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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark one):
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM ______ TO _______
COMMISSION FILE NUMBER: 814-00237
GLADSTONE CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
MARYLAND54-2040781
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1521 WESTBRANCH DRIVE, SUITE 10022102
MCLEAN, VIRGINIA(Zip Code)
(Address of principal executive office)
(703) 287-5800
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.001 par value per shareGLADThe Nasdaq Global Stock Market LLC
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes o No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer o
Accelerated filer o
Non-accelerated filer ý
Smaller reporting company o
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý
The number of shares of the issuer’s common stock, $0.001 par value per share, outstanding as of July 26, 2022 was 34,304,371.


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GLADSTONE CAPITAL CORPORATION
TABLE OF CONTENTS
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Table of Contents
Part I. Financial information
Item I Financial Statements (Unaudited)
GLADSTONE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
June 30,
2022
September 30,
2021
ASSETS
Investments, at fair value:
Non-Control/Non-Affiliate investments (Cost of $506,987 and $447,566, respectively)
$511,995 $454,601 
Affiliate investments (Cost of $49,274 and $70,682, respectively)
41,779 82,281 
Control investments (Cost of $34,360 and $28,264, respectively)
32,688 20,730 
Cash and cash equivalents856 671 
Restricted cash and cash equivalents87 175 
Interest receivable, net3,429 2,361 
Due from administrative agent3,323 2,951 
Deferred financing costs, net705 1,033 
Other assets, net2,382 1,697 
TOTAL ASSETS$597,244 $566,500 
LIABILITIES
Line of credit at fair value (Cost of $80,000 and $50,500, respectively)
$80,000 $50,500 
Notes payable, net of unamortized deferred financing costs of $2,544 and $2,202, respectively
197,456 186,611 
Accounts payable and accrued expenses360 490 
Interest payable3,744 1,797 
Fees due to Adviser(A)
1,295 2,255 
Fee due to Administrator(A)
676 382 
Other liabilities792 6,026 
TOTAL LIABILITIES$284,323 $248,061 
Commitments and contingencies(B)
NET ASSETS
Common stock, $0.001 par value per share, 44,560,000 and 44,560,000 shares authorized, respectively, and 34,304,371 and 34,304,371 shares issued and outstanding, respectively
$34 $34 
Capital in excess of par value390,719 392,494 
Cumulative net unrealized appreciation (depreciation) of investments(4,159)11,100 
Under (over) distributed net investment income(497)149 
Accumulated net realized losses(73,176)(85,338)
Total distributable loss(77,832)(74,089)
TOTAL NET ASSETS$312,921 $318,439 
NET ASSET VALUE PER COMMON SHARE$9.12 $9.28 
(A)Refer to Note 4—Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.
(B)Refer to Note 9—Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
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GLADSTONE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
Three Months Ended
June 30,
Nine Months Ended
June 30,
2022202120222021
INVESTMENT INCOME
Interest income
Non-Control/Non-Affiliate investments
$10,550 $10,435 $31,318 $30,624 
Affiliate investments
806 1,311 2,612 3,285 
Control investments
591 402 1,794 1,227 
Cash and cash equivalents
1 — 1 — 
Total interest income (excluding PIK interest income)
11,948 12,148 35,725 35,136 
PIK interest income
Non-Control/Non-Affiliate investments
568 598 2,619 1,578 
Affiliate investments
77 — 77 — 
Total PIK interest income
645 598 2,696 1,578 
Total interest income
12,593 12,746 38,421 36,714 
Success fee income
Non-Control/Non-Affiliate Investments 202 3,231 202 
Affiliate Investments — 1,563 — 
Total success fee income 202 4,794 202 
Dividend income
Non-Control/Non-Affiliate investments493 617 2,002 1,192 
Control investments656 38 1,245 290 
Total dividend income1,149 655 3,247 1,482 
Prepayment fee income
Non-Control/Non-Affiliate investments 50 605 950 
Affiliate Investments — 44 — 
Total prepayment fee income 50 649 950 
Other income42 13 100 85 
Total investment income13,784 13,666 47,211 39,433 
EXPENSES
Base management fee(A)
2,501 2,216 7,500 6,313 
Loan servicing fee(A)
1,614 1,374 4,596 4,118 
Incentive fee(A)
1,579 1,471 5,641 4,219 
Administration fee(A)
407 369 1,187 1,056 
Interest expense on borrowings and notes payable
3,150 3,057 9,177 8,447 
Amortization of deferred financing costs
286 300 849 1,056 
Professional fees
139 302 610 680 
Other general and administrative expenses
346 256 1,045 818 
Expenses, before credits from Adviser
10,022 9,345 30,605 26,707 
Credit to base management fee - loan servicing fee(A)
(1,614)(1,374)(4,596)(4,118)
Credits to fees from Adviser - other(A)
(1,571)(909)(3,600)(2,439)
Total expenses, net of credits
6,837 7,062 22,409 20,150 
NET INVESTMENT INCOME6,947 6,604 24,802 19,283 
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss):
Non-Control/Non-Affiliate investments
 6,452 472 4,372 
Affiliate investments — 13,408 — 
Control investments
(8,496)— (8,496)(1)
Other
347 79 (120)(1,081)
Total net realized gain (loss)
(8,149)6,531 5,264 3,290 
Net unrealized appreciation (depreciation):
Non-Control/Non-Affiliate investments
(5,596)1,815 (2,027)23,665 
Affiliate investments
(1,272)1,744 (19,094)2,373 
Control investments
2,471 1,270 5,862 3,295 
Other
 (10) (350)
Total net unrealized appreciation (depreciation)
(4,397)4,819 (15,259)28,983 
Net realized and unrealized gain (loss)
(12,546)11,350 (9,995)32,273 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS$(5,599)$17,954 $14,807 $51,556 
BASIC AND DILUTED PER COMMON SHARE:
Net investment income
$0.20 $0.20 $0.72 $0.59 
Net increase (decrease) in net assets resulting from operations
$(0.16)$0.53 $0.43 $1.56 
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: Basic and Diluted
34,304,371 33,765,624 34,304,371 32,873,934 
(A) Refer to Note 4—Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
