Gladstone Capital Corp 10-K Filing

Ticker: GLAD · Form: 10-K · Filed: Nov 13, 2024 · CIK: 1143513

Gladstone Capital Corp 10-K Filing Summary
FieldDetail
CompanyGladstone Capital Corp (GLAD)
Form Type10-K
Filed DateNov 13, 2024
Pages15
Reading Time18 min
Key Dollar Amounts$0.001, $21.46, $3 million, $25 million, $8 million
Sentimentneutral

Sentiment: neutral

FAQ

What type of filing is this?

This is a 10-K filing submitted by Gladstone Capital Corp (ticker: GLAD) to the SEC on Nov 13, 2024.

What are the key financial figures in this filing?

Key dollar amounts include: $0.001 (nge on which registered Common Stock, $0.001 par value per share GLAD The Nasdaq Sto); $21.46 (ed on the closing price on that date of $21.46 per share on the Nasdaq Global Select M); $3 million (eciation and amortization ("EBITDA") of $3 million to $25 million) in the U.S. that we bel); $25 million (mortization ("EBITDA") of $3 million to $25 million) in the U.S. that we believe will provi); $8 million (each investment generally ranging from $8 million to $40 million, although investment siz).

How long is this filing?

Gladstone Capital Corp's 10-K filing is 15 pages with approximately 4,510 words. Estimated reading time is 18 minutes.

Where can I view the full 10-K filing?

The complete filing is available on SEC EDGAR. You can also read the AI-decoded analysis with risk assessment and key highlights on ReadTheFiling.

Filing Stats: 4,510 words · 18 min read · ~15 pages · Grade level 13.1 · Accepted 2024-11-13 16:09:28

Key Financial Figures

  • $0.001 — nge on which registered Common Stock, $0.001 par value per share GLAD The Nasdaq Sto
  • $21.46 — ed on the closing price on that date of $21.46 per share on the Nasdaq Global Select M
  • $3 million — eciation and amortization ("EBITDA") of $3 million to $25 million) in the U.S. that we bel
  • $25 million — mortization ("EBITDA") of $3 million to $25 million) in the U.S. that we believe will provi
  • $8 million — each investment generally ranging from $8 million to $40 million, although investment siz
  • $40 m — nt generally ranging from $8 million to $40 million, although investment size may var

Filing Documents

Business

Business 3 ITEM 1A

Risk Factors

Risk Factors 21 ITEM 1B Unresolved Staff Comments 44 ITEM 1 C Cybersecurity 44 ITEM 2

Properties

Properties 46 ITEM 3

Legal Proceedings

Legal Proceedings 46 ITEM 4 Mine Safety Disclosures 46 PART II ITEM 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 47 ITEM 6 Reserved 54 ITEM 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 54 ITEM 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 70 ITEM 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 72 ITEM 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 122 ITEM 9A

Controls and Procedures

Controls and Procedures 122 ITEM 9B Other Information 122

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 122

ITEM 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 122 PART III ITEM 10 Directors, Executive Officers and Corporate Governance 123 ITEM 11

Executive Compensation

Executive Compensation 123 ITEM 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 123 ITEM 13 Certain Relationships and Related Transactions, and Director Independence 123 ITEM 14 Principal Accountant Fees and Services 123 PART IV ITEM 15 Exhibits and Financial Statement Schedules 124 ITEM 16 Form 10-K Summary 127

SIGNATURES

SIGNATURES 128 1 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS All statements contained herein, other than historical facts, may constitute "forward-looking statements." These statements may relate to, among other things, our future operating results, our business prospects and the prospects of our portfolio companies, actual and potential conflicts of interest with Gladstone Management Corporation (the "Adviser"), our investment adviser, and its affiliates, the use of borrowed money to finance our investments, the adequacy of our financing sources and working capital, and our ability to co-invest, among other factors. In some cases, you can identify forward-looking statements by terminology such as "estimate," "may," "might," "believe," "will," "provided," "anticipate," "future," "could," "growth," "plan," "project," "intend," "expect," "should," "would," "if," "seek," "possible," "potential," "likely" or the negative or variations of such terms or comparable terminology. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Such factors include: (1) changes in the economy and the capital markets, including stock price volatility, inflation, rising interest rates and risks of recession; (2) risks associated with negotiation and consummation of pending and future transactions; (3) the loss of one or more of our executive officers, in particular David Gladstone, Terry Lee Brubaker or Robert L. Marcotte; (4) changes in our investment objectives and strategy; (5) availability, terms (including the possibility of interest rate volatility) and deployment of capital; (6) changes in our industry, interest rates, exchange rates or the general economy; (7) our business prospects and the prospects of our portfolio companies; (8) th

BUSINESS

ITEM 1. BUSINESS Overview Organization 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."). As of September 30, 2024, shares of our common stock trade on the Nasdaq Global Select Market ("Nasdaq") under the trading symbol "GLAD" and our 7.75% Notes due 2028 (the "2028 Notes") trade on Nasdaq under the ticker symbol "GLADZ." Our 6.25% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock"), our 3.75% notes due 2027 (the "2027 Notes") and our 5.125% notes due 2026 (the "2026 Notes") are not listed or traded on any exchange or automated quotation system. The outstanding shares and per share amounts of the Company's common stock in this Annual Report have been retroactively adjusted for the 1-for-2 reverse stock split (the "Reverse Stock Split") effected on April 4, 2024 (effective April 5, 2024 for trading purposes) for all activity prior to that date, unless stated otherwise. Investment Adviser and Administrator We are externally managed by the Adviser, an investment adviser registered with the SEC and an affiliate of ours, pursuant to an investment advisory and management agreement (as amended and/or restated from time to time, the "Advisory Agreement"). The Adviser manages our investment activities. We have also entered into an administration agreement with Gladstone Administration, LLC (the "Administrator"), an affiliate of ours and the Adviser, whereby we pay separately for administrative services (the "Administration Agreement"). Each of the Adviser and the Administrator are privately-held companie

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