Financial Data and Key Metrics Changes - Total interest income increased by $300,000 or 2.6% to $11.9 million due to a slight increase in the average balance of interest-bearing investments [24] - Net investment income for the quarter was $6.1 million or $0.195 per share, unchanged from the prior quarter [26] - Net assets from operations were $10.2 million or $0.33 per share for the quarter, compared to $15 million or $0.48 per share for the prior quarter [26] - NAV rose 1.8% from $7.27 per share as of June 30 to $7.40 per share as of September 30 [29] Business Line Data and Key Metrics Changes - Originations for the quarter totaled $22 million, with repayments and proceeds also totaling $22 million, resulting in largely unchanged assets [12] - Total investment income for the quarter increased by $850,000 or 7.2% to $12.6 million, driven by prepayment fees and dividends [25] - The asset mix at the end of the quarter showed first lien loans rose slightly to 49% of cost, while second lien exposure declined to 42% of the portfolio cost [17] Market Data and Key Metrics Changes - The portfolio maintained a low non-performing asset rate of 1.4% despite the impacts of COVID-19 [15] - The company reported that the energy and auto sectors were the most affected by COVID-19, but overall portfolio performance remained strong [16][40] Company Strategy and Development Direction - The company remains optimistic about growth opportunities in the lower middle market and plans to manage leverage around one-to-one debt to equity [20][21] - The focus will continue to be on investing in midsized private businesses with good management, supported by private equity funds [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that most companies have adapted to COVID-19, with minimal impact outside the energy and auto sectors [40] - The company is cautious about potential lasting financial impacts from COVID-19 but is optimistic about the recovery of unrealized depreciation [19][21] Other Important Information - Total assets as of September 30 were $459 million, with liabilities declining to $225 million [27] - The company declared monthly distributions of $0.065 per share for October, November, and December, resulting in an annual rate of $0.78 per share [30] Q&A Session Summary Question: What percentage of the portfolio has high risk related to COVID? - Management indicated that most companies have adapted to COVID-19, with significant impacts primarily in the auto and energy sectors [40] Question: What accounted for the slight decline in the portfolio's average risk rating? - The decline was attributed to the mix of energy and auto credits, which caused some deterioration in underlying numbers [42] Question: What percentage of the portfolio is in liquid syndicated deals? - Approximately 8% to 9% of the portfolio is in liquid syndicated deals [46] Question: What are the limitations on the credit facility? - The reduction in borrowing base was temporary due to minor amendments to portfolio investments [47] Question: What is the current availability under the credit facility? - Current availability is in excess of $46 million [48] Question: How would you characterize the appetite for issuing additional unsecured debt? - Management is evaluating the potential to pursue additional unsecured debt as credit spreads have contracted [52]

