Table of Contents

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|        |                                                                                         |  |  |  |  |
|--------|-----------------------------------------------------------------------------------------|--|--|--|--|
| ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|   |                                                                                          |  |  |  |  |
|---|------------------------------------------------------------------------------------------|--|--|--|--|
| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

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|----------------------------------------------------------------|--------------------------------------|--|--|--|--|
| MARYLAND                                                       | 54-2040781                           |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
|                                                                |                                      |
| 1521 WESTBRANCH DRIVE, SUITE 100                               | 22102                                |
| MCLEAN, VIRGINIA                                               | (Zip Code)                           |
| (Address of principal executive office)                        |                                      |

|                                          |  |                   |  |                                           |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------|--|-------------------|--|-------------------------------------------|--|--|--|--|--|--|--|--|--|--|
| Title of Each Class                      |  | Trading Symbol(s) |  | Name of Each Exchange on Which Registered |
| Common Stock, $0.001 par value per share |  | GLAD              |  | The Nasdaq Global Stock Market LLC        |

|                              |                             |  |  |  |  |
|------------------------------|-----------------------------|--|--|--|--|
| Large accelerated filer o    | Accelerated filer o         |
| Non-accelerated filer ý | Smaller reporting company o |
| Emerging growth company o    |                             |

|  |  |  |
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|  |

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Table of Contents

|            |                                                                                                        |    |  |  |  |  |  |  |
|------------|--------------------------------------------------------------------------------------------------------|----|--|--|--|--|--|--|
| PART I.    | FINANCIAL INFORMATION                                                                                  |    |
|            |                                                                                                        |    |
| Item 1.    | Financial Statements (Unaudited)                                                                       |    |
|            |                                                                                                        |    |
|            | Consolidated Statements of Assets and Liabilities as of December 31, 2021 and September 30, 2021       | 2  |
|            | Consolidated Statements of Operations for the three months ended December 31, 2021 and 2020            | 3  |
|            | Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2021 and 2020 | 4  |
|            | Consolidated Statements of Cash Flows for the three months ended December 31, 2021 and 2020            | 5  |
|            | Consolidated Schedules of Investments as of December 31, 2021 and September 30, 2021                   | 6  |
|            | Notes to Consolidated Financial Statements                                                             | 16 |
|            |                                                                                                        |    |
| Item 2.    | Management’s Discussion and Analysis of Financial Condition and Results of Operations            | 39 |
|            | Overview                                                                                               | 39 |
|            | Results of Operations                                                                                  | 43 |
|            | Liquidity and Capital Resources                                                                        | 48 |
|            |                                                                                                        |    |
| Item 3.    | Quantitative and Qualitative Disclosures About Market Risk                                             | 54 |
|            |                                                                                                        |    |
| Item 4.    | Controls and Procedures                                                                                | 55 |
|            |                                                                                                        |    |
| PART II.   | OTHER INFORMATION                                                                                      |    |
|            |                                                                                                        |    |
| Item 1.    | Legal Proceedings                                                                                      | 56 |
|            |                                                                                                        |    |
| Item 1A.   | Risk Factors                                                                                           | 56 |
|            |                                                                                                        |    |
| Item 2.    | Unregistered Sales of Equity Securities and Use of Proceeds                                            | 56 |
|            |                                                                                                        |    |
| Item 3.    | Defaults Upon Senior Securities                                                                        | 56 |
|            |                                                                                                        |    |
| Item 4.    | Mine Safety Disclosures                                                                                | 56 |
|            |                                                                                                        |    |
| Item 5.    | Other Information                                                                                      | 56 |
|            |                                                                                                        |    |
| Item 6.    | Exhibits                                                                                               | 56 |
|            |                                                                                                        |    |
| SIGNATURES | 58                                                                                                     |

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Table of Contents

|                                                                                                                                                                                |                  |               |                   |               |   |               |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|---------------|-------------------|---------------|---|---------------|--|--|--|--|--|
|                                                                                                                                                                                | December 31,2021 |               | September 30,2021 |
| ASSETS                                                                                                                                                                         |                  |               |                   |
| Investments, at fair value:                                                                                                                                                |                  |               |                   |
| Non-Control/Non-Affiliate investments (Cost of $493,149 and $447,566, respectively)                                                                                        | $                | 504,836  |                   |               | $ | 454,601  |  |
| Affiliate investments (Cost of $41,106 and $70,682, respectively)                                                                                                              | 37,678      |               |                   | 82,281   |   |
| Control investments (Cost of $41,477 and $28,264, respectively)                                                                                                                | 34,081      |               |                   | 20,730   |   |
| Cash and cash equivalents                                                                                                                                                      | 1,272       |               |                   | 671      |   |
| Restricted cash and cash equivalents                                                                                                                                           | 175         |               |                   | 175      |   |
| Interest receivable, net                                                                                                                                                       | 2,125       |               |                   | 2,361    |   |
| Due from administrative agent                                                                                                                                                  | 3,788       |               |                   | 2,951    |   |
| Deferred financing costs, net                                                                                                                                                  | 889         |               |                   | 1,033    |   |
| Other assets, net                                                                                                                                                              | 2,524       |               |                   | 1,697    |   |
| TOTAL ASSETS                                                                                                                                                                   | $                | 587,368  |                   |               | $ | 566,500  |  |
| LIABILITIES                                                                                                                                                                    |                  |               |                   |
| Borrowings, at fair value (Cost of $53,900 and $50,500, respectively)                                                                                                          | $                | 53,900   |                   |               | $ | 50,500   |  |
| Notes payable, net of unamortized deferred financing costs of $2,762 and $2,202, respectively                                                                                  | 197,238     |               |                   | 186,611  |   |
| Accounts payable and accrued expenses                                                                                                                                          | 495         |               |                   | 490      |   |
| Interest payable                                                                                                                                                               | 3,647       |               |                   | 1,797    |   |
| Fees due to Adviser(A)                                                                                                                                                         | 1,558       |               |                   | 2,255    |   |
| Fee due to Administrator(A)                                                                                                                                                    | 466         |               |                   | 382      |   |
| Other liabilities                                                                                                                                                              | 6,211       |               |                   | 6,026    |   |
| TOTAL LIABILITIES                                                                                                                                                              | $                | 263,515  |                   |               | $ | 248,061  |  |
| Commitments and contingencies(B)                                                                                                                                               |                  |               |                   |
| NET ASSETS                                                                                                                                                                     |                  |               |                   |
| Common stock, $0.001 par value per share, 44,560,000 and 44,560,000 shares authorized, respectively, and 34,304,371 and 34,304,371 shares issued and outstanding, respectively | $                | 34       |                   |               | $ | 34       |  |
| Capital in excess of par value                                                                                                                                                 | 392,494     |               |                   | 392,494  |   |
| Cumulative net unrealized appreciation (depreciation) of investments                                                                                                           | 863         |               |                   | 11,100   |   |
| Under (over) distributed net investment income                                                                                                                                 | 1,971       |               |                   | 149      |   |
| Accumulated net realized losses                                                                                                                                                | (71,509)         |               |                   | (85,338)      |   |
| Total distributable loss                                                                                                                                                       | (68,675)         |               |                   | (74,089)      |   |
| TOTAL NET ASSETS                                                                                                                                                               | $                | 323,853  |                   |               | $ | 318,439  |  |
| NET ASSET VALUE PER COMMON SHARE                                                                                                                                               | $                | 9.44     |                   |               | $ | 9.28     |  |

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|                                                                             |                                |              |      |                  |   |              |  |  |  |  |  |
|-----------------------------------------------------------------------------|--------------------------------|--------------|------|------------------|---|--------------|--|--|--|--|--|
|                                                                             | Three Months EndedDecember 31, |
|                                                                             | 2021                           |              | 2020 |
| INVESTMENT INCOME                                                           |                                |              |      |
| Interest income                                                             |                                |              |      |
| Non-Control/Non-Affiliate investments                                   | $                              | 10,154  |      |                  | $ | 10,222  |  |
| Affiliate investments                                                       | 1,067                     |              |      | 910         |   |
| Control investments                                                         | 508                       |              |      | 415         |   |
| Cash and cash equivalents                                                   | —                   |              |      | —     |   |
| Total interest income (excluding PIK interest income)                       | 11,729                    |              |      | 11,547      |   |
| PIK interest income                                                         |                                |              |      |
| Non-Control/Non-Affiliate investments                                   | 1,137                     |              |      | 535         |   |
| Total PIK interest income                                                   | 1,137                     |              |      | 535         |   |
| Total interest income                                                       | 12,866                    |              |      | 12,082      |   |
| Success fee income                                                          |                                |              |      |
| Affiliate Investments                                                       | 1,563                     |              |      | —     |   |
| Total success fee income                                                    | 1,563                     |              |      | —     |   |
| Dividend income                                                             |                                |              |      |
| Non-Control/Non-Affiliate investments                                   | 992                       |              |      | 366         |   |
| Control investments                                                         | 69                        |              |      | 222         |   |
| Total dividend income                                                       | 1,061                     |              |      | 588         |   |
| Prepayment fee income                                                       |                                |              |      |
| Non-Control/Non-Affiliate investments                                   | 605                       |              |      | 200         |   |
| Affiliate Investments                                                       | 44                        |              |      | —     |   |
| Total prepayment fee income                                                 | 649                       |              |      | 200         |   |
| Other income                                                                | 28                        |              |      | 12          |   |
| Total investment income                                                     | 16,167                    |              |      | 12,882      |   |
| EXPENSES                                                                    |                                |              |      |
| Base management fee(A)                                                      | 2,520                     |              |      | 2,002       |   |
| Loan servicing fee(A)                                                       | 1,462                     |              |      | 1,348       |   |
| Incentive fee(A)                                                            | 2,091                     |              |      | 1,367       |   |
| Administration fee(A)                                                       | 379                       |              |      | 355         |   |
| Interest expense on borrowings and notes payable                            | 3,007                     |              |      | 2,568       |   |
| Amortization of deferred financing costs                                    | 289                       |              |      | 418         |   |
| Professional fees                                                           | 264                       |              |      | 218         |   |
| Other general and administrative expenses                                   | 384                       |              |      | 324         |   |
| Expenses, before credits from Adviser                                       | 10,396                    |              |      | 8,600       |   |
| Credit to base management fee - loan servicing fee(A)                       | (1,462)                        |              |      | (1,348)          |   |
| Credits to fees from Adviser - other(A)                                     | (1,927)                        |              |      | (650)            |   |
| Total expenses, net of credits                                              | 7,007                     |              |      | 6,602       |   |
| NET INVESTMENT INCOME                                                       | 9,160                     |              |      | 6,280       |   |
| NET REALIZED AND UNREALIZED GAIN (LOSS)                                     |                                |              |      |
| Net realized gain (loss):                                               |                                |              |      |
| Non-Control/Non-Affiliate investments                                   | 472                       |              |      | (2,143)          |   |
| Affiliate investments                                                       | 13,408                    |              |      | —     |   |
| Control investments                                                         | —                   |              |      | (1)              |   |
| Other                                                                       | (700)                          |              |      | (8)              |   |
| Total net realized gain (loss)                                              | 13,180                    |              |      | (2,152)          |   |
| Net unrealized appreciation (depreciation):                             |                                |              |      |
| Non-Control/Non-Affiliate investments                                   | 4,652                     |              |      | 7,887       |   |
| Affiliate investments                                                       | (15,027)                       |              |      | (95)             |   |
| Control investments                                                         | 138                       |              |      | 703         |   |
| Other                                                                       | —                   |              |      | (320)            |   |
| Total net unrealized appreciation (depreciation)                            | (10,237)                       |              |      | 8,175       |   |
| Net realized and unrealized gain (loss)                                     | 2,943                     |              |      | 6,023       |   |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS             | $                              | 12,103  |      |                  | $ | 12,303  |  |
| BASIC AND DILUTED PER COMMON SHARE:                                     |                                |              |      |
| Net investment income                                                       | $                              | 0.27    |      |                  | $ | 0.20    |  |
| Net increase (decrease) in net assets resulting from operations             | $                              | 0.35    |      |                  | $ | 0.38    |  |
| WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:  Basic and Diluted | 34,304,371                |              |      | 32,097,542  |   |

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|                                                                                                                        |               |               |      |              |   |               |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------------|---------------|---------------|------|--------------|---|---------------|--|--|--|--|--|
|                                                                                                                        | 2021          |               | 2020 |
| NET ASSETS, SEPTEMBER 30                                                                                          | $             | 318,439  |      |              | $ | 233,743  |  |
| OPERATIONS                                                                                                             |               |               |      |
| Net investment income                                                                                                  | 9,160    |               |      | 6,280   |   |
| Net realized gain (loss) on investments                                                                                | 13,880   |               |      | (2,144)      |   |
| Net realized gain (loss) on other                                                                                      | (700)         |               |      | (8)          |   |
| Net unrealized appreciation (depreciation) of investments                                                              | (10,237)      |               |      | 8,495   |   |
| Net unrealized depreciation (appreciation) of other                                                                    | —  |               |      | (320)        |   |
| Net increase (decrease) in net assets resulting from operations                                                        | 12,103   |               |      | 12,303  |   |
| DISTRIBUTIONS                                                                                                          |               |               |      |
| Distributions to common stockholders from net investment income ($0.20 per share and $0.19 per share, respectively)(A) | (6,689)       |               |      | (6,100)      |   |
| Distributions to common stockholders from return of capital ($0.00 per share and $0.01 per share, respectively)(A)     | —  |               |      | (180)        |   |
| Net decrease in net assets from distributions                                                                          | (6,689)       |               |      | (6,280)      |   |
| CAPITAL TRANSACTIONS                                                                                                   |               |               |      |
| Issuance of common stock                                                                                               | —  |               |      | 7,491   |   |
| Discounts, commissions and offering costs for issuance of common stock                                                 | —  |               |      | (140)        |   |
| Net increase (decrease) in net assets resulting from capital transactions                                              | —  |               |      | 7,351   |   |
| NET INCREASE (DECREASE) IN NET ASSETS                                                                                  | 5,414    |               |      | 13,374  |   |
| NET ASSETS, DECEMBER 31                                                                                                | $             | 323,853  |      |              | $ | 247,117  |  |

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|                                                                                                                                                      |                                 |              |      |               |   |               |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|--------------|------|---------------|---|---------------|--|--|--|--|--|
|                                                                                                                                                      | Three Months Ended December 31, |
|                                                                                                                                                      | 2021                            |              | 2020 |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                                                                                 |                                 |              |      |
| Net increase (decrease) in net assets resulting from operations                                                                                      | $                               | 12,103  |      |               | $ | 12,303   |  |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |                                 |              |      |
| Purchase of investments                                                                                                                              | (110,794)                       |              |      | (29,098)      |   |
| Principal repayments on investments                                                                                                                  | 79,743                     |              |      | 30,631   |   |
| Net proceeds from sale of investments                                                                                                                | 16,690                     |              |      | 3,511    |   |
| Increase in investments due to PIK interest or other                                                                                                 | (1,079)                         |              |      | (654)         |   |
| Net change in premiums, discounts and amortization                                                                                                   | (266)                           |              |      | 2        |   |
| Net realized loss (gain) on investments                                                                                                              | (13,880)                        |              |      | 2,144    |   |
| Net realized loss (gain) on other                                                                                                                    | 700                        |              |      | 8        |   |
| Net unrealized depreciation (appreciation) of investments                                                                                            | 10,237                     |              |      | (8,495)       |   |
| Net unrealized appreciation (depreciation) of other                                                                                                  | —                    |              |      | 320      |   |
| Changes in assets and liabilities:                                                                                                               |                                 |              |      |
| Amortization of deferred financing costs                                                                                                             | 289                        |              |      | 418      |   |
| Decrease (increase) in interest receivable, net                                                                                                      | 236                        |              |      | 872      |   |
| Decrease (increase) in funds due from administrative agent                                                                                           | (837)                           |              |      | (254)         |   |
| Decrease (increase) in other assets, net                                                                                                             | (827)                           |              |      | 157      |   |
| Increase (decrease) in accounts payable and accrued expenses                                                                                         | 5                          |              |      | 223      |   |
| Increase (decrease) in interest payable                                                                                                              | 1,850                      |              |      | 155      |   |
| Increase (decrease) in fees due to Adviser(A)                                                                                                        | (697)                           |              |      | 24       |   |
| Increase (decrease) in fee due to Administrator(A)                                                                                                   | 84                         |              |      | 105      |   |
| Increase (decrease) in other liabilities                                                                                                             | 653                        |              |      | (173)         |   |
| Net cash provided by (used in) operating activities                                                                                                  | (5,790)                         |              |      | 12,199   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                                                                                 |                                 |              |      |
| Proceeds from line of credit                                                                                                                         | 138,200                    |              |      | 21,500   |   |
| Repayments on line of credit                                                                                                                         | (134,800)                       |              |      | (133,200)     |   |
| Proceeds from issuance of long term debt                                                                                                             | 50,000                     |              |      | 100,000  |   |
| Redemption of long term debt                                                                                                                         | (38,813)                        |              |      | —  |   |
| Financing costs                                                                                                                                      | (1,507)                         |              |      | (2,513)       |   |
| Proceeds from issuance of common stock                                                                                                               | —                    |              |      | 7,491    |   |
| Discounts, commissions and offering costs for issuance of common stock                                                                               | —                    |              |      | (112)         |   |
| Distributions paid to common stockholders                                                                                                            | (6,689)                         |              |      | (6,280)       |   |
| Net cash provided by (used in) financing activities                                                                                                  | 6,391                      |              |      | (13,114)      |   |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS                                                  | 601                        |              |      | (915)         |   |
| CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD                                                        | 846                        |              |      | 2,469    |   |
| CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD                                                              | $                               | 1,447   |      |               | $ | 1,554    |  |
| CASH PAID FOR INTEREST                                                                                                                               | $                               | 1,157   |      |               | $ | 2,413    |  |
| NON-CASH ACTIVITIES(B)                                                                                                                               | $                               | 468     |      |               | $ | —  |  |

