Here are the 10-K annual reports from Gladstone Capital Corp (GLAD) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow GLAD and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full GLAD filings page.
Gladstone Capital Corporation files its annual report outlining how it operates as an externally managed business development company and regulated investment company focused on lower middle market U.S. businesses. The company targets debt investments that generate current income and selective equity positions for long-term capital gains.
As of September 30, 2025, the investment portfolio at fair value totaled $859.1 million, with about 90.9% in debt and 9.1% in equity. Secured first lien loans represent the largest share, and the five biggest positions account for 22.9% of portfolio value. Investments span 55 companies across 16 industries and all major U.S. regions.
The filing details the advisory and administration arrangements with Gladstone affiliates, including a 1.75% base management fee on average total assets and performance-based incentive fees, as well as non-contractual fee credits that have offset part of income-based incentive fees. It also explains the board-approved valuation process for Level 3 assets and the tax framework for maintaining RIC status and the 150% asset coverage requirement under BDC regulation.