Financial Data and Key Metrics Changes - Total interest income increased by $600,000 or 5.7% to $11.6 million, primarily due to an increase in the average balance of interest-bearing investments [21] - Net investment income for the quarter was $6.1 million, a decrease of 7.1% compared to the prior quarter, or $0.195 per share [24] - Net assets from operations rose to $15 million or $0.48 per share, compared to a decrease of $27.8 million or $0.89 per share for the prior quarter [24] - NAV increased by 4% to $7.27 per share as of June 30 [10][26] Business Line Data and Key Metrics Changes - Originations for the quarter totaled $56.5 million, with net originations of $39.4 million after repayments of $17.1 million [6][7] - The portfolio yield remained unchanged at 10.9%, with the weighted average balance of interest-bearing investments increasing by $24.7 million or 6.1% to $429 million [21][22] - Non-accrual investments declined to 1.5% of the portfolio at fair value, with no payment defaults experienced [11] Market Data and Key Metrics Changes - The asset mix remained relatively unchanged, with first lien loans dropping to 47% of cost and second lien loan exposure increasing to 43% at cost [16] - The company noted that much of the unrealized appreciation was attributed to auto and energy sector exposures, despite challenges in those sectors [12][14] Company Strategy and Development Direction - The company intends to continue managing investment capacity proactively and sell existing assets to support new investments while maintaining targeted leverage levels [20] - The focus remains on lower middle market investments, with an emphasis on portfolio diversity and underwriting discipline to weather economic challenges [18][32] - The company is cautious regarding new deals due to potential lasting COVID-related financial impacts but has seen a pickup in deal activity [19] Management's Comments on Operating Environment and Future Outlook - Management expressed uncertainty about the future due to government actions related to COVID-19, making forecasting difficult [34] - The company believes it has weathered much of the previous quarter's challenges and is well-positioned for growth due to its portfolio composition and active management [18] - Management highlighted the importance of maintaining a cushion in leverage to manage portfolio-related matters effectively [44] Other Important Information - Total assets as of June 30 were $458 million, with liabilities rising to $231 million [25] - The company declared monthly distributions of $0.065 per common share for July, August, and September, resulting in an annual yield of 10.7% [28][29] - The company successfully extended the revolving period of its credit facility by six months to July 15, 2021 [27] Q&A Session Summary Question: Investment activity and pipeline - Management indicated that both recent investments pre-dated the quarter and were adjusted due to quarter activities, with a focus on low-leverage deals [38] Question: Improvement in risk ratings - The improvement in risk ratings was attributed to new deals with lower leverage and improved performance of top companies [40] Question: Leverage strategy - Management confirmed that leverage is currently around 1-to-1 and emphasized maintaining a cushion for portfolio management [42][44] Question: Appetite for issuing common equity - Management stated that issuing common equity would require attractive investment opportunities to cover marginal funding costs [46] Question: Nature of capital-seeking businesses - Management noted that many businesses seeking capital are under stress, with some looking to recapitalize existing lenders [54] Question: Correlation between business trends and bond values - Management observed a disconnect between the leveraged loan market and actual business trends, with many assets still marked below expected values [58] Question: Competition from insurance companies - Management expressed confidence in competing with larger funds, focusing on lower middle market opportunities where larger funds may not venture initially [63]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one): ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020 OR ☐ TRANSITION 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) MARYLAND 54-204078 ...

Call Start: 08:30 January 1, 0000 9:00 AM ET Gladstone Capital Corp. (NASDAQ:GLAD) Q2 2020 Earnings Conference Call May 5, 2020 08:30 ET Company Participants David Gladstone - Chairman & CEO Michael LiCalsi - General Counsel & Secretary Robert Marcotte - Executive MD & President Nicole Schaltenbrand - CFO & Treasurer Conference Call Participants Mickey Schleien - Ladenburg Thalmann & Co. Operator Ladies and gentlemen, welcome to today's Gladstone Capital Shareholders Call for the quarter ending March 31, 20 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one): ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2020 OR ☐ TRANSITION 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) MARYLAND 54-20407 ...

Gladstone Capital Corp (NASDAQ:GLAD) Q1 2020 Earnings Conference Call February 6, 2020 8:30 AM ET Company Participants David Gladstone - Chairman & CEO Robert Marcotte - Executive MD & President Nicole Schaltenbrand - CFO & Treasurer Michael LiCalsi - General Counsel and Secretary Conference Call Participants Mickey Schleien - Ladenburg Thalmann & Co. Operator Good afternoon, ladies and gentlemen, and welcome to the Gladstone Capital Corporation First Quarter ended December 31, 2019, Earnings Call and Webca ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one): ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2019 OR ☐ TRANSITION 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) MARYLAND 54-20 ...

Gladstone Capital (NASDAQ:GLAD) Q4 2019 Earnings Conference Call November 14, 2019 8:30 AM ET Company Participants Michael LiCalsi - General Counsel and Secretary David Gladstone - Chief Executive Officer Bob Marcotte - President Nicole Schaltenbrand - Chief Financial Officer Conference Call Participants Mickey Schleien - Ladenburg Henry Coffey - Wedbush Operator Ladies and gentlemen, and thank you for standing by, and welcome to the Gladstone Capital Corporation Fourth Quarter and Year Ended September 30, ...

