Gladstone Capital Corporation
Inside Gladstone Capital Corporation’s $953M private-credit portfolio — 139 holdings disclosed in SEC filings. The portfolio's weighted-average spread is 761 basis points. The portfolio comprises 129 distinct borrowers. The top-5 borrowers account for 20% of the portfolio. The Diversified/Conglomerate Manufacturing sector represents 31% of the portfolio. The figures are as of 2026-08-04. AI-generated analysis. Not investment advice. May contain errors.
Aug 4 · SEC EDGAR
Credit Snapshot
How the market and the balance sheet read GLAD as a credit: NAV per share is the Q3 FY2026 book value ($21.50) from its SEC quarterly filing — for a BDC, book value is NAV. Fair values underneath are the manager’s own estimates. Price as of 2026-10-10.
| Metric | Value | What healthy looks like |
|---|---|---|
| Price-to-NAV | 0.87x (discount) | Quality BDCs tend to trade near NAV; a deep discount often signals credit concern — or opportunity to investigate. |
| Dividend Yield (FY2025 paid) | 13.2% | A trailing all-in yield (full-year dividends paid, including any specials) — not a forward run-rate. BDC regular yields typically run 8–12%; treat an outlier as a question about dividend sustainability. |
| Dividend Coverage (GAAP NII) | 0.81x GAAP NII ÷ FY2025 distributions | Above 1.0x, the year’s distributions were earned by investment income; below 1.0x they exceeded it — watch for a cut or return-of-capital funding. GAAP NII, not the manager’s adjusted “core NII”. |
| NII Return on Equity | 9.4% GAAP NII on FY2025 FY-end NAV | What the portfolio EARNED on book value, before mark swings — steadier than mark-driven ROE. BDCs typically land high single digits to low teens; internally managed books keep more of it. |
| NAV Total Return | +12.4% FY2025: ΔNAV/share + distributions 3-yr ≈+16.4%/yr compound | NAV change plus distributions, per share — what the book earned independent of market sentiment. Sustained positive NAV total return means the credit book is creating value, not just distributing it back. |
| Top-5 Borrower Concentration | 20% of portfolio FV ≈ 40% of Q3 FY2026 NAV largest: RPM Freight Systems, LLC - Term Debt (5.2% of FV) | Measured against NAV, not just portfolio value: leverage means one borrower’s writedown hits book value harder than its portfolio share suggests. Diversified BDCs typically keep any single name to a low single-digit share of the portfolio. |
| Debt Marked Below 90 | 7.5% (3.0% below 80) of marked debt FV (99% coverage) | Loans marked below 90 cents on the dollar are the book’s watchlist; a growing tail often precedes non-accrual. |
| PIK Income Share | 17.7% of debt FV carries a PIK component 62nd pct of 16 lower-MM peers | Interest paid “in kind” adds to the loan instead of paying cash; a rising PIK share is the classic early sign of borrower stress. |
| Floating-Rate Mix | 80% floating, mostly SOFR of rate-classified debt (90% coverage); the rest fixed | Floating-rate loans reprice with their benchmark (mostly SOFR), so a high floating share means portfolio income rises when the Fed hikes and falls when it cuts — the book’s rate sensitivity in one number. |
| Non-Accruals | 3.6% of debt FV (100% coverage) | Parsed from the filing’s own non-accrual footnotes. 1–3% of portfolio fair value is normal; 5%+ is a warning sign. Trend11 qtrs |
| Fee Structure — manager economics, from the same annual filing | ||
| Base Management Fee | $13.9M ≈1.53% of FY2025 FY-end total assets, our calculation — contractual fees accrue on average gross assets as filed, gross of any fee waivers | External BDC base fees typically run 1.0–1.75% of assets — charged on ASSETS, not equity, so leverage raises the fee bill on the same NAV. |
| Incentive Fee | $10.5M as filed, gross of any fee waivers | Income incentive fees typically take 17.5–20% of pre-fee investment income over a hurdle. A capital-gains fee in an up-mark year is not recurring income economics — watch the split. |
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public). As of the 2026-08-04 filing.
Maturity Wall
Debt fair value by each loan’s stated maturity year (99% of debt FV carries a parsed maturity). The refinancing question: 12% of the maturity-dated book comes due by end-2027 — debt that must be repaid, refinanced, or extended. As of the 2026-08-04 filing.
| Maturing | Debt FV | % of dated debt |
|---|---|---|
| 2026 or earlier | $17M | 2.0% |
| 2027 | $82M | 9.6% |
| 2028 | $177M | 20.8% |
| 2029 | $179M | 21.1% |
| 2030 | $264M | 30.9% |
| 2031+ | $133M | 15.6% |
Quarter-over-quarter changes
Borrowers added to and dropped from the book between the 2026-05-06 and 2026-08-04 filings, and the largest weighted-mark moves on borrowers held across both. Aggregated to the borrower so a company’s exposure is counted once even when its loan tranches are re-cut quarter to quarter; entries and exits under $0.5M are omitted as parse noise. 4 mark moves held out as suspect (over 15 points in one quarter, a mark at exactly par, or a mark outside 30–105) rather than ranked.
