Gladstone Capital Corporation · NASDAQ:GLAD

Gladstone Capital — Investor Presentation (March 2026)

17 slides from Gladstone Capital's investor presentation, Mar 31, 2026

  1. Slide 1: Investor Presentation for the Quarter Ended March 31, 2026

    Investing Since 2001 Investor Presentation for the Quarter Ended March 31, 2026 Nasdaq: GLAD FINANCING FOR LOWER MIDDLE MARKET COMPANIES

  2. Slide 2: Legal Disclaimer

    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 commen

  3. Slide 3: Gladstone Capital Quarterly Highlights

    Gladstone Capital Quarterly Highlights (as of 03/31/2026)  Net Investment Income Per Share: $0.52 up from $0.50 of prior quarter Financial  Net Asset Value Per Share: $21.36 (+$0.23 over prior quarter-end) Results  LTM ROE: 9.6% on net investment income  NII dividend coverage of 116% with annual

  4. Slide 4: Investment Highlights

    Gladstone Capital Investment Highlights Lending focused on growth-oriented lower middle market businesses Experienced, long-tenured leadership and investment team Proprietary sourcing and execution model with high degree of selectivity Diversified portfolio of largely senior first lien loans to PE b

  5. Slide 5: Overview

    Gladstone Capital Overview Background:  Founded in 2001 with the purpose of making loans to lower middle market U.S. businesses, Gladstone Capital’s investment team is exclusively focused on this segment of the private capital market  Gladstone Capital is funded through publicly traded common stoc

  6. Slide 6: Attractive Lower Middle Market Dynamics

    Attractive Lower Middle Market Dynamics Why focus on lower middle market (“LMM”) companies  Greater industry diversity and more consistent flow of growth-oriented investment opportunities as founder or family businesses seek liquidity and PE firms attracted by the opportunity to professionalize and

  7. Slide 7: 03/31/2026 Quarter Summary

    Gladstone Capital 03/31/2026 Quarter Summary Originations/Portfolio Activity:  New investments totaled $43.6 million during the quarter and included three new PE Sponsored investments in the manufacturing and environmental services sectors.  Portfolio exits, amortization payments, and prepayments

  8. Slide 8: Origination Activity

    Gladstone Capital Origination Activity Gladstone Capital Quarterly Net Investment Page 8

  9. Slide 9: Portfolio Trends

    Gladstone Capital Portfolio Trends  Despite buyout financing market volatility and significant repayment activity, LMM deal flow over the past year have lifted earning assets by $144 million or 18.9%.  Strong deal flow and healthy backlog of new investments are key to negate competitive pressures

  10. Slide 10: Portfolio Metrics

    Portfolio Metrics Consistent with GLAD’s LMM focus, the core loan portfolio continues to represent companies with an average EBITDA of approx. $10.5 million and an average leverage attachment point of 4.0x EBITDA *For the purposes of this presentation, certain investments have been excluded from the

  11. Slide 11: Industry and Deal Sources Are Diversified

    Industry and Deal Sources Are Diversified Portfolio Diversification Across 17 Deal Source Composition - Industries - At 03/31/2026 Fair Value At 03/31/2026 Fair Value Page 11

  12. Slide 12: Portfolio Composition

    Portfolio Composition Portfolio Characteristics As Of: June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Total Portfolio - FV $ 751,260 $ 859,124 $ 902,912 $ 906,844 # of Portfolio Companies 51 55 54 55 Average Investment Size - FV $ 14,731 $ 15,620 $ 16,721 $ 16,488 Top 5 Investment

  13. Slide 13: Representative Portfolio Investments

    Representative Portfolio Investments WINGS ‘N MORE RESTAURANTS LLC. is a proud HH-INSPIRE ACQUISITION, INC. is a plastic Texas tradition and restaurant chain that offers surgery and aesthetic center offering a a diverse, value-oriented menu centered around comprehensive range of cosmetic surgeries a

  14. Slide 14: Quarterly Financial Summary

    Quarterly Financial Summary Three Months Ended In Thousands, except per share data March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Income: Interest Income $ 21,338 $ 20,835 $ 23,770 $ 23,896 $ 23,196 Other Investment Income 231 804 166 615 2,796 Total Investment Inco

  15. Slide 15: 03/31/2026 Quarter Summary

    Gladstone Capital 03/31/2026 Quarter Summary Capital Base and Liquidity  Total Assets increased to $925 million as of March 31, 2026, consisting of ~$907 million in investments at fair value and ~$18 million in cash and other assets.  Maintained a conservative debt level at 84.3% of NAV, well belo

  16. Slide 16: History of Value Creation

    Gladstone Capital - History of Value Creation Total Value Creation of $16.65 over the past decade  Gladstone has a demonstrated history of value creation for shareholders over the last decade through consistent, growing dividends and book value appreciation  Net Asset Value per share growth of $5.

  17. Slide 17: Corporate Data

    Corporate Data Executive Officers Websites Research Coverage David Gladstone Gladstone Capital: B. Riley Securities Chairman www.gladstonecapital.com Sean Paul Adams Bob Marcotte Investment Adviser: Clear Street CEO & President www.gladstonemanagement.com Mickey Schleien Nicole Schaltenbrand Informa

Gladstone Capital — Investor Presentation (March 2026) on 6ix