Gladstone Capital (NASDAQ:GLAD) Q3 2019 Earnings Conference Call August 6, 2019 8:30 AM ET Company Participants David Gladstone - Chairman and Chief Executive Officer Michael LiCalsi - General Counsel and Secretary Bob Marcotte - President Nicole Schaltenbrand - Chief Financial Officer Conference Call Participants Henry Coffey - Wedbush Securities Mickey Schleien - Ladenburg Operator Good day, ladies and gentlemen, and thank you for standing by and welcome to the Gladstone Capital Corporation's Third Quar ...

Financial Data and Key Metrics Changes - Total interest income declined by $600,000 or 5.5% from the prior quarter, primarily due to a 30 basis point decline in average yield on the investment portfolio and non-earning and restructured investments [19] - Total investment income rose by $600,000 or 5.1% to $12.5 million for the quarter [20] - Net investment income was $6 million or $0.21 per share, covering 100% of shareholder distribution [21] - Net assets rose by $7.5 million since the prior quarter end, with net realized and unrealized portfolio appreciation of $3.3 million [22] - Net asset value per share increased by $0.13 to $8.11 as of March 31 [23] Business Line Data and Key Metrics Changes - Originations for the quarter were down, typical for the first calendar quarter, with one small syndicated investment of $3.3 million closed [9] - Exits and repayments were elevated at $49 million, including a $2.1 million realized gain from the sale of United Flexible [10] - The asset mix shifted slightly, with senior secured assets dropping 5% to 49% of the investment portfolio at fair value, while second-lien investments rose to 38% [14] Market Data and Key Metrics Changes - The company noted a decline in average yield due to a mix shift with older assets rolling off and newer assets being less effective in driving yield [32] - The energy portfolio was consolidated, reducing net energy exposure while supporting the growth of the combined entity [36] Company Strategy and Development Direction - The company is focused on reinvesting payments from the previous quarter into lower middle market businesses, positioning itself for growth in the fiscal year ending September 30, 2019 [26] - The company remains committed to paying cash dividends, with a declared monthly distribution of $0.07 per common share for April, May, and June [27] - The company sees improved positioning in private businesses and aims to support ongoing commitments to cash distributions to shareholders [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the near-term outlook, expecting higher average investment balances and core net interest income due to recent investments and a current investment backlog [17] - The management team is monitoring potential spikes in prepayment activity as borrowers consider selling amid elevated market valuations [18] - Management remains positive about the outlook for LWO, despite challenges, and is working with the management team to address operational issues [40] Other Important Information - The company completed the restructuring of its senior secured position in LWO Acquisition, converting $9.7 million of exposure to a success-based fee term loan [16] - The company has approximately $74 million of availability under its line of credit, with leverage increasing to approximately 85% post quarter-end [24] Q&A Session Summary Question: Decline in portfolio's average yield - Management clarified that the yield is based on actual LIBOR rates and noted a slight change in aggregate yield due to older assets rolling off and non-earning assets affecting the average yield [31][32] Question: Catalyst for Impact! and WadeCo merger - The merger was driven by efficiency and scale, as both companies were in the chemical distribution business and owned by the same sponsor, aiming to support growth in a competitive market [33][34] Question: Outlook for LWO given valuation decline - Management believes the sector continues to grow, and they are working with the management team to address operational issues, maintaining a positive outlook despite challenges [39][40] Question: Impact of Chinese tariffs on Meridian - Management indicated that the tariffs were a temporary issue, and with adjustments made, they expect Meridian to return to accrual status soon [46][50] Question: New Trident's nonaccrual status - Management explained that New Trident was being marketed for sale, and once it became clear that a sale was unlikely, the decision was made to proceed with bankruptcy and restructuring [54][55]