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|                                                                                                                                |  |                                      |              |              |               |            |              |               |  |   |              |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------|--|--------------------------------------|--------------|--------------|---------------|------------|--------------|---------------|--|---|--------------|--|--|--|--|--|--|--|--|--|
| GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSDECEMBER 31, 2021(UNAUDITED)(DOLLAR AMOUNTS IN THOUSANDS)     |
| Company and Investment(A)(B)(W)(K)                                                                                             |  | Principal/Shares/Units(J)(I) |              | Cost         |               | Fair Value |
| NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 155.9%                                                                    |  |                                      |              |              |               |            |
| Secured First Lien Debt – 108.0%                                                                                         |  |                                      |              |              |               |            |
| Aerospace and Defense – 20.2%                                                                                            |  |                                      |              |              |               |            |
| Antenna Research Associates, Inc. – Term Debt (L + 10.0%, 12.0% Cash, 4.0% PIK, Due 11/2023)(E)                      |  | $                                    | 11,718  |              |               | $          | 11,718  |               |  | $ | 11,718  |  |
| Ohio Armor Holdings, LLC – Term Debt (L + 8.0%, 9.0% Cash, Due 2/2026)(C)                                            |  | 19,500                          |              |              | 19,500   |            |              | 19,524   |  |
| SpaceCo Holdings, LLC – Line of Credit, $400 available (L + 6.8%, 7.8% Cash, Due 12/2025)(C)                         |  | 1,600                           |              |              | 1,600    |            |              | 1,604    |  |
| SpaceCo Holdings, LLC – Term Debt (L + 6.8%, 7.8% Cash, Due 12/2025)(C)                                              |  | 32,338                          |              |              | 31,864   |            |              | 32,418   |  |
|                                                                                                                                |  |                                      |              | 64,682  |               |            | 65,264  |               |
| Beverage, Food, and Tobacco – 13.3%                                                                                      |  |                                      |              |              |               |            |
| Café Zupas – Line of Credit, $4,000 available (L + 7.4%, 8.9% Cash, Due 12/2024)(C)                             |  | —                         |              |              | —  |            |              | —  |  |
| Café Zupas – Delayed Draw Term Loan, $0 available (L + 7.4%, 8.9% Cash, Due 12/2024)(C)                         |  | 1,970                           |              |              | 1,970    |            |              | 1,980    |  |
| Café Zupas – Term Debt (L + 7.4%, 8.9% Cash, Due 12/2024)(C)                                                    |  | 24,000                          |              |              | 24,000   |            |              | 24,120   |  |
| Eegee’s LLC – Line of Credit, $1,000 available (L + 7.3%, 8.3% Cash, Due 6/2026)(C)                            |  | —                         |              |              | —  |            |              | —  |  |
| Eegee’s LLC – Delayed Draw Term Loan, $7,500 available (L + 7.3%, 8.3% Cash, Due 6/2026)(C)                    |  | —                         |              |              | —  |            |              | —  |  |
| Eegee’s LLC – Term Debt (L + 7.3%, 8.3% Cash, Due 6/2026)(C)                                                   |  | 17,000                          |              |              | 17,000   |            |              | 16,958   |  |
|                                                                                                                                |  |                                      |              | 42,970  |               |            | 43,058  |               |
| Buildings and Real Estate – 0.5%                                                                                         |  |                                      |              |              |               |            |
| GFRC 360, LLC – Line of Credit, $500 available (L + 8.0%, 9.0% Cash, Due 9/2022)(C)                                  |  | 700                             |              |              | 700      |            |              | 697      |  |
| GFRC 360, LLC – Term Debt (L + 8.0%, 9.0% Cash, Due 9/2022)(C)                                                       |  | 1,000                           |              |              | 1,000    |            |              | 996      |  |
|                                                                                                                                |  |                                      |              | 1,700   |               |            | 1,693   |               |
| Diversified/Conglomerate Manufacturing – 10.8%                                                                       |  |                                      |              |              |               |            |
| Engineering Manufacturing Technologies, LLC – Line of Credit, $3,000 available (L + 8.3%, 9.3% Cash, Due 10/2026)(C) |  | —                         |              |              | —  |            |              | —  |  |
| Engineering Manufacturing Technologies, LLC – Term Debt (L + 8.3%, 9.3% Cash, Due 10/2026)(C)                        |  | 22,500                          |              |              | 22,500   |            |              | 22,500   |  |
| Unirac, Inc. – Line of Credit, $627 available (L + 7.0%, 8.0% Cash, Due 6/2026)(C)                                   |  | 627                             |              |              | 627      |            |              | 628      |  |
| Unirac, Inc. – Delayed Draw Term Loan, $1,254 available (L + 7.0%, 8.0% Cash, Due 6/2026)(C)                         |  | —                         |              |              | —  |            |              | —  |  |
| Unirac, Inc. – Term Debt (L + 7.0%, 8.0% Cash, Due 6/2026)(C)                                                        |  | 11,921                          |              |              | 11,665   |            |              | 11,951   |  |
|                                                                                                                                |  |                                      |              | 34,792  |               |            | 35,079  |               |
| Diversified/Conglomerate Service – 27.2%                                                                             |  |                                      |              |              |               |            |
| DKI Ventures, LLC – Term Debt (L + 8.3%, 9.3% Cash, 4.0% PIK, Due 12/2023)(C)                                        |  | 5,818                           |              |              | 5,804    |            |              | 4,975    |  |
| ENET Holdings, LLC – Term Debt (L + 8.8%, 10.2% Cash, Due 12/2022)(C)                                                |  | 1,000                           |              |              | 1,000    |            |              | 820      |  |
| ENET Holdings, LLC – Term Debt (L + 8.8%, 10.2% Cash, Due 4/2025)(C)                                                 |  | 29,000                          |              |              | 29,000   |            |              | 23,780   |  |
| Fix-It Group, LLC – Line of Credit, $3,000 available (L + 7.0%, 8.0% Cash, Due 12/2026)(C)                           |  | —                         |              |              | —  |            |              | —  |  |
| Fix-It Group, LLC – Term Debt (L + 7.0%, 8.0% Cash, Due 12/2026)(C)                                                  |  | 10,000                          |              |              | 10,000   |            |              | 10,000   |  |
| Fix-It Group, LLC – Delayed Draw Term Loan, $10,000 available (L + 7.0%, 8.0% Cash, Due 12/2026)(C)                  |  | —                         |              |              | —  |            |              | —  |  |
| MCG Energy Solutions, LLC – Line of Credit, $3,000 available (L + 7.5%, 8.5% Cash, Due 3/2026)(C)                    |  | —                         |              |              | —  |            |              | —  |  |
| MCG Energy Solutions, LLC – Term Debt (L + 7.5%, 8.5% Cash, 3.5% PIK, Due 3/2026)(C)                                 |  | 20,274                          |              |              | 20,274   |            |              | 19,767   |  |
| R2i Holdings, LLC – Line of Credit, $1,171 available (8.0% Cash, Due 12/2023)(C)(F)                                  |  | 829                             |              |              | 829      |            |              | 792      |  |
| R2i Holdings, LLC – Term Debt (8.0% Cash, Due 12/2023)(C)(F)                                                         |  | 18,750                          |              |              | 18,750   |            |              | 17,906   |  |
| WorkforceQA, LLC – Line of Credit, $2,000 available (L + 6.8%, 7.8% Cash, Due 12/2026)(C)                            |  | —                         |              |              | —  |            |              | —  |  |
| WorkforceQA, LLC – Term Debt (L + 9.0%, 10.0% Cash, Due 12/2026)(C)(H)                                               |  | 10,000                          |              |              | 10,000   |            |              | 10,000   |  |
|                                                                                                                                |  |                                      |              | 95,657  |               |            | 88,040  |               |
| Healthcare, Education, and Childcare – 23.5%                                                                             |  |                                      |              |              |               |            |
| ALS Education, LLC – Line of Credit, $3,000 available (L + 7.0%, 8.5% Cash, Due 5/2025)(C)                           |  | —                         |              |              | —  |            |              | —  |  |
| ALS Education, LLC – Term Debt (L + 7.0%, 8.5% Cash, Due 5/2025)(C)                                                  |  | 20,350                          |              |              | 20,350   |            |              | 20,375   |  |
| EL Academies, Inc. – Delayed Draw Term Loan, $0 available (L + 8.0%, 9.0% Cash, Due 8/2022)(C)                       |  | 16,000                          |              |              | 16,000   |            |              | 16,040   |  |
| EL Academies, Inc. – Term Debt (L + 8.0%, 9.0% Cash, Due 8/2022)(C)                                                  |  | 12,000                          |              |              | 12,000   |            |              | 12,030   |  |

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Table of Contents

|                                                                                                                            |  |                                      |              |              |               |            |              |               |               |   |              |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------|--|--------------------------------------|--------------|--------------|---------------|------------|--------------|---------------|---------------|---|--------------|--|--|--|--|--|--|--|--|--|
| GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSDECEMBER 31, 2021(UNAUDITED)(DOLLAR AMOUNTS IN THOUSANDS) |
| Company and Investment(A)(B)(W)(K)                                                                                         |  | Principal/Shares/Units(J)(I) |              | Cost         |               | Fair Value |
| HH-Inspire Acquisition, Inc. – Line of Credit, $3,000 available (L + 6.8%, 7.8% Cash, Due 12/2026)(C)            |  | —                         |              |              | —  |            |              | —  |               |
| HH-Inspire Acquisition, Inc. – Term Debt (L + 6.8%, 7.8% Cash, Due 12/2026)(C)                                   |  | 16,000                          |              |              | 16,000   |            |              | 16,000   |               |
| HH-Inspire Acquisition, Inc. – Delayed Draw Term Loan, $10,000 available (L + 6.8%, 7.8% Cash, Due 12/2026)(C)   |  | —                         |              |              | —  |            |              | —  |               |
| Turn Key Health Clinics, LLC – Line of Credit, $1,500 available (L + 7.3%, 8.3% Cash, Due 6/2026)(C)             |  | 500                             |              |              | 500      |            |              | 500      |               |
| Turn Key Health Clinics, LLC – Term Debt (L + 7.3%, 8.3% Cash, Due 6/2026)(C)                                    |  | 11,000                          |              |              | 11,000   |            |              | 11,000   |               |
|                                                                                                                            |  |                                      |              | 75,850  |               |            | 75,945  |               |
| Machinery – 1.7%                                                                                                     |  |                                      |              |              |               |            |
| Arc Drilling Holdings LLC – Line of Credit, $875 available (L + 8.0%, 9.3% Cash, Due 11/2022)(C)                 |  | 125                             |              |              | 125      |            |              | 122      |               |
| Arc Drilling Holdings LLC – Term Debt (L + 9.5%, 10.8% Cash, 3.0% PIK, Due 11/2022)(C)                           |  | 5,793                           |              |              | 5,793    |            |              | 5,591    |               |
|                                                                                                                            |  |                                      |              | 5,918   |               |            | 5,713   |               |
| Printing and Publishing – 0.0%                                                                                       |  |                                      |              |              |               |            |
| Chinese Yellow Pages Company – Line of Credit, $0 available (PRIME + 4.0%, 7.3% Cash, Due 2/2015)(E)(V)(Q)       |  | $                                    | 107     |              |               | 107   |              |               | —  |   |
| Telecommunications – 10.8%                                                                                           |  |                                      |              |              |               |            |
| B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (L + 11.0%, 13.0% Cash, Due 12/2024)(C)            |  | 1,200                           |              |              | 1,200    |            |              | 1,179    |               |
| B+T Group Acquisition, Inc.(S) – Term Debt (L + 11.0%, 13.0% Cash, Due 12/2024)(C)                               |  | 6,000                           |              |              | 6,000    |            |              | 5,895    |               |
| NetFortris Corp. – Term Debt (L + 11.0%, 4.0% Cash, 7.5% PIK, Due 5/2021)(C)(Q)                                  |  | 27,871                          |              |              | 27,586   |            |              | 27,871   |               |
|                                                                                                                            |  |                                      |              | 34,786  |               |            | 34,945  |               |
| Total Secured First Lien Debt                                                                                              |  |                                      |              | $            | 356,462  |            |              | $             | 349,737  |   |
| Secured Second Lien Debt – 30.4%                                                                                     |  |                                      |              |              |               |            |
| Automobile – 3.2%                                                                                                    |  |                                      |              |              |               |            |
| Sea Link International IRB, Inc. – Term Debt (11.3% Cash, 2.0% PIK, Due 3/2023)(C)(F)                            |  | $                                    | 10,949  |              |               | $          | 10,949  |               |               | $ | 10,333  |  |
| Beverage, Food, and Tobacco – 1.1%                                                                                   |  |                                      |              |              |               |            |
| 8th Avenue Food & Provisions, Inc. – Term Debt (L + 7.8%, 7.9% Cash, Due 10/2026)(D)                         |  | 3,682                           |              |              | 3,701    |            |              | 3,526    |               |
| Diversified/Conglomerate Manufacturing – 10.8%                                                                   |  |                                      |              |              |               |            |
| Springfield, Inc. – Term Debt (L + 9.0%, 10.0% Cash, Due 12/2026)(C)                                             |  | 30,000                          |              |              | 30,000   |            |              | 30,000   |               |
| Tailwind Smith Cooper Intermediate Corporation – Term Debt (L + 9.0%, 9.1% Cash, Due 5/2027)(D)                  |  | 5,000                           |              |              | 4,808    |            |              | 4,769    |               |
|                                                                                                                            |  |                                      |              | 34,808  |               |            | 34,769  |               |
| Diversified/Conglomerate Service – 4.5%                                                                          |  |                                      |              |              |               |            |
| CHA Holdings, Inc. – Term Debt (L + 8.8%, 9.8% Cash, Due 4/2026)(D)(U)                                           |  | 3,000                           |              |              | 2,961    |            |              | 2,760    |               |
| Gray Matter Systems, LLC – Term Debt (12.0% Cash, Due 12/2026)(C)(F)                                             |  | 8,100                           |              |              | 8,065    |            |              | 8,120    |               |
| Keystone Acquisition Corp. – Term Debt (L + 9.3%, 10.3% Cash, Due 5/2025)(D)(U)(X)                               |  | 4,000                           |              |              | 3,957    |            |              | 3,840    |               |
|                                                                                                                            |  |                                      |              | 14,983  |               |            | 14,720  |               |
| Home and Office Furnishings, Housewares and Durable Consumer Products  – 3.1%                                        |  |                                      |              |              |               |            |
| Belnick, Inc. – Term Debt (11.0% Cash, Due 8/2023)(C)(F)(X)                                                      |  | 10,000                          |              |              | 10,000   |            |              | 10,000   |               |
| Machinery – 0.2%                                                                                                     |  |                                      |              |              |               |            |
| CPM Holdings, Inc. – Term Debt (L + 8.3%, 8.4% Cash, Due 11/2026)(D)                                             |  | 798                             |              |              | 798      |            |              | 795      |               |
| Oil and Gas – 7.5%                                                                                                   |  |                                      |              |              |               |            |
| Imperative Holdings Corporation – Term Debt (L + 10.3%, 12.3% Cash, 1.8% PIK, Due 9/2022)(C)                     |  | 25,934                          |              |              | 25,934   |            |              | 24,184   |               |
| Total Secured Second Lien Debt                                                                                             |  |                                      |              | $            | 101,173  |            |              | $             | 98,327   |   |
| Unsecured Debt – 0.0%                                                                                                |  |                                      |              |              |               |            |
| Diversified/Conglomerate Service – 0.0%                                                                          |  |                                      |              |              |               |            |
| Frontier Financial Group Inc. – Convertible Debt (6.0%, Due 6/2022)(E)(F)                                        |  | $                                    | 198     |              |               | $          | 198     |               |               | $ | 66      |  |
| Preferred Equity – 5.6%                                                                                              |  |                                      |              |              |               |            |
| Automobile – 0.0%                                                                                                    |  |                                      |              |              |               |            |
| Sea Link International IRB, Inc. – Preferred Stock(E)(G)                                                             |  | 98,039                          |              |              | 98       |            |              | 133      |               |
| Beverage, Food, and Tobacco – 0.0%                                                                                   |  |                                      |              |              |               |            |
| Triple H Food Processors, LLC – Preferred Stock(E)(G)                                                                |  | 75                              |              |              | 75       |            |              | 106      |               |
| Buildings and Real Estate – 0.3%                                                                                     |  |                                      |              |              |               |            |
| GFRC 360, LLC – Preferred Stock(E)(G)                                                                                |  | 1,000                           |              |              | 1,025    |            |              | 825      |               |

