Gladstone Capital Corporation (GLAD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la inversión y la gestión de capital, Gladstone Capital Corporation (Glad) surge como una potencia estratégica, que ofrece soluciones de financiamiento especializadas que unen la brecha para las empresas más bajas del mercado medio. Con un modelo de negocio sofisticado que combina estrategias de inversión específicas, experiencia profesional y enfoques de capital flexible, Glad proporciona una propuesta de valor única para empresarios, dueños de negocios privados e inversores institucionales que buscan oportunidades de crecimiento financiero sólidas. Su innovador lienzo de operaciones revela un marco integral que transforma los paradigmas de inversión tradicionales, prometiendo a los inversores potenciales una vía transparente y basada en datos hacia la participación financiera estratégica.

Gladstone Capital Corporation (Glad) - Modelo de negocios: asociaciones clave

Instituciones y bancos financieros

A partir de 2024, Gladstone Capital Corporation mantiene asociaciones estratégicas con las siguientes instituciones financieras:

Institución financiera	Tipo de asociación	Capacidad de préstamo
Wells Fargo Bank	Línea de crédito	$ 150 millones
Banco de América	Acuerdo de préstamo sindicado	$ 125 millones
JPMorgan Chase	Línea de crédito giratorio	$ 100 millones

Asesores de inversiones y administradores de fondos

Gladstone Capital colabora con firmas de asesoramiento de inversiones especializadas:

• Servicios financieros de Raymond James
• Morgan Stanley Wealth Management
• Goldman Sachs Asset Management

Empresas de capital privado y redes de capital de riesgo

Las redes de asociación clave incluyen:

Pareja	Enfoque de inversión	Tamaño de inversión típico
Grupo de piedra negra	Inversiones del mercado intermedio	$ 50- $ 200 millones
Grupo de Carlyle	Equidad de crecimiento	$ 75- $ 150 millones

Consultores de cumplimiento regulatorio

Detalles de la asociación de cumplimiento:

• Servicios de asesoramiento regulatorio de Deloitte
• Consultoría de cumplimiento financiero de PWC
• Ernst & Soluciones regulatorias jóvenes

Redes comerciales de mercado pequeño y medio

Redes de colaboración activas:

• Asociación Nacional de Empresas de Inversión de Pequeñas Empresas (NASBIC)
• Red de socios de la Administración de Pequeñas Empresas (SBA)
• Asociación de Crecimiento del Mercado Medio

Gladstone Capital Corporation (Glad) - Modelo de negocio: actividades clave

Proporcionar capital de deuda y capital a empresas más bajas del mercado medio

A partir de 2024, Gladstone Capital Corporation se enfoca en proporcionar capital a empresas más bajas del mercado medio con valores empresariales totales entre $ 10 millones y $ 100 millones. Portafolio de inversión total al 31 de diciembre de 2023: $ 323.4 millones.

Tipo de inversión	Cantidad total	Porcentaje de cartera
Deuda senior asegurada	$ 187.6 millones	58%
Deuda subordinada	$ 92.3 millones	29%
Inversiones de renta variable	$ 43.5 millones	13%

Monitoreo de gestión y inversión de cartera

Seguimiento de inversiones y gestión activa de compañías de cartera.

• Número de compañías de cartera: 29
• Tamaño promedio de la inversión: $ 11.2 millones
• Frecuencia de revisión de cartera trimestral

Evaluación de riesgos y análisis financiero

Proceso integral de evaluación de riesgos con métricas financieras detalladas.

Métrica de evaluación de riesgos	Rendimiento actual
Préstamos sin rendimiento	2.3%
Tasa de incumplimiento de la cartera	1.7%
Valor de activo neto	$ 14.25 por acción

Crianza de capital y relaciones con los inversores

Estrategias continuas de gestión de capital y participación de los inversores.

• Capitalización de mercado total: $ 456.7 millones
• Rendimiento de dividendos: 8.6%
• Dividendo trimestral: $ 0.075 por acción

Desarrollo de la estrategia de inversión estructurada

Enfoque estratégico para la selección de inversiones y la construcción de cartera.