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GLADSTONE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(DOLLAR AMOUNTS IN THOUSANDS)
(UNAUDITED)
20222021
NET ASSETS, SEPTEMBER 30
$318,439 $233,743 
OPERATIONS
Net investment income
9,160 6,280 
Net realized gain (loss) on investments
13,880 (2,144)
Net realized gain (loss) on other
(700)(8)
Net unrealized appreciation (depreciation) of investments
(10,237)8,495 
Net unrealized depreciation (appreciation) of other
 (320)
Net increase (decrease) in net assets resulting from operations
12,103 12,303 
DISTRIBUTIONS
Distributions to common stockholders from net investment income ($0.20 per share and $0.19 per share, respectively)(A)
(6,689)(6,100)
Distributions to common stockholders from return of capital ($0.00 per share and $0.01 per share, respectively)(A)
 (180)
Net decrease in net assets from distributions(6,689)(6,280)
CAPITAL TRANSACTIONS
Issuance of common stock 7,491 
Discounts, commissions and offering costs for issuance of common stock (140)
Net increase (decrease) in net assets resulting from capital transactions 7,351 
NET INCREASE (DECREASE) IN NET ASSETS5,414 13,374 
NET ASSETS, DECEMBER 31$323,853 $247,117 
OPERATIONS
Net investment income8,695 6,399 
Net realized gain (loss) on investments 63 
Net realized gain (loss) on other233 (1,152)
Net unrealized appreciation (depreciation) of investments(625)16,009 
Net unrealized depreciation (appreciation) of other (20)
Net increase (decrease) in net assets resulting from operations8,303 21,299 
DISTRIBUTIONS
Distributions to common stockholders from net investment income ($0.20 per share and $0.18 per share, respectively)(A)
(6,689)(5,714)
Distributions to common stockholders from return of capital ($0.00 per share and $0.02 per share, respectively)(A)
 (685)
Net decrease in net assets from distributions(6,689)(6,399)
CAPITAL TRANSACTIONS
Issuance of common stock 9,037 
Discounts, commissions and offering costs for issuance of common stock (166)
Net increase (decrease) in net assets resulting from capital transactions 8,871 
NET INCREASE (DECREASE) IN NET ASSETS1,614 23,771 
NET ASSETS, MARCH 31$325,467 $270,888 
OPERATIONS
Net investment income6,947 6,604 
Net realized gain (loss) on investments(8,496)6,452 
Net realized gain (loss) on other347 79 
Net unrealized appreciation (depreciation) of investments(4,397)4,829 
Net unrealized depreciation (appreciation) of other (10)
Net increase (decrease) in net assets resulting from operations(5,599)17,954 
DISTRIBUTIONS
Distributions to common stockholders from net investment income ($0.15 per share and $0.20 per share, respectively)(A)
(5,173)(6,579)
Distributions to common stockholders from return of capital ($0.05 per share and $0.00 per share, respectively)(A)
(1,774)(25)
Net decrease in net assets from distributions(6,947)(6,604)
CAPITAL TRANSACTIONS
Issuance of common stock 10,322 
Discounts, commissions and offering costs for issuance of common stock (175)
Net increase (decrease) in net assets resulting from capital transactions 10,147 
NET INCREASE (DECREASE) IN NET ASSETS(12,546)21,497 
NET ASSETS, JUNE 30$312,921 $292,385 
(A)Refer to Note 8 – Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
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GLADSTONE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLAR AMOUNTS IN THOUSANDS)
(UNAUDITED)
Nine Months Ended June 30,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations$14,807 $51,556 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchase of investments(188,851)(154,290)
Principal repayments on investments138,231 123,833 
Net proceeds from sale of investments15,929 12,821 
Increase in investments due to PIK interest or other
(3,218)(5,152)
Net change in premiums, discounts and amortization(605)692 
Net realized loss (gain) on investments(5,384)(4,371)
Net realized loss (gain) on other120 1,081 
Net unrealized depreciation (appreciation) of investments15,259 (29,333)
Net unrealized appreciation (depreciation) of other 350 
Changes in assets and liabilities:
Amortization of deferred financing costs849 1,056 
Decrease (increase) in interest receivable, net(1,068)912 
Decrease (increase) in funds due from administrative agent(372)(25)
Decrease (increase) in other assets, net(685)(676)
Increase (decrease) in accounts payable and accrued expenses(130)33 
Increase (decrease) in interest payable1,947 2,860 
Increase (decrease) in fees due to Adviser(A)
(960)19 
Increase (decrease) in fee due to Administrator(A)
294 280 
Increase (decrease) in other liabilities(4,766)5,721 
Net cash provided by (used in) operating activities(18,603)7,367 
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit235,500 199,400 
Repayments on line of credit(206,000)(304,400)
Proceeds from issuance of notes payable50,000 150,000 
Redemption of long term debt(38,813)(57,500)
Financing costs(1,662)(3,036)
Proceeds from issuance of common stock 26,850 
Discounts, commissions and offering costs for issuance of common stock (402)
Distributions paid to common stockholders(20,325)(19,283)
Net cash provided by (used in) financing activities18,700 (8,371)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS97 (1,004)
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD846 2,469 
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD$943 $1,465 
CASH PAID FOR INTEREST$7,230 $5,587 
NON-CASH ACTIVITIES(B)
$7,489 $3,495 
(A)Refer to Note 4—Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.
(B)Non-cash activities relate to estimated tax liabilities and escrows associated with portfolio company exits and the following transaction:
In June 2022, our investment in LWO Acquisitions Company LLC was restructured, resulting in non-cash activity of $6.8 million and new investments in Lonestar EMS, LLC, which are listed on the accompanying Consolidated Schedule of Investments as of June 30, 2022.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
