GLAD on Nasdaq
GLADSTONE CAPITAL CORP
Gladstone Capital Corporation was incorporated under the Maryland General Corporation Law on May 30, 2001.5 From its latest annual report
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Last updated Oct 19, 2026.
Overview
$57.2MNet income, fiscal 20253
- TickerGLAD on Nasdaq2
- HeadquartersMcLean, United States2
- Incorporated inMD4
- Business address1521 Westbranch Drive, Suite 100, Mclean, Va 221024
- Filer categoryNon-accelerated filer4
- Legal formCORPORATION2
- LEI549300AWMOT9JR1SIJ742
- StatusActive2
- LEI statusLapsed (not renewed)2
- Registered addressC/O CSC-LAWYERS INCORPORATING SERVICE COMPANY, 21202 Baltimore, United States2
- Registered withBusiness Services (Maryland Department of Assessments and Taxation), D063186122
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Gladstone Capital Corporation was incorporated under the Maryland General Corporation Law on May 30, 2001. We are an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a BDC under the 1940 Act. In addition, we have elected to be treated for tax purposes as a RIC under the Code. We were established for the purpose of investing in debt and equity securities of established private businesses operating in the United States (“U.S.”).5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
11.9%Return on equity3
Financial statements
Every line of the income statement as filed: the last 5 fiscal years, latest first.3
| Period ending | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
|---|---|---|---|---|---|
| Total interest income (excluding PIK interest income) | $82.3M | $87.6M | $79.5M | ||
| PIK interest income | $5.0M | $5.7M | $3.5M | ||
| Total interest income | $87.3M | $93.3M | $83.0M | ||
| Dividend income | $481.0K | $1.4M | $1.5M | ||
| Prepayment fee income | $1.1M | $1.3M | $644.0K | ||
| Other income | $306.0K | $600.0K | $1.2M | ||
| Total investment income | $89.1M | $96.6M | $86.4M | ||
| Base management fee | $13.9M | $13.6M | $12.0M | ||
| Loan servicing fee | $8.9M | $8.9M | $8.1M | ||
| Incentive fee | $10.5M | $11.4M | $10.3M | ||
| Administration fee | $2.0M | $2.0M | $1.7M | ||
| Interest expense on line of credit and notes payable | $20.0M | $21.7M | $20.8M | ||
| Amortization of deferred financing costs | $2.3M | $1.9M | $1.5M | ||
| Professional fees | $1.1M | $948.0K | $980.0K | ||
| Other general and administrative expenses | $2.1M | $2.2M | $1.5M | ||
| Expenses, before credits from Adviser | $60.8M | $62.6M | $56.9M | ||
| Credits to base management fee loan servicing fee | -$8.9M | -$8.9M | -$8.1M | ||
| Credits to fees from Adviser - other | -$8.0M | -$3.2M | -$3.4M | ||
| Total expenses, net of credits | $43.9M | $50.6M | $45.4M | ||
| NET INVESTMENT INCOME | $45.2M | $46.1M | $41.0M | ||
| Total net realized gain (loss) | $55.6M | $6.0M | $12.7M | ||
| Total net unrealized appreciation (depreciation) | -$42.7M | $42.7M | -$11.0M | ||
| Net realized and unrealized gain (loss) | $12.9M | $48.7M | $1.6M | ||
| PREFERRED STOCK DIVIDENDS | $919.0K | $215.0K | $0 | ||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $57.2M | $94.5M | $42.7M | ||
| Net investment income, basic (in USD per share) | $2.02 | $2.11 | $2.20 | $1.88 | $1.58 |
| Net increase (decrease) in net assets resulting from operations, basic (in USD per share) | $3 | $4 | $2 | ||
| Net increase (decrease) in net assets resulting from operations, diluted (in USD per share) | $3 | $4 | $2 | ||