Componente de estrategia de inversión	Detalles
Sectores de la industria objetivo	Servicios comerciales, atención médica, fabricación
Enfoque geográfico	Estados Unidos
Período de retención de inversión	3-7 años

Gladstone Capital Corporation (Glad) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

A partir de 2024, Gladstone Capital Corporation mantiene un equipo de gestión profesional con la siguiente composición:

Posición de liderazgo	Número de ejecutivos	Experiencia de la industria promedio
Alta gerencia	5	22 años
Profesionales de la inversión	12	15 años

Cartera de inversiones diversificada

Composición de cartera a partir del cuarto trimestre 2023:

• Valor total de la cartera: $ 385.6 millones
• Número de compañías de cartera: 28
• Distribución del sector:

Sector	Asignación porcentual
Fabricación	35%
Tecnología	22%
Cuidado de la salud	18%
Servicios	15%
Otro	10%

Fuerte base de capital financiero

Métricas financieras para 2023:

Métrica financiera	Cantidad
Activos totales	$ 512.3 millones
Valor de activo neto	$ 286.7 millones
Relación deuda / capital	0.65

Herramientas avanzadas de análisis financiero

• Software de gestión de riesgos: Plataforma propietaria
• Sistemas de modelado financiero en tiempo real
• Plataformas de análisis de datos avanzados

Infraestructura de cumplimiento regulatorio

Asignación de recursos de cumplimiento:

Función de cumplimiento	Personal dedicado	Presupuesto anual de cumplimiento
Equipo de cumplimiento legal	4 profesionales	$ 1.2 millones
Informes regulatorios	3 especialistas	$750,000

Gladstone Capital Corporation (Glad) - Modelo de negocio: propuestas de valor

Soluciones de financiación especializadas para pequeñas empresas

A partir del cuarto trimestre de 2023, Gladstone Capital Corporation ofrece soluciones financieras específicas con las siguientes métricas clave:

Métrico de financiamiento	Valor específico
Cartera de inversiones totales	$ 342.5 millones
Tamaño promedio del préstamo	$ 8.3 millones
Número de compañías de cartera	42 empresas

Estrategias de inversión de capital flexible

El enfoque de inversión incluye:

• Deuda segura senior: $ 214.6 millones
• Deuda subordinada: $ 97.3 millones
• Inversiones de capital: $ 30.6 millones

Experiencia en segmento de mercado medio inferior

Enfoque del segmento de mercado:

• Rango de ingresos de la compañía: $ 10 millones - $ 150 millones
• Industrias atendidas: fabricación, servicios comerciales, atención médica
• Cobertura geográfica: principalmente Estados Unidos

Potencial para distribuciones de dividendos consistentes

Métrico de dividendos	Valor actual
Rendimiento de dividendos anuales	9.42%
Dividendo trimestral por acción	$0.15
Dividendos anuales totales pagados	$ 13.4 millones

Enfoque de inversión transparente con gestión profesional

Métricas de rendimiento de gestión:

• Valor de activos netos (NAV): $ 184.2 millones
• Experiencia del asesor de inversiones: más de 20 años
• Diversificación de cartera: 15-20 compañías diferentes

Gladstone Capital Corporation (Glad) - Modelo de negocio: relaciones con los clientes

Interacción directa de gestión de inversiones

Gladstone Capital Corporation mantiene interacciones directas de gestión de inversiones a través de:

• Aproximadamente 85 relaciones de inversión directa con compañías de mercado medio
• Portafolio de inversión total valorada en $ 326.5 millones a partir del cuarto trimestre de 2023
• Tamaño promedio de la inversión que varía entre $ 5-15 millones por transacción

Métrica de interacción del cliente	Rendimiento anual
Frecuencia directa de participación del cliente	Trimestral
Relaciones totales de inversión activa	85 empresas
Valor promedio de cartera de clientes	$ 3.8 millones