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GLADSTONE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2022
(UNAUDITED)
(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(W)(K)
Principal/
Shares/
Units(J)(I)
CostFair Value
NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 163.6%
Secured First Lien Debt – 121.6%
Aerospace and Defense – 20.4%
Antenna Research Associates, Inc. – Term Debt (L + 10.0%, 12.0% Cash, 4.0% PIK, Due 11/2023)(E)
$11,792 $11,792 $11,792 
Ohio Armor Holdings, LLC – Term Debt (L + 8.0%, 9.8% Cash, Due 2/2026)(C)
19,206 19,206 19,014 
SpaceCo Holdings, LLC – Line of Credit, $800 available (L + 7.0%, 9.3% Cash, Due 12/2025)(C)(U)
1,200 1,200 1,194 
SpaceCo Holdings, LLC – Term Debt (L + 7.0%, 9.3% Cash, Due 12/2025)(C)(U)
31,925 31,505 31,765 
63,703 63,765 
Beverage, Food, and Tobacco – 13.5%
Café Zupas – Line of Credit, $4,000 available (L + 7.4%, 9.2% Cash, Due 12/2024)(C)
— — — 
Café Zupas – Delayed Draw Term Debt, $0 available (L + 7.4%, 9.2% Cash, Due 12/2024)(C)
1,970 1,970 1,960 
Café Zupas – Term Debt (L + 7.4%, 9.2% Cash, Due 12/2024)(C)
23,640 23,640 23,522 
Eegee’s LLC – Line of Credit, $1,000 available (L + 7.3%, 9.0% Cash, Due 6/2026)(C)
— — — 
Eegee’s LLC – Delayed Draw Term Debt, $7,500 available (L + 7.3%, 9.0% Cash, Due 6/2026)(C)
— — — 
Eegee’s LLC – Term Debt (L + 7.3%, 9.0% Cash, Due 6/2026)(C)
17,000 17,000 16,830 
42,610 42,312 
Buildings and Real Estate – 0.6%
GFRC 360, LLC – Line of Credit, $500 available (L + 8.0%, 9.8% Cash, Due 9/2022)(C)
700 700 686 
GFRC 360, LLC – Term Debt (L + 8.0%, 9.8% Cash, Due 9/2022)(C)
1,000 1,000 980 
1,700 1,666 
Diversified/Conglomerate Manufacturing – 15.0%
Engineering Manufacturing Technologies, LLC – Line of Credit, $3,000 available (L + 8.3%, 10.0% Cash, Due 10/2026)(C)
— — — 
Engineering Manufacturing Technologies, LLC – Term Debt (L + 8.3%, 10.0% Cash, Due 10/2026)(C)
22,500 22,500 22,219 
Salvo Technologies, Inc.– Term Debt (SOFR + 9.5%, 11.2% Cash, Due 4/2027)(C)(AA)
11,887 11,887 11,887 
Unirac, Inc. – Line of Credit, $0 available (L + 7.0%, 9.3% Cash, Due 6/2026)(C)(U)
1,254 1,254 1,251 
Unirac, Inc. – Delayed Draw Term Debt, $1,254 available (L + 7.0%, 9.3% Cash, Due 6/2026)(C)(U)
— — — 
Unirac, Inc. – Term Debt (L + 7.0%, 9.3% Cash, Due 6/2026)(C)(U)
11,675 11,443 11,645 
47,084 47,002 
Diversified/Conglomerate Service – 31.9%
Axios Industrial Group, LLC – Term Debt (SOFR + 9.5%, 11.3% Cash, Due 10/2027)(C)(AA)
9,000 9,000 9,000 
Axios Industrial Group, LLC – Delayed Draw Term Debt, $5,000 available (SOFR + 9.5%, 11.3% Cash, Due 10/2027)(C)(AA)
3,000 3,000 3,000 
DKI Ventures, LLC – Term Debt (L + 8.3%, 10.0% Cash, 4.0% PIK, Due 12/2023)(C)
5,855 5,855 4,677 
ENET Holdings, LLC – Term Debt (L + 8.8%, 10.5% Cash, Due 4/2025)(C)
28,917 28,917 26,748 
Fix-It Group, LLC – Line of Credit, $3,000 available (L + 7.0%, 8.8% Cash, Due 12/2026)(C)
— — — 
Fix-It Group, LLC – Term Debt (L + 7.0%, 8.8% Cash, Due 12/2026)(C)
10,000 10,000 9,900 
Fix-It Group, LLC – Delayed Draw Term Debt, $10,000 available (L + 7.0%, 8.8% Cash, Due 12/2026)(C)
— — — 
MCG Energy Solutions, LLC – Line of Credit, $3,000 available (L + 7.5%, 9.3% Cash, Due 3/2026)(C)
— — — 
MCG Energy Solutions, LLC – Term Debt (L + 7.5%, 9.3% Cash, 3.5% PIK, Due 3/2026)(C)
20,635 20,635 19,732 
R2i Holdings, LLC – Line of Credit, $1,171 available (8.0% Cash, Due 12/2023)(C)(F)
829 829 721 
R2i Holdings, LLC – Term Debt (8.0% Cash, Due 12/2023)(C)(F)
18,250 18,250 15,878 
WorkforceQA, LLC – Line of Credit, $2,000 available (L + 6.5%, 8.3% Cash, Due 12/2026)(C)
—   
WorkforceQA, LLC – Term Debt (L + 8.8%, 10.6% Cash, Due 12/2026)(C)(H)
10,000 10,000 9,950 
106,486 99,606 
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
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GLADSTONE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2022
(UNAUDITED)
(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(W)(K)
Principal/
Shares/
Units(J)(I)
CostFair Value
Diversified Natural Resources, Precious Metals, and Minerals – 7.1%
Viva Railings, LLC – Line of Credit, $3,500 available (L + 7.0%, 8.8% Cash, Due 5/2027)(C)
500 500 500 
Viva Railings, LLC – Term Debt (L + 7.0%, 8.8% Cash, Due 5/2027)(C)
21,800 21,800 21,800 
22,300 22,300 
Healthcare, Education, and Childcare – 29.1%
ALS Education, LLC – Line of Credit, $3,000 available (L + 7.0%, 8.8% Cash, Due 5/2025)(C)
— — — 
ALS Education, LLC – Term Debt (L + 7.0%, 8.8% Cash, Due 5/2025)(C)
20,020 20,020 19,845 
HH-Inspire Acquisition, Inc. – Line of Credit, $1,500 available (L + 6.8%, 8.5% Cash, Due 12/2026)(C)
1,500 1,500 1,485 
HH-Inspire Acquisition, Inc. – Term Debt (L + 6.8%, 8.5% Cash, Due 12/2026)(C)
16,000 16,000 15,840 
HH-Inspire Acquisition, Inc. – Delayed Draw Term Debt, $0 available (L + 6.8%, 8.5% Cash, Due 12/2026)(C)
10,000 10,000 9,900 
Pansophic Learning Ltd. – Term Debt (L + 7.3%, 9.0% Cash, Due 3/2027)(C)(Y)
28,000 27,959 27,720 
Pansophic Learning Ltd. – Term Debt (L + 7.3%, 9.0% Cash, Due 3/2027)(C)(Y)
5,000 4,993 4,950 
Turn Key Health Clinics, LLC – Line of Credit, $1,500 available (L + 7.3%, 9.0% Cash, Due 6/2026)(C)
500 500 498 
Turn Key Health Clinics, LLC – Term Debt (L + 7.3%, 9.0% Cash, Due 6/2026)(C)
11,000 11,000 10,945 
91,972 91,183 
Machinery – 1.8%
Arc Drilling Holdings LLC – Line of Credit, $875 available (L + 8.0%, 9.8% Cash, Due 11/2022)(C)
125 125 120 
Arc Drilling Holdings LLC – Term Debt (L + 9.5%, 11.3% Cash, 3.0% PIK, Due 11/2022)(C)
5,806 5,806 5,460 
5,931 5,580 
Printing and Publishing – 0.0%
Chinese Yellow Pages Company – Line of Credit, $0 available (PRIME + 4.0%, 8.8% Cash, Due 2/2015)(E)(V)(Q)
$107 107  
Telecommunications – 2.2%
B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (L + 11.0%, 13.0% Cash, Due 12/2024)(C)
1,200 1,200 1,158 
B+T Group Acquisition, Inc.(S) – Term Debt (L + 11.0%, 13.0% Cash, Due 12/2024)(C)
6,000 6,000 5,790 
7,200 6,948 
Total Secured First Lien Debt$389,093 $380,362 
Secured Second Lien Debt – 24.3%
Automobile – 3.3%
Sea Link International IRB, Inc. – Term Debt (11.3% Cash, 2.0% PIK, Due 3/2023)(C)(F)
