Financial Data and Key Metrics Changes - Fundings totaled $46 million, with exits and repayments at $81 million, resulting in net originations of negative $35 million [5] - Interest income remained unchanged at $21.3 million, while the weighted average portfolio yield declined to 12.6% due to a 36 basis point drop in average SOFR rates [6][10] - Net investment income was $11.2 million, unchanged from the previous quarter, with net realized gains of $7.7 million [6][11] - Total assets decreased to $777 million, with net assets declining by $2.3 million to $478 million, and NAV per share fell from $21.51 to $21.41 [11][12] Business Line Data and Key Metrics Changes - The yielding debt investments decreased by $20 million compared to the prior quarter end [5] - Non-earning asset investments remained unchanged at four companies totaling $53.7 million at cost [7] - The portfolio turnover did not materially impact the investment mix, with senior debt representing 71% of the fair value of the portfolio [6] Market Data and Key Metrics Changes - The company experienced a surge in portfolio liquidity events totaling $289 million, representing approximately 36% of the portfolio exited [8] - The current pipeline of expected fundings is healthy, expected to outpace anticipated repayments [8] Company Strategy and Development Direction - The company continues to focus on investing in growth-oriented lower middle market businesses with strong management [17] - The strategy includes supporting midsized private equity funds in buyouts and growth opportunities [17] - The company aims to increase leverage towards $1 billion in total assets under management while maintaining yield and leverage discipline [56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's resilience despite market volatility and widening credit spreads [21] - The company is optimistic about the performance of domestically focused businesses amid tariff impacts, noting advantages for responsive domestic service providers [24][30] - Management highlighted a healthy backlog of deals and a focus on domestic manufacturing to mitigate tariff risks [52] Other Important Information - Monthly distributions for May and June will be $0.165 per common share, with an annual run rate yield of about 7.8% [12][13] - The company completed the restructuring of its investment in EG's, restoring most exposure to earning asset status [7] Q&A Session Summary Question: How do you see the portfolio and NAV performing with both broadly syndicated loan and private credit spreads widening in April? - Management noted that they do not have syndicated loans and that their portfolio spreads remain favorable compared to the market [20][21] Question: How do you see SeaLink and RPM freight performing as tariffs impact shipping volumes? - Management indicated that domestically focused companies are adapting well to changes, with some businesses experiencing growth [23][24] Question: Is the EG's restructuring going to generate a realized loss for you? - Management anticipates a very small loss from the restructuring, with significant equity investment going forward [31] Question: Can you provide an update on the pipeline and its size relative to three months ago? - Management reported a healthy backlog with 8 to 10 deals in advanced stages, totaling approximately $100 million to $150 million [37] Question: Where do you see leverage going for the rest of the year? - Management aims to increase leverage towards 90% to 100% over the next few quarters, targeting $1 billion in total assets under management [56][60]

Investing Since 2001 Investor Presentation for the Quarter Ended March 31, 2025 NASDAQ: GLAD FINANCING FOR LOWER MIDDLE MARKET COMPANIES Legal Disclaimer Forward-Looking Statements: This presentation may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include comments with respect to our objectives and strategies, and the results of our op ...

Group 1 - The article discusses the performance of Gladstone Capital (NASDAQ: GLAD) and the impact of interest rates on its net investment income, suggesting a pause in adding to GLAD positions due to concerns over declining interest rates [1] - The author emphasizes a long-term investment strategy focused on stocks with strong growth potential and stable dividend yields, highlighting the importance of patience in allowing investments to compound over time [1] - The focus is primarily on financial stocks, including banks and Business Development Companies (BDCs), which are selected based on strong fundamentals and a consistent history of dividend payouts [1]