New this quarter 6
- Sweco Worldwide, Inc.$32M
- Onesource Holdco Llc$14M
- Spc Excelus Holdings Inc. - Term Debt$11M
- Ascendia Autism Care Partners Llc$4M
- Ascendia Autism Care Partners Llc - Term Debt$4M
- Spc Excelus Holdings Inc.$2M
Biggest mark moves
- Lonestar Ems, Llc - Term Debt↓ 100→86
- Engineering Manufacturing Technologies, Llc - Term Debt↑ 79→93
- Torrent Photonics Holdco Llc - Term Debt 3↑ 96→100
- Wb Xcel Holdings, Llc - Term Debt↑ 62→66
- B+T Group Acquisition, Inc. - Line Of Credit 2↓ 44→41
- Dutch Gold Honey, Inc.↑ 100→102
Top Portfolio Holdings
| # | Company | Type | Sector | Coupon | Maturity | Fair Value | % of FV | % of Net Assets |
|---|---|---|---|---|---|---|---|---|
| 1 | RPM Freight Systems, LLC - Term Debt | Debt | Cargo Transportation | SOFR + 7.70% | Nov 2029 | $50M | 5.2% | 10.3% |
| 2 | Altior Healthcare, LLC - Term Debt | Debt | Healthcare, Education, and Childcare | SOFR + 6.50% | May 2030 | $46M | 4.9% | 9.6% |
| 3 | Turn Key Health Clinics, LLC - Term Debt | Debt | Healthcare, Education, and Childcare | SOFR + 6.80% | Nov 2030 | $33M | 3.5% | 6.8% |
| 4 | OCI, LLC - Term Debt 2 | Debt | Diversified/Conglomerate Manufacturing | SOFR + 7.50% | May 2028 | $32M | 3.4% | 6.6% |
| 5 | SWECO Worldwide, Inc. - Term Debt | Debt | Diversified/Conglomerate Manufacturing | SOFR + 6.50% | Apr 2031 | $30M | 3.2% | 6.3% |
| 6 | ALS Education, LLC - Term Debt | Debt | Healthcare, Education, and Childcare | SOFR + 6.30% | Dec 2028 | $30M | 3.2% | 6.3% |
| 7 | Springfield, Inc. - Term Debt | Debt | Diversified/Conglomerate Manufacturing | SOFR + 11.10% | May 2031 | $30M | 3.1% | 6.2% |
| 8 | Foodservices Brand Group, LLC - Term Debt | Debt | Healthcare, Education, and Childcare | SOFR + 6.50% | Aug 2029 | $30M | 3.1% | 6.1% |
| 9 | NeoGraf Solutions LLC - Term Debt | Debt | Diversified/Conglomerate Manufacturing | SOFR + 7.00% | Jan 2028 | $27M | 2.9% | 5.6% |
| 10 | MASSiv Brands, LLC - Term Debt | DebtPIK 5.00% | Diversified/Conglomerate Service | — | Jul 2030 | $26M | 2.7% | 5.3% |
| Full schedule — all 139 holdings, sortable and screenable → | ||||||||
% of net assets reads each position against stockholders’ equity as of Q3 FY2026 — on a levered book, a position is a larger share of the equity that absorbs losses than of portfolio fair value.
This page is the public file — the Ledge adds
Borrower cross-reference
Search any borrower, see every BDC exposed to it — Gladstone Capital Corporation shares 9 borrowers with other managers we track.
Quarterly diffs
What entered and exited the book each quarter.
Book-structure risk
Senior-secured, floating-rate and PIK share — how the book is built.
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Mark is fair value as a percent of par (100 = par). Spread is in basis points over each loan’s own benchmark, normalized from the filing’s as-reported units. Source: SEC EDGAR (public). Spreads have compressed from 809 to 761 bps over 13 quarters while marks held near 92.
| Quarter | Borrowers | Priced Positions | Wtd-Avg cash spread (bps) | Avg Mark (% of par) | Debt Fair Value |
|---|---|---|---|---|---|
| Q1 2025 | 57 | 59 | 762 | 88.6 | $695M |
| Q2 2025 | 53 | 56 | 780 | 90.8 | $682M |
| Q3 2025 | 57 | 60 | 770 | 91.2 | $870M |
| Q4 2025 | 56 | 60 | 764 | 91.6 | $826M |
| Q1 2026 | 56 | 60 | 761 | 91.5 | $824M |
| Q2 2026 | 62 | 67 | 761 | 92.3 | $858M |
2 quarters omitted — filing not parsed.
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith under the oversight of each BDC’s board (often by the adviser as valuation designee), so figures are estimates as of the period end each filing reports, not its filing date, and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Questions this page answers
How large is Gladstone Capital Corporation's portfolio?
Gladstone Capital Corporation reported $953M in portfolio fair value across 139 holdings and 129 unique borrowers as of its 2026-08-04 SEC filing.
What do Gladstone Capital Corporation's fixed-rate loans yield?
The fair-value-weighted average all-in coupon across Gladstone Capital Corporation's fixed-rate income-producing holdings is approximately 4.2%, measured over the fixed-rate holdings representing 7% of portfolio fair value (floating-rate loans, quoted as a spread over a benchmark, are excluded) as of its 2026-08-04 SEC filing.
Where does this data come from?
This data is parsed by Oxford Ledge from Gladstone Capital Corporation's Schedule of Investments in its SEC EDGAR filings. Fair values are the manager's own estimates as of the 2026-08-04 filing date.
About Gladstone Capital Corporation
Gladstone Capital Corporation (GLAD) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. To qualify for pass-through tax treatment, they distribute at least 90% of their taxable investment income to shareholders, which is why BDC yields are often 8–12%. Gladstone Capital Corporation discloses its full loan portfolio through SEC filings.