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Table of Contents

|                                                                                                                             |  |                                      |   |             |               |             |              |               |               |              |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------------|--|--------------------------------------|---|-------------|---------------|-------------|--------------|---------------|---------------|--------------|--|--|--|--|--|--|--|--|--|--|
| GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSDECEMBER 31, 2021(UNAUDITED)(DOLLAR AMOUNTS IN THOUSANDS)  |
| Company and Investment(A)(B)(W)(K)                                                                                          |  | Principal/Shares/Units(J)(I) |   | Cost        |               | Fair Value  |
| Diversified/Conglomerate Service – 2.7%                                                                           |  |                                      |   |             |               |             |
| Frontier Financial Group Inc. – Preferred Stock(E)(G)                                                                 |  | 766                             |   |             | 500      |             |              | —  |               |
| Frontier Financial Group Inc. – Preferred Stock Warrant(E)(G)                                                         |  | 168                             |   |             | —  |             |              | —  |               |
| MCG Energy Solutions, LLC – Preferred Stock(E)                                                                        |  | 7,000,000                       |   |             | 7,000    |             |              | 8,624    |               |
|                                                                                                                             |  |                                      |   | 7,500  |               |             | 8,624   |               |
| Healthcare, Education, and Childcare – 0.2%                                                                           |  |                                      |   |             |               |             |
| HH-Inspire Acquisition, Inc. – Preferred Stock(E)(G)                                                                  |  | 750,000                         |   |             | 750      |             |              | 750      |               |
| Oil and Gas – 0.5%                                                                                                    |  |                                      |   |             |               |             |
| FES Resources Holdings LLC – Preferred Equity Units(E)(G)                                                             |  | 6,350                           |   |             | 6,350    |             |              | —  |               |
| Imperative Holdings Corporation – Preferred Equity Units(E)(G)                                                        |  | 13,740                          |   |             | 632      |             |              | 1,629    |               |
|                                                                                                                             |  |                                      |   | 6,982  |               |             | 1,629   |               |
| Telecommunications – 1.9%                                                                                             |  |                                      |   |             |               |             |
| B+T Group Acquisition, Inc.(S) – Preferred Stock(E)(G)                                                                |  | 6,130                           |   |             | 2,024    |             |              | 5,696    |               |
| NetFortris Corp. – Preferred Stock(E)(G)                                                                              |  | 7,890,860                       |   |             | 789      |             |              | 425      |               |
|                                                                                                                             |  |                                      |   | 2,813  |               |             | 6,121   |               |
| Total Preferred Equity                                                                                                      |  |                                      |   | $           | 19,243   |             |              | $             | 18,188   |              |
| Common Equity – 11.9%                                                                                                 |  |                                      |   |             |               |             |
| Aerospace and Defense – 4.8%                                                                                          |  |                                      |   |             |               |             |
|  Antenna Research Associates, Inc. – Common Equity Units(E)(G)                                                   |  | 4,283                           |   |             | $             | 4,283  |              |               | $             | 13,609  |  |
|  Ohio Armor Holdings, LLC – Common Equity(E)(G)                                                                  |  | 1,000                           |   |             | 1,000    |             |              | 1,931    |               |
|                                                                                                                             |  |                                      |   | 5,283  |               |             | 15,540  |               |
| Automobile– 0.0%                                                                                                      |  |                                      |   |             |               |             |
| Sea Link International IRB, Inc.– Common Equity Units(E)(G)                                                           |  | 823,333                         |   |             | 823      |             |              | 17       |               |
| Beverage, Food, and Tobacco – 0.4%                                                                                    |  |                                      |   |             |               |             |
| Triple H Food Processors, LLC – Common Stock(E)(G)                                                                    |  | 250,000                         |   |             | 250      |             |              | 1,328    |               |
| Buildings and Real Estate – 0.0%                                                                                      |  |                                      |   |             |               |             |
| GFRC 360, LLC – Common Stock Warrants(E)(G)                                                                           |  | 45.0                            | % |             | —  |             |              | —  |               |
| Diversified/Conglomerate Manufacturing – 0.9%                                                                     |  |                                      |   |             |               |             |
|  Engineering Manufacturing Technologies, LLC – Common Stock(E)(G)                                                |  | 6,000                           |   |             | 3,000    |             |              | 3,000    |               |
| Diversified/Conglomerate Service – 0.2%                                                                           |  |                                      |   |             |               |             |
|  WorkforceQA, LLC – Common Stock(E)(G)                                                                           |  | 500                             |   |             | 500      |             |              | 500      |               |
| Healthcare, Education, and Childcare – 2.3%                                                                           |  |                                      |   |             |               |             |
| GSM MidCo LLC – Common Stock(E)(G)                                                                                    |  | 767                             |   |             | 767      |             |              | 940      |               |
|   Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment)(G)(L)(R) |  | 3.5                             | % |             | 1,358    |             |              | 6,487    |               |
|                                                                                                                             |  |                                      |   | 2,125  |               |             | 7,427   |               |
| Machinery – 0.0%                                                                                                      |  |                                      |   |             |               |             |
| Arc Drilling Holdings LLC – Common Stock(E)(G)                                                                        |  | 15,000                          |   |             | 1,500    |             |              | 52       |               |
| Oil and Gas – 0.0%                                                                                                    |  |                                      |   |             |               |             |
| FES Resources Holdings LLC – Common Equity Units(E)(G)                                                                |  | 6,233                           |   |             | —  |             |              | —  |               |
| Total Safety Holdings, LLC – Common Equity(E)(G)                                                                      |  | 435                             |   |             | 499      |             |              | 92       |               |
|                                                                                                                             |  |                                      |   | 499    |               |             | 92      |               |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%                                                |  |                                      |   |             |               |             |
| Funko Acquisition Holdings, LLC(S) – Common Units(G)(T)                                                               |  | 6,290                           |   |             | 30       |             |              | 80       |               |
| Telecommunications – 0.1%                                                                                             |  |                                      |   |             |               |             |
| B+T Group Acquisition, Inc.(S) – Common Stock Warrant(E)(G)                                                           |  | 1.5                             | % |             | —  |             |              | 331      |               |
| NetFortris Corp. – Common Stock Warrant(E)(G)                                                                         |  | 1                               |   |             | 1        |             |              | —  |               |
|                                                                                                                             |  |                                      |   | 1      |               |             | 331     |               |
| Textiles and Leather – 3.2%                                                                                           |  |                                      |   |             |               |             |
| Targus Cayman HoldCo, Ltd. – Common Stock(E)(G)                                                                       |  | 3,076,414                       |   |             | 2,062    |             |              | 10,151   |               |
| Total Common Equity                                                                                                         |  |                                      |   | $           | 16,073   |             |              | $             | 38,518   |              |
| Total Non-Control/Non-Affiliate Investments                                                                             |  |                                      |   | $           | 493,149  |             |              | $             | 504,836  |              |
| AFFILIATE INVESTMENTS(N) – 11.6%                                                                                      |  |                                      |   |             |               |             |
| Secured First Lien Debt – 9.8%                                                                                        |  |                                      |   |             |               |             |
| Diversified/Conglomerate Manufacturing – 1.9%                                                                     |  |                                      |   |             |               |             |

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Table of Contents

|                                                                                                                            |  |                                      |             |              |               |             |              |               |              |               |               |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------|--|--------------------------------------|-------------|--------------|---------------|-------------|--------------|---------------|--------------|---------------|---------------|--|--|--|--|--|--|--|--|--|
| GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSDECEMBER 31, 2021(UNAUDITED)(DOLLAR AMOUNTS IN THOUSANDS) |
| Company and Investment(A)(B)(W)(K)                                                                                         |  | Principal/Shares/Units(J)(I) |             | Cost         |               | Fair Value  |
| Edge Adhesives Holdings, Inc. (S) – Term Debt (L + 10.5%, 12.5% Cash, Due 8/2024)(C)                             |  | $                                    | 6,140  |              |               | $           | 6,140   |               |              | $             | 6,079    |  |
| Diversified/Conglomerate Service – 7.9%                                                                          |  |                                      |             |              |               |             |
| Encore Dredging Holdings, LLC – Line of Credit, $1,000 available (L + 8.0%, 9.0% Cash, Due 12/2025)(C)           |  | 2,000                           |             |              | 2,000    |             |              | 2,005    |              |
| Encore Dredging Holdings, LLC – Term Debt (L + 8.0%, 9.0% Cash, Due 12/2025)(C)                                  |  | 23,500                          |             |              | 23,500   |             |              | 23,559   |              |
| Encore Dredging Holdings, LLC – Delayed Draw Term Loan, $5,000 available (L + 8.0%, 9.0% Cash, Due 12/2025)(C)   |  | —                         |             |              | —  |             |              | —  |              |
|                                                                                                                            |  |                                      |             | 25,500  |               |             | 25,564  |               |
| Total Secured First Lien Debt                                                                                              |  |                                      |             | $            | 31,640   |             |              | $             | 31,643  |               |
| Preferred Equity – 1.6%                                                                                              |  |                                      |             |              |               |             |
| Diversified/Conglomerate Manufacturing – 0.0%                                                                    |  |                                      |             |              |               |             |
| Edge Adhesives Holdings, Inc.(S) – Preferred Stock(E)(G)                                                             |  | 5,466                           |             |              | $             | 5,466  |              |               | $            | —  |               |
| Diversified/Conglomerate Service– 1.4%                                                                           |  |                                      |             |              |               |             |
| Encore Dredging Holdings, LLC– Preferred Stock(E)(G)                                                                 |  | 3,200,000                       |             |              | 3,200    |             |              | $             | 4,518   |               |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2%                                               |  |                                      |             |              |               |             |
| Canopy Safety Brands, LLC – Preferred Stock(E)(G)                                                                    |  | 500,000                         |             |              | 500      |             |              | 754      |              |
| Total Preferred Equity                                                                                                     |  |                                      |             | $            | 9,166    |             |              | $             | 5,272   |               |
| Common Equity – 0.2%                                                                                                 |  |                                      |             |              |               |             |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2%                                               |  |                                      |             |              |               |             |
| Canopy Safety Brands, LLC – Common Stock(E)(G)                                                                       |  | 800,000                         |             |              | 300      |             |              | 763      |              |
| Total Common Equity                                                                                                        |  |                                      |             | $            | 300      |             |              | $             | 763     |               |
| Total Affiliate Investments                                                                                                |  |                                      |             | $            | 41,106   |             |              | $             | 37,678  |               |
| CONTROL INVESTMENTS(O) – 10.5%                                                                                       |  |                                      |             |              |               |             |
| Secured First Lien Debt – 4.5%                                                                                       |  |                                      |             |              |               |             |
| Diversified/Conglomerate Manufacturing – 0.8%                                                                    |  |                                      |             |              |               |             |
| LWO Acquisitions Company LLC – Term Debt (L + 7.5%, 10.0% Cash, Due 6/2021)(E)(Q)                                |  | $                                    | 6,000  |              |               | $           | 6,000   |               |              | $             | 2,530    |  |
| LWO Acquisitions Company LLC – Term Debt (Due 6/2021)(E)(P)(Q)                                                   |  | 10,632                          |             |              | 10,632   |             |              | —  |              |
|                                                                                                                            |  |                                      |             | 16,632  |               |             | 2,530   |               |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 3.3%                                               |  |                                      |             |              |               |             |
| WB Xcel Holdings, LLC – Line of Credit, $832 available (L + 10.5%, 11.5% Cash, Due 11/2026)(E)                   |  | 668                             |             |              | 668      |             |              | 668      |              |
| WB Xcel Holdings, LLC – Term Debt (L + 10.5%, 11.5% Cash, Due 11/2026)(E)                                        |  | 9,975                           |             |              | 9,975    |             |              | 9,975    |              |
|                                                                                                                            |  |                                      |             | 10,643  |               |             | 10,643  |               |
| Printing and Publishing – 0.4%                                                                                       |  |                                      |             |              |               |             |
| TNCP Intermediate HoldCo, LLC – Line of Credit, $800 available (8.0% Cash, Due 10/2024)(E)(F)                    |  | 1,200                           |             |              | 1,200    |             |              | 1,200    |              |
| Total Secured First Lien Debt                                                                                              |  |                                      |             | $            | 28,475   |             |              | $             | 14,373  |               |
| Secured Second Lien Debt – 2.4%                                                                                      |  |                                      |             |              |               |             |
| Automobile– 2.4%                                                                                                     |  |                                      |             |              |               |             |
| Defiance Integrated Technologies, Inc. – Term Debt (L + 9.5%, 11.0% Cash, Due 5/2026)(E)                         |  | $                                    | 7,905  |              |               | $           | 7,905   |               |              | $             | 7,905    |  |
| Unsecured Debt – 0.0%                                                                                                |  |                                      |             |              |               |             |
| Diversified/Conglomerate Manufacturing – 0.0%                                                                    |  |                                      |             |              |               |             |
| LWO Acquisitions Company LLC – Term Debt (Due 6/2023)(E)(P)                                                      |  | $                                    | 95     |              |               | $           | 95      |               |              | $             | —  |  |
| Preferred Equity – 0.9%                                                                                              |  |                                      |             |              |               |             |
| Automobile– 0.1%                                                                                                     |  |                                      |             |              |               |             |
| Defiance Integrated Technologies, Inc. – Preferred Stock(E)(G)                                                       |  | 6,043                           |             |              | $             | 250    |              |               | $            | 273      |               |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.8%                                               |  |                                      |             |              |               |             |
| WB Xcel Holdings, LLC – Preferred Stock(E)(G)                                                                        |  | 333                             |             |              | 2,750    |             |              | 2,750    |              |
| Total Preferred Equity                                                                                                     |  |                                      |             | $            | 3,000    |             |              | $             | 3,023   |               |
| Common Equity – 2.7%                                                                                                 |  |                                      |             |              |               |             |
| Automobile– 0.7%                                                                                                     |  |                                      |             |              |               |             |
| Defiance Integrated Technologies, Inc. – Common Stock(E)(G)                                                          |  | 33,231                          |             |              | $             | 580    |              |               | $            | 2,326    |               |
| Diversified/Conglomerate Manufacturing – 0.0%                                                                    |  |                                      |             |              |               |             |
| LWO Acquisitions Company LLC – Common Units(E)(G)                                                                    |  | 921,000                         |             |              | 921      |             |              | —  |              |
| Machinery – 1.4%                                                                                                     |  |                                      |             |              |               |             |

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Table of Contents

|                                                                                                                            |  |                                      |  |      |               |            |  |             |               |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------|--|--------------------------------------|--|------|---------------|------------|--|-------------|---------------|--|--|--|--|--|--|--|--|--|--|--|
| GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSDECEMBER 31, 2021(UNAUDITED)(DOLLAR AMOUNTS IN THOUSANDS) |
| Company and Investment(A)(B)(W)(K)                                                                                         |  | Principal/Shares/Units(J)(I) |  | Cost |               | Fair Value |
| PIC 360, LLC – Common Equity Units(E)(G)                                                                             |  | 750                             |  |      | 1        |            |  | 4,471  |               |
| Printing and Publishing – 0.6%                                                                                       |  |                                      |  |      |               |            |
| TNCP Intermediate HoldCo, LLC – Common Equity Units(E)(G)                                                            |  | 790,000                         |  |      | 500      |            |  | 1,983  |               |
| Total Common Equity                                                                                                        |  |                                      |  | $    | 2,002    |            |  | $           | 8,780    |  |
| Total Control Investments                                                                                                  |  |                                      |  | $    | 41,477   |            |  | $           | 34,081   |  |
| TOTAL INVESTMENTS – 178.0%                                                                                           |  |                                      |  | $    | 575,732  |            |  | $           | 576,595  |  |

