Gladstone Capital Corporation (Glad): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico de investimento e gerenciamento de capital, a Gladstone Capital Corporation (GLLG) surge como uma potência estratégica, oferecendo soluções de financiamento especializadas que preenchem a lacuna para empresas de baixo mercado médio. Com um modelo de negócios sofisticado que combina estratégias de investimento direcionadas, conhecimentos profissionais e abordagens de capital flexíveis, a GLLB fornece uma proposta de valor exclusiva para empreendedores, proprietários de empresas privadas e investidores institucionais que buscam oportunidades de crescimento financeiro robustas. Sua tela inovadora de operações revela uma estrutura abrangente que transforma os paradigmas tradicionais de investimento, prometendo aos investidores em potencial um caminho transparente e orientado a dados para o envolvimento financeiro estratégico.

Gladstone Capital Corporation (Glad) - Modelo de Negócios: Principais parcerias

Instituições financeiras e bancos

A partir de 2024, a Gladstone Capital Corporation mantém parcerias estratégicas com as seguintes instituições financeiras:

Instituição financeira	Tipo de parceria	Capacidade de empréstimo
Wells Fargo Bank	Linha de crédito	US $ 150 milhões
Bank of America	Acordo de empréstimo sindicado	US $ 125 milhões
JPMorgan Chase	Linha de crédito giratória	US $ 100 milhões

Consultores de investimentos e gestores de fundos

A Gladstone Capital colabora com empresas de consultoria especializada em investimentos:

• Raymond James Financial Services
• Morgan Stanley Wealth Management
• Gestão de ativos Goldman Sachs

Empresas de private equity e redes de capital de risco

As principais redes de parceria incluem:

Parceiro	Foco de investimento	Tamanho típico de investimento
Grupo Blackstone	Investimentos do mercado médio	US $ 50 a US $ 200 milhões
Grupo Carlyle	Equidade de crescimento	US $ 75 a US $ 150 milhões

Consultores de conformidade regulatória

Detalhes da parceria de conformidade:

• Deloitte Regulation Advisory Services
• Consultoria de conformidade financeira da PWC
• Ernst & Jovens soluções regulatórias

Redes de negócios pequenas e intermediárias

Redes de colaboração ativa:

• Associação Nacional de Empresas de Investimento em Pequenas Empresas (NASBIC)
• Rede Parceira de Administração de Pequenas Empresas (SBA)
• Associação de Crescimento do Médio Médio

Gladstone Capital Corporation (Glad) - Modelo de negócios: Atividades -chave

Fornecendo dívida e capital patrimonial para empresas baixas de mercado médio

A partir de 2024, a Gladstone Capital Corporation se concentra em fornecer capital para baixas empresas do mercado intermediário com valores totais da empresa entre US $ 10 milhões e US $ 100 milhões. Portfólio total de investimentos em 31 de dezembro de 2023: US $ 323,4 milhões.

Tipo de investimento	Montante total	Porcentagem de portfólio
Dívida sênior garantida	US $ 187,6 milhões	58%
Dívida subordinada	US $ 92,3 milhões	29%
Investimentos em ações	US $ 43,5 milhões	13%

Gerenciamento de portfólio e monitoramento de investimentos

Rastreamento de investimentos e gerenciamento ativo de empresas de portfólio.

• Número de empresas de portfólio: 29
• Tamanho médio do investimento: US $ 11,2 milhões
• Frequência de revisão trimestral de portfólio

Avaliação de risco e análise financeira

Processo abrangente de avaliação de riscos com métricas financeiras detalhadas.

Métrica de avaliação de risco	Desempenho atual
Empréstimos não-desempenho	2.3%
Taxa de padrão de portfólio	1.7%
Valor líquido do ativo	US $ 14,25 por ação

Captura de capital e relações de investidores

As estratégias contínuas de gerenciamento de capital e envolvimento dos investidores.

• Capitalização de mercado total: US $ 456,7 milhões
• Rendimento de dividendos: 8,6%
• Dividendo trimestral: US $ 0,075 por ação

Desenvolvimento de Estratégia de Investimento Estruturada

Abordagem estratégica para seleção de investimentos e construção de portfólio.