| Basic (in shares) | 22.4M shares | 21.8M shares | 18.7M shares | ||
| Diluted (in shares) | 22.7M shares | 21.8M shares | 18.7M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 12 quarters (quarterly), latest first.3
| Period ending | 2025-09-30 | 2024-09-30 | 2024-03-31 | 2023-09-30 | 2022-09-30 |
|---|---|---|---|---|---|
| Investments, at fair value | $859.1M | $796.3M | |||
| Cash | $596.0K | $15.0K | |||
| Cash equivalents | $31.8M | $2.2M | |||
| Restricted cash | $0 | $132.0K | |||
| Interest receivable, net | $5.7M | $5.9M | |||
| Due from administrative agent | $4.8M | $2.8M | |||
| Deferred financing costs, net | $2.0M | $1.1M | |||
| Other assets, net | $3.7M | $4.1M | |||
| TOTAL ASSETS | $907.6M | $812.5M | |||
| Line of credit at fair value (Cost of $0 and $70,600, respectively) | $0 | $70.6M | |||
| Notes payable, net of unamortized deferred financing costs and discounts of $8,644 and $2,990, respectively | $397.9M | $254.0M | |||
| Accounts payable and accrued expenses | $1.2M | $1.2M | |||
| Interest payable | $3.1M | $2.9M | |||
| Other liabilities | $459.0K | $513.0K | |||
| TOTAL LIABILITIES | $406.2M | $333.7M | |||
| Preferred stock, $0.001 par value per share, 6,000,000 and 6,000,000 shares authorized, respectively, and 865,452 and 349,931 shares issued and outstanding, respectively | $19.4M | $7.8M | |||
| Common stock, $0.001 par value per share, 44,000,000 and 44,000,000 shares authorized, respectively, and 22,593,069 and 22,230,587 shares issued and outstanding, respectively | $45.0K | $44.0K | |||
| Capital in excess of par value | $501.6M | $492.3M | |||
| Cumulative net unrealized appreciation (depreciation) of investments | -$17.5M | $25.2M | |||
| Under distributed net investment income | $5.2M | $6.1M | |||
| Accumulated net realized losses | -$7.3M | -$52.8M | |||
| Total distributable loss | -$19.6M | -$21.5M | |||
| TOTAL NET ASSETS | $482.0M | $470.9M | $408.7M | $315.5M | |
| TOTAL NET ASSETS | $482.0M | $470.9M | $408.7M | $315.5M | |
| NET ASSET VALUE PER COMMON SHARE (in USD per share) | $21.34 | $21.18 | $18.79 | $18.16 | |
| Investment owned, at cost | $876.6M | $771.0M | |||
| Line of credit outstanding, at cost | $0 | $70.6M | |||
| Notes payable, unamortized deferred financing costs and discounts | $8.6M | $3.0M | |||
| Preferred stock, par or stated value per share (in USD per share) | $0.00 | $0.00 | |||
| Preferred stock, shares authorized (in shares) | 6.0M shares | 6.0M shares | |||
| Preferred stock, shares, issued (in shares) | 865.5K shares | 349.9K shares | |||
| Preferred stock, shares, outstanding (in shares) | 865.5K shares | 349.9K shares | |||
| Common stock, par value (in USD per share) | $0.00 | $0.00 | |||
| Common stock, shares authorized (in shares) | 44.0M shares | 44.0M shares | |||
| Common stock, shares, issued (In shares) | 22.6M shares | 22.2M shares | |||
| Common stock, shares, outstanding (in shares) | 22.6M shares | 22.2M shares | 21.8M shares | 17.4M shares | |
| Reverse stock split, conversion ratio | 0 pure |
| Period ending | 2025-09-30 | 2024-09-30 | 2024-03-31 | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 | 2019-09-30 | 2018-09-30 | 2017-09-30 | 2016-09-30 | 2015-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments, at fair value | $859.1M | $796.3M | ||||||||||
| Cash | $596.0K | $15.0K | ||||||||||
| Cash equivalents | $31.8M | $2.2M | ||||||||||
| Restricted cash | $0 | $132.0K | ||||||||||