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Table of Contents

|                                                                                                                               |  |                                      |              |              |               |            |              |               |  |   |              |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------|--|--------------------------------------|--------------|--------------|---------------|------------|--------------|---------------|--|---|--------------|--|--|--|--|--|--|--|--|--|
| GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSSEPTEMBER 30, 2021(DOLLAR AMOUNTS IN THOUSANDS)              |
| Company and Investment(A)(B)(W)(K)                                                                                            |  | Principal/Shares/Units(J)(I) |              | Cost         |               | Fair Value |
| NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 142.8%                                                                   |  |                                      |              |              |               |            |
| Secured First Lien Debt – 95.5%                                                                                         |  |                                      |              |              |               |            |
| Aerospace and Defense – 20.3%                                                                                           |  |                                      |              |              |               |            |
| Antenna Research Associates, Inc. – Term Debt (L + 10.0%, 12.0% Cash, 4.0% PIK, Due 11/2023)(E)                     |  | $                                    | 11,763  |              |               | $          | 11,763  |               |  | $ | 11,763  |  |
| Ohio Armor Holdings, LLC – Term Debt (L + 8.0%, 9.0% Cash, Due 2/2026)(C)                                           |  | 19,500                          |              |              | 19,500   |            |              | 19,549   |  |
| SpaceCo Holdings, LLC – Line of Credit, $1,300 available (L + 6.8%, 7.8% Cash, Due 12/2025)(C)                      |  | 700                             |              |              | 700      |            |              | 700      |  |
| SpaceCo Holdings, LLC – Term Debt (L + 6.8%, 7.8% Cash, Due 12/2025)(C)                                             |  | 32,544                          |              |              | 32,044   |            |              | 32,544   |  |
|                                                                                                                               |  |                                      |              | 64,007  |               |            | 64,556  |               |
| Beverage, Food, and Tobacco – 13.5%                                                                                     |  |                                      |              |              |               |            |
| Café Zupas – Line of Credit, $4,000 available (L + 7.4%, 8.9% Cash, Due 12/2024)(C)                            |  | —                         |              |              | —  |            |              | —  |  |
| Café Zupas – Delayed Draw Term Loan, $3,030 available (L + 7.4%, 8.9% Cash, Due 12/2024)(C)                    |  | 1,970                           |              |              | 1,970    |            |              | 1,987    |  |
| Café Zupas – Term Debt (L + 7.4%, 8.9% Cash, Due 12/2024)(C)                                                   |  | 24,000                          |              |              | 24,000   |            |              | 24,210   |  |
| Eegee’s LLC – Line of Credit, $1,000 available (L + 7.3%, 8.3% Cash, Due 6/2026)(C)                           |  | —                         |              |              | —  |            |              | —  |  |
| Eegee’s LLC – Delayed Draw Term Loan, $7,500 available (L + 7.3%, 8.3% Cash, Due 6/2026)(C)                   |  | —                         |              |              | —  |            |              | —  |  |
| Eegee’s LLC – Term Debt (L + 7.3%, 8.3% Cash, Due 6/2026)(C)                                                  |  | 17,000                          |              |              | 17,000   |            |              | 16,936   |  |
|                                                                                                                               |  |                                      |              | 42,970  |               |            | 43,133  |               |
| Buildings and Real Estate – 0.5%                                                                                        |  |                                      |              |              |               |            |
| GFRC 360, LLC – Line of Credit, $500 available (L + 8.0%, 9.0% Cash, Due 9/2022)(C)                                 |  | 700                             |              |              | 700      |            |              | 699      |  |
| GFRC 360, LLC – Term Debt (L + 8.0%, 9.0% Cash, Due 9/2022)(C)                                                      |  | 1,000                           |              |              | 1,000    |            |              | 999      |  |
|                                                                                                                               |  |                                      |              | 1,700   |               |            | 1,698   |               |
| Diversified/Conglomerate Manufacturing – 3.8%                                                                       |  |                                      |              |              |               |            |
| Unirac, Inc. – Line of Credit, $1,003 available (L + 7.0%, 8.0% Cash, Due 6/2026)(C)(U)                             |  | 251                             |              |              | 251      |            |              | 250      |  |
| Unirac, Inc. – Delayed Draw Term Loan, $1,254 available (L + 7.0%, 8.0% Cash, Due 6/2026)(C)(U)                     |  | —                         |              |              | —  |            |              | —  |  |
| Unirac, Inc. – Term Debt (L + 7.0%, 8.0% Cash, Due 6/2026)(C)(U)                                                    |  | 11,921                          |              |              | 11,652   |            |              | 11,891   |  |
|                                                                                                                               |  |                                      |              | 11,903  |               |            | 12,141  |               |
| Diversified/Conglomerate Service – 21.3%                                                                            |  |                                      |              |              |               |            |
| DKI Ventures, LLC – Line of Credit, $2,500 available (L + 8.3%, 9.3% Cash, 2.0% PIK, Due 12/2021)(C)                |  | —                         |              |              | —  |            |              | —  |  |
| DKI Ventures, LLC – Term Debt (L + 8.3%, 9.3% Cash, 2.0% PIK, Due 12/2023)(C)                                       |  | 5,739                           |              |              | 5,724    |            |              | 5,008    |  |
| ENET Holdings, LLC – Term Debt (L + 8.8%, 10.2% Cash, Due 12/2022)(C)                                               |  | 1,000                           |              |              | 1,000    |            |              | 785      |  |
| ENET Holdings, LLC – Term Debt (L + 8.8%, 10.2% Cash, Due 4/2025)(C)                                                |  | 29,000                          |              |              | 29,000   |            |              | 22,765   |  |
| MCG Energy Solutions, LLC – Line of Credit, $3,000 available (L + 7.5%, 8.5% Cash, Due 3/2026)(C)                   |  | —                         |              |              | —  |            |              | —  |  |
| MCG Energy Solutions, LLC – Term Debt (L + 7.5%, 8.5% Cash, 1.5% PIK, Due 3/2026)(C)                                |  | 20,129                          |              |              | 20,129   |            |              | 19,927   |  |
| MCG Energy Solutions, LLC – Delayed Draw Term Loan, $3,000 available (L + 7.5%, 8.5% Cash, 1.5% PIK, Due 3/2026)(C) |  | —                         |              | `        | —  |            |              | —  |  |
| R2i Holdings, LLC – Line of Credit, $1,171 available (8.0% Cash, Due 12/2021)(C)(F)                                 |  | 829                             |              |              | 829      |            |              | 803      |  |
| R2i Holdings, LLC – Term Debt (8.0% Cash, Due 12/2021)(C)(F)                                                        |  | 19,000                          |              |              | 19,000   |            |              | 18,406   |  |
|                                                                                                                               |  |                                      |              | 75,682  |               |            | 67,694  |               |
| Healthcare, Education, and Childcare – 24.9%                                                                            |  |                                      |              |              |               |            |
| ALS Education, LLC – Line of Credit, $3,000 available (L + 7.0%, 8.5% Cash, Due 5/2025)(C)                          |  | —                         |              |              | —  |            |              | —  |  |
| ALS Education, LLC – Term Debt (L + 7.0%, 8.5% Cash, Due 5/2025)(C)                                                 |  | 20,680                          |              |              | 20,680   |            |              | 20,809   |  |
| Effective School Solutions LLC – Line of Credit, $2,000 available (L + 7.3%, 8.3% Cash, Due 12/2025)(C)             |  | —                         |              |              | —  |            |              | —  |  |
| Effective School Solutions LLC – Term Debt (L + 7.3%, 8.3% Cash, Due 12/2025)(C)                                    |  | 19,000                          |              |              | 19,000   |            |              | 19,095   |  |
| Effective School Solutions LLC – Delayed Draw Term Loan, $3,200 available (L + 7.3%, 8.3% Cash, Due 12/2025)(C)     |  | —                         |              |              | —  |            |              | —  |  |
| EL Academies, Inc. – Delayed Draw Term Loan, $0 available (L + 8.0%, 9.0% Cash, Due 8/2022)(C)                      |  | 16,000                          |              |              | 16,000   |            |              | 16,000   |  |
| EL Academies, Inc. – Term Debt (L + 8.0%, 9.0% Cash, Due 8/2022)(C)                                                 |  | 12,000                          |              |              | 12,000   |            |              | 12,000   |  |
| Turn Key Health Clinics, LLC – Line of Credit, $1,500 available (L + 7.3%, 8.3% Cash, Due 6/2026)(C)                |  | 500                             |              |              | 500      |            |              | 499      |  |
| Turn Key Health Clinics, LLC – Term Debt (L + 7.3%, 8.3% Cash, Due 6/2026)(C)                                       |  | 11,000                          |              |              | 11,000   |            |              | 10,986   |  |
|                                                                                                                               |  |                                      |              | 79,180  |               |            | 79,389  |               |

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Table of Contents

|                                                                                                                      |  |                                      |              |              |               |            |              |               |               |   |              |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------|--|--------------------------------------|--------------|--------------|---------------|------------|--------------|---------------|---------------|---|--------------|--|--|--|--|--|--|--|--|--|
| GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSSEPTEMBER 30, 2021(DOLLAR AMOUNTS IN THOUSANDS)     |
| Company and Investment(A)(B)(W)(K)                                                                                   |  | Principal/Shares/Units(J)(I) |              | Cost         |               | Fair Value |
| Machinery – 1.8%                                                                                               |  |                                      |              |              |               |            |
| Arc Drilling Holdings LLC – Line of Credit, $875 available (L + 8.0%, 9.3% Cash, Due 11/2022)(C)           |  | 125                             |              |              | 125      |            |              | 122      |               |
| Arc Drilling Holdings LLC – Term Debt (L + 9.5%, 10.8% Cash, 3.0% PIK, Due 11/2022)(C)                     |  | 5,824                           |              |              | 5,824    |            |              | 5,577    |               |
|                                                                                                                      |  |                                      |              | 5,949   |               |            | 5,699   |               |
| Printing and Publishing – 0.0%                                                                                 |  |                                      |              |              |               |            |
| Chinese Yellow Pages Company – Line of Credit, $0 available (PRIME + 4.0%, 7.3% Cash, Due 2/2015)(E)(V)(Q) |  | $                                    | 107     |              |               | 107   |              |               | —  |   |
| Telecommunications – 9.4%                                                                                      |  |                                      |              |              |               |            |
| B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (L + 11.0%, 13.0% Cash, Due 12/2021)(C)      |  | 1,200                           |              |              | 1,200    |            |              | 1,158    |               |
| B+T Group Acquisition, Inc.(S) – Term Debt (L + 11.0%, 13.0% Cash, Due 12/2021)(C)                         |  | 6,000                           |              |              | 6,000    |            |              | 5,790    |               |
| NetFortris Corp. – Term Debt (L + 11.0%, 4.0% Cash, 7.5% PIK, Due 5/2021)(C)(Q)                            |  | 27,350                          |              |              | 26,946   |            |              | 22,837   |               |
|                                                                                                                      |  |                                      |              | 34,146  |               |            | 29,785  |               |
| Total Secured First Lien Debt                                                                                        |  |                                      |              | $            | 315,644  |            |              | $             | 304,095  |   |
| Secured Second Lien Debt – 30.6%                                                                               |  |                                      |              |              |               |            |
| Automobile – 3.3%                                                                                              |  |                                      |              |              |               |            |
| Sea Link International IRB, Inc. – Term Debt (11.3% Cash, 2.0% PIK, Due 3/2023)(C)(F)                      |  | $                                    | 10,893  |              |               | $          | 10,893  |               |               | $ | 10,376  |  |
| Beverage, Food, and Tobacco – 1.1%                                                                             |  |                                      |              |              |               |            |
| 8th Avenue Food & Provisions, Inc. – Term Debt (L + 7.8%, 7.8% Cash, Due 10/2026)(D)                   |  | 3,682                           |              |              | 3,702    |            |              | 3,646    |               |
| Chemicals, Plastics, and Rubber – 3.2%                                                                         |  |                                      |              |              |               |            |
| Phoenix Aromas & Essential Oils, LLC – Term Debt (L + 9.3%, 10.3% Cash, Due 5/2024)(C)                 |  | 10,012                          |              |              | 9,986    |            |              | 10,062   |               |
| Diversified/Conglomerate Manufacturing – 1.5%                                                              |  |                                      |              |              |               |            |
| Tailwind Smith Cooper Intermediate Corporation – Term Debt (L + 9.0%, 9.1% Cash, Due 5/2027)(D)            |  | 5,000                           |              |              | 4,801    |            |              | 4,701    |               |
| Diversified/Conglomerate Service – 8.7%                                                                    |  |                                      |              |              |               |            |
| CHA Holdings, Inc. – Term Debt (L + 8.8%, 9.8% Cash, Due 4/2026)(D)(U)                                     |  | 3,000                           |              |              | 2,960    |            |              | 2,700    |               |
| Gray Matter Systems, LLC – Term Debt (12.0% Cash, Due 12/2026)(C)(F)                                       |  | 8,100                           |              |              | 8,064    |            |              | 8,130    |               |
| Keystone Acquisition Corp. – Term Debt (L + 9.3%, 10.3% Cash, Due 5/2025)(D)(U)                            |  | 4,000                           |              |              | 3,954    |            |              | 3,790    |               |
| Prophet Brand Strategy – Delayed Draw Term Loan, $5,000 available (L + 8.5%, 10.5% Cash, Due 2/2025)(Y)(Z) |  | —                         |              |              | —  |            |              | —  |               |
| Prophet Brand Strategy – Term Debt (L + 8.5%, 10.5% Cash, Due 2/2025)(Y)(Z)                                |  | 13,000                          |              |              | 13,000   |            |              | 13,130   |               |
|                                                                                                                      |  |                                      |              | 27,978  |               |            | 27,750  |               |
| Healthcare, Education, and Childcare – 1.8%                                                                    |  |                                      |              |              |               |            |
| Medical Solutions Holdings, Inc. – Term Debt (L + 8.4%, 9.4% Cash, Due 6/2025)(C)                          |  | 3,000                           |              |              | 2,974    |            |              | 2,940    |               |
| Medical Solutions Holdings, Inc. – Term Debt (L + 8.8%, 9.8% Cash, Due 6/2025)(C)                          |  | 3,000                           |              |              | 2,957    |            |              | 2,940    |               |
|                                                                                                                      |  |                                      |              | 5,931   |               |            | 5,880   |               |
| Home and Office Furnishings, Housewares and Durable Consumer Products  – 3.2%                                  |  |                                      |              |              |               |            |
| Belnick, Inc. – Term Debt (11.0% Cash, Due 8/2023)(C)(F)                                                   |  | 10,000                          |              |              | 10,000   |            |              | 10,025   |               |
| Machinery – 0.2%                                                                                               |  |                                      |              |              |               |            |
| CPM Holdings, Inc. – Term Debt (L + 8.3%, 8.3% Cash, Due 11/2026)(D)                                       |  | 798                             |              |              | 798      |            |              | 790      |               |
| Oil and Gas – 7.6%                                                                                             |  |                                      |              |              |               |            |
| Imperative Holdings Corporation – Term Debt (L + 10.3%, 12.3% Cash, 1.8% PIK, Due 9/2022)(C)               |  | 26,569                          |              |              | 26,569   |            |              | 24,178   |               |
| Total Secured Second Lien Debt                                                                                       |  |                                      |              | $            | 100,658  |            |              | $             | 97,408   |   |
| Unsecured Debt – 0.0%                                                                                          |  |                                      |              |              |               |            |
| Diversified/Conglomerate Service – 0.0%                                                                    |  |                                      |              |              |               |            |
| Frontier Financial Group Inc. – Convertible Debt (6.0%, Due 6/2022)(E)(F)                                  |  | $                                    | 198     |              |               | $          | 198     |               |               | $ | 10      |  |
| Preferred Equity – 5.7%                                                                                        |  |                                      |              |              |               |            |
| Automobile – 0.0%                                                                                              |  |                                      |              |              |               |            |
| Sea Link International IRB, Inc. – Preferred Stock(E)(G)                                                       |  | 98,039                          |              |              | 98       |            |              | 127      |               |
| Beverage, Food, and Tobacco – 0.0%                                                                             |  |                                      |              |              |               |            |
| Triple H Food Processors, LLC – Preferred Stock(E)(G)                                                          |  | 75                              |              |              | 75       |            |              | 102      |               |
| Buildings and Real Estate – 0.3%                                                                               |  |                                      |              |              |               |            |
| GFRC 360, LLC – Preferred Stock(E)(G)                                                                          |  | 1,000                           |              |              | 1,025    |            |              | 864      |               |

