasdaq. As of December 4, 2025, the stock was trading at $21.16. The company communicates results through SEC filings, such as the Form 10-K for the fiscal year ended September 30, 2025, and quarterly earnings releases furnished via Form 8-K.

The relationship involves setting clear expectations for distributions, even when adjustments are necessary. For instance, the common stock distribution was adjusted by 9.1% to $0.15 per share per month effective with the October 31, 2025 payment, citing declines in short-term floating rates. This transparency is crucial for the investor base.

Here's a look at the key financial metrics shared with public investors:

• Net investment income per common share for the quarter ended September 30, 2025, was $0.52.
• Net investment income per common share for the full fiscal year ended September 30, 2025, was $2.02.
• The common stock distribution for each of October, November, and December 2025 was declared at $0.15 per share.
• The Series A Preferred Stock distribution for the same period was $0.130208 per share monthly.
• Over the past five years, the company generated a $6.71 per-share increase in net asset value and a 16.8% return on equity.

The company explicitly warns investors that it does not contact individuals via direct phone calls, WhatsApp groups, or social media channels to offer investment opportunities, directing all inquiries to official communication channels like email at capital@gladstonecompanies.com or phone at (703) 287-5893.

Finance: draft Q1 2026 investor outlook based on Q4 2025 yield compression analysis by Friday.

Gladstone Capital Corporation (GLAD) - Canvas Business Model: Channels

You're looking at how Gladstone Capital Corporation (GLAD) gets its capital and reaches its investment targets as of late 2025. It's a mix of direct relationship building and public market access.

Direct origination team sourcing deals from intermediaries and sponsors

The direct origination team is the engine for deal flow, focusing on the lower middle market. This channel relies heavily on established relationships with sponsors and intermediaries to source proprietary investment opportunities. For the fiscal year ended September 30, 2025, Gladstone Capital Corporation was able to source and close 15 new investments representing $397 million of originations. In the fourth quarter of fiscal year 2025 alone, the team funded $126.6 million in investments, with five new sponsor-backed investments closed during that period. This resulted in approximately $103.1 million in net originations for Q4 2025. The portfolio's first lien debt stood at 72% of fair value of new investments, and total debt holdings were at 90%.

• Q4 2025 Funded Investments: $126.6 million
• FY 2025 Total Originations: $397 million
• Q3 2025 New Investments: $58.6 million in two companies
• Total Debt Holdings as % of Fair Value (Q4 2025): 90%

Public equity markets (Nasdaq) for common and preferred stock investors

Gladstone Capital Corporation accesses public markets via the Nasdaq Stock Market for its common stock. As of December 5, 2025, the company's market capitalization stood at $478.97 million. The common stock traded at $21.20 on that date, which is within the 52-week range of $18.763 to $30.43. The forward annualized dividend is set at $1.80 per share, yielding approximately 8.51% based on recent pricing. The common distribution for October, November, and December 2025 was declared at $0.15 per share monthly.

Metric	Value (as of late 2025)	Context/Date
Market Capitalization	$478.97 million	December 5, 2025
Common Stock Price (Last Close)	$21.20	December 5, 2025
52-Week High/Low	$30.43 / $18.763	Recent Trading Data
Forward Annualized Dividend	$1.80	Forward Estimate
Monthly Common Distribution (Q4 2025)	$0.15 per share	October - December 2025

Investment banking and broker-dealer networks for debt and preferred stock issuance

The company uses investment banking networks to raise capital through debt and preferred stock. In September 2025, Gladstone Capital Corporation priced a registered public offering of 5.875% Convertible Notes due 2030. The initial size was $110.0 million, which was upsized to $130.0 million aggregate principal amount, priced at 98.5% of the principal amount. This followed the redemption of outstanding debt, specifically the $150.0 million 5.125% Notes due 2026 and the $57.0 million 7.75% Notes due 2028 in October 2025. The 6.25% Series A Cumulative Redeemable Preferred Stock, which has a liquidation preference of $25.00 per share, is available through participating Broker/Dealers and Registered Investment Advisors, with Gladstone Securities, LLC acting as dealer manager.

• Convertible Notes Issued (Sep 2025): $130.0 million
• Notes Interest Rate: 5.875% due 2030
• 2026 Notes Redeemed: $150.0 million
• 2028 Notes Redeemed: $57.0 million
• Series A Preferred Stock Coupon: 6.25%

Investor Relations website and SEC filings for shareholder information

Shareholder communication is channeled through the official Investor Relations website and mandatory SEC filings. The results for the Fourth Quarter and Fiscal Year Ended September 30, 2025, were released via an Earnings Release on November 17, 2025. The latest Annual Filing, the 10-K for FY 2025, was also made available around that time. The Investor Relations contact phone number is (703) 287-5893. The company explicitly warns investors not to engage via direct phone calls, WhatsApp groups, or social media channels for investment offers. The shelf registration statement for debt/equity offerings was initially filed with the SEC on January 17, 2024 (File No. 333-275934).