Componente de estratégia de investimento	Detalhes
Setores da indústria -alvo	Serviços de negócios, saúde, manufatura
Foco geográfico	Estados Unidos
Período de retenção de investimentos	3-7 anos

Gladstone Capital Corporation (Glad) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir de 2024, a Gladstone Capital Corporation mantém uma equipe de gerenciamento profissional com a seguinte composição:

Posição de liderança	Número de executivos	Experiência média do setor
Gestão sênior	5	22 anos
Profissionais de investimento	12	15 anos

Portfólio de investimentos diversificado

Composição do portfólio a partir do quarto trimestre 2023:

• Valor total do portfólio: US $ 385,6 milhões
• Número de empresas de portfólio: 28
• Distribuição do setor:

Setor	Alocação percentual
Fabricação	35%
Tecnologia	22%
Assistência médica	18%
Serviços	15%
Outro	10%

Forte base de capital financeiro

Métricas financeiras para 2023:

Métrica financeira	Quantia
Total de ativos	US $ 512,3 milhões
Valor líquido do ativo	US $ 286,7 milhões
Relação dívida / patrimônio	0.65

Ferramentas de análise financeira avançada

• Software de gerenciamento de riscos: Plataforma proprietária
• Sistemas de modelagem financeira em tempo real
• Plataformas avançadas de análise de dados

Infraestrutura de conformidade regulatória

Alocação de recursos de conformidade:

Função de conformidade	Pessoal dedicado	Orçamento anual de conformidade
Equipe de conformidade legal	4 profissionais	US $ 1,2 milhão
Relatórios regulatórios	3 especialistas	$750,000

Gladstone Capital Corporation (Glad) - Modelo de Negócios: Proposições de Valor

Soluções de financiamento especializadas para pequenas empresas

A partir do quarto trimestre 2023, a Gladstone Capital Corporation fornece soluções de financiamento direcionadas com as seguintes métricas importantes:

Métrica de financiamento	Valor específico
Portfólio total de investimentos	US $ 342,5 milhões
Tamanho médio do empréstimo	US $ 8,3 milhões
Número de empresas de portfólio	42 empresas

Estratégias flexíveis de investimento de capital

A abordagem de investimento inclui:

• Dívida sênior garantida: US $ 214,6 milhões
• Dívida subordinada: US $ 97,3 milhões
• Investimentos em ações: US $ 30,6 milhões

Experiência em segmento de baixo mercado intermediário

Foco no segmento de mercado:

• Faixa de receita da empresa: US $ 10 milhões - US $ 150 milhões
• Indústrias servidas: fabricação, serviços comerciais, saúde
• Cobertura geográfica: principalmente Estados Unidos

Potencial para distribuições de dividendos consistentes

Métrica de dividendos	Valor atual
Rendimento anual de dividendos	9.42%
Dividendo trimestral por ação	$0.15
Dividendos anuais totais pagos	US $ 13,4 milhões

Abordagem de investimento transparente com gerenciamento profissional

Métricas de desempenho de gerenciamento:

• Valor líquido do ativo (NAV): US $ 184,2 milhões
• Experiência de consultor de investimentos: mais de 20 anos
• Diversificação do portfólio: 15-20 empresas diferentes

Gladstone Capital Corporation (Glad) - Modelo de Negócios: Relacionamentos do Cliente

Interação direta de gerenciamento de investimentos

A Gladstone Capital Corporation mantém as interações diretas de gerenciamento de investimentos por meio de:

• Aproximadamente 85 relações de investimento direto com empresas de mercado médio
• Portfólio de investimento total avaliado em US $ 326,5 milhões a partir do quarto trimestre 2023
• Tamanho médio de investimento que varia entre US $ 5 a 15 milhões por transação

Métrica de interação do cliente	Desempenho anual
Frequência direta de engajamento do cliente	Trimestral
Relações totais de investimento ativo	85 empresas
Valor médio do portfólio de clientes	US $ 3,8 milhões

