Gladstone Capital Corporation · NASDAQ:GLAD
Gladstone Capital — Q1 2026 Earnings Presentation
17 slides from Gladstone Capital's earnings presentation, Feb 5, 2026
Slide 1: Investor Presentation for the Quarter Ended December 31, 2025
Investing Since 2001 Investor Presentation for the Quarter Ended December 31, 2025 Nasdaq: GLAD FINANCING FOR LOWER MIDDLE MARKET COMPANIES
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
Slide 3: Gladstone Capital Quarterly Highlights
Gladstone Capital Quarterly Highlights (as of 12/31/2025) Net Investment Income Per Share: $0.50 Financial Net Asset Value Per Share: $21.13 (-$0.21 compared to prior quarter-end) Results LTM ROE: 12.0% per GAAP and 9.5% on net investment income Monthly dividends per share: $0.15 or annualiz
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
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
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
Slide 7: 12/31/2025 Quarter Summary
Gladstone Capital 12/31/2025 Quarter Summary Originations/Portfolio Activity: New investments totaled $99.2 million during the quarter and included two new PE Sponsored investments in the consumer and technology sectors. Portfolio exits, amortization payments, and prepayments were $52.8 million,
Slide 8: Origination Activity
Gladstone Capital Origination Activity Gladstone Capital Quarterly Net Investment 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 New Investments at Cost $ 27,250 $ - $ 107,159 $ 38,265 $ - $ 58,601 $ 106,700 $ 37,828 Disbursements to Existing Portfolio Companies 29
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 $102 million or 13.8%. Strong deal flow and healthy backlog of new investments are key to negate competitive pressures
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. $9.6 million and an average leverage attachment point of 4.1x EBITDA *For the purposes of this presentation, certain investments have been excluded from the
Slide 11: Industry and Deal Sources Are Diversified
Industry and Deal Sources Are Diversified Portfolio Diversification Across 16 Deal Source Composition - Industries - At 12/31/2025 Fair Value At 12/31/2025 Fair Value Page 11
Slide 12: Portfolio Composition
Portfolio Composition Portfolio Characteristics As Of: March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Total Portfolio - FV $ 762,636 $ 751,260 $ 859,124 $ 902,912 # of Portfolio Companies 51 51 55 54 Average Investment Size - FV $ 14,954 $ 14,731 $ 15,620 $ 16,721 Top 5 Investment
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
Slide 14: Quarterly Financial Summary
Quarterly Financial Summary Three Months Ended In Thousands, except per share data December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Income: Interest Income $ 21,320 $ 21,338 $ 20,835 $ 23,770 $ 23,896 Other Investment Income 640 231 804 166 615 Total Investment Inc
Slide 15: 12/31/2025 Quarter Summary
Gladstone Capital 12/31/2025 Quarter Summary Capital Base and Liquidity Total Assets increased to $922 million as of December 31, 2025, consisting of ~$903 million in investments at fair value and ~$20 million in cash and other assets. We maintained a conservative debt level at 85.1% of NAV, wel
Slide 16: History of Value Creation
Gladstone Capital - History of Value Creation Total Value Creation of $15.96 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.
Slide 17: Corporate Data
Corporate Data Executive Officers Websites Research Coverage David Gladstone Gladstone Capital: B. Riley Securities Chairman & CEO www.gladstonecapital.com Sean Paul Adams Bob Marcotte Investment Adviser: Clear Street President www.gladstonemanagement.com Mickey Schleien Nicole Schaltenbrand Informa