$11,060 $11,060 $10,230 
Beverage, Food, and Tobacco – 1.0%
8th Avenue Food & Provisions, Inc. – Term Debt (L + 7.8%, 9.5% Cash, Due 10/2026)(D)
3,682 3,699 3,020 
Diversified/Conglomerate Manufacturing – 11.0%
Springfield, Inc. – Term Debt (L + 9.0%, 10.8% Cash, Due 12/2026)(C)
30,000 30,000 29,850 
Tailwind Smith Cooper Intermediate Corporation – Term Debt (L + 9.0%, 10.8% Cash, Due 5/2027)(D)
5,000 4,822 4,518 
34,822 34,368 
Diversified/Conglomerate Service – 1.5%
CHA Holdings, Inc. – Term Debt (L + 8.8%, 11.0% Cash, Due 4/2026)(D)(U)
3,000 2,965 2,700 
Gray Matter Systems, LLC – Term Debt (11.3% Cash, Due 12/2026)(C)(F)
2,100 2,068 2,090 
5,033 4,790 
Machinery – 0.2%
CPM Holdings, Inc. – Term Debt (L + 8.3%, 10.0% Cash, Due 11/2026)(D)
798 798 762 
Oil and Gas – 7.3%
Imperative Holdings Corporation – Term Debt (L + 10.3%, 12.3% Cash, 1.8% PIK, Due 9/2024)(C)
24,658 24,604 22,931 
Total Secured Second Lien Debt$80,016 $76,101 
Unsecured Debt – 0.0%
Diversified/Conglomerate Service – 0.0%
Frontier Financial Group Inc. – Convertible Debt (6.0%, Due 6/2022)(E)(F)
$198 $198 $59 
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
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GLADSTONE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2022
(UNAUDITED)
(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(W)(K)
Principal/
Shares/
Units(J)(I)
CostFair Value
Preferred Equity – 6.1%
Automobile – 0.0%
Sea Link International IRB, Inc. – Preferred Stock(E)(G)
98,039 98  
Beverage, Food, and Tobacco – 0.0%
Triple H Food Processors, LLC – Preferred Stock(E)(G)
75 75 115 
Buildings and Real Estate – 0.3%
GFRC 360, LLC – Preferred Stock(E)(G)
1,000 1,025 1,103 
Diversified/Conglomerate Service – 2.7%
Frontier Financial Group Inc. – Preferred Stock(E)(G)
766 500 — 
Frontier Financial Group Inc. – Preferred Stock Warrant(E)(G)
168 — — 
MCG Energy Solutions, LLC – Preferred Stock(E)
7,000,000 7,000 8,330 
7,500 8,330 
Diversified/Conglomerate Manufacturing – 0.8%
Salvo Technologies, Inc. – Preferred Units(E)(G)
2,500 2,500 2,500 
Healthcare, Education, and Childcare – 0.3%
HH-Inspire Acquisition, Inc. – Preferred Stock(E)(G)
750,000 750 834 
Oil and Gas – 0.6%
FES Resources Holdings LLC – Preferred Equity Units(E)(G)
6,350 6,350 — 
Imperative Holdings Corporation – Preferred Equity Units(E)(G)
13,740 632 1,955 
6,982 1,955 
Telecommunications – 1.4%
B+T Group Acquisition, Inc.(S) – Preferred Stock(E)(G)
6,130 2,024 3,897 
NetFortris Holdings LLC – Preferred Stock(E)(G)(Z)
7,890,860 789 500 
2,813 4,397 
Total Preferred Equity$21,743 $19,234 
Common Equity – 11.6%
Aerospace and Defense – 4.4%
 Antenna Research Associates, Inc. – Common Equity Units(E)(G)
4,283 $4,283 $12,120 
 Ohio Armor Holdings, LLC – Common Equity(E)(G)
1,000 1,000 1,497 
5,283 13,617 
Automobile – 0.0%
Sea Link International IRB, Inc.– Common Equity Units(E)(G)
823,333 823  
Beverage, Food, and Tobacco – 0.3%
Triple H Food Processors, LLC – Common Stock(E)(G)
250,000 250 820 
Buildings and Real Estate – 0.0%
GFRC 360, LLC – Common Stock Warrants(E)(G)
45.0 %— — 
Diversified/Conglomerate Manufacturing – 0.7%
 Engineering Manufacturing Technologies, LLC – Common Stock(E)(G)
6,000 3,000 2,335 
Diversified/Conglomerate Service – 0.2%
 WorkforceQA, LLC – Common Stock(E)(G)
500 500 559 
Healthcare, Education, and Childcare – 2.2%
GSM MidCo LLC – Common Stock(E)(G)
767 767 1,259 
  Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment)(G)(L)(R)
3.5 %1,223 5,474 
1,990 6,733 
Machinery – 0.0%
Arc Drilling Holdings LLC – Common Stock(E)(G)
15,000 1,500 138 
Oil and Gas – 0.0%
FES Resources Holdings LLC – Common Equity Units(E)(G)
6,233 — — 
Total Safety Holdings, LLC – Common Equity(E)(G)
435 499 40 
499 40 
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
Funko Acquisition Holdings, LLC(S) – Common Units(G)(T)
5,817 30 88 
Telecommunications – 0.0%
B+T Group Acquisition, Inc.(S) – Common Stock Warrant(E)(G)
1.5 % 146 
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
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GLADSTONE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2022
(UNAUDITED)
(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(W)(K)
Principal/
Shares/
Units(J)(I)
CostFair Value
Textiles and Leather – 3.8%
Targus Cayman HoldCo, Ltd. – Common Stock(E)(G)
3,076,414 2,062 11,763 
Total Common Equity$15,937 $36,239 
Total Non-Control/Non-Affiliate Investments$506,987 $511,995 
AFFILIATE INVESTMENTS(N) – 13.4%
Secured First Lien Debt – 12.2%
Diversified/Conglomerate Manufacturing – 1.9%
Edge Adhesives Holdings, Inc. (S) – Term Debt (L + 5.5%, 7.5% Cash, Due 8/2024)(C)
$6,140 $6,140 $5,979 
Diversified/Conglomerate Service – 10.3%
Encore Dredging Holdings, LLC – Line of Credit, $3,000 available (L + 8.3%, 10.0% Cash, Due 12/2025)(C)
— — — 
Encore Dredging Holdings, LLC – Term Debt (L + 7.0%, 8.8% Cash, 1.5% PIK, Due 12/2025)(C)
23,521 23,521 22,991 
Encore Dredging Holdings, LLC – Term Debt (L + 7.0%, 8.8% Cash, 2.5% PIK, Due 12/2025)(C)
4,503 4,503 4,402 
Encore Dredging Holdings, LLC – Delayed Draw Term Debt, $0 available (L + 7.0%, 8.8% Cash, 1.5% PIK, Due 12/2025)(C)
5,004 5,004 4,892 
33,028 32,285 
Total Secured First Lien Debt$39,168 $38,264 
Preferred Equity – 1.0%
Diversified/Conglomerate Manufacturing – 0.0%
Edge Adhesives Holdings, Inc.(S) – Preferred Stock(E)(G)
5,466 $5,466 $ 
Diversified/Conglomerate Service– 0.7%
Encore Dredging Holdings, LLC – Preferred Stock(E)(G)
3,840,000 3,840 $2,086 
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.3%
Canopy Safety Brands, LLC – Preferred Stock(E)(G)
500,000 500 783 
Total Preferred Equity$9,806 $2,869 
Common Equity – 0.2%
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2%
Canopy Safety Brands, LLC – Common Stock(E)(G)
800,000 300 646 
Total Common Equity$300 $646 
Total Affiliate Investments$49,274 $41,779 
CONTROL INVESTMENTS(O) – 10.4%
Secured First Lien Debt – 4.6%
Diversified/Conglomerate Manufacturing – 0.9%
Lonestar EMS, LLC – Term Debt (8.0% Cash, Due 6/2027)(E)(F)