Group 1: Earnings Performance - Gladstone Capital reported quarterly earnings of $0.50 per share, matching the Zacks Consensus Estimate, and showing an increase from $0.25 per share a year ago [1] - The company posted revenues of $21.57 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 5.95%, and down from $24 million year-over-year [2] - Over the last four quarters, Gladstone Capital has surpassed consensus EPS estimates only once [1][2] Group 2: Stock Performance and Outlook - Gladstone Capital shares have declined approximately 10.9% since the beginning of the year, compared to a decline of 3.9% for the S&P 500 [3] - The company's earnings outlook is mixed, with current consensus EPS estimates at $0.50 for the coming quarter and $2.01 for the current fiscal year [7] - The Zacks Rank for Gladstone Capital is currently 3 (Hold), indicating expected performance in line with the market in the near future [6] Group 3: Industry Context - The Financial - SBIC & Commercial Industry, to which Gladstone Capital belongs, is currently ranked in the bottom 45% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Gladstone Capital's stock performance [5]

[Financial Highlights](index=1&type=section&id=Summary%20Information) Gladstone Capital reported stable Net Investment Income at $11.2 million, while net assets from operations significantly decreased to $8.8 million Quarterly Financial Summary (Q2 2025 vs Q1 2025) | For the Quarter Ended: | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | % Change | | :--- | :--- | :--- | :--- | :--- | | Total investment income | $ 21,569 | $ 21,960 | $ (391) | (1.8)% | | Net investment income | $ 11,245 | $ 11,224 | $ 21 | 0.2% | | Net investment income per common share | $ 0.50 | $ 0.50 | $ 0.00 | 0.0% | | Net increase (decrease) in net assets from operations | $ 8,797 | $ 26,975 | $ (18,178) | (67.4)% | | Weighted average yield on interest-bearing investments | 12.6% | 13.1% | (0.5)% | (3.8)% | Key Balance Sheet and Portfolio Metrics (as of Q2 2025) | As of: | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | % Change | | :--- | :--- | :--- | :--- | :--- | | Total investments, at fair value | $762,636 | $ 799,497 | $ (36,861) | (4.6)% | | Net asset value per common share | $ 21.41 | $ 21.51 | $ (0.10) | (0.5)% | - The company delivered net realized gains of **$7.7 million** for the quarter from successful exits[6](index=6&type=chunk) [Detailed Financial Performance](index=1&type=section&id=Second%20Fiscal%20Quarter%2025%20Results) Total investment income decreased by 1.8% to $21.6 million, while net investment income remained stable at $11.2 million - Total investment income decreased by **$0.4 million**, or **1.8%**, quarter-over-quarter, mainly due to a decline in prepayment fees received, with interest income unchanged[4](index=4&type=chunk) - The negative impact of declining SOFR rates (from **4.7%** to **4.3%** average) on interest income was offset by an increase in the weighted average principal balance of interest-bearing investments to **$682.6 million** from **$642.4 million**[7](index=7&type=chunk) - Total expenses decreased by **$0.4 million**, primarily due to a **$1.4 million** incentive fee credit, largely offset by a **$1.3 million** increase in the net base management fee[8](index=8&type=chunk) - The net increase in net assets from operations was **$8.8 million** (**$0.39 per share**), a significant drop from **$27.0 million** (**$1.21 per share**) in the prior quarter, though supported by a **$7.7 million** net realized gain[9](index=9&type=chunk) [Portfolio Activity](index=1&type=section&id=Portfolio%20Activity) The company invested $45.6 million in new and existing portfolio companies, maintaining a conservative portfolio - Invested **$38.3 million** in two new portfolio companies and **$7.3 million** in existing portfolio companies during the quarter[6](index=6&type=chunk) - The portfolio's debt investments consist of **over 70%** secured first lien assets, measured at cost[6](index=6&type=chunk) - Subsequent to quarter-end, in April 2025, a **$42.2 million** debt investment in SpaceCo Holdings, LLC was paid off at par[11](index=11&type=chunk) - In April 2025, the investment in Eegees, LLC was restructured due to bankruptcy, resulting in a new **$20.5 million** investment in Eegee Acquisition Corporation[11](index=11&type=chunk) [Subsequent Events and Outlook](index=2&type=section&id=Subsequent%20Events) The Board declared monthly distributions, and the President expressed a positive outlook for future growth and distributions Distributions Declared in April 2025 | Security | Record Dates | Payment Dates | Total Distribution per Share | | :--- | :--- | :--- | :--- | | Common Stock | Apr 21, May 21, Jun 20 | Apr 30, May 30, Jun 30 | $0.495 | | Series A Preferred Stock | Apr 25, May 27, Jun 25 | May 5, Jun 5, Jul 3 | $0.390624 | - Company President Bob Marcotte stated: "...we ended last quarter with a strong balance sheet, ample funding capacity and a healthy backlog of deals to grow the company's investment portfolio and support shareholder distributions in the coming quarters"[10](index=10&type=chunk) [Corporate and Investor Information](index=2&type=section&id=About%20Gladstone%20Capital%20Corporation) Gladstone Capital, a BDC investing in U.S. lower middle market businesses, will host an earnings call - Gladstone Capital Corporation is a business development company that invests in debt (primarily secured first and second lien term loans) and equity securities of lower middle market businesses in the U.S[12](index=12&type=chunk) - An earnings conference call will be held on Wednesday, May 7, 2025, at 8:30 a.m. Eastern Time[10](index=10&type=chunk) - The press release contains forward-looking statements regarding future growth and returns, which are subject to risks and uncertainties detailed in SEC filings[15](index=15&type=chunk)