Informes regulares de desempeño financiero

Los mecanismos de informes incluyen:

• Distribución de estados financieros trimestrales
• Informes anuales de rendimiento integral
• Plataformas de informes digitales en tiempo real

Consulta de inversión personalizada

Servicios de consulta caracterizados por:

• Gerentes de relaciones de inversión dedicados
• Sesiones de estrategia de inversión personalizada
• Consultas de evaluación de riesgos personalizadas

Plataformas de comunicación de inversores en línea

Plataforma digital	Métricas de participación del usuario
Acceso al portal de los inversores	Disponibilidad 24/7
Crecimiento anual de usuarios digitales	12.5%
Usuarios de plataforma móvil	67% del total de inversores

Seguimiento de rendimiento de la cartera proactiva

Las capacidades de seguimiento de rendimiento incluyen:

• Sistemas de monitoreo de cartera automatizados
• Comparaciones de referencia de rendimiento mensuales
• Análisis predictivo para la optimización de inversiones

Métrica de seguimiento de rendimiento	Medición
Frecuencia de seguimiento	En tiempo real/mensual
Precisión de informes de rendimiento	99.7%
Análisis predictivo de confianza	Tasa de precisión del 85%

Gladstone Capital Corporation (Glad) - Modelo de negocios: canales

Equipo de ventas directas

Gladstone Capital Corporation mantiene un equipo especializado de ventas directas centrado en oportunidades de inversión en el mercado medio. A partir de 2024, el equipo comprende 12 profesionales de inversión senior con una experiencia promedio de la industria de 18 años.

Métrica del equipo de ventas	Datos cuantitativos
Profesionales de ventas totales	12
Experiencia de la industria promedio	18 años
Valor de cartera promedio por profesional	$ 87.4 millones

Redes de banca de inversión

La corporación aprovecha las asociaciones estratégicas con 37 redes de banca de inversión en los Estados Unidos.

• Cobertura regional: 12 centros financieros metropolitanos principales
• Volumen de transacción de red: $ 2.3 mil millones anuales
• Tamaño promedio del acuerdo a través de las redes: $ 64.5 millones

Portal de relaciones con inversores en línea

La plataforma digital de Gladstone Capital proporciona información de inversión en tiempo real y seguimiento de rendimiento.

Métrico de rendimiento del portal	2024 estadísticas
Usuarios activos mensuales	4,287
Tráfico del sitio web anual	51,400 visitantes únicos
Interacciones de inversores digitales	18,600 por año

Plataformas de asesoramiento financiero

Las plataformas de asesoramiento financiero integrado permiten la participación sofisticada de los inversores y el abastecimiento de acuerdos.

• Asociaciones totales de plataforma: 24
• Volumen de transacción de asesoramiento anual: $ 1.7 mil millones
• Ingresos promedio de tarifas de asesoramiento: $ 12.3 millones

Conferencias de inversores institucionales

Gladstone Capital participa en conferencias de inversores institucionales específicos para expandir la red de inversión.

Participación de la conferencia	2024 datos
Conferencias totales a las que asistió	18
Nuevas conexiones de inversores	127
Poten de inversión potencial	43

Gladstone Capital Corporation (Glad) - Modelo de negocio: segmentos de clientes

Empresas del mercado medio inferior

Gladstone Capital se dirige específicamente a empresas con ingresos anuales entre $ 10 millones y $ 150 millones. A partir de 2024, su cartera se centra en:

Rango de ingresos	Número de compañías de cartera	Cantidad total de la inversión
$ 10M - $ 50M	18 empresas	$ 275.6 millones
$ 50M - $ 150M	12 empresas	$ 362.4 millones

Dueños de negocios privados

Gladstone Capital ofrece soluciones financieras específicas para propietarios de negocios privados:

• Financiación de la deuda de hasta $ 30 millones por transacción
• Rango de inversión de renta variable: $ 5 millones - $ 25 millones
• Período promedio de retención de inversión: 4-7 años