$3,250 $3,250 $2,712 
Personal and Non-Durable Consumer Products (Manufacturing Only) – 3.4%
WB Xcel Holdings, LLC – Line of Credit, $682 available (L + 10.5%, 12.3% Cash, Due 11/2026)(E)
818 818 818 
WB Xcel Holdings, LLC – Term Debt (L + 10.5%, 12.3% Cash, Due 11/2026)(E)
9,950 9,950 9,950 
10,768 10,768 
Printing and Publishing – 0.3%
TNCP Intermediate HoldCo, LLC – Line of Credit, $1,000 available (8.0% Cash, Due 10/2024)(E)(F)
1,000 1,000 1,000 
Total Secured First Lien Debt$15,018 $14,480 
Secured Second Lien Debt – 2.5%
Automobile– 2.5%
Defiance Integrated Technologies, Inc. – Term Debt (L + 9.5%, 11.3% Cash, Due 5/2026)(E)
$7,745 $7,745 $7,745 
Unsecured Debt – 0.0%
Diversified/Conglomerate Manufacturing – 0.0%
Circuitronics EMS Holdings LLC – Term Debt (Due 6/2023)(E)(P)
$95 $95 $ 
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
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GLADSTONE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2022
(UNAUDITED)
(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(W)(K)
Principal/
Shares/
Units(J)(I)
CostFair Value
Preferred Equity – 1.0%
Personal and Non-Durable Consumer Products (Manufacturing Only) – 1.0%
WB Xcel Holdings, LLC – Preferred Stock(E)(G)
333 2,750 3,212 
Total Preferred Equity$2,750 $3,212 
Common Equity – 2.3%
Automobile– 0.6%
Defiance Integrated Technologies, Inc. – Common Stock(E)(G)
33,231 $580 $1,846 
Diversified/Conglomerate Manufacturing – 0.0%
Lonestar EMS, LLC – Common Units(E)(G)
100 %6,750 — 
Circuitronics EMS Holdings LLC – Common Units(E)(G)
921,000 921 — 
7,671  
Machinery – 1.0%
PIC 360, LLC – Common Equity Units(E)(G)
750 1 3,340 
Printing and Publishing – 0.7%
TNCP Intermediate HoldCo, LLC – Common Equity Units(E)(G)
790,000 500 2,065 
Total Common Equity$8,752 $7,251 
Total Control Investments$34,360 $32,688 
TOTAL INVESTMENTS – 187.4%
$590,621 $586,462 
(A)Certain of the securities listed in this schedule are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $510.3 million at fair value, are pledged as collateral under our revolving line of credit, as described further in Note 5—Borrowings in the accompanying Notes to Consolidated Financial Statements. Under the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of June 30, 2022, our investments in Leeds Novamark Capital I, L.P. (“Leeds”) and Funko Acquisition Holdings, LLC (“Funko”) are considered non-qualifying assets under Section 55 of the 1940 Act. Such non-qualifying assets represent 0.9% of total investments, at fair value, as of June 30, 2022.
(B)Unless indicated otherwise, all cash interest rates are indexed to 30-day London Interbank Offered Rate (“LIBOR” or “L”), which was 1.79% as of June 30, 2022. If applicable, paid-in-kind (“PIK”) interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or LIBOR plus a spread. Due dates represent the contractual maturity date.
(C)Fair value was based on an internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC (“ICE”).
(D)Fair value was based on the indicative bid price on or near June 30, 2022, offered by the respective syndication agent’s trading desk.
(E)Fair value was based on the total enterprise value of the portfolio company, which was then allocated to the portfolio company’s securities in order of their relative priority in the capital structure.
(F)Debt security has a fixed interest rate.
(G)Security is non-income producing.
(H)The Company has entered into an agreement that entitles it to the "last out" tranche of the first lien secured loan, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of LIBOR plus 6.50% (Floor 1.0%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(I)Represents the principal balance for debt investments and the number of shares/units held for equity investments. Warrants are represented as a percentage of ownership, as applicable.
(J)Where applicable, aggregates all shares of a class of stock owned without regard to specific series owned within such class (some series of which may or may not be voting shares) or aggregates all warrants to purchase shares of a class of stock owned without regard to specific series of such class of stock such warrants allow us to purchase.
(K)Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of June 30, 2022.
(L)There are certain limitations on our ability to withdraw our partnership interest prior to dissolution of the entity, which must occur no later than May 9, 2024 or two years after all outstanding leverage has matured.
(M)Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.
(N)Affiliate investments, as defined by the 1940 Act, are those in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.
(O)Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities.
(P)Debt security does not have a stated interest rate that is payable thereon.
(Q)Investment maturity date has passed. Investment continues to make applicable interest payments.
(R)Fair value was based on net asset value provided by the fund as a practical expedient.
(S)One of our affiliated funds, Gladstone Investment Corporation, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
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(T)Our investment in Funko was valued using Level 2 inputs within the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy. Our common units in Funko are convertible to class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.
(U)The cash interest rate on this investment was indexed to 90-day LIBOR, which was 2.29% as of June 30, 2022.
(V)The cash interest rate on this investment was indexed to the U.S. Prime Rate (“PRIME”), which was 4.75% as of June 30, 2022.
(W)Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the ASC 820 fair value hierarchy. Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.
(X)Reserved.
(Y)Investment formerly known as EL Academies, Inc.
(Z)Investment formerly known as NetFortris Corp.
(AA)The cash interest rate on this investment was indexed to the 30-day Secured Overnight Financing Rate (“SOFR”), which was 1.69% as of June 30, 2022.

































THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
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GLADSTONE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(W)(K)
Principal/
Shares/
Units(J)(I)
CostFair Value
NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 142.8%
Secured First Lien Debt – 95.5%
Aerospace and Defense – 20.3%
Antenna Research Associates, Inc. – Term Debt (L + 10.0%, 12.0% Cash, 4.0% PIK, Due 11/2023)(E)
$11,763 $11,763 $11,763 
Ohio Armor Holdings, LLC – Term Debt (L + 8.0%, 9.0% Cash, Due 2/2026)(C)
19,500 19,500 19,549 
SpaceCo Holdings, LLC – Line of Credit, $1,300 available (L + 6.8%, 7.8% Cash, Due 12/2025)(C)
700 700 700 
SpaceCo Holdings, LLC – Term Debt (L + 6.8%, 7.8% Cash, Due 12/2025)(C)
32,544 32,044 32,544 
64,007 64,556 
Beverage, Food, and Tobacco – 13.5%
Café Zupas – Line of Credit, $4,000 available (L + 7.4%, 8.9% Cash, Due 12/2024)(C)
— — — 
Café Zupas – Delayed Draw Term Debt, $3,030 available (L + 7.4%, 8.9% Cash, Due 12/2024)(C)
1,970 1,970 1,987 
Café Zupas – Term Debt (L + 7.4%, 8.9% Cash, Due 12/2024)(C)
24,000 24,000 24,210 
Eegee’s LLC – Line of Credit, $1,000 available (L + 7.3%, 8.3% Cash, Due 6/2026)(C)
— — — 
Eegee’s LLC – Delayed Draw Term Debt, $7,500 available (L + 7.3%, 8.3% Cash, Due 6/2026)(C)
— — — 
Eegee’s LLC – Term Debt (L + 7.3%, 8.3% Cash, Due 6/2026)(C)
17,000 17,000 16,936 
42,970 43,133 
Buildings and Real Estate – 0.5%
GFRC 360, LLC – Line of Credit, $500 available (L + 8.0%, 9.0% Cash, Due 9/2022)(C)
700 700 699 
GFRC 360, LLC – Term Debt (L + 8.0%, 9.0% Cash, Due 9/2022)(C)
1,000 1,000 999 
1,700 1,698 
Diversified/Conglomerate Manufacturing – 3.8%
Unirac, Inc. – Line of Credit, $1,003 available (L + 7.0%, 8.0% Cash, Due 6/2026)(C)(U)
251 251 250 
Unirac, Inc. – Delayed Draw Term Debt, $1,254 available (L + 7.0%, 8.0% Cash, Due 6/2026)(C)(U)
— — — 
Unirac, Inc. – Term Debt (L + 7.0%, 8.0% Cash, Due 6/2026)(C)(U)
11,921 11,652 11,891 
11,903 12,141 
Diversified/Conglomerate Service – 21.3%
DKI Ventures, LLC – Line of Credit, $2,500 available (L + 8.3%, 9.3% Cash, 2.0% PIK, Due 12/2021)(C)
— — — 
DKI Ventures, LLC – Term Debt (L + 8.3%, 9.3% Cash, 2.0% PIK, Due 12/2023)(C)
5,739 5,724 5,008 
ENET Holdings, LLC – Term Debt (L + 8.8%, 10.2% Cash, Due 12/2022)(C)
1,000 1,000 785 
ENET Holdings, LLC – Term Debt (L + 8.8%, 10.2% Cash, Due 4/2025)(C)
29,000 29,000 22,765 
MCG Energy Solutions, LLC – Line of Credit, $3,000 available (L + 7.5%, 8.5% Cash, Due 3/2026)(C)
— — — 
MCG Energy Solutions, LLC – Term Debt (L + 7.5%, 8.5% Cash, 1.5% PIK, Due 3/2026)(C)
20,129 20,129 19,927 
MCG Energy Solutions, LLC – Delayed Draw Term Debt, $3,000 available (L + 7.5%, 8.5% Cash, 1.5% PIK, Due 3/2026)(C)
— `— — 
R2i Holdings, LLC – Line of Credit, $1,171 available (8.0% Cash, Due 12/2021)(C)(F)
829 829 803 
R2i Holdings, LLC – Term Debt (8.0% Cash, Due 12/2021)(C)(F)
19,000 19,000 18,406 
75,682 67,694 
Healthcare, Education, and Childcare – 24.9%
ALS Education, LLC – Line of Credit, $3,000 available (L + 7.0%, 8.5% Cash, Due 5/2025)(C)
— — — 
ALS Education, LLC – Term Debt (L + 7.0%, 8.5% Cash, Due 5/2025)(C)
20,680 20,680 20,809 
Effective School Solutions LLC – Line of Credit, $2,000 available (L + 7.3%, 8.3% Cash, Due 12/2025)(C)
— — — 
Effective School Solutions LLC – Term Debt (L + 7.3%, 8.3% Cash, Due 12/2025)(C)
19,000 19,000 19,095 
Effective School Solutions LLC – Delayed Draw Term Debt, $3,200 available (L + 7.3%, 8.3% Cash, Due 12/2025)(C)
— — — 
EL Academies, Inc. – Delayed Draw Term Debt, $0 available (L + 8.0%, 9.0% Cash, Due 8/2022)(C)
16,000 16,000 16,000 
EL Academies, Inc. – Term Debt (L + 8.0%, 9.0% Cash, Due 8/2022)(C)
12,000 12,000 12,000 
Turn Key Health Clinics, LLC – Line of Credit, $1,500 available (L + 7.3%, 8.3% Cash, Due 6/2026)(C)
500 500 499 
Turn Key Health Clinics, LLC – Term Debt (L + 7.3%, 8.3% Cash, Due 6/2026)(C)
11,000 11,000 10,986 
79,180 79,389 
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
12

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GLADSTONE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(W)(K)
Principal/
Shares/
Units(J)(I)
CostFair Value
Machinery – 1.8%
Arc Drilling Holdings LLC – Line of Credit, $875 available (L + 8.0%, 9.3% Cash, Due 11/2022)(C)
125 125 122 
Arc Drilling Holdings LLC – Term Debt (L + 9.5%, 10.8% Cash, 3.0% PIK, Due 11/2022)(C)
5,824 5,824 5,577 
5,949 5,699 
Printing and Publishing – 0.0%
Chinese Yellow Pages Company – Line of Credit, $0 available (PRIME + 4.0%, 7.3% Cash, Due 2/2015)(E)(V)(Q)
$107 107  
Telecommunications – 9.4%
B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (L + 11.0%, 13.0% Cash, Due 12/2021)(C)
1,200 1,200 1,158 
B+T Group Acquisition, Inc.(S) – Term Debt (L + 11.0%, 13.0% Cash, Due 12/2021)(C)
6,000 6,000 5,790 
NetFortris Corp. – Term Debt (L + 11.0%, 4.0% Cash, 7.5% PIK, Due 5/2021)(C)(Q)

27,350 26,946 22,837 
34,146 29,785 
Total Secured First Lien Debt$315,644 $304,095 
Secured Second Lien Debt – 30.6%
Automobile – 3.3%
Sea Link International IRB, Inc. – Term Debt (11.3% Cash, 2.0% PIK, Due 3/2023)(C)(F)
$10,893 $10,893 $10,376 
Beverage, Food, and Tobacco – 1.1%
8th Avenue Food & Provisions, Inc. – Term Debt (L + 7.8%, 7.8% Cash, Due 10/2026)(D)
3,682 3,702 3,646 
Chemicals, Plastics, and Rubber – 3.2%
Phoenix Aromas & Essential Oils, LLCTerm Debt (L + 9.3%, 10.3% Cash, Due 5/2024)(C)
10,012 9,986 10,062 
Diversified/Conglomerate Manufacturing – 1.5%
Tailwind Smith Cooper Intermediate Corporation – Term Debt (L + 9.0%, 9.1% Cash, Due 5/2027)(D)
5,000 4,801 4,701 
Diversified/Conglomerate Service – 8.7%
CHA Holdings, Inc. – Term Debt (L + 8.8%, 9.8% Cash, Due 4/2026)(D)(U)
3,000 2,960 2,700 