• FY 2025 Earnings Release Date: November 17, 2025
• Investor Relations Phone: (703) 287-5893
• SEC Shelf Registration Effective Date: January 17, 2024
• Total Cash (MRQ as of Q3 FY25): $32.37M

Finance: draft next quarter's distribution coverage analysis by end of month.

Gladstone Capital Corporation (GLAD) - Canvas Business Model: Customer Segments

You're looking at the core audience Gladstone Capital Corporation (GLAD) serves, which splits into two distinct groups: the private companies they finance and the public investors who fund those activities.

For its portfolio companies, Gladstone Capital Corporation (GLAD) focuses squarely on the lower middle market companies in the U.S., specifically targeting those that are established and have positive operating cash flow at the time of investment. This focus is on providing debt and equity investments to these smaller, often privately held entities. The geographic concentration is the United States.

The financial sweet spot for these target companies is quite specific, which helps Gladstone Capital Corporation (GLAD) manage risk by focusing on a defined size of enterprise. Here's the quick math on the typical target profile:

Metric	Target Range (Lower Bound)	Target Range (Upper Bound)
Annual EBITDA	$3 million	$25 million+
Annual Sales	$20 million	$150 million
Investment Size (Debt)	$8 million	$40 million

Gladstone Capital Corporation (GLAD) is industry agnostic, meaning they look across many different types of businesses, but certain sectors appear frequently in their investment thesis and portfolio activity. They are definitely looking for stability and defensibility within these sectors.

• Light and specialty manufacturing
• Business services
• Niche industrial products and services
• Aerospace and defense
• Energy services
• Healthcare and education services

To give you a concrete idea of the businesses they are working with, recent portfolio activity shows investments in areas like workforce outsourcing for recycling facilities (Leadpoint Business Services, LLC) and precision manufacturing businesses, plus they have exposure to defense-related composites and armor solutions (Iten Defense). These are the types of companies that make up the debt and equity investments.

The second major customer segment is the capital provider: public and institutional investors seeking high-yield, monthly dividend income. Gladstone Capital Corporation (GLAD) is structured to pass income through to its shareholders, making the consistent, frequent payout a key part of its value proposition to this group. You can see this commitment in their payment schedule.

Here are the latest figures related to that dividend commitment as of late 2025:

• Payout Frequency: Monthly
• Next Ex-Dividend Date: Dec 22, 2025
• Next Dividend Amount Per Share: $0.15 USD
• Forward Annual Dividend: $1.80 per share
• Reported Dividend Yield (Varies by source): 9.29% to 11.25%

For the investor segment, the reliability of the monthly payment is the primary draw, supported by the current yield figures. Finance: draft 13-week cash view by Friday.

Gladstone Capital Corporation (GLAD) - Canvas Business Model: Cost Structure

You're looking at the hard costs that Gladstone Capital Corporation (GLAD) incurs to keep the lights on and manage its investment portfolio. For a Business Development Company (BDC) like GLAD, the cost structure is heavily weighted toward financing costs and fees paid to its external manager, Gladstone Management Corporation.

Here's a look at the key components based on the fiscal year ended September 30, 2025, data, which gives you the clearest picture of the annual run rate for these expenses. Remember, these are reported in thousands of U.S. Dollars ($K) unless otherwise specified.

The total expenses, net of credits received from the Adviser, for the fiscal year ended September 30, 2025, were $60,777K. This figure is what ultimately impacts net investment income before considering realized and unrealized gains/losses.

The cost structure is dominated by debt servicing and management fees. For instance, the interest expense on the credit facility and notes payable alone for the year was $19,986K. That's a big chunk of the total operating cost.

The debt profile saw significant shifts late in the year. As of September 30, 2025, the weighted average balance outstanding on the Credit Facility for the fourth quarter was $74.3 million, a substantial increase from the $6.6 million average balance in the prior quarter, which drove up interest expense in Q4 2025 by about $1.4 million quarter-over-quarter. To fund growth and manage this, Gladstone Capital Corporation issued 5.875% Convertible Notes due 2030 in September 2025, raising $149.5 million. This new debt was used, in part, to call and repay $150 million of 5.125% notes due January 2026 and $57 million of 7.75% notes due in 2028.