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Table of Contents

|                                                                                                                             |  |                                      |             |             |               |             |              |               |               |              |             |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------------|--|--------------------------------------|-------------|-------------|---------------|-------------|--------------|---------------|---------------|--------------|-------------|--|--|--|--|--|--|--|--|--|
| GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSSEPTEMBER 30, 2021(DOLLAR AMOUNTS IN THOUSANDS)            |
| Company and Investment(A)(B)(W)(K)                                                                                          |  | Principal/Shares/Units(J)(I) |             | Cost        |               | Fair Value  |
| Diversified/Conglomerate Service – 2.8%                                                                           |  |                                      |             |             |               |             |
| Frontier Financial Group Inc. – Preferred Stock(E)(G)                                                                 |  | 766                             |             |             | 500      |             |              | —  |               |
| Frontier Financial Group Inc. – Preferred Stock Warrant(E)(G)                                                         |  | 168                             |             |             | —  |             |              | —  |               |
| MCG Energy Solutions, LLC – Preferred Stock(E)                                                                        |  | 7,000,000                       |             |             | 7,000    |             |              | 8,861    |               |
|                                                                                                                             |  |                                      |             | 7,500  |               |             | 8,861   |               |
| Oil and Gas – 0.5%                                                                                                    |  |                                      |             |             |               |             |
| FES Resources Holdings LLC – Preferred Equity Units(E)(G)                                                             |  | 6,350                           |             |             | 6,350    |             |              | —  |               |
| Imperative Holdings Corporation – Preferred Equity Units(E)(G)                                                        |  | 13,740                          |             |             | 632      |             |              | 1,551    |               |
|                                                                                                                             |  |                                      |             | 6,982  |               |             | 1,551   |               |
| Telecommunications – 2.1%                                                                                             |  |                                      |             |             |               |             |
| B+T Group Acquisition, Inc.(S) – Preferred Stock(E)(G)                                                                |  | 6,130                           |             |             | 2,024    |             |              | 5,691    |               |
| NetFortris Corp. – Preferred Stock(E)(G)                                                                              |  | 7,890,860                       |             |             | 789      |             |              | 914      |               |
|                                                                                                                             |  |                                      |             | 2,813  |               |             | 6,605   |               |
| Total Preferred Equity                                                                                                      |  |                                      |             | $           | 18,493   |             |              | $             | 18,110   |              |
| Common Equity – 11.0%                                                                                                 |  |                                      |             |             |               |             |
| Aerospace and Defense – 4.8%                                                                                          |  |                                      |             |             |               |             |
|  Antenna Research Associates, Inc. – Common Equity Units(E)(G)                                                   |  | 4,283                           |             |             | $             | 4,283  |              |               | $             | 13,444  |             |
|  Ohio Armor Holdings, LLC – Common Equity(E)(G)                                                                  |  | 1,000                           |             |             | 1,000    |             |              | 1,749    |               |
|                                                                                                                             |  |                                      |             | 5,283  |               |             | 15,193  |               |
| Automobile– 0.1%                                                                                                      |  |                                      |             |             |               |             |
| Sea Link International IRB, Inc.– Common Equity Units(E)(G)                                                           |  | 823,333                         |             |             | 823      |             |              | 300      |               |
| Beverage, Food, and Tobacco – 0.5%                                                                                    |  |                                      |             |             |               |             |
| Triple H Food Processors, LLC – Common Stock(E)(G)                                                                    |  | 250,000                         |             |             | 250      |             |              | 1,504    |               |
| Buildings and Real Estate – 0.0%                                                                                      |  |                                      |             |             |               |             |
| GFRC 360, LLC – Common Stock Warrants(E)(G)                                                                           |  | 45.0                            | %           |             | —  |             |              | —  |               |
| Healthcare, Education, and Childcare – 2.3%                                                                           |  |                                      |             |             |               |             |
| GSM MidCo LLC – Common Stock(E)(G)                                                                                    |  | 767                             |             |             | 767      |             |              | 924      |               |
|   Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment)(G)(L)(R) |  | 3.5                             | %           |             | 1,358    |             |              | 6,487    |               |
|                                                                                                                             |  |                                      |             | 2,125  |               |             | 7,411   |               |
| Machinery – 0.0%                                                                                                      |  |                                      |             |             |               |             |
| Arc Drilling Holdings LLC – Common Stock(E)(G)                                                                        |  | 15,000                          |             |             | 1,500    |             |              | —  |               |
| Oil and Gas – 0.0%                                                                                                    |  |                                      |             |             |               |             |
| FES Resources Holdings LLC – Common Equity Units(E)(G)                                                                |  | 6,233                           |             |             | —  |             |              | —  |               |
| Total Safety Holdings, LLC – Common Equity(E)(G)                                                                      |  | 435                             |             |             | 499      |             |              | 132      |               |
|                                                                                                                             |  |                                      |             | 499    |               |             | 132     |               |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%                                                |  |                                      |             |             |               |             |
| Funko Acquisition Holdings, LLC(S) – Common Units(G)(T)                                                               |  | 6,290                           |             |             | 30       |             |              | 78       |               |
| Telecommunications – 0.1%                                                                                             |  |                                      |             |             |               |             |
| B+T Group Acquisition, Inc.(S) – Common Stock Warrant(E)(G)                                                           |  | 1.5                             | %           |             | —  |             |              | 330      |               |
| NetFortris Corp. – Common Stock Warrant(E)(G)                                                                         |  | 1                               |             |             | 1        |             |              | —  |               |
|                                                                                                                             |  |                                      |             | 1      |               |             | 330     |               |
| Textiles and Leather – 3.2%                                                                                           |  |                                      |             |             |               |             |
| Targus Cayman HoldCo, Ltd. – Common Stock(E)(G)                                                                       |  | 3,076,414                       |             |             | 2,062    |             |              | 10,030   |               |
| Total Common Equity                                                                                                         |  |                                      |             | $           | 12,573   |             |              | $             | 34,978   |              |
| Total Non-Control/Non-Affiliate Investments                                                                             |  |                                      |             | $           | 447,566  |             |              | $             | 454,601  |              |
| AFFILIATE INVESTMENTS(N) – 25.8%                                                                                      |  |                                      |             |             |               |             |
| Secured First Lien Debt – 9.1%                                                                                        |  |                                      |             |             |               |             |
| Diversified/Conglomerate Manufacturing – 1.7%                                                                     |  |                                      |             |             |               |             |
| Edge Adhesives Holdings, Inc. (S) – Term Debt (L + 10.5%, 12.5% Cash, Due 2/2022)(C)                              |  | $                                    | 5,540  |             |               | $           | 5,540   |               |               | $            | 5,540  |  |
| Diversified/Conglomerate Service – 7.4%                                                                           |  |                                      |             |             |               |             |
| Encore Dredging Holdings, LLC – Line of Credit, $3,000 available (L + 8.0%, 9.0% Cash, Due 12/2025)(C)            |  | —                         |             |             | —  |             |              | —  |               |
| Encore Dredging Holdings, LLC – Term Debt (L + 8.0%, 9.0% Cash, Due 12/2025)(C)                                   |  | 23,500                          |             |             | 23,500   |             |              | 23,618   |               |

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|                                                                                                                          |  |                                      |             |              |               |             |              |               |              |               |               |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------|--|--------------------------------------|-------------|--------------|---------------|-------------|--------------|---------------|--------------|---------------|---------------|--|--|--|--|--|--|--|--|--|
| GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSSEPTEMBER 30, 2021(DOLLAR AMOUNTS IN THOUSANDS)         |
| Company and Investment(A)(B)(W)(K)                                                                                       |  | Principal/Shares/Units(J)(I) |             | Cost         |               | Fair Value  |
| Encore Dredging Holdings, LLC – Delayed Draw Term Loan, $5,000 available (L + 8.0%, 9.0% Cash, Due 12/2025)(C) |  | —                         |             |              | —  |             |              | —  |              |
|                                                                                                                          |  |                                      |             | 23,500  |               |             | 23,618  |               |
| Total Secured First Lien Debt                                                                                            |  |                                      |             | $            | 29,040   |             |              | $             | 29,158  |               |
| Secured Second Lien Debt – 9.6%                                                                                    |  |                                      |             |              |               |             |
| Diversified Natural Resources, Precious Metals and Minerals  – 9.6%                                                |  |                                      |             |              |               |             |
| Lignetics, Inc. – Term Debt (L + 9.8%, 11.8% Cash, Due 6/2026)(Y)(Z)                                           |  | $                                    | 6,000  |              |               | $           | 6,000   |               |              | $             | 6,540    |  |
| Lignetics, Inc. – Term Debt (L + 9.8%, 11.8% Cash, Due 6/2026)(Y)(Z)                                           |  | 8,000                           |             |              | 8,000    |             |              | 8,633    |              |
| Lignetics, Inc. – Term Debt (L + 9.8%, 11.8% Cash, Due 6/2026)(Y)(Z)                                           |  | 3,300                           |             |              | 3,300    |             |              | 3,491    |              |
| Lignetics, Inc. – Term Debt (L + 9.8%, 11.8% Cash, Due 6/2026)(Y)(Z)                                           |  | 3,000                           |             |              | 3,000    |             |              | 3,199    |              |
| Lignetics, Inc. – Term Debt (L + 9.8%, 11.8% Cash, Due 6/2026)(Y)(Z)                                           |  | 2,500                           |             |              | 2,500    |             |              | 2,500    |              |
| Lignetics, Inc. – Term Debt (L + 9.8%, 11.8% Cash, Due 6/2026)(Y)(Z)                                           |  | 6,200                           |             |              | 6,200    |             |              | 6,200    |              |
|                                                                                                                          |  |                                      |             | 29,000  |               |             | 30,563  |               |
| Total Secured Second Lien Debt                                                                                           |  |                                      |             | $            | 29,000   |             |              | $             | 30,563  |               |
| Preferred Equity – 3.4%                                                                                            |  |                                      |             |              |               |             |
| Diversified/Conglomerate Manufacturing – 0.0%                                                                  |  |                                      |             |              |               |             |
| Edge Adhesives Holdings, Inc.(S) – Preferred Stock(E)(G)                                                           |  | 5,466                           |             |              | $             | 5,466  |              |               | $            | —  |               |
| Diversified/Conglomerate Service– 1.4%                                                                         |  |                                      |             |              |               |             |
| Encore Dredging Holdings, LLC – Preferred Stock(E)(G)                                                              |  | 3,200,000                       |             |              | 3,200    |             |              | 4,525    |              |
| Diversified Natural Resources, Precious Metals and Minerals  – 1.8%                                                |  |                                      |             |              |               |             |
| Lignetics, Inc. – Preferred Stock(G)(Y)(Z)                                                                         |  | 78,097                          |             |              | 1,321    |             |              | 5,602    |              |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2%                                             |  |                                      |             |              |               |             |
| Canopy Safety Brands, LLC – Preferred Stock(E)(G)                                                                  |  | 500,000                         |             |              | 500      |             |              | 739      |              |
| Total Preferred Equity                                                                                                   |  |                                      |             | $            | 10,487   |             |              | $             | 10,866  |               |
| Common Equity – 3.7%                                                                                               |  |                                      |             |              |               |             |
| Diversified Natural Resources, Precious Metals and Minerals  – 3.5%                                                |  |                                      |             |              |               |             |
| Lignetics, Inc. – Common Stock(G)(Y)(Z)                                                                            |  | 152,603                         |             |              | $             | 1,855  |              |               | $            | 10,969   |               |
| Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2%                                             |  |                                      |             |              |               |             |
| Canopy Safety Brands, LLC – Common Stock(E)(G)                                                                     |  | 800,000                         |             |              | 300      |             |              | 725      |              |
| Total Common Equity                                                                                                      |  |                                      |             | $            | 2,155    |             |              | $             | 11,694  |               |
| Total Affiliate Investments                                                                                              |  |                                      |             | $            | 70,682   |             |              | $             | 82,281  |               |
| CONTROL INVESTMENTS(O) – 6.5%                                                                                      |  |                                      |             |              |               |             |
| Secured First Lien Debt – 1.3%                                                                                     |  |                                      |             |              |               |             |
| Diversified/Conglomerate Manufacturing – 0.9%                                                                  |  |                                      |             |              |               |             |
| LWO Acquisitions Company LLC – Term Debt (L + 7.5%, 10.0% Cash, Due 6/2021)(E)(Q)                              |  | $                                    | 6,000  |              |               | $           | 6,000   |               |              | $             | 2,841    |  |
| LWO Acquisitions Company LLC – Term Debt (Due 6/2021)(E)(P)(Q)                                                 |  | 10,632                          |             |              | 10,632   |             |              | —  |              |
|                                                                                                                          |  |                                      |             | 16,632  |               |             | 2,841   |               |
| Printing and Publishing – 0.4%                                                                                     |  |                                      |             |              |               |             |
| TNCP Intermediate HoldCo, LLC – Line of Credit, $700 available (8.0% Cash, Due 10/2024)(E)(F)                  |  | 1,300                           |             |              | 1,300    |             |              | 1,300    |              |
| Total Secured First Lien Debt                                                                                            |  |                                      |             | $            | 17,932   |             |              | $             | 4,141   |               |
| Secured Second Lien Debt – 2.5%                                                                                    |  |                                      |             |              |               |             |
| Automobile– 2.5%                                                                                                   |  |                                      |             |              |               |             |
| Defiance Integrated Technologies, Inc. – Term Debt (L + 9.5%, 11.0% Cash, Due 5/2026)(E)                       |  | $                                    | 7,985  |              |               | $           | 7,985   |               |              | $             | 7,985    |  |
| Unsecured Debt – 0.0%                                                                                              |  |                                      |             |              |               |             |
| Diversified/Conglomerate Manufacturing – 0.0%                                                                  |  |                                      |             |              |               |             |
| LWO Acquisitions Company LLC – Term Debt (Due 6/2023)(E)(P)                                                    |  | $                                    | 95     |              |               | $           | 95      |               |              | $             | —  |  |
| Preferred Equity – 0.1%                                                                                            |  |                                      |             |              |               |             |
| Automobile– 0.1%                                                                                                   |  |                                      |             |              |               |             |
| Defiance Integrated Technologies, Inc. – Preferred Stock(E)(G)                                                     |  | 6,043                           |             |              | $             | 250    |              |               | $            | 270      |               |
| Common Equity – 2.6%                                                                                               |  |                                      |             |              |               |             |
| Automobile– 0.8%                                                                                                   |  |                                      |             |              |               |             |
| Defiance Integrated Technologies, Inc. – Common Stock(E)(G)                                                        |  | 33,231                          |             |              | $             | 580    |              |               | $            | 2,623    |               |
| Diversified/Conglomerate Manufacturing – 0.0%                                                                  |  |                                      |             |              |               |             |
| LWO Acquisitions Company LLC – Common Units(E)(G)                                                                  |  | 921,000                         |             |              | 921      |             |              | —  |              |

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|                                                                                                                  |  |                                      |  |      |               |            |  |             |               |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------|--|--------------------------------------|--|------|---------------|------------|--|-------------|---------------|--|--|--|--|--|--|--|--|--|--|--|
| GLADSTONE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTSSEPTEMBER 30, 2021(DOLLAR AMOUNTS IN THOUSANDS) |
| Company and Investment(A)(B)(W)(K)                                                                               |  | Principal/Shares/Units(J)(I) |  | Cost |               | Fair Value |
| Machinery – 1.3%                                                                                           |  |                                      |  |      |               |            |
| PIC 360, LLC – Common Equity Units(E)(G)                                                                   |  | 750                             |  |      | 1        |            |  | 3,983  |               |
| Printing and Publishing – 0.5%                                                                             |  |                                      |  |      |               |            |
| TNCP Intermediate HoldCo, LLC – Common Equity Units(E)(G)                                                  |  | 790,000                         |  |      | 500      |            |  | 1,728  |               |
| Total Common Equity                                                                                              |  |                                      |  | $    | 2,002    |            |  | $           | 8,334    |  |
| Total Control Investments                                                                                        |  |                                      |  | $    | 28,264   |            |  | $           | 20,730   |  |
| TOTAL INVESTMENTS – 175.1%                                                                                 |  |                                      |  | $    | 546,512  |            |  | $           | 557,612  |  |