Gray Matter Systems, LLC – Term Debt (12.0% Cash, Due 12/2026)(C)(F)
8,100 8,064 8,130 
Keystone Acquisition Corp. – Term Debt (L + 9.3%, 10.3% Cash, Due 5/2025)(D)(U)
4,000 3,954 3,790 
Prophet Brand Strategy – Delayed Draw Term Debt, $5,000 available (L + 8.5%, 10.5% Cash, Due 2/2025)(Y)(Z)
— — — 
Prophet Brand Strategy – Term Debt (L + 8.5%, 10.5% Cash, Due 2/2025)(Y)(Z)
13,000 13,000 13,130 
27,978 27,750 
Healthcare, Education, and Childcare – 1.8%
Medical Solutions Holdings, Inc. Term Debt (L + 8.4%, 9.4% Cash, Due 6/2025)(C)
3,000 2,974 2,940 
Medical Solutions Holdings, Inc. Term Debt (L + 8.8%, 9.8% Cash, Due 6/2025)(C)
3,000 2,957 2,940 
5,931 5,880 
Home and Office Furnishings, Housewares and Durable Consumer Products – 3.2%
Belnick, Inc. – Term Debt (11.0% Cash, Due 8/2023)(C)(F)
10,000 10,000 10,025 
Machinery – 0.2%
CPM Holdings, Inc. – Term Debt (L + 8.3%, 8.3% Cash, Due 11/2026)(D)
798 798 790 
Oil and Gas – 7.6%
Imperative Holdings Corporation – Term Debt (L + 10.3%, 12.3% Cash, 1.8% PIK, Due 9/2022)(C)
26,569 26,569 24,178 
Total Secured Second Lien Debt$100,658 $97,408 
Unsecured Debt – 0.0%
Diversified/Conglomerate Service – 0.0%
Frontier Financial Group Inc. – Convertible Debt (6.0%, Due 6/2022)(E)(F)
$198 $198 $10 
Preferred Equity – 5.7%
Automobile – 0.0%
Sea Link International IRB, Inc. – Preferred Stock(E)(G)
98,039 98 127 
Beverage, Food, and Tobacco – 0.0%
Triple H Food Processors, LLC – Preferred Stock(E)(G)
75 75 102 
Buildings and Real Estate – 0.3%
GFRC 360, LLC – Preferred Stock(E)(G)
1,000 1,025 864 
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
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GLADSTONE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(W)(K)
Principal/
Shares/
Units(J)(I)
CostFair Value
Diversified/Conglomerate Service – 2.8%
Frontier Financial Group Inc. – Preferred Stock(E)(G)
766 500 — 
Frontier Financial Group Inc. – Preferred Stock Warrant(E)(G)
168 — — 
MCG Energy Solutions, LLC – Preferred Stock(E)
7,000,000 7,000 8,861 
7,500 8,861 
Oil and Gas – 0.5%
FES Resources Holdings LLC – Preferred Equity Units(E)(G)
6,350 6,350 — 
Imperative Holdings Corporation – Preferred Equity Units(E)(G)
13,740 632 1,551 
6,982 1,551 
Telecommunications – 2.1%
B+T Group Acquisition, Inc.(S) – Preferred Stock(E)(G)
6,130 2,024 5,691 
NetFortris Corp. – Preferred Stock(E)(G)
7,890,860 789 914 
2,813 6,605 
Total Preferred Equity$18,493 $18,110 
Common Equity – 11.0%
Aerospace and Defense – 4.8%
 Antenna Research Associates, Inc. – Common Equity Units(E)(G)
4,283 $4,283 $13,444 
 Ohio Armor Holdings, LLC – Common Equity(E)(G)
1,000 1,000 1,749 
5,283 15,193 
Automobile– 0.1%
Sea Link International IRB, Inc.– Common Equity Units(E)(G)
823,333 823 300 
Beverage, Food, and Tobacco – 0.5%
Triple H Food Processors, LLC – Common Stock(E)(G)
250,000 250 1,504 
Buildings and Real Estate – 0.0%
GFRC 360, LLC – Common Stock Warrants(E)(G)
45.0 %— — 
Healthcare, Education, and Childcare – 2.3%
GSM MidCo LLC – Common Stock(E)(G)
767 767 924 
  Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment)(G)(L)(R)
3.5 %1,358 6,487 
2,125 7,411 
Machinery – 0.0%
Arc Drilling Holdings LLC – Common Stock(E)(G)
15,000 1,500  
Oil and Gas – 0.0%
FES Resources Holdings LLC – Common Equity Units(E)(G)
6,233 — — 
Total Safety Holdings, LLC – Common Equity(E)(G)
435 499 132 
499 132 
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%
Funko Acquisition Holdings, LLC(S) – Common Units(G)(T)
6,290 30 78 
Telecommunications – 0.1%
B+T Group Acquisition, Inc.(S) – Common Stock Warrant(E)(G)
1.5 %— 330 
NetFortris Corp. – Common Stock Warrant(E)(G)
— 
1 330 
Textiles and Leather – 3.2%
Targus Cayman HoldCo, Ltd. – Common Stock(E)(G)
3,076,414 2,062 10,030 
Total Common Equity$12,573 $34,978 
Total Non-Control/Non-Affiliate Investments$447,566 $454,601 
AFFILIATE INVESTMENTS(N) – 25.8%
Secured First Lien Debt – 9.1%
Diversified/Conglomerate Manufacturing – 1.7%
Edge Adhesives Holdings, Inc. (S) – Term Debt (L + 10.5%, 12.5% Cash, Due 2/2022)(C)
$5,540 $5,540 $5,540 
Diversified/Conglomerate Service – 7.4%
Encore Dredging Holdings, LLC – Line of Credit, $3,000 available (L + 8.0%, 9.0% Cash, Due 12/2025)(C)
— — — 
Encore Dredging Holdings, LLC – Term Debt (L + 8.0%, 9.0% Cash, Due 12/2025)(C)
23,500 23,500 23,618 
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
14

Table of Contents
GLADSTONE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(W)(K)
Principal/
Shares/
Units(J)(I)
CostFair Value
Encore Dredging Holdings, LLC – Delayed Draw Term Debt, $5,000 available (L + 8.0%, 9.0% Cash, Due 12/2025)(C)
— — — 
23,500 23,618 
Total Secured First Lien Debt$29,040 $29,158 
Secured Second Lien Debt – 9.6%
Diversified Natural Resources, Precious Metals and Minerals – 9.6%
Lignetics, Inc. – Term Debt (L + 9.8%, 11.8% Cash, Due 6/2026)(Y)(Z)
$6,000 $6,000 $6,540 
Lignetics, Inc. – Term Debt (L + 9.8%, 11.8% Cash, Due 6/2026)(Y)(Z)
8,000 8,000 8,633 
Lignetics, Inc. – Term Debt (L + 9.8%, 11.8% Cash, Due 6/2026)(Y)(Z)
3,300 3,300 3,491 
Lignetics, Inc. – Term Debt (L + 9.8%, 11.8% Cash, Due 6/2026)(Y)(Z)
3,000 3,000 3,199 
Lignetics, Inc. – Term Debt (L + 9.8%, 11.8% Cash, Due 6/2026)(Y)(Z)
2,500 2,500 2,500 
Lignetics, Inc. – Term Debt (L + 9.8%, 11.8% Cash, Due 6/2026)(Y)(Z)
6,200 6,200 6,200 
29,000 30,563 
Total Secured Second Lien Debt$29,000 $30,563 
Preferred Equity – 3.4%
Diversified/Conglomerate Manufacturing – 0.0%
Edge Adhesives Holdings, Inc.(S) – Preferred Stock(E)(G)
5,466 $5,466 $ 
Diversified/Conglomerate Service– 1.4%
Encore Dredging Holdings, LLC – Preferred Stock(E)(G)
3,200,000 3,200 4,525 
Diversified Natural Resources, Precious Metals and Minerals – 1.8%
Lignetics, Inc. – Preferred Stock(G)(Y)(Z)