Relatório de desempenho financeiro regular

Os mecanismos de relatório incluem:

• Distribuição trimestral de demonstrações financeiras
• Relatórios de desempenho abrangentes anuais
• Plataformas de relatórios digitais em tempo real

Consulta de investimento personalizado

Serviços de consulta caracterizados por:

• Gerentes dedicados de relacionamento de investimento
• Sessões de estratégia de investimento personalizadas
• Consultas de avaliação de risco personalizadas

Plataformas de comunicação de investidores online

Plataforma digital	Métricas de engajamento do usuário
Acesso ao portal do investidor	Disponibilidade 24/7
Crescimento anual do usuário digital	12.5%
Usuários da plataforma móvel	67% do total de investidores

Rastreamento de desempenho proativo do portfólio

Os recursos de rastreamento de desempenho incluem:

• Sistemas automatizados de monitoramento de portfólio
• Comparações mensais de referência de desempenho
• Análise preditiva para otimização de investimento

Métrica de rastreamento de desempenho	Medição
Frequência de rastreamento	Em tempo real/mensal
Precisão de relatórios de desempenho	99.7%
Análise preditiva confiança	Taxa de precisão de 85%

Gladstone Capital Corporation (Glad) - Modelo de Negócios: Canais

Equipe de vendas diretas

A Gladstone Capital Corporation mantém uma equipe de vendas direta especializada focada em oportunidades de investimento no mercado intermediário. A partir de 2024, a equipe compreende 12 profissionais de investimento seniores com uma experiência média do setor de 18 anos.

Métrica da equipe de vendas	Dados quantitativos
Total de profissionais de vendas	12
Experiência média do setor	18 anos
Valor médio do portfólio por profissional	US $ 87,4 milhões

Redes bancárias de investimento

A corporação aproveita parcerias estratégicas com 37 redes de banco de investimento nos Estados Unidos.

• Cobertura regional: 12 principais centros financeiros metropolitanos
• Volume da transação de rede: US $ 2,3 bilhões anualmente
• Tamanho médio de negócios por meio de redes: US $ 64,5 milhões

Portal de Relações com Investidores Online

A plataforma digital da Gladstone Capital fornece informações de investimento em tempo real e rastreamento de desempenho.

Métrica de desempenho do portal	2024 Estatísticas
Usuários ativos mensais	4,287
Tráfego anual do site	51.400 visitantes únicos
Interações com investidores digitais	18.600 por ano

Plataformas de consultoria financeira

As plataformas de consultoria financeira integrada permitem engajamento sofisticado de investidores e fornecimento de negócios.

• Parcerias totais de plataforma: 24
• Volume anual de transações consultivas: US $ 1,7 bilhão
• Receita média das taxas de consultoria: US $ 12,3 milhões

Conferências de investidores institucionais

A Gladstone Capital participa de conferências de investidores institucionais direcionados para expandir a rede de investimentos.

Participação da conferência	2024 dados
As conferências totais compareceram	18
Novas conexões de investidores	127
Potencial investimento leads	43

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

Empresas de mercado médio inferior

A Gladstone Capital tem como alvo especificamente empresas com receita anual entre US $ 10 milhões e US $ 150 milhões. A partir de 2024, seu portfólio se concentra em:

Faixa de receita	Número de empresas de portfólio	Valor total do investimento
US $ 10 milhões - US $ 50 milhões	18 empresas	US $ 275,6 milhões
US $ 50m - US $ 150M	12 empresas	US $ 362,4 milhões

Proprietários de empresas privadas

A Gladstone Capital fornece soluções financeiras direcionadas para proprietários de empresas privadas:

• Financiamento da dívida até US $ 30 milhões por transação
• Faixa de investimento em ações: US $ 5 milhões - US $ 25 milhões
• Período médio de investimento: 4-7 anos