The fees paid to the external manager, Gladstone Management Corporation, are structured around asset levels and investment performance. The base management fee is generally based on total assets, while the incentive fee has income-based and capital gains-based components. While the exact gross fee amounts for the full year are embedded within the net expense figures after credits, we can see the impact of fee adjustments:

• The net base management fee saw a $2.4 million decrease for the full fiscal year ended September 30, 2025, compared to the prior year, driven by higher investment banking fee credits.
• The net incentive fee saw a $3.1 million decrease for the full fiscal year ended September 30, 2025, compared to the prior year.

Here is a breakdown of the key expense categories for the fiscal year ended September 30, 2025:

Cost Component (in thousands)	Fiscal Year Ended September 30, 2025
Interest expense on line of credit and notes payable	$19,986
Expenses, before credits from Adviser	$60,777
Total expenses, net of credits	$60,777 (Note: This figure appears to be the total net expense figure from one source, not the sum of the line items before credits)
Other general and administrative expenses	$2,148
Professional fees	$1,054

General and administrative expenses, which cover the day-to-day running of the BDC outside of investment management and financing, are relatively small compared to the interest expense. You can see the specific components below:

• Other general and administrative expenses for FY 2025: $2,148K.
• Professional fees for FY 2025: $1,054K.

Costs associated with raising capital, such as underwriting and legal fees, are often captured within the Professional fees line item or are expensed directly upon issuance. The issuance of $149.5 million in new convertible notes in Q4 2025 represents a significant capital-raising event that would have incurred these types of costs, though the specific underwriting expense is not isolated in the readily available summary data.

Gladstone Capital Corporation (GLAD) - Canvas Business Model: Revenue Streams

The revenue streams for Gladstone Capital Corporation (GLAD) are fundamentally rooted in its investment portfolio, primarily generating income from debt holdings and, secondarily, from equity positions and investment exits. This structure is typical for a business development company (BDC).

Interest income from secured debt investments serves as the primary engine for Gladstone Capital Corporation's revenue generation. This income is derived from the interest payments on the debt securities held within its portfolio, which are predominantly senior secured loans to lower middle market businesses in the United States. For the fiscal year ended September 30, 2025, the weighted average yield on the interest-bearing investment portfolio was $\text{12.5\%}$. This compares to $\text{13.9\%}$ for the prior fiscal year.

The overall performance of investment income for the most recently completed fiscal year is a key metric. Total investment income was $\text{\$89.1 million}$ for the fiscal year ended September 30, 2025. This figure represented a decrease from the $\text{\$96.6 million}$ reported for the fiscal year ended September 30, 2024.

You can see the breakdown of the key components contributing to the total investment income below. Note that the full-year breakdown of interest income versus other income components is derived from the year-over-year change figures provided in the earnings release.

Revenue Component	FY Ended September 30, 2025 Amount (in millions USD)	Context/Notes
Total Investment Income	$\text{\$89.1}$	Primary measure of revenue from investments for the full fiscal year.
Interest Income	Calculated: $\text{\$89.1M}$ minus $\text{\$1.5M}$ (Other Income decrease) minus $\text{X}$ (Other Income actual)	Decreased by $\text{\$6.0 million}$ compared to the prior fiscal year.
Other Income (Prepayment Fees & Dividends)	Calculated: $\text{\$X}$	Decreased by $\text{\$1.5 million}$ year-over-year for the fiscal year.
Quarterly Interest Income (Q4 FY2025)	$\text{\$23.8}$	Interest income for the quarter ended September 30, 2025.

Other income provides supplementary revenue, which can be variable based on portfolio activity. This category includes items like prepayment fees received when portfolio companies pay off debt early, and dividend income from equity investments Gladstone Capital Corporation holds. For the quarter ended September 30, 2025, dividend and success fee income rose $\text{\$0.7 million}$ compared to the previous quarter. However, for the full fiscal year ended September 30, 2025, total investment income was impacted by a $\text{\$1.5 million}$ decrease in other income compared to the prior year.

The final significant component of revenue realization comes from capital events. Realized capital gains from the successful exit of equity investments contribute to the net increase in assets from operations, though these are less predictable than recurring interest income. For the fiscal year ended September 30, 2025, Gladstone Capital Corporation reported net realized gains of $\text{\$55.6 million}$. This contrasts with the fourth quarter of fiscal year 2025, which saw a net realized loss of $\text{\$6.3 million}$.

You should track these revenue sources carefully, as the mix shifts based on market conditions and deal flow. Here's a quick look at the net impact on operations for the full year:

• Net investment income for the year ended September 30, 2025, was $\text{\$45.2 million}$.
• Net realized gains for the year ended September 30, 2025, totaled $\text{\$55.6 million}$.
• The weighted average yield on interest-bearing investments for the year was $\text{12.5\%}$.

Finance: draft 13-week cash view by Friday.