78,097 1,321 5,602 
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2%
Canopy Safety Brands, LLC – Preferred Stock(E)(G)
500,000 500 739 
Total Preferred Equity$10,487 $10,866 
Common Equity – 3.7%
Diversified Natural Resources, Precious Metals and Minerals – 3.5%
Lignetics, Inc. – Common Stock(G)(Y)(Z)
152,603 $1,855 $10,969 
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2%
Canopy Safety Brands, LLC – Common Stock(E)(G)
800,000 300 725 
Total Common Equity$2,155 $11,694 
Total Affiliate Investments$70,682 $82,281 
CONTROL INVESTMENTS(O) – 6.5%
Secured First Lien Debt – 1.3%
Diversified/Conglomerate Manufacturing – 0.9%
LWO Acquisitions Company LLC – Term Debt (L + 7.5%, 10.0% Cash, Due 6/2021)(E)(Q)
$6,000 $6,000 $2,841 
LWO Acquisitions Company LLC – Term Debt (Due 6/2021)(E)(P)(Q)
10,632 10,632 — 
16,632 2,841 
Printing and Publishing – 0.4%
TNCP Intermediate HoldCo, LLC – Line of Credit, $700 available (8.0% Cash, Due 10/2024)(E)(F)
1,300 1,300 1,300 
Total Secured First Lien Debt$17,932 $4,141 
Secured Second Lien Debt – 2.5%
Automobile– 2.5%
Defiance Integrated Technologies, Inc. – Term Debt (L + 9.5%, 11.0% Cash, Due 5/2026)(E)
$7,985 $7,985 $7,985 
Unsecured Debt – 0.0%
Diversified/Conglomerate Manufacturing – 0.0%
LWO Acquisitions Company LLC – Term Debt (Due 6/2023)(E)(P)
$95 $95 $ 
Preferred Equity – 0.1%
Automobile– 0.1%
Defiance Integrated Technologies, Inc. – Preferred Stock(E)(G)
6,043 $250 $270 
Common Equity – 2.6%
Automobile– 0.8%
Defiance Integrated Technologies, Inc. – Common Stock(E)(G)
33,231 $580 $2,623 
Diversified/Conglomerate Manufacturing – 0.0%
LWO Acquisitions Company LLC – Common Units(E)(G)
921,000 921  
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
15

Table of Contents
GLADSTONE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(DOLLAR AMOUNTS IN THOUSANDS)
Company and Investment(A)(B)(W)(K)
Principal/
Shares/
Units(J)(I)
CostFair Value
Machinery – 1.3%
PIC 360, LLC – Common Equity Units(E)(G)
750 1 3,983 
Printing and Publishing – 0.5%
TNCP Intermediate HoldCo, LLC – Common Equity Units(E)(G)
790,000 500 1,728 
Total Common Equity$2,002 $8,334 
Total Control Investments$28,264 $20,730 
TOTAL INVESTMENTS – 175.1%$546,512 $557,612 

(A)Certain of the securities listed in this schedule are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $512.0 million at fair value, are pledged as collateral under our revolving line of credit, as described further in Note 5—Borrowings in the accompanying Notes to Consolidated Financial Statements. Under the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2021, our investments in Leeds Novamark Capital I, L.P. (“Leeds”) and Funko Acquisition Holdings, LLC (“Funko”) are considered non-qualifying assets under Section 55 of the 1940 Act. Such non-qualifying assets represent 1.2% of total investments, at fair value, as of September 30, 2021.
(B)Unless indicated otherwise, all cash interest rates are indexed to 30-day London Interbank Offered Rate (“LIBOR” or “L”), which was 0.08% as of September 30, 2021. If applicable, paid-in-kind (“PIK”) interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or LIBOR plus a spread. Due dates represent the contractual maturity date.
(C)Fair value was based on an internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC (“ICE”).
(D)Fair value was based on the indicative bid price on or near September 30, 2021, offered by the respective syndication agent’s trading desk.
(E)Fair value was based on the total enterprise value of the portfolio company, which was then allocated to the portfolio company’s securities in order of their relative priority in the capital structure.
(F)Debt security has a fixed interest rate.
(G)Security is non-income producing.
(H)Reserved.
(I)Represents the principal balance for debt investments and the number of shares/units held for equity investments. Warrants are represented as a percentage of ownership, as applicable.
(J)Where applicable, aggregates all shares of a class of stock owned without regard to specific series owned within such class (some series of which may or may not be voting shares) or aggregates all warrants to purchase shares of a class of stock owned without regard to specific series of such class of stock such warrants allow us to purchase.
(K)Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of September 30, 2021.
(L)There are certain limitations on our ability to withdraw our partnership interest prior to dissolution of the entity, which must occur no later than May 9, 2024 or two years after all outstanding leverage has matured.
(M)Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.
(N)Affiliate investments, as defined by the 1940 Act, are those in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.
(O)Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities.
(P)Debt security does not have a stated interest rate that is payable thereon.
(Q)Investment maturity date has passed. Investment continues to make applicable interest payments.
(R)Fair value was based on net asset value provided by the fund as a practical expedient.
(S)One of our affiliated funds, Gladstone Investment Corporation, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission.
(T)Our investment in Funko was valued using Level 2 inputs within the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy. Our common units in Funko are convertible to class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.
(U)The cash interest rate on this investment was indexed to 90-day LIBOR, which was 0.13% as of September 30, 2021.
(V)The cash interest rate on this investment was indexed to the U.S. Prime Rate (“PRIME”), which was 3.25% as of September 30, 2021.