| Interest receivable, net | $5.7M | $5.9M | ||||||||||
| Due from administrative agent | $4.8M | $2.8M | ||||||||||
| Deferred financing costs, net | $2.0M | $1.1M | ||||||||||
| Other assets, net | $3.7M | $4.1M | ||||||||||
| TOTAL ASSETS | $907.6M | $812.5M | ||||||||||
| Line of credit at fair value (Cost of $0 and $70,600, respectively) | $0 | $70.6M | ||||||||||
| Notes payable, net of unamortized deferred financing costs and discounts of $8,644 and $2,990, respectively | $397.9M | $254.0M | ||||||||||
| Accounts payable and accrued expenses | $1.2M | $1.2M | ||||||||||
| Interest payable | $3.1M | $2.9M | ||||||||||
| Other liabilities | $459.0K | $513.0K | ||||||||||
| TOTAL LIABILITIES | $406.2M | $333.7M | ||||||||||
| Preferred stock, $0.001 par value per share, 6,000,000 and 6,000,000 shares authorized, respectively, and 865,452 and 349,931 shares issued and outstanding, respectively | $19.4M | $7.8M | ||||||||||
| Common stock, $0.001 par value per share, 44,000,000 and 44,000,000 shares authorized, respectively, and 22,593,069 and 22,230,587 shares issued and outstanding, respectively | $45.0K | $44.0K | ||||||||||
| Capital in excess of par value | $501.6M | $492.3M | ||||||||||
| Cumulative net unrealized appreciation (depreciation) of investments | -$17.5M | $25.2M | ||||||||||
| Under distributed net investment income | $5.2M | $6.1M | ||||||||||
| Accumulated net realized losses | -$7.3M | -$52.8M | ||||||||||
| Total distributable loss | -$19.6M | -$21.5M | ||||||||||
| TOTAL NET ASSETS | $482.0M | $470.9M | $408.7M | $315.5M | $318.4M | $233.7M | $249.3M | $237.1M | $219.7M | $201.2M | ||
| TOTAL NET ASSETS | $482.0M | $470.9M | $408.7M | $315.5M | ||||||||
| NET ASSET VALUE PER COMMON SHARE (in USD per share) | $21.34 | $21.18 | $18.79 | $18.16 | $18.56 | $14.80 | $16.44 | $16.64 | $16.80 | $17.24 | $18.12 | |
| Investment owned, at cost | $876.6M | $771.0M | ||||||||||
| Line of credit outstanding, at cost | $0 | $70.6M | ||||||||||
| Notes payable, unamortized deferred financing costs and discounts | $8.6M | $3.0M | ||||||||||
| Preferred stock, par or stated value per share (in USD per share) | $0.00 | $0.00 | ||||||||||
| Preferred stock, shares authorized (in shares) | 6.0M shares | 6.0M shares | ||||||||||
| Preferred stock, shares, issued (in shares) | 865.5K shares | 349.9K shares | ||||||||||
| Preferred stock, shares, outstanding (in shares) | 865.5K shares | 349.9K shares | ||||||||||
| Common stock, par value (in USD per share) | $0.00 | $0.00 | ||||||||||
| Common stock, shares authorized (in shares) | 44.0M shares | 44.0M shares | ||||||||||
| Common stock, shares, issued (In shares) | 22.6M shares | 22.2M shares | ||||||||||
| Common stock, shares, outstanding (in shares) | 22.6M shares | 22.2M shares | 21.8M shares | 17.4M shares | 17.2M shares | 15.8M shares | 15.2M shares | 14.3M shares | 13.1M shares | 11.7M shares | ||
| Reverse stock split, conversion ratio | 0 pure |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-09-30 | 2024-09-30 | 2023-09-30 |
|---|---|---|---|
| Net increase (decrease) in net assets resulting from operations | $57.2M | $94.5M | $42.7M |
| Purchase of investments | -$396.8M | -$177.6M | -$175.5M |
| Principal repayments on investments | $262.8M | $133.5M | $107.5M |
| Proceeds from sale of investments | $89.8M | $6.8M | $18.0M |
| Increase in investments due to paid-in-kind interest or other | -$4.9M | -$5.5M | -$3.7M |