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Gladstone Capital Corporation's unaudited consolidated financial statements for March 31, 2025, detail assets, operations, cash flows, and investment schedules [Consolidated Statements of Assets and Liabilities](index=4&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) Total assets decreased to **$776.8 million** while liabilities reduced, increasing net assets to **$478.1 million** and NAV per share to **$21.41** Consolidated Statements of Assets and Liabilities (in thousands, except per share data) | | March 31, 2025 | September 30, 2024 | | :--- | :--- | :--- | | **Total Investments, at fair value** | $762,636 | $796,260 | | **Total Assets** | $776,780 | $812,468 | | **Total Liabilities** | $286,993 | $333,727 | | **Total Net Assets** | $478,059 | $470,895 | | **Net Asset Value Per Common Share** | $21.41 | $21.18 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Net investment income increased to **$11.2 million** for the three months ended March 31, 2025, despite lower total investment income, with six-month net investment income remaining stable Key Operational Data (in thousands, except per share data) | | Three Months Ended March 31, | Six Months Ended March 31, | | :--- | :--- | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Total Investment Income** | $21,569 | $23,997 | $43,529 | $47,218 | | **Total Expenses, net of credits** | $10,324 | $13,220 | $21,060 | $24,507 | | **Net Investment Income** | $11,245 | $10,777 | $22,469 | $22,711 | | **Net Realized and Unrealized Gain (Loss)** | $(2,257) | $12,863 | $13,665 | $20,930 | | **Net Increase in Net Assets** | $8,797 | $23,632 | $35,772 | $43,633 | | **Net Investment Income per Share** | $0.50 | $0.49 | $1.00 | $1.04 | | **Net Increase in Net Assets per Share** | $0.39 | $1.09 | $1.60 | $2.00 | [Consolidated Statements of Changes in Net Assets](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) Net assets increased by **$7.2 million** to **$478.1 million** for the six months ended March 31, 2025, driven by operations and stock issuance, partially offset by distributions Changes in Net Assets for the Six Months Ended March 31, 2025 (in thousands) | Description | Amount | | :--- | :--- | | **Net Assets, September 30, 2024** | **$470,895** | | Net Increase from Operations | $35,772 | | Distributions to Stockholders | $(31,039) | | Issuance of Common & Preferred Stock, net | $2,431 | | **Net Increase in Net Assets** | **$7,164** | | **Net Assets, March 31, 2025** | **$478,059** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was **$70.7 million** for the six months ended March 31, 2025, offset by **$70.2 million** used in financing activities, resulting in a **$0.5 million** net cash increase Cash Flow Summary for the Six Months Ended March 31 (in thousands) | | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $70,739 | $(45,276) | | **Net cash provided by (used in) financing activities** | $(70,246) | $49,287 | | **Net increase (decrease) in cash** | $493 | $4,011 | | **Cash, end of period** | $2,797 | $5,412 | [Consolidated Schedules of Investments](index=8&type=section&id=Consolidated%20Schedules%20of%20Investments) The investment portfolio's fair value was **$762.6 million** as of March 31, 2025, primarily **71.0%** secured first lien debt, with Healthcare, Education, and Childcare as the top industry Portfolio Composition by Investment Type (at Fair Value) | Security Type | March 31, 2025 (%) | September 30, 2024 (%) | | :--- | :--- | :--- | | Secured first lien debt | 71.0% | 69.7% | | Secured second lien debt | 19.0% | 14.3% | | Unsecured debt | 0.1% | 0.0% | | Preferred equity | 3.3% | 3.9% | | Common equity/equivalents | 6.6% | 12.1% | | **Total** | **100.0%** | **100.0%** | Total Investments (in thousands) | | March 31, 2025 | September 30, 2024 | | :--- | :--- | :--- | | **Cost** | $789,193 | $771,011 | | **Fair Value** | $762,636 | $796,260 | - The top five industry concentrations by fair value as of March 31, 2025 are: Healthcare, Education, and Childcare (**28.6%**), Diversified/Conglomerate Manufacturing (**23.2%**), Diversified/Conglomerate Service (**12.5%**), Beverage, Food, and Tobacco (**12.2%**), and Aerospace and Defense (**7.8%**)[95](index=95&type=chunk) [Notes to Consolidated Financial Statements](index=20&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail the company's organization, accounting policies including Level 3 investment valuations, related-party transactions, borrowings, equity offerings, distributions, and subsequent events - The company is an externally managed BDC and has elected to be treated as a RIC for tax purposes. Its investment objective is to generate current income and long-term capital appreciation by investing in debt and equity of U.S. lower middle market companies[47](index=47&type=chunk) - As