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|                                             |  |               |               |                                                               |               |                                              |               |                                          |  |     |               |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------|--|---------------|---------------|---------------------------------------------------------------|---------------|----------------------------------------------|---------------|------------------------------------------|--|-----|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|
|                                             |  |               |               | Fair Value Measurements                                       |
|                                             |  | Fair Value    |               | Quoted Prices in Active Markets for Identical Assets(Level 1) |               | Significant Other Observable Inputs(Level 2) |               | Significant Unobservable Inputs(Level 3) |
| As of December 31, 2021:           |  |               |               |                                                               |               |                                              |               |                                          |
| Secured first lien debt                     |  | $             | 395,753  |                                                               |               | $                                            | —  |                                          |  | $   | —  |  |  | $ | 395,753  |  |
| Secured second lien debt                    |  | 106,232  |               |                                                               | —  |                                              |               | —                             |  |     | 106,232  |  |
| Unsecured debt                              |  | 66       |               |                                                               | —  |                                              |               | —                             |  |     | 66       |  |
| Preferred equity                            |  | 26,483   |               |                                                               | —  |                                              |               | —                             |  |     | 26,483   |  |
| Common equity/equivalents               |  | 41,574   |               | (A)                                                           | —  |                                              |               | 80                                  |  | (B) | 41,494   |  |
| Total Investments at December 31, 2021 |  | $             | 570,108  |                                                               |               | $                                            | —  |                                          |  | $   | 80       |  |  | $ | 570,028  |  |

|                                                 |  |               |               |                                                               |               |                                              |               |                                          |  |     |               |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------|--|---------------|---------------|---------------------------------------------------------------|---------------|----------------------------------------------|---------------|------------------------------------------|--|-----|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                 |  |               |               | Fair Value Measurements                                       |
|                                                 |  | Fair Value    |               | Quoted Prices in Active Markets for Identical Assets(Level 1) |               | Significant Other Observable Inputs(Level 2) |               | Significant Unobservable Inputs(Level 3) |
| As of September 30, 2021:              |  |               |               |                                                               |               |                                              |               |                                          |
| Secured first lien debt                         |  | $             | 337,394  |                                                               |               | $                                            | —  |                                          |  | $   | —  |  |  | $ | 337,394  |  |
| Secured second lien debt                        |  | 135,956  |               |                                                               | —  |                                              |               | —                             |  |     | 135,956  |  |
| Unsecured debt                                  |  | 10       |               |                                                               | —  |                                              |               | —                             |  |     | 10       |  |
| Preferred equity                                |  | 29,246   |               |                                                               | —  |                                              |               | —                             |  |     | 29,246   |  |
| Common equity/equivalents                   |  | 48,519   |               | (A)                                                           | —  |                                              |               | 78                                  |  | (B) | 48,441   |  |
| Total Investments as of September 30, 2021 |  | $             | 551,125  |                                                               |               | $                                            | —  |                                          |  | $   | 78       |  |  | $ | 551,047  |  |

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|                                                      |                                                                                                   |               |                    |              |   |               |  |  |  |  |  |  |  |  |
|------------------------------------------------------|---------------------------------------------------------------------------------------------------|---------------|--------------------|--------------|---|---------------|--|--|--|--|--|--|--|--|
|                                                      | Total Recurring Fair Value Measurements Reported in                                               |
|                                                      | Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) |
|                                                      | December 31, 2021                                                                                 |               | September 30, 2021 |              |
| Non-Control/Non-Affiliate Investments            |                                                                                                   |               |                    |              |
| Secured first lien debt                              | $                                                                                                 | 349,737  |                    |              | $ | 304,095  |  |  |
| Secured second lien debt                             | 98,327                                                                                       |               |                    | 97,408  |   |               |
| Unsecured debt                                       | 66                                                                                           |               |                    | 10      |   |               |
| Preferred equity                                     | 18,188                                                                                       |               |                    | 18,110  |   |               |
| Common equity/equivalents                        | 31,951                                                                                       |               | (A)                | 28,413  |   | (B)           |
| Total Non-Control/Non-Affiliate Investments      | $                                                                                                 | 498,269  |                    |              | $ | 448,036  |  |  |
| Affiliate Investments                                |                                                                                                   |               |                    |              |
| Secured first lien debt                              | $                                                                                                 | 31,643   |                    |              | $ | 29,158   |  |  |
| Secured second lien debt                             | —                                                                                      |               |                    | 30,563  |   |               |
| Preferred equity                                     | 5,272                                                                                        |               |                    | 10,866  |   |               |
| Common equity/equivalents                        | 763                                                                                          |               |                    | 11,694  |   |               |
| Total Affiliate Investments                          | $                                                                                                 | 37,678   |                    |              | $ | 82,281   |  |  |
| Control Investments                                  |                                                                                                   |               |                    |              |
| Secured first lien debt                              | $                                                                                                 | 14,373   |                    |              | $ | 4,141    |  |  |
| Secured second lien debt                             | 7,905                                                                                        |               |                    | 7,985   |   |               |
| Preferred equity                                     | 3,023                                                                                        |               |                    | 270     |   |               |
| Common equity/equivalents                        | 8,780                                                                                        |               |                    | 8,334   |   |               |
| Total Control Investments                            | $                                                                                                 | 34,081   |                    |              | $ | 20,730   |  |  |
| Total Investments at Fair Value Using Level 3 Inputs | $                                                                                                 | 570,028  |                    |              | $ | 551,047  |  |  |

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|                                                  |                                                                |               |                   |               |                                       |               |                    |  |                                    |  |                              |  |                             |  |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------|----------------------------------------------------------------|---------------|-------------------|---------------|---------------------------------------|---------------|--------------------|--|------------------------------------|--|------------------------------|--|-----------------------------|--|--------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                  | Quantitative Information about Level 3 Fair Value Measurements |
|                                                  |                                                                |               |                   |               |                                       |               |                    |  | Range / Weighted Average as of |
|                                                  | December 31,2021                                               |               | September 30,2021 |               | ValuationTechniques/Methodologies |               | Unobservable Input |  | December 31,2021                   |  | September 30,2021            |
|                                                  |                                                                |               |                   |               |                                       |               |                    |  |                                    |  |                              |
| Secured first lien debt                          | $                                                              | 369,662  |                   |               | $                                     | 321,490  |                    |  | Yield Analysis                     |  | Discount Rate                |  | 7.8% - 22.6% / 10.5%    |  | 7.5% - 31.2% / 12.4% |
|                                                  | 26,091                                                    |               |                   | 15,904   |                                       |               | TEV                |  | EBITDA multiple                    |  | 5.5x – 6.9x/ 6.4x  |  | 5.4x – 5.9x/ 5.9x |
|                                                  |                                                                |               |                   |               |                                       |               | EBITDA             |  | $656 - $10,184/ $6,267         |  | $620 - $10,209/ $9,255   |
|                                                  |                                                                |               |                   |               |                                       |               | Revenue multiple   |  | 0.3x – 0.3x/ 0.3x        |  | 0.3x – 0.3x/ 0.3x  |
|                                                  |                                                                |               |                   |               |                                       |               | Revenue            |  | $9,343 - $9,343/ $9,343        |  | $9,968 - $9,968/ $9,968  |
|                                                  |                                                                |               |                   |               |                                       |               |                    |  |                                    |  |                              |
| Secured second lien debt                         | 82,637                                                    |               |                   | 106,464  |                                       |               | Yield Analysis     |  | Discount Rate                      |  | 11.0% - 25.3%/ 16.8%     |  | 10.1% - 23.7%/ 14.7%    |
|                                                  | 15,690                                                    |               |                   | 21,507   |                                       |               | Market Quote       |  | IBP                                |  | 92.0% - 99.6%/ 95.2%     |  | 90.0% - 99.0%/ 95.7%    |
|                                                  | 7,905                                                     |               |                   | 7,985    |                                       |               | TEV                |  | EBITDA multiple                    |  | 6.1x – 6.1x/ 6.1x  |  | 6.0x – 6.0x/ 6.0x |
|                                                  |                                                                |               |                   |               |                                       |               | EBITDA             |  | $3,125 - $3,125/ $3,125        |  | $3,125 - $3,125/ $3,125  |
|                                                  |                                                                |               |                   |               |                                       |               |                    |  |                                    |  |                              |
| Unsecured debt                                   | 66                                                        |               |                   | 10       |                                       |               | TEV                |  | Revenue multiple                   |  | 0.3x – 1.4x/ 1.0x  |  | 0.3x – 1.4x/ 1.0x |
|                                                  |                                                                |               |                   |               |                                       |               | Revenue            |  | $759 - $9,343/ $3,542          |  | $752 - $9,968/ $3,740    |
|                                                  |                                                                |               |                   |               |                                       |               |                    |  |                                    |  |                              |
| Preferred and common equity / equivalents(A) | 67,977                                                    |               |                   | 77,687   |                                       |               | TEV                |  | EBITDA multiple                    |  | 4.7x – 9.1x / 6.6x |  | 3.7x – 9.5x/ 7.2x |
|                                                  |                                                                |               |                   |               |                                       |               | EBITDA             |  | $656 -$54,654/ $10,012         |  | $620 -$62,547/ $14,788   |
|                                                  |                                                                |               |                   |               |                                       |               | Revenue multiple   |  | 0.3x – 4.0x/ 2.0x        |  | 0.3x– 4.0x / 2.0x  |
|                                                  |                                                                |               |                   |               |                                       |               | Revenue            |  | $759 -$159,574/ $30,862        |  | $752 -$144,889/ $29,437  |
| Total Level 3 Investments, at Fair Value         | $                                                              | 570,028  |                   |               | $                                     | 551,047  |                    |  |                                    |  |                              |  |                             |  |                          |

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|                                                                            |  |                        |               |                         |               |                |               |                  |  |                               |               |       |  |               |              |  |               |   |              |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------|--|------------------------|---------------|-------------------------|---------------|----------------|---------------|------------------|--|-------------------------------|---------------|-------|--|---------------|--------------|--|---------------|---|--------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Three months ended December 31, 2021                                       |  | SecuredFirst Lien Debt |               | SecuredSecond Lien Debt |               | Unsecured Debt |               | Preferred Equity |  | CommonEquity/ Equivalents |               | Total |
| Fair Value as of September 30, 2021                                   |  | $                      | 337,394  |                         |               | $              | 135,956  |                  |  | $                             | 10       |       |  | $             | 29,246  |  |               | $ | 48,441  |  |  | $ | 551,047  |  |
| Total gains (losses):                                                  |  |                        |               |                         |               |                |               |                  |  |                               |               |       |
| Net realized gain (loss)(A)                                                |  | —           |               |                         | —  |                |               | —     |  |                               | —  |       |  | 13,876   |              |  | 13,876   |   |
| Net unrealized appreciation (depreciation)(B)                              |  | 4,493             |               |                         | 559      |                |               | 56          |  |                               | (661)         |       |  | 522      |              |  | 4,969    |   |
| Reversal of prior period net depreciation (appreciation) on realization(B) |  | (95)                   |               |                         | (1,718)       |                |               | —     |  |                               | (4,281)       |       |  | (9,114)       |              |  | (15,208)      |   |
| New investments, repayments and settlements: (C)                       |  |                        |               |                         |               |                |               |                  |  |                               |               |       |
| Issuances/originations                                                 |  | 74,703            |               |                         | 30,170   |                |               | —     |  |                               | 3,500    |       |  | 3,500    |              |  | 111,873  |   |
| Settlements/repayments                                                 |  | (20,742)               |               |                         | (58,735)      |                |               | —     |  |                               | —  |       |  | —  |              |  | (79,477)      |   |
| Net proceeds from sales                                                    |  | —           |               |                         | —  |                |               | —     |  |                               | (1,321)       |       |  | (15,731)      |              |  | (17,052)      |   |
| Transfers                                                                  |  | —           |               |                         | —  |                |               | —     |  |                               | —  |       |  | —  |              |  | —  |   |
| Fair Value as of December 31, 2021                                    |  | $                      | 395,753  |                         |               | $              | 106,232  |                  |  | $                             | 66       |       |  | $             | 26,483  |  |               | $ | 41,494  |  |  | $ | 570,028  |  |

|                                                                            |  |                       |               |                        |               |               |               |                 |  |                               |               |       |  |               |             |  |               |   |              |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------|--|-----------------------|---------------|------------------------|---------------|---------------|---------------|-----------------|--|-------------------------------|---------------|-------|--|---------------|-------------|--|---------------|---|--------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Three months ended December 31, 2020                                       |  | SecuredFirst LienDebt |               | SecuredSecondLien Debt |               | UnsecuredDebt |               | PreferredEquity |  | CommonEquity/ Equivalents |               | Total |
| Fair Value as of September 30, 2020                                   |  | $                     | 213,468  |                        |               | $             | 196,986  |                 |  | $                             | 4,299    |       |  | $             | 7,000  |  |               | $ | 23,881  |  |  | $ | 445,634  |  |
| Total gains (losses):                                                  |  |                       |               |                        |               |               |               |                 |  |                               |               |       |
| Net realized gain (loss)(A)                                                |  | —          |               |                        | —  |               |               | —    |  |                               | —  |       |  | (2,393)       |             |  | (2,393)       |   |
| Net unrealized appreciation (depreciation)(B)                              |  | 932              |               |                        | 1,009    |               |               | (2)             |  |                               | 138      |       |  | 3,297    |             |  | 5,374    |   |
| Reversal of prior period net depreciation (appreciation) on realization(B) |  | —          |               |                        | —  |               |               | 133        |  |                               | —  |       |  | 2,950    |             |  | 3,083    |   |
| New investments, repayments and settlements: (C)                       |  |                       |               |                        |               |               |               |                 |  |                               |               |       |
| Issuances/originations                                                 |  | 27,204           |               |                        | 337      |               |               | 113        |  |                               | 2,098    |       |  | —  |             |  | 29,752   |   |
| Settlements/repayments                                                 |  | (1,683)               |               |                        | (24,113)      |               |               | (4,528)         |  |                               | —  |       |  | —  |             |  | (30,324)      |   |
| Net proceeds from sales                                                    |  | —          |               |                        | —  |               |               | —    |  |                               | —  |       |  | (3,262)       |             |  | (3,262)       |   |
| Transfers                                                                  |  | (20,000)              |               |                        | 20,000   |               |               | —    |  |                               | —  |       |  | —  |             |  | —  |   |
| Fair Value as of December 31, 2020                                    |  | $                     | 219,921  |                        |               | $             | 194,219  |                 |  | $                             | 15       |       |  | $             | 9,236  |  |               | $ | 24,473  |  |  | $ | 447,864  |  |

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|                               |                   |               |                    |            |             |   |               |   |               |            |  |             |               |  |   |               |  |  |               |   |  |               |               |  |  |             |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------|-------------------|---------------|--------------------|------------|-------------|---|---------------|---|---------------|------------|--|-------------|---------------|--|---|---------------|--|--|---------------|---|--|---------------|---------------|--|--|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                               | December 31, 2021 |               | September 30, 2021 |
|                               | Cost              |               | Fair Value         |            | Cost        |   | Fair Value    |
| Secured first lien debt       | $                 | 416,577  |                    |            | 72.4   | % |               | $ | 395,753  |            |  | 68.7   | %             |  | $ | 362,616  |  |  | 66.3     | % |  | $             | 337,394  |  |  | 60.5   | % |
| Secured second lien debt      | 109,078      |               |                    | 18.9  |             |   | 106,232  |   |               | 18.4  |  |             | 137,643  |  |   | 25.2     |  |  | 135,956  |   |  | 24.4     |               |
| Unsecured debt                | 293          |               |                    | 0.1   |             |   | 66       |   |               | 0.0   |  |             | 293      |  |   | 0.1      |  |  | 10       |   |  | —  |               |
| Total debt investments        | 525,948      |               |                    | 91.4  |             |   | 502,051  |   |               | 87.1  |  |             | 500,552  |  |   | 91.6     |  |  | 473,360  |   |  | 84.9     |               |
| Preferred equity              | 31,409       |               |                    | 5.4   |             |   | 26,483   |   |               | 4.6   |  |             | 29,230   |  |   | 5.3      |  |  | 29,246   |   |  | 5.2      |               |
| Common equity/equivalents | 18,375       |               |                    | 3.2   |             |   | 48,061   |   |               | 8.3   |  |             | 16,730   |  |   | 3.1      |  |  | 55,006   |   |  | 9.9      |               |
| Total equity investments      | 49,784       |               |                    | 8.6   |             |   | 74,544   |   |               | 12.9  |  |             | 45,960   |  |   | 8.4      |  |  | 84,252   |   |  | 15.1     |               |
| Total Investments             | $                 | 575,732  |                    |            | 100.0  | % |               | $ | 576,595  |            |  | 100.0  | %             |  | $ | 546,512  |  |  | 100.0    | % |  | $             | 557,612  |  |  | 100.0  | % |