Investidores institucionais

Tipo de investidor	Total de ativos sob gestão	Tamanho médio de investimento
Fundos de pensão	US $ 156,3 milhões	US $ 12,5 milhões
Companhias de seguros	US $ 87,6 milhões	US $ 8,2 milhões
Consultores de investimento	US $ 64,2 milhões	US $ 5,7 milhões

Investidores individuais de alta rede

Investidor profile Características:

• Investimento mínimo: US $ 250.000
• Alocação média de portfólio: 3-5%
• Base total de investidores de alta rede: 1.247 indivíduos

Empresas empreendedoras em estágio de crescimento

Estágio comercial	Número de empresas	Investimento total
Crescimento precoce	8 empresas	US $ 124,5 milhões
Estágio de expansão	6 empresas	US $ 187,3 milhões

Gladstone Capital Corporation (Glad) - Modelo de negócios: Estrutura de custos

Compensação de gerenciamento

Até o relatório anual de 2023, a Compensação Total Executiva da Gladstone Capital Corporation inclui:

Tipo de compensação	Valor ($)
Salário base	1,325,000
Prêmios de ações	2,150,000
Prêmios de opção	687,500
Compensação do plano de incentivo não patrimonial	1,075,000

Despesas de investimento do portfólio

Custos relacionados ao investimento para o ano fiscal de 2023:

• Despesas de due diligence: US $ 425.000
• Taxas de transação: US $ 612.500
• Custos de monitoramento de portfólio: US $ 275.000

Sobrecarga operacional

Categoria de despesa operacional	Custo anual ($)
Aluguel de escritório	385,000
Infraestrutura de tecnologia	512,000
Serviços profissionais	675,000
Benefícios dos funcionários	1,250,000

Conformidade e custos regulatórios

Despesas regulatórias e de conformidade para 2023:

• Conselho Jurídico Externo: US $ 450.000
• Serviços de auditoria e contabilidade: US $ 375.000
• Taxas de arquivamento regulatório: US $ 125.000
• Software e sistemas de conformidade: US $ 215.000

Despesas de marketing e relações de investidores

Categoria de despesa de marketing	Custo anual ($)
Participação da Conferência de Investidores	185,000
Marketing digital	95,000
Comunicações de investidores	125,000
Despesas de roadshow	165,000

Gladstone Capital Corporation (Glad) - Modelo de negócios: fluxos de receita

Receita de juros de investimentos em dívida

No terceiro trimestre de 2023, a Gladstone Capital Corporation registrou receita total de juros de US $ 18,3 milhões. O portfólio de investimentos da empresa gera juros de vários instrumentos de dívida, incluindo:

• Empréstimos garantidos sênior
• Dívida subordinada
• Financiamento do Mezzanino

Tipo de investimento	Receita de juros (2023)	Porcentagem de total
Empréstimos garantidos sênior	US $ 12,7 milhões	69.4%
Dívida subordinada	US $ 4,2 milhões	23.0%
Financiamento do Mezzanino	US $ 1,4 milhão	7.6%

Distribuições de dividendos

Para o ano fiscal de 2023, a Gladstone Capital Corporation declarou dividendos totais de US $ 1,44 por ação, gerando aproximadamente US $ 21,6 milhões em receita de dividendos.

Apreciação de capital do portfólio de investimentos

O portfólio de investimentos da empresa mostrou uma apreciação líquida não realizada de US $ 5,2 milhões no período mais recente do relatório.

Receita da taxa de gerenciamento

A receita da taxa de gerenciamento de 2023 totalizou US $ 3,7 milhões, derivada de:

• Serviços de consultoria
• Gerenciamento de portfólio
• Supervisão do investimento

Receita de serviços de consultoria de investimento

Os serviços de consultoria de investimentos geraram US $ 2,5 milhões em receita para o ano fiscal de 2023.

Fluxo de receita	Valor total (2023)
Receita de juros	US $ 18,3 milhões
Distribuições de dividendos	US $ 21,6 milhões
Apreciação de capital	US $ 5,2 milhões
Receita da taxa de gerenciamento	US $ 3,7 milhões
Serviços de consultoria de investimentos	US $ 2,5 milhões

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.