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GLAD

Gladstone Capital Corporation

GLAD

Gladstone Capital Corporation • NASDAQ
$21.23 ▲ 0.57% (+0.12)
Market Cap $474.06 M
52w High $30.43
52w Low $18.76
Dividend Yield 1.80%
P/E 8.33
Volume 73.44K
Outstanding Shares 22.33M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $20.427M ▲ $367K ▲ $14.287M ▲ 69.942% ▲ $0.62 ▲ $14.287M ▲
Q3-2025 $12.112M ▼ $-28K ▲ $7.689M ▼ 63.482% ▼ $0.33 ▼ $7.689M ▼
Q2-2025 $13.464M ▼ $-543K ▼ $8.988M ▼ 66.756% ▼ $0.39 ▼ $8.988M ▼
Q1-2025 $31.626M ▼ $-263K ▼ $27.146M ▼ 85.834% ▲ $1.21 ▼ $27.146M ▼
Q4-2024 $38.548M $1.17M $31.936M 82.847% $1.47 $31.936M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $32.37M ▲ $907.597M ▲ $425.562M ▲ $482.035M ▼
Q3-2025 $15.169M ▲ $780.198M ▲ $291.227M ▲ $488.971M ▼
Q2-2025 $2.797M ▲ $776.78M ▼ $286.993M ▼ $489.787M ▼
Q1-2025 $1.736M ▼ $815.625M ▲ $325.213M ▼ $490.412M ▲
Q4-2024 $2.172M $812.468M $333.727M $478.741M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $13.971M ▲ $-96.634M ▼ $0 ▼ $113.7M ▲ $17.066M ▲ $-96.634M ▼
Q3-2025 $7.689M ▼ $12.144M ▼ $8.262M ▲ $-7.899M ▲ $12.507M ▲ $12.144M ▼
Q2-2025 $8.797M ▼ $46.75M ▲ $0 $-45.829M ▼ $921K ▲ $46.75M ▲
Q1-2025 $26.975M ▼ $23.989M ▲ $0 $-24.417M ▼ $-428K ▼ $23.989M ▲
Q4-2024 $31.817M $-5.694M $0 $6.752M $1.058M $-5.694M

Five-Year Company Overview

Income Statement

Income Statement Gladstone Capital’s earnings profile looks solid but somewhat cyclical. Revenue and core profits have generally trended upward over the last few years, with the most recent year showing especially strong bottom-line results. Profit margins appear healthy for a lender of this type, suggesting disciplined pricing and reasonably well-managed credit costs. However, earnings per share have moved around quite a bit year to year, which signals sensitivity to credit conditions, portfolio valuation changes, and one-off items typical for a business development company.

Balance Sheet

Balance Sheet The balance sheet shows a steady build-up of assets, which fits with a growing loan and investment portfolio. Debt levels have increased, but not at an alarming pace relative to total assets, pointing to moderate, managed leverage. Equity has risen over time, which supports future lending capacity and provides a larger cushion against potential loan losses. Reported cash balances are very low, which is common for this model but underlines the importance of continued access to credit lines and capital markets.

Cash Flow

Cash Flow Cash flow from operations has been weak or slightly negative in several recent years, with no meaningful free cash flow after considering overall activity. This is not unusual for a BDC because much of the cash movement is tied to originating and repaying loans rather than traditional operating cash flows. Still, it means the business is heavily reliant on repayments from borrowers and ongoing access to financing to support dividends and portfolio growth. In a stressed credit environment, this dependence on external funding and portfolio cash cycles could become a point of pressure.

Competitive Edge

Competitive Edge Gladstone Capital competes in the crowded private credit and BDC space but benefits from a long operating history and a clear focus on smaller, lower middle-market companies. Its edge comes less from unique products and more from experience, conservative underwriting, and strong relationships with private equity sponsors. Emphasis on secured lending and first-lien positions offers some downside protection compared with more aggressive lenders. The main competitive risk is that many other credit providers are also targeting similar deals, which can push pricing down and terms in favor of borrowers over time.

Innovation and R&D

Innovation and R&D This is not a technology-driven company; its “innovation” is primarily in investment discipline and deal structuring rather than cutting-edge software. That said, the planned investment in better risk assessment tools and operational systems shows a recognition that data and analytics are becoming more important in credit underwriting. Prior involvement with a data analytics firm indicates awareness of this trend, even if it is not core to day-to-day lending. The key question is whether these technology upgrades will meaningfully improve credit selection, monitoring, and efficiency, or remain more incremental in impact.

Summary

Overall, Gladstone Capital appears to be a mature, income-focused lender with improving recent profitability and a balance sheet that reflects controlled, but meaningful, use of leverage. Its strength lies in experience, relationships, and conservative credit standards rather than in any disruptive technology or unique product. Earnings and cash flows can be lumpy, and the business model depends on continued healthy credit conditions and access to funding. For observers, the main things to watch are credit quality in the loan portfolio, how the firm manages leverage through cycles, and whether its planned technology investments result in better risk control and more resilient long-term performance.

NEWS

November 17, 2025 · 4:20 PM UTC

Gladstone Capital Corporation Reports Financial Results for its Fourth Quarter and Fiscal Year Ended September 30, 2025

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November 13, 2025 · 8:30 AM UTC

Gladstone Capital Corporation Earnings Call and Webcast Information

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October 14, 2025 · 5:10 PM UTC

Gladstone Capital Announces Monthly Cash Distributions for October, November and December 2025 and Conference Call Date

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September 15, 2025 · 4:00 PM UTC

Gladstone Capital Announces Intent to Redeem All Outstanding 5.125% Notes due 2026 and 7.75% Notes due 2028

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September 13, 2025 · 8:00 AM UTC

Gladstone Capital Announces $0.10 Supplemental Cash Distribution to Common Stockholders

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