of March 31, 2025, all investments were valued using Level 3 inputs, except for two fund investments valued at NAV. The company engages third-party firms for independent valuation assessments[59](index=59&type=chunk)[76](index=76&type=chunk) - As of March 31, 2025, loans to four portfolio companies were on non-accrual status, representing **7.5%** of the total debt portfolio cost and **4.3%** of its fair value[66](index=66&type=chunk) - Subsequent to the quarter end, in April 2025, a **$42.2 million** debt investment in SpaceCo Holdings paid off at par, and the investment in Eegees, LLC was restructured through bankruptcy into a new **$20.5 million** investment[163](index=163&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=49&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and results of operations, covering business overview, investment activity, capital, liquidity, and critical accounting estimates [Overview](index=49&type=section&id=Overview) Gladstone Capital operates as a BDC and RIC, investing in lower middle market companies, with **$197.2 million** invested and **$246.6 million** received in repayments, maintaining a **270.9%** asset coverage ratio - Investment strategy focuses on lower middle market companies with annual EBITDA of **$3 million** to **$25 million**, with typical investment sizes ranging from **$8 million** to **$40 million**[168](index=168&type=chunk)[169](index=169&type=chunk) - During the six months ended March 31, 2025, the company invested **$145.4 million** in eight new portfolio companies and **$51.8 million** in existing ones, and exited six portfolio companies[175](index=175&type=chunk) - A significant transaction was the October 2024 sale of the investment in Antenna Research Associates, Inc., resulting in a net realized gain of approximately **$59.3 million**[176](index=176&type=chunk) - As of March 31, 2025, the asset coverage ratio for senior securities representing indebtedness was **270.9%**, well above the **150%** regulatory requirement[181](index=181&type=chunk) [Results of Operations](index=53&type=section&id=Results%20of%20Operations) Net investment income increased to **$11.2 million** for the three months ended March 31, 2025, despite lower interest income, while the six-month period saw stable net investment income and a **$65.4 million** net realized gain Comparison of Operations - Three Months Ended March 31, | (in thousands) | 2025 | 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total investment income** | $21,569 | $23,997 | $(2,428) | (10.1)% | | **Total expenses, net of credits** | $10,324 | $13,220 | $(2,896) | (21.9)% | | **Net Investment Income** | $11,245 | $10,777 | $468 | 4.3% | | **Net Realized/Unrealized Gain (Loss)** | $(2,257) | $12,863 | $(15,120) | NM | Comparison of Operations - Six Months Ended March 31, | (in thousands) | 2025 | 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total investment income** | $43,529 | $47,218 | $(3,689) | (7.8)% | | **Total expenses, net of credits** | $21,060 | $24,507 | $(3,447) | (14.1)% | | **Net Investment Income** | $22,469 | $22,711 | $(242) | (1.1)% | | **Net Realized/Unrealized Gain (Loss)** | $13,665 | $20,930 | $(7,265) | (34.7)% | - The decrease in interest income for the three and six-month periods was driven by a lower weighted average yield on investments (**12.6%** and **12.9%** respectively, down from **14.0%** and **13.9%**), primarily due to decreases in market interest rates[184](index=184&type=chunk)[201](index=201&type=chunk) - For the six months ended March 31, 2025, a net realized gain of **$65.4 million** was primarily driven by the sale of Antenna Research Associates, Inc. (**$59.3 million** gain)[210](index=210&type=chunk) - Net unrealized depreciation of **$51.8 million** for the six months ended March 31, 2025, was mainly due to the reversal of **$61.9 million** in prior unrealized appreciation on realized investments[212](index=212&type=chunk)[87](index=87&type=chunk) [Liquidity and Capital Resources](index=62&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is sourced from operating cash flows and financing activities, maintaining a **$293.7 million** credit facility with **$251.0 million** available, and total contractual obligations of **$322.0 million** - Net cash from operating activities was **$70.7 million** for the six months ended March 31, 2025, compared to a use of **$45.3 million** in the prior year, driven by higher investment repayments and sales[215](index=215&type=chunk) Credit Facility Status as of March 31, 2025 (in millions) | | Amount | | :--- | :--- | | Commitment Amount | $293.7 | | Outstanding Balance | $25.1 | | Availability | $251.0 | - The company has **$257.0 million** in notes payable, consisting of 2026, 2027, and 2028 notes with varying interest rates and maturities[236](index=236&type=chunk)[237](index=237&type=chunk)[239](index=239&type=chunk) - As of March 31, 2025, the company had off-balance sheet success fee receivables of **$5.6 million**, which are contingent and not recorded in the financial statements[242](index=242&type=chunk) - The company has