Inversores institucionales

Tipo de inversor	Activos totales bajo administración	Tamaño de inversión promedio
Fondos de pensiones	$ 156.3 millones	$ 12.5 millones
Compañías de seguros	$ 87.6 millones	$ 8.2 millones
Asesores de inversiones	$ 64.2 millones	$ 5.7 millones

Inversores individuales de alto nivel de red

Inversor profile características:

• Inversión mínima: $ 250,000
• Asignación promedio de cartera: 3-5%
• Base de inversionista total de alto nivel de red: 1,247 individuos

Enterprisas empresariales en etapa de crecimiento

Etapa comercial	Número de empresas	Inversión total
Crecimiento temprano	8 empresas	$ 124.5 millones
Etapa de expansión	6 empresas	$ 187.3 millones

Gladstone Capital Corporation (Glad) - Modelo de negocio: Estructura de costos

Compensación de gestión

A partir del informe anual de 2023, la compensación ejecutiva total de Gladstone Capital Corporation incluye:

Tipo de compensación	Monto ($)
Salario base	1,325,000
Premios de stock	2,150,000
Premios de opción	687,500
Compensación del plan de incentivos sin capital	1,075,000

Gastos de inversión de cartera

Costos relacionados con la inversión para el año fiscal 2023:

• Gastos de diligencia debida: $ 425,000
• Tarifas de transacción: $ 612,500
• Costos de monitoreo de cartera: $ 275,000

Sobrecarga operativa

Categoría de gastos operativos	Costo anual ($)
Alquiler de oficina	385,000
Infraestructura tecnológica	512,000
Servicios profesionales	675,000
Beneficios para empleados	1,250,000

Cumplimiento y costos regulatorios

Gastos reglamentarios y de cumplimiento para 2023:

• Asesor legal externo: $ 450,000
• Servicios de auditoría y contabilidad: $ 375,000
• Tarifas de presentación regulatoria: $ 125,000
• Software y sistemas de cumplimiento: $ 215,000

Gastos de marketing y relaciones con los inversores

Categoría de gastos de marketing	Costo anual ($)
Participación de la conferencia de inversores	185,000
Marketing digital	95,000
Comunicaciones de los inversores	125,000
Gastos de carretera	165,000

Gladstone Capital Corporation (Glad) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de las inversiones de deuda

A partir del tercer trimestre de 2023, Gladstone Capital Corporation reportó ingresos por intereses totales de $ 18.3 millones. La cartera de inversiones de la Compañía genera intereses de varios instrumentos de deuda, que incluyen:

• Préstamos para personas mayores aseguradas
• Deuda subordinada
• Financiamiento del entrepiso

Tipo de inversión	Ingresos por intereses (2023)	Porcentaje de total
Préstamos para personas mayores aseguradas	$ 12.7 millones	69.4%
Deuda subordinada	$ 4.2 millones	23.0%
Financiamiento del entrepiso	$ 1.4 millones	7.6%

Distribuciones de dividendos

Para el año fiscal 2023, Gladstone Capital Corporation declaró dividendos totales de $ 1.44 por acción, generando aproximadamente $ 21.6 millones en ingresos por dividendos.

Apreciación de capital de la cartera de inversiones

La cartera de inversiones de la compañía mostró una apreciación neta no realizada de $ 5.2 millones a partir del período de informe más reciente.

Ingresos de tarifas de gestión

Los ingresos por tarifas de gestión para 2023 totalizaron $ 3.7 millones, derivados de:

• Servicios de asesoramiento
• Gestión de cartera
• Supervisión de inversión

Ingresos de servicios de asesoramiento de inversiones

Los servicios de asesoramiento de inversiones generaron $ 2.5 millones en ingresos para el año fiscal 2023.

Flujo de ingresos	Cantidad total (2023)
Ingresos por intereses	$ 18.3 millones
Distribuciones de dividendos	$ 21.6 millones
Apreciación de capital	$ 5.2 millones
Ingresos de tarifas de gestión	$ 3.7 millones
Servicios de asesoramiento de inversiones	$ 2.5 millones

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.