格拉德斯通资本 2026年季度报告

FORM 10-Q FOR THE TRANSITION PERIOD FROM ______ TO _______COMMISSION FILE NUMBER: 814-00237 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 thepreceding 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 90days. YesNo 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-Tduring the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo 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 emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. GLADSTONE CAPITAL CORPORATIONTABLE OF CONTENTS PART I.FINANCIAL INFORMATION Item 1.Financial Statements (Unaudited)Consolidated Statements of Assets and Liabilities as of December 31, 2025 and September 30, 20252Consolidated Statements of Operations for the three months ended December 31, 2025 and 20243Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2025 and 20244Consolidated Statements of Cash Flows for the three months ended December 31, 2025 and 20245Consolidated Schedules of Investments as of December 31, 2025 and September 30, 20256Notes to Consolidated Financial Statements18 GLADSTONE CAPITAL CORPORATIONCONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES GLADSTONE CAPITAL CORPORATIONCONSOLIDATED STATEMENTS OF OPERATIONS GLADSTONE CAPITAL CORPORATIONCONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. (E) relative priority in the capital structure.Debt security has a fixed interest rate.(F) 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 receivepriority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder.(H) Represents the principal balance for debt investments and the number of shares/units held for equity investments. Warrants are represented as a percentage ofownership, as applicable.(I) 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 ormay 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(J) warrants allow us to purchase.Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of December31, 2025.(K) exemptive order granted by the U.S. Securities and Exchange Commission.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(M) than 5.0% of the issued and outstanding voting securities.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 issuedand outstanding voting securities.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 ofthe portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities.(N)(O) Debt security is on non-accrual status.Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the ASC 820 fair value hierarchy. Refer to Note 3—Investmentsinthe accompanyingNotes to Consolidated Financial Statementsfor additional information.(P)(Q) Financial Statementsfor additional information.Investment was exited subsequent to December31, 2025. Refer to Note 12 –Subsequent Eventsin the accompanying Notes to the Consolidated Financial(S) Statements for additional information. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. TOTAL INVESTMENTS AND CASH EQUIVALENTS - 184.8% 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 September30, 2025, ourinvestments in Leeds Novamark Capital I, L.P. (“Leeds”) and Gladstone Alternative Income Fund (“Gladstone Alternative”) are considered non-qualifying Unless indicated otherwise, all cash