| Net change in premiums, discounts and amortization | -$846.0K | $170.0K | $114.0K |
| Net realized loss (gain) on investments and other | -$55.6M | -$6.0M | -$12.7M |
| Net unrealized depreciation (appreciation) of investments | $42.7M | -$42.7M | $11.0M |
| Amortization of deferred financing costs | $2.3M | $1.9M | $1.5M |
| Decrease (increase) in interest receivable, net | $221.0K | $177.0K | -$3.4M |
| Decrease (increase) in funds due from administrative agent | -$2.0M | $134.0K | $263.0K |
| Decrease (increase) in other assets, net | $457.0K | -$1.2M | -$572.0K |
| Increase (decrease) in accounts payable and accrued expenses | -$42.0K | $224.0K | $506.0K |
| Increase (decrease) in interest payable | $225.0K | -$40.0K | $439.0K |
| Increase (decrease) in other liabilities | -$54.0K | -$1.1M | $1.0M |
| Net cash provided by (used in) operating activities | -$5.5M | $3.2M | -$10.9M |
| Proceeds from line of credit | $332.0M | $221.2M | $149.0M |
| Repayments on line of credit | -$402.6M | -$198.4M | -$243.0M |
| Proceeds from issuance of notes payable | $147.3M | $0 | $57.0M |
| Financing costs | -$6.6M | -$686.0K | -$3.5M |
| Proceeds from issuance of common stock | $9.6M | $11.0M | $87.4M |
| Proceeds from issuance of preferred stock | $11.5M | $7.8M | $0 |
| Offering costs for issuance of common stock | -$144.0K | -$154.0K | -$1.3M |
| Distributions paid to common stockholders | -$55.5M | -$43.1M | -$35.4M |
| Net cash provided by (used in) financing activities | $35.6M | -$2.3M | $10.2M |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS | $30.1M | $903.0K | -$706.0K |
| CASH PAID DURING YEAR FOR INTEREST | $19.8M | $21.8M | $20.4M |
| NON-CASH ACTIVITIES | $0 | $0 | $2.4M |
No quarter-by-quarter statement was filed.
Leadership
Who has led GLADSTONE CAPITAL CORP, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chair
President
Chief financial officer
Chief operating officer
2010201520202025
- Chief executive officerDavid Gladstone Sep 11, 2006 to Sep 20, 201810
- ChairDavid Gladstone Sep 11, 2006 to Sep 11, 200610
- PresidentRobert L. Marcotte Jan 13, 2014 to now11
- Chief financial officerNicole Frances Dubas Schaltenbrand Mar 15, 2016 to now12
- Chief financial officerMelissa Morrison Feb 13, 2014 to Sep 4, 201413
- Chief financial officerDavid Hibbert Watson May 24, 2011 to May 24, 201114
- Chief financial officerGresford Gray Apr 9, 2008 to Apr 9, 200815
- Chief financial officerHarry Brill Sep 13, 2006 to Sep 18, 200616
- Chief operating officerTerry Lee Brubaker Sep 29, 2006 to Dec 13, 201617
Board members and other officers (24)
- Chief Investment OfficerJohn Sateri Mar 30, 2026 to now18
- Executive Vice PresidentAndrew Paul Ahlberg Apr 7, 2026 to now19
- Executive Vice PresidentMichael Jon McQuigg Apr 7, 2026 to now20
- Valuation OfficerJennifer A. Smith Jul 24, 2014 to Jul 24, 201421
- Chief Accounting OfficerMelissa Morrison Nov 15, 2011 to Feb 28, 201222
- Internal Counsel; Asst. SecretMichael Licalsi May 21, 2010 to Mar 18, 201423
- Chief Compliance OfficerJohn Dellafiora Oct 15, 2007 to Dec 16, 201524
- TreasurerGary Gerson Apr 18, 2006 to Aug 24, 200725
- CIOGeorge Stelljes Iii. Sep 28, 2006 to Jun 30, 200826
- Board memberKatharine C. Gorka Aug 27, 2024 to Aug 27, 202427
- Board memberPaula Novara Oct 18, 2022 to Oct 18, 202228
- Board memberWalter H. Wilkinson Oct 15, 2014 to Nov 28, 201729
- Board memberTerry Earhart Oct 12, 2012 to Oct 12, 201230