|                                                                        |  |                   |               |                                 |               |             |   |                                 |   |               |            |  |             |   |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------|--|-------------------|---------------|---------------------------------|---------------|-------------|---|---------------------------------|---|---------------|------------|--|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                        |  | December 31, 2021 |               | September 30, 2021              |
| Industry Classification                                                |  | Fair Value        |               | Percentage of Total Investments |               | Fair Value  |   | Percentage of Total Investments |
| Diversified/Conglomerate Service                                   |  | $                 | 142,032  |                                 |               | 24.6   | % |                                 | $ | 132,458  |            |  | 23.8   | % |
| Healthcare, Education, and Childcare                                   |  | 84,122       |               |                                 | 14.6     |             |   | 92,680                     |   |               | 16.6  |  |
| Diversified/Conglomerate Manufacturing                             |  | 81,457       |               |                                 | 14.1     |             |   | 25,223                     |   |               | 4.5   |  |
| Aerospace and Defense                                                  |  | 80,804       |               |                                 | 14.0     |             |   | 79,749                     |   |               | 14.3  |  |
| Beverage, Food, and Tobacco                                            |  | 48,018       |               |                                 | 8.3      |             |   | 48,385                     |   |               | 8.7   |  |
| Telecommunications                                                     |  | 41,397       |               |                                 | 7.2      |             |   | 36,720                     |   |               | 6.6   |  |
| Oil and Gas                                                            |  | 25,905       |               |                                 | 4.5      |             |   | 25,861                     |   |               | 4.6   |  |
| Automobile                                                             |  | 20,987       |               |                                 | 3.7      |             |   | 21,681                     |   |               | 3.9   |  |
| Personal and Non-Durable Consumer Products                             |  | 14,990       |               |                                 | 2.6      |             |   | 1,542                      |   |               | 0.3   |  |
| Machinery                                                              |  | 11,031       |               |                                 | 1.9      |             |   | 10,472                     |   |               | 1.9   |  |
| Textiles and Leather                                                   |  | 10,151       |               |                                 | 1.8      |             |   | 10,030                     |   |               | 1.8   |  |
| Home and Office Furnishings, Housewares, and Durable Consumer Products |  | 10,000       |               |                                 | 1.7      |             |   | 10,025                     |   |               | 1.8   |  |
| Diversified Natural Resources, Precious Metals and Minerals            |  | —      |               |                                 | —  |             |   | 47,134                     |   |               | 8.4   |  |
| Chemicals, Plastics and Rubber                                         |  | —      |               |                                 | —  |             |   | 10,062                     |   |               | 1.8   |  |
| Other, < 2.0%                                                      |  | 5,701        |               |                                 | 1.0      |             |   | 5,590                      |   |               | 1.0   |  |
| Total Investments                                                      |  | $                 | 576,595  |                                 |               | 100.0  | % |                                 | $ | 557,612  |            |  | 100.0  | % |

|                   |  |                   |               |                                 |            |             |   |                                 |   |               |            |  |             |   |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------|--|-------------------|---------------|---------------------------------|------------|-------------|---|---------------------------------|---|---------------|------------|--|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|
|                   |  | December 31, 2021 |               | September 30, 2021              |
| Location          |  | Fair Value        |               | Percentage of Total Investments |            | Fair Value  |   | Percentage of Total Investments |
| South             |  | $                 | 258,211  |                                 |            | 44.8   | % |                                 | $ | 238,917  |            |  | 42.8   | % |
| West              |  | 163,513      |               |                                 | 28.4  |             |   | 184,247                    |   |               | 33.0  |  |
| Midwest           |  | 109,882      |               |                                 | 19.0  |             |   | 85,970                     |   |               | 15.5  |  |
| Northeast         |  | 44,989       |               |                                 | 7.8   |             |   | 48,478                     |   |               | 8.7   |  |
| Total Investments |  | $                 | 576,595  |                                 |            | 100.0  | % |                                 | $ | 557,612  |            |  | 100.0  | % |

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|                                                             |  |                                                            |  |               |               |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------|--|------------------------------------------------------------|--|---------------|---------------|--|--|--|--|--|--|--|--|--|
|                                                             |  |                                                            |  | Amount        |
| For the remaining nine months ending September 30: |  | 2022(A)                                                    |  | $             | 103,802  |  |
| For the fiscal years ending September 30:          |  | 2023                                                       |  | 33,295   |               |
|                                                             |  | 2024                                                       |  | 43,814   |               |
|                                                             |  | 2025                                                       |  | 85,352   |               |
|                                                             |  | 2026                                                       |  | 144,730  |               |
|                                                             |  | Thereafter                                                 |  | 116,274  |               |
|                                                             |  | Total contractual repayments                               |  | $             | 527,267  |  |
|                                                             |  | Adjustments to cost basis of debt investments              |  | (1,319)       |               |
|                                                             |  | Investments in equity securities                           |  | 49,784   |               |
|                                                             |  | Investments held as of December 31, 2021 at cost: |  | $             | 575,732  |  |

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|                                                            |                                |               |      |              |   |               |  |  |  |  |  |  |  |  |
|------------------------------------------------------------|--------------------------------|---------------|------|--------------|---|---------------|--|--|--|--|--|--|--|--|
|                                                            | Three Months EndedDecember 31, |               |
|                                                            | 2021                           |               | 2020 |              |
| Average total assets subject to base management fee(A)     | $                              | 576,000  |      |              | $ | 457,600  |  |  |
| Multiplied by prorated annual base management fee of 1.75% | 0.4375                    | %             |      | 0.4375  | % |               |
| Base management fee(B)                                     | $                              | 2,520    |      |              | $ | 2,002    |  |  |
| Portfolio company fee credit                               | (1,869)                        |               |      | (352)        |   |               |
| Syndicated loan fee credit                                 | (58)                           |               |      | (87)         |   |               |
| Net Base Management Fee                                    | $                              | 593      |      |              | $ | 1,563    |  |  |
| Loan servicing fee(B)                                      | 1,462                     |               |      | 1,348   |   |               |
| Credit to base management fee - loan servicing fee(B)      | (1,462)                        |               |      | (1,348)      |   |               |
| Net Loan Servicing Fee                                     | $                              | —  |      |              | $ | —  |  |  |
| Incentive fee(B)                                           | 2,091                     |               |      | 1,367   |   |               |
| Incentive fee credit                                       | —                   |               |      | (211)        |   |               |
| Net Incentive Fee                                          | $                              | 2,091    |      |              | $ | 1,156    |  |  |
| Portfolio company fee credit                               | (1,869)                        |               |      | (352)        |   |               |
| Syndicated loan fee credit                                 | (58)                           |               |      | (87)         |   |               |
| Incentive fee credit                                       | —                   |               |      | (211)        |   |               |
| Credits to Fees From Adviser - other(B)                    | $                              | (1,927)       |      |              | $ | (650)         |  |  |

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|                                    |                   |             |                    |             |   |             |  |  |  |  |  |
|------------------------------------|-------------------|-------------|--------------------|-------------|---|-------------|--|--|--|--|--|
|                                    | December 31, 2021 |             | September 30, 2021 |
| Base management fee due to Adviser | $                 | (868)       |                    |             | $ | 385    |  |
| Loan servicing fee due to Adviser  | 335          |             |                    | 343    |   |
| Incentive fee due to Adviser       | 2,091        |             |                    | 1,527  |   |
| Total fees due to Adviser          | 1,558        |             |                    | 2,255  |   |
| Fee due to Administrator           | 466          |             |                    | 382    |   |
| Total Related Party Fees Due       | $                 | 2,024  |                    |             | $ | 2,637  |  |

|                                 |                   |         |                    |   |         |  |  |  |  |  |  |
|---------------------------------|-------------------|---------|--------------------|---|---------|--|--|--|--|--|--|
|                                 | December 31, 2021 |         | September 30, 2021 |
| Commitment amount               | $                 | 175,000 |                    | $ | 175,000 |
| Borrowings outstanding, at cost | 53,900            |         | 50,500        |   |
| Availability(A)                 | 100,941           |         | 103,897       |   |

|                                                  |                                        |              |      |           |   |               |  |  |  |  |  |  |  |  |
|--------------------------------------------------|----------------------------------------|--------------|------|-----------|---|---------------|--|--|--|--|--|--|--|--|
|                                                  | For the Three Months EndedDecember 31, |              |
|                                                  | 2021                                   |              | 2020 |           |
| Weighted average borrowings outstanding, at cost | $                                      | 32,967  |      |           | $ | 105,074  |  |  |
| Weighted average interest rate(B)                | 7.5                               | %            |      | 3.6  | % |               |
| Commitment (unused) fees incurred                | $                                      | 335     |      |           | $ | 152      |  |  |

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|                 |                                                                                                   |              |                    |  |   |              |  |  |  |  |  |
|-----------------|---------------------------------------------------------------------------------------------------|--------------|--------------------|--|---|--------------|--|--|--|--|--|
|                 | Total Recurring Fair Value Measurement Reported in                                                |
|                 | Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) |
|                 | December 31, 2021                                                                                 |              | September 30, 2021 |
| Credit Facility | $                                                                                                 | 53,900  |                    |  | $ | 50,500  |  |

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|                                                                              |                                |              |      |              |   |               |  |  |  |  |  |
|------------------------------------------------------------------------------|--------------------------------|--------------|------|--------------|---|---------------|--|--|--|--|--|
| Fair Value Measurements Using Significant Unobservable Data Inputs (Level 3) |
|                                                                              | Three Months EndedDecember 31, |
|                                                                              | 2021                           |              | 2020 |
| Fair value as of September 30, 2021 and 2020, respectively                   | $                              | 50,500  |      |              | $ | 127,650  |  |
| Borrowings                                                                   | 138,200                   |              |      | 21,500  |   |
| Repayments                                                                   | (134,800)                      |              |      | (133,200)    |   |
| Net unrealized appreciation(A)                                               | —                   |              |      | 320     |   |
| Fair Value as of December 31, 2021 and 2020, respectively               | $                              | 53,900  |      |              | $ | 16,270   |  |

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|                                                                                                                   |                                |              |      |                  |   |              |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------|------|------------------|---|--------------|--|--|--|--|--|--|--|--|
|                                                                                                                   | Three Months EndedDecember 31, |              |
|                                                                                                                   | 2021                           |              | 2020 |                  |
| Numerator: basic and diluted net increase (decrease) in net assets resulting from operations per common share | $                              | 12,103  |      |                  | $ | 12,303  |  |  |
| Denominator: basic and diluted weighted average common share                                                  | 34,304,371                |              |      | 32,097,542  |   |              |
| Basic and diluted net increase (decrease) in net assets resulting from operations per common share                | $                              | 0.35    |      |                  | $ | 0.38    |  |  |

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|             |  |                                           |  |                   |             |                   |  |                               |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------|--|-------------------------------------------|--|-------------------|-------------|-------------------|--|-------------------------------|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Fiscal Year |  | Declaration Date                          |  | Record Date       |             | Payment Date      |  | Distribution per Common Share |
| 2022        |  | October 12, 2021                          |  | October 22, 2021  |             | October 29, 2021  |  | $                             | 0.065  |  |
|             |  | October 12, 2021                          |  | November 19, 2021 |             | November 30, 2021 |  | 0.065                    |             |
|             |  | October 12, 2021                          |  | December 23, 2021 |             | December 31, 2021 |  | 0.065                    |             |
|             |  | Three Months Ended December 31, 2021: |  | $                 | 0.195  |                   |

|             |  |                                           |  |                   |             |                   |  |                               |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------|--|-------------------------------------------|--|-------------------|-------------|-------------------|--|-------------------------------|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Fiscal Year |  | Declaration Date                          |  | Record Date       |             | Payment Date      |  | Distribution per Common Share |
| 2021        |  | October 13, 2020                          |  | October 23, 2020  |             | October 30, 2020  |  | $                             | 0.065  |  |
|             |  | October 13, 2020                          |  | November 20, 2020 |             | November 30, 2020 |  | 0.065                    |             |
|             |  | October 13, 2020                          |  | December 23, 2020 |             | December 31, 2020 |  | 0.065                    |             |
|             |  | Three Months Ended December 31, 2020: |  | $                 | 0.195  |                   |

|                                     |                                     |       |                                   |           |   |          |  |  |  |  |  |
|-------------------------------------|-------------------------------------|-------|-----------------------------------|-----------|---|----------|--|--|--|--|--|
|                                     | Three Months EndedDecember 31, 2021 |       | Year EndedSeptember 30, 2021 |
| Undistributed net investment income | $                                   | (649) |                                   |           | $ | 39  |  |
| Accumulated net realized losses     | 649                            |       |                                   | 959  |   |
| Capital in excess of par value      | —                        |       |                                   | (998)     |   |

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|                                      |                  |              |                   |              |   |              |  |  |  |  |  |
|--------------------------------------|------------------|--------------|-------------------|--------------|---|--------------|--|--|--|--|--|
|                                      | December 31,2021 |              | September 30,2021 |
| Unused line of credit commitments(A) | $                | 29,705  |                   |              | $ | 25,549  |  |
| Delayed draw term loans              | 33,754      |              |                   | 27,984  |   |
| Uncalled capital commitment          | 843         |              |                   | 843     |   |
| Total                                | $                | 64,302  |                   |              | $ | 54,376  |  |

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|                                                                            |                                 |               |      |                  |   |               |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------|---------------------------------|---------------|------|------------------|---|---------------|--|--|--|--|--|--|--|--|
|                                                                            | Three Months Ended December 31, |               |
|                                                                            | 2021                            |               | 2020 |                  |
| Per Common Share Data:                                                 |                                 |               |      |                  |
| Net asset value at beginning of period(A)                                  | $                               | 9.28     |      |                  | $ | 7.40     |  |  |
| Income from operations(B)                                                  |                                 |               |      |                  |
| Net investment income                                                      | 0.27                       |               |      | 0.20        |   |               |
| Net realized and unrealized gain (loss) on investments                     | 0.10                       |               |      | 0.19        |   |               |
| Net realized and unrealized gain (loss) on other                           | (0.02)                          |               |      | (0.01)           |   |               |
| Total from operations                                                      | 0.35                       |               |      | 0.38        |   |               |
| Distributions to common stockholders from(B)(C)                            |                                 |               |      |                  |
| Net investment income                                                      | (0.20)                          |               |      | (0.19)           |   |               |
| Return of capital                                                          | —                    |               |      | (0.01)           |   |               |
| Total distributions                                                        | (0.20)                          |               |      | (0.20)           |   |               |
| Capital share transactions(B)                                              |                                 |               |      |                  |
| Anti-dilutive effect of common stock issuance(D)                           | —                    |               |      | 0.03        |   |               |
| Total capital share transactions                                           | —                    |               |      | 0.03        |   |               |
| Other, net                                                                 | 0.01                       |               |      | —     |   |               |
| Net asset value at end of period(A)                                        | $                               | 9.44     |      |                  | $ | 7.61     |  |  |
| Per common share market value at beginning of period                       | $                               | 11.30    |      |                  | $ | 7.41     |  |  |
| Per common share market value at end of period                             | 11.59                      |               |      | 8.86        |   |               |
| Total return(E)                                                            | 4.29                       | %             |      | 22.46       | % |               |
| Common stock outstanding at end of period(A)                               | 34,304,371                 |               |      | 32,490,392  |   |               |
| Statement of Assets and Liabilities Data:                              |                                 |               |      |                  |
| Net assets at end of period                                                | $                               | 323,853  |      |                  | $ | 247,117  |  |  |
| Average net assets(F)                                                      | 320,892                    |               |      | 241,444     |   |               |
| Senior Securities Data:                                                |                                 |               |      |                  |
| Borrowings under Credit Facility, at cost                                  | 53,900                     |               |      | 16,300      |   |               |
| Long term debt                                                             | 200,000                    |               |      | 196,313     |   |               |
| Ratios/Supplemental Data:                                          |                                 |               |      |                  |
| Ratio of net expenses to average net assets – annualized(G)(H)       | 8.73                       | %             |      | 10.94       | % |               |
| Ratio of net investment income to average net assets – annualized(I) | 11.42                      | %             |      | 10.40       | % |               |

----

|                   |  |                            |  |                               |             |  |  |  |  |  |  |  |  |  |
|-------------------|--|----------------------------|--|-------------------------------|-------------|--|--|--|--|--|--|--|--|--|
| Record Date       |  | Payment Date               |  | Distribution per Common Share |
| January 21, 2022  |  | January 31, 2022           |  | $                             | 0.065  |  |
| February 18, 2022 |  | February 28, 2022          |  | 0.065                    |             |
| March 23, 2022    |  | March 31, 2022             |  | 0.065                    |             |
|                   |  | Total for the Quarter: |  | $                             | 0.195  |  |

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|                   |  |                            |  |                               |             |  |  |  |  |  |  |  |  |  |
|-------------------|--|----------------------------|--|-------------------------------|-------------|--|--|--|--|--|--|--|--|--|
| Record Date       |  | Payment Date               |  | Distribution per Common Share |
| January 21, 2022  |  | January 31, 2022           |  | $                             | 0.065  |  |
| February 18, 2022 |  | February 28, 2022          |  | 0.065                    |             |
| March 23, 2022    |  | March 31, 2022             |  | 0.065                    |             |
|                   |  | Total for the Quarter: |  | $                             | 0.195  |  |