unfunded commitments to portfolio companies totaling **$57.9 million** as of March 31, 2025[161](index=161&type=chunk)[245](index=245&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=69&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, with **90.8%** of its debt investment portfolio in variable-rate loans, making net investment income sensitive to interest rate changes - The primary market risk exposure is interest rate risk, affecting the spread between borrowing costs and investment yields[255](index=255&type=chunk) - As of March 31, 2025, **90.8%** of the company's debt investments have variable rates, making net investment income sensitive to fluctuations in interest rates like SOFR[256](index=256&type=chunk) [Item 4. Controls and Procedures](index=69&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were effective as of March 31, 2025[257](index=257&type=chunk) - No material changes in internal control over financial reporting occurred during the three months ended March 31, 2025[258](index=258&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=70&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to any material legal proceedings, nor is it aware of any pending or threatened material legal proceedings against it or its subsidiaries - As of the report date, the company is not a party to any material legal proceedings[259](index=259&type=chunk) [Item 1A. Risk Factors](index=70&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor highlights that tariffs on foreign or U.S. goods could adversely affect the company or its portfolio companies by increasing costs or reducing demand - A new risk factor was noted: tariffs on foreign or U.S. goods could adversely affect the company or its portfolio companies by increasing costs or reducing demand[260](index=260&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=70&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable as there were no unregistered sales of equity securities or issuer purchases of equity securities during the period - Not applicable[262](index=262&type=chunk)[263](index=263&type=chunk) [Item 3. Defaults Upon Senior Securities](index=70&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable as there were no defaults upon senior securities during the period - Not applicable[264](index=264&type=chunk) [Item 4. Mine Safety Disclosures](index=70&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable - Not applicable[265](index=265&type=chunk) [Item 5. Other Information](index=70&type=section&id=Item%205.%20Other%20Information) During the three months ended March 31, 2025, no officers or directors adopted or terminated any Rule 10b5-1 trading plans or any non-Rule 10b5-1 trading arrangements - No officers or directors adopted or terminated any Rule 10b5-1 trading plans during the quarter[266](index=266&type=chunk) [Item 6. Exhibits](index=71&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the report, including corporate documents, material contracts, certifications from officers, and XBRL interactive data files - Lists all exhibits filed with the Form 10-Q, including certifications and XBRL data[267](index=267&type=chunk)[270](index=270&type=chunk)

Group 1: Gladstone Capital Performance - Gladstone Capital (GLAD) shares increased by 7.1% to close at $24.77, following a notable trading volume that exceeded typical levels [1] - The stock had previously experienced a 13.6% decline over the past four weeks [1] - The surge in GLAD shares was attributed to a broader market rally, influenced by President Trump's announcement of a 90-day tariff pause for non-retaliating nations, which boosted investor confidence [2] Group 2: Earnings Expectations - Gladstone Capital is expected to report quarterly earnings of $0.50 per share, reflecting a year-over-year increase of 100% [2] - Revenue projections for the upcoming report are estimated at $23.66 million, which is a decrease of 1.4% compared to the same quarter last year [2] - The consensus EPS estimate for Gladstone Capital has been revised slightly lower over the last 30 days, indicating a negative trend in earnings estimate revisions [4] Group 3: Industry Context - Gladstone Capital operates within the Zacks Financial - SBIC & Commercial Industry sector [4] - BlackRock TCP (TCPC), another company in the same industry, saw its shares rise by 8.7% to close at $7.03, although it has returned -19.5% over the past month [4] - BlackRock TCP's consensus EPS estimate has remained unchanged at $0.34, representing a year-over-year decline of 24.4% [5]

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Gladstone Capital (NASDAQ:GLAD) Q1 2025 Earnings Conference Call February 12, 2025 8:30 AM ET Company Participants David Gladstone - CEO Michael LiCalsi - General Counsel and Secretary Bob Marcotte - President Nicole Schaltenbrand - CFO and Treasurer Conference Call Participants Mickey Schleien - Ladenburg Thalmann Robert Dodd - Raymond James Operator Greetings, and welcome to the Gladstone Capital Corporation First Quarter Earnings Call. [Operator Instructions] As a reminder, this conference is being recor ...