- Board memberDavid Gladstone Feb 16, 2007 to Sep 20, 201831
- Board memberGerard Mead Feb 28, 2006 to Oct 3, 201132
- Board memberDavid A. R. Dullum Jun 20, 2006 to Sep 11, 200633
- Board memberJohn H. Outland Aug 14, 2006 to Aug 14, 200634
- Board memberPaul W. Adelgren Sep 13, 2006 to Sep 10, 201235
- Board memberMichela A. English Sep 21, 2006 to now36
- Board memberMaurice Coulon Sep 25, 2006 to Sep 26, 200637
- Board memberGeorge Stelljes Iii. Sep 28, 2006 to now26
- Board memberTerry Lee Brubaker Sep 29, 2006 to Dec 13, 201617
- General counselErich Michael Hellmold Jul 18, 2025 to now38
- General counselMichael Licalsi Mar 16, 2020 to Mar 16, 202039
Timeline
- Sep 11, 2006New chief executive David Gladstone becomes CEO10
Filings
173 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 73 major events, 12 insider forms, 68 other. The latest 20:
- Oct 1, 20268-K EDGAR
- Aug 4, 20268-K EDGAR
- Aug 4, 202610-Q EDGAR
- Jun 5, 20263/A AMENDED INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Jun 5, 20268-K EDGAR
- Jun 3, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Jun 3, 2026424B2 EDGAR
- Jun 3, 2026FWP EDGAR
- Jun 2, 20268-K EDGAR
- May 6, 20268-K EDGAR
- May 6, 202610-Q EDGAR
- Apr 7, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Apr 7, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Mar 30, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Mar 23, 20268-K EDGAR
- Feb 5, 20268-K EDGAR
- Feb 4, 20268-K EDGAR
- Feb 4, 202610-Q EDGAR
- Dec 19, 2025DEF 14A EDGAR
- Nov 21, 20254 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
The 173 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
4 open-market trades by officers, directors and large owners since October 2021: 2 buys and 2 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Nov 20, 2025 | Schaltenbrand Nicole Frances DubasCFO and Treasurer | Buy | 496 | $20.16 | $10.0K | Form 4 |
| Apr 11, 2025 | ENGLISH MICHELA ADirector | Sale | 225 | $23.69 | $5.3K | Form 4 |
| Dec 11, 2024 | Marcotte BobPresident | Sale | 15,500 | $27.35 | $423.9K | Form 4 |
| Feb 22, 2022 | Schaltenbrand Nicole Frances DubasCFO and Treasurer | Buy | 230 | $10.85 | $2.5K | Form 4 |
From Forms 4 filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 76. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
3 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Jan 18, 2022 | Thomas R Carper, Senate | Partial sale | $1,001 - $15,000 | +84.0% | Report |
| Jul 9, 2020 | Thomas R Carper, Senate | Partial sale | $1,001 - $15,000 | +103.4% | Report |
| Apr 2, 2020 | Thomas R Carper, Senate | Buy | $1,001 - $15,000 | −111.2% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11SEC EDGARRobert L. Marcotte, President
- 12
- 13
- 14
- 15
- 16SEC EDGARHarry Brill, Chief financial officer
- 17
- 18
- 19
- 20
- 21SEC EDGARJennifer A. Smith, Valuation Officer
- 22
- 23
- 24
- 25SEC EDGARGary Gerson, Treasurer
- 26SEC EDGARGeorge Stelljes Iii., CIO
- 27SEC EDGARKatharine C. Gorka, Board member
- 28SEC EDGARPaula Novara, Board member
- 29SEC EDGARWalter H. Wilkinson, Board member
- 30SEC EDGARTerry Earhart, Board member
- 31SEC EDGARDavid Gladstone, Board member
- 32SEC EDGARGerard Mead, Board member
- 33SEC EDGARDavid A. R. Dullum, Board member
- 34SEC EDGARJohn H. Outland, Board member
- 35SEC EDGARPaul W. Adelgren, Board member
- 36SEC EDGARMichela A. English, Board member
- 37SEC EDGARMaurice Coulon, Board member
- 38
- 39SEC EDGARMichael Licalsi, General counsel