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|                                                                 |                                 |              |      |              |          |              |              |  |   |             |  |  |           |   |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------|---------------------------------|--------------|------|--------------|----------|--------------|--------------|--|---|-------------|--|--|-----------|---|--|--|--|--|--|--|--|--|--|
|                                                                 | Three Months Ended December 31, |
|                                                                 | 2021                            |              | 2020 |              | $ Change |              | % Change     |
| INVESTMENT INCOME                                               |                                 |              |      |              |          |              |              |
| Interest income                                                 | $                               | 12,866  |      |              | $        | 12,082  |              |  | $ | 784    |  |  | 6.5  | % |
| Success fee, dividend, and other income                         | 3,301                      |              |      | 800     |          |              | 2,501   |  |   | 312.6  |  |
| Total investment income                                         | 16,167                     |              |      | 12,882  |          |              | 3,285   |  |   | 25.5   |  |
| EXPENSES                                                        |                                 |              |      |              |          |              |              |
| Base management fee                                             | 2,520                      |              |      | 2,002   |          |              | 518     |  |   | 25.9   |  |
| Loan servicing fee                                              | 1,462                      |              |      | 1,348   |          |              | 114     |  |   | 8.5    |  |
| Incentive fee                                                   | 2,091                      |              |      | 1,367   |          |              | 724     |  |   | 53.0   |  |
| Administration fee                                              | 379                        |              |      | 355     |          |              | 24      |  |   | 6.8    |  |
| Interest expense on borrowings and notes payable                | 3,007                      |              |      | 2,568   |          |              | 439     |  |   | 17.1   |  |
| Amortization of deferred financing costs                        | 289                        |              |      | 418     |          |              | (129)        |  |   | (30.9)      |  |
| Other expenses                                                  | 648                        |              |      | 542     |          |              | 106     |  |   | 19.6   |  |
| Expenses, before credits from Adviser                           | 10,396                     |              |      | 8,600   |          |              | 1,796   |  |   | 20.9   |  |
| Credit to base management fee – loan servicing fee        | (1,462)                         |              |      | (1,348)      |          |              | (114)        |  |   | 8.5    |  |
| Credits to fees from Adviser – other                      | (1,927)                         |              |      | (650)        |          |              | (1,277)      |  |   | 196.5  |  |
| Total expenses, net of credits                                  | 7,007                      |              |      | 6,602   |          |              | 405     |  |   | 6.1    |  |
| NET INVESTMENT INCOME                                           | 9,160                      |              |      | 6,280   |          |              | 2,880   |  |   | 45.9   |  |
| NET REALIZED AND UNREALIZED GAIN (LOSS)                         |                                 |              |      |              |          |              |              |
| Net realized gain (loss) on investments                         | 13,880                     |              |      | (2,144)      |          |              | 16,024  |  |   | NM          |
| Net realized gain (loss) on other                               | (700)                           |              |      | (8)          |          |              | (692)        |  |   | NM          |
| Net unrealized appreciation (depreciation) of investments       | (10,237)                        |              |      | 8,495   |          |              | (18,732)     |  |   | (220.5)     |  |
| Net unrealized appreciation of other                            | —                    |              |      | (320)        |          |              | 320     |  |   | NM          |
| Net gain (loss) from investments and other                      | 2,943                      |              |      | 6,023   |          |              | (3,080)      |  |   | (51.1)      |  |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $                               | 12,103  |      |              | $        | 12,303  |              |  | $ | (200)       |  |  | (1.6)     | % |

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|                                                            |                                |               |      |              |   |               |  |  |  |  |  |
|------------------------------------------------------------|--------------------------------|---------------|------|--------------|---|---------------|--|--|--|--|--|
|                                                            | Three Months EndedDecember 31, |
|                                                            | 2021                           |               | 2020 |
| Average total assets subject to base management fee(A)     | $                              | 576,000  |      |              | $ | 457,600  |  |
| Multiplied by prorated annual base management fee of 1.75% | 0.4375                    | %             |      | 0.4375  | % |
| Base management fee(B)                                     | $                              | 2,520    |      |              | $ | 2,002    |  |
| Portfolio company fee credit                               | (1,869)                        |               |      | (352)        |   |
| Syndicated loan fee credit                                 | (58)                           |               |      | (87)         |   |
| Net Base Management Fee                                    | $                              | 593      |      |              | $ | 1,563    |  |
| Loan servicing fee(B)                                      | 1,462                     |               |      | 1,348   |   |
| Credit to base management fee - loan servicing fee(B)      | (1,462)                        |               |      | (1,348)      |   |
| Net Loan Servicing Fee                                     | $                              | —  |      |              | $ | —  |  |
| Incentive fee(B)                                           | 2,091                     |               |      | 1,367   |   |
| Incentive fee credit                                       | —                   |               |      | (211)        |   |
| Net Incentive Fee                                          | $                              | 2,091    |      |              | $ | 1,156    |  |
| Portfolio company fee credit                               | (1,869)                        |               |      | (352)        |   |
| Syndicated loan fee credit                                 | (58)                           |               |      | (87)         |   |
| Incentive fee credit                                       | —                   |               |      | (211)        |   |
| Credits to Fees From Adviser - other(B)                    | $                              | (1,927)       |      |              | $ | (650)         |  |

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|                                  |  |                                      |               |                                        |               |                                                   |             |                 |  |   |               |  |  |   |             |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------|--|--------------------------------------|---------------|----------------------------------------|---------------|---------------------------------------------------|-------------|-----------------|--|---|---------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|
|                                  |  | Three Months Ended December 31, 2021 |
| Portfolio Company                |  | Realized Gain (Loss)                 |               | Unrealized Appreciation (Depreciation) |               | Reversal of Unrealized (Appreciation)Depreciation |             | Net Gain (Loss) |
| NetFortris Corp.                 |  | $                                    | —  |                                        |               | $                                                 | 3,905  |                 |  | $ | —  |  |  | $ | 3,905  |  |
| ENET Holdings, LLC               |  | —                         |               |                                        | 1,050    |                                                   |             | —    |  |   | 1,050    |  |
| Imperative Holdings Corporation  |  | —                         |               |                                        | 719      |                                                   |             | —    |  |   | 719      |  |
| PIC 360, LLC                     |  | —                         |               |                                        | 488      |                                                   |             | —    |  |   | 488      |  |
| AG Transportation Holdings, LLC  |  | 468                             |               |                                        | —  |                                                   |             | —    |  |   | 468      |  |
| LWO Acquisitions Company LLC     |  | —                         |               |                                        | (311)         |                                                   |             | —    |  |   | (311)         |  |
| Sea Link International IRB, Inc. |  | —                         |               |                                        | (376)         |                                                   |             | —    |  |   | (376)         |  |
| MCG Energy Solutions, LLC        |  | —                         |               |                                        | (542)         |                                                   |             | —    |  |   | (542)         |  |
| Lignetics, Inc.                  |  | 13,408                          |               |                                        | —  |                                                   |             | (14,958)        |  |   | (1,550)       |  |
| Other, net (<$500)           |  | 4                               |               |                                        | 38       |                                                   |             | (250)           |  |   | (208)         |  |
| Total:                       |  | $                                    | 13,880   |                                        |               | $                                                 | 4,971  |                 |  | $ | (15,208)      |  |  | $ | 3,643  |  |

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|                                                |  |                                      |               |                                        |               |                                                   |             |                 |  |   |               |  |  |   |             |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|--------------------------------------|---------------|----------------------------------------|---------------|---------------------------------------------------|-------------|-----------------|--|---|---------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|
|                                                |  | Three Months Ended December 31, 2020 |
| Portfolio Company                              |  | Realized Gain (Loss)                 |               | Unrealized Appreciation (Depreciation) |               | Reversal of Unrealized (Appreciation)Depreciation |             | Net Gain (Loss) |
| AG Transportation Holdings, LLC                |  | $                                    | —  |                                        |               | $                                                 | 1,276  |                 |  | $ | —  |  |  | $ | 1,276  |  |
| Triple H Food Processors, LLC                  |  | —                         |               |                                        | 602      |                                                   |             | —    |  |   | 602      |  |
| PIC 360, LLC                                   |  | —                         |               |                                        | 518      |                                                   |             | —    |  |   | 518      |  |
| Antenna Research Associates, Inc.              |  | —                         |               |                                        | 494      |                                                   |             | —    |  |   | 494      |  |
| R2i Holdings, LLC                              |  | —                         |               |                                        | 459      |                                                   |             | —    |  |   | 459      |  |
| Edmentum Ultimate Holdings, LLC                |  | (2,351)                              |               |                                        | —  |                                                   |             | 2,770      |  |   | 419      |  |
| Targus Cayman HoldCo, Ltd.                     |  | —                         |               |                                        | 407      |                                                   |             | —    |  |   | 407      |  |
| Café Zupas                                |  | —                         |               |                                        | 324      |                                                   |             | —    |  |   | 324      |  |
| Vertellus Holdings LLC                         |  | (41)                                 |               |                                        | —  |                                                   |             | 313        |  |   | 272      |  |
| EL Academies, Inc.                             |  | —                         |               |                                        | 259      |                                                   |             | —    |  |   | 259      |  |
| Keystone Acquisition Corp.                     |  | —                         |               |                                        | 258      |                                                   |             | —    |  |   | 258      |  |
| Tailwind Smith Cooper Intermediate Corporation |  | —                         |               |                                        | 256      |                                                   |             | —    |  |   | 256      |  |
| DKI Ventures, LLC                              |  | —                         |               |                                        | 249      |                                                   |             | —    |  |   | 249      |  |
| Medical Solutions Holdings, Inc.               |  | —                         |               |                                        | 237      |                                                   |             | —    |  |   | 237      |  |
| Magpul Industries Corp.                        |  | —                         |               |                                        | 210      |                                                   |             | —    |  |   | 210      |  |
| American Trailer Rental Group LLC              |  | —                         |               |                                        | 198      |                                                   |             | —    |  |   | 198      |  |
| TNCP Intermediate HoldCo, LLC                  |  | —                         |               |                                        | 192      |                                                   |             | —    |  |   | 192      |  |
| Gray Matter Systems, LLC                       |  | —                         |               |                                        | 173      |                                                   |             | —    |  |   | 173      |  |
| Drive Chassis Holdco, LLC                      |  | —                         |               |                                        | 168      |                                                   |             | —    |  |   | 168      |  |
| LWO Acquisitions Company LLC                   |  | —                         |               |                                        | 150      |                                                   |             | —    |  |   | 150      |  |
| ENET Holdings, LLC                             |  | —                         |               |                                        | (374)         |                                                   |             | —    |  |   | (374)         |  |
| Imperative Holdings Corporation                |  | —                         |               |                                        | (793)         |                                                   |             | —    |  |   | (793)         |  |
| Other, net (<$500)                         |  | 248                             |               |                                        | 149      |                                                   |             | —    |  |   | 397      |  |
| Total:                                     |  | $                                    | (2,144)       |                                        |               | $                                                 | 5,412  |                 |  | $ | 3,083    |  |  | $ | 6,351  |  |

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|                                                                                    |                                |               |      |              |   |               |  |  |  |  |  |
|------------------------------------------------------------------------------------|--------------------------------|---------------|------|--------------|---|---------------|--|--|--|--|--|
|                                                                                    | Three Months EndedDecember 31, |
|                                                                                    | 2021                           |               | 2020 |
| Beginning investment portfolio, at fair value                                      | $                              | 557,612  |      |              | $ | 450,400  |  |
| New investments                                                                    | 106,918                   |               |      | 29,000  |   |
| Disbursements to existing portfolio companies                                      | 3,876                     |               |      | 98      |   |
| Scheduled principal repayments on investments                                      | (1,881)                        |               |      | (619)        |   |
| Unscheduled principal repayments on investments                                    | (77,862)                       |               |      | (30,012)     |   |
| Net proceeds from sale of investments                                              | (17,056)                       |               |      | (3,511)      |   |
| Net unrealized appreciation (depreciation) of investments                          | 4,971                     |               |      | 5,412   |   |
| Reversal of prior period depreciation (appreciation) of investments on realization | (15,208)                       |               |      | 3,083   |   |
| Net realized gain (loss) on investments                                            | 13,880                    |               |      | (2,144)      |   |
| Increase in investments due to PIK(A) or other                                     | 1,079                     |               |      | 654     |   |
| Net change in premiums, discounts and amortization                                 | 266                       |               |      | (2)          |   |
| Investment Portfolio, at Fair Value                                                | $                              | 576,595  |      |              | $ | 452,359  |  |

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|                                                             |  |                                                            |  |               |               |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------|--|------------------------------------------------------------|--|---------------|---------------|--|--|--|--|--|--|--|--|--|
|                                                             |  |                                                            |  | Amount        |
| For the remaining nine months ending September 30: |  | 2022(A)                                                    |  | $             | 103,802  |  |
| For the fiscal years ending September 30:          |  | 2023                                                       |  | 33,295   |               |
|                                                             |  | 2024                                                       |  | 43,814   |               |
|                                                             |  | 2025                                                       |  | 85,352   |               |
|                                                             |  | 2026                                                       |  | 144,730  |               |
|                                                             |  | Thereafter                                                 |  | 116,274  |               |
|                                                             |  | Total contractual repayments                               |  | $             | 527,267  |  |
|                                                             |  | Adjustments to cost basis of debt investments              |  | (1,319)       |               |
|                                                             |  | Investments in equity securities                           |  | 49,784   |               |
|                                                             |  | Investments held as of December 31, 2021 at cost: |  | $             | 575,732  |  |

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|                                         |  |                        |               |           |               |           |               |                   |  |       |               |  |  |               |               |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------|--|------------------------|---------------|-----------|---------------|-----------|---------------|-------------------|--|-------|---------------|--|--|---------------|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                         |  | Payments Due by Period |
| Contractual Obligations(A)              |  | Less than1 Year        |               | 1-3 Years |               | 3-5 Years |               | More than 5 Years |  | Total |
| Credit Facility(B)                      |  | $                      | —  |           |               | $         | —  |                   |  | $     | 53,900   |  |  | $             | —  |  |  | $ | 53,900   |  |
| Notes Payable                           |  | —           |               |           | —  |           |               | 150,000      |  |       | 50,000   |  |  | 200,000  |               |
| Interest expense on debt obligations(C) |  | 12,465            |               |           | 24,930   |           |               | 14,497       |  |       | 625      |  |  | 52,517   |               |
| Total                                   |  | $                      | 12,465   |           |               | $         | 24,930   |                   |  | $     | 218,397  |  |  | $             | 50,625   |  |  | $ | 306,417  |  |

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|                  |  |                       |  |                          |  |  |  |  |  |  |  |  |  |  |
|------------------|--|-----------------------|--|--------------------------|--|--|--|--|--|--|--|--|--|--|
| Rating           |  | As ofDecember 31,2021 |  | As of September 30, 2021 |
| Highest          |  | 10.0                  |  | 10.0                     |
| Average          |  | 7.0                   |  | 6.6                      |
| Weighted Average |  | 7.4                   |  | 7.0                      |
| Lowest           |  | 1.0                   |  | 1.0                      |

|                  |  |                       |  |                          |  |  |  |  |  |  |  |  |  |  |
|------------------|--|-----------------------|--|--------------------------|--|--|--|--|--|--|--|--|--|--|
| Rating           |  | As ofDecember 31,2021 |  | As of September 30, 2021 |
| Highest          |  | 5.0                   |  | 5.0                      |
| Average          |  | 4.5                   |  | 4.6                      |
| Weighted Average |  | 4.3                   |  | 4.5                      |
| Lowest           |  | 4.0                   |  | 4.0                      |

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|                  |  |                       |  |                          |  |  |  |  |  |  |  |  |  |  |
|------------------|--|-----------------------|--|--------------------------|--|--|--|--|--|--|--|--|--|--|
| Rating           |  | As ofDecember 31,2021 |  | As of September 30, 2021 |
| Highest          |  | 5.0                   |  | 5.0                      |
| Average          |  | 5.0                   |  | 5.0                      |
| Weighted Average |  | 5.0                   |  | 5.0                      |
| Lowest           |  | 5.0                   |  | 5.0                      |

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|                |             |   |  |  |  |
|----------------|-------------|---|--|--|--|
| Variable rates | 88.5   | % |
| Fixed rates    | 11.5   | % |
| Total:     | 100.0  | % |

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|         |  |                                                                                                                                                                                                                                                                                                                                                                   |  |  |  |  |  |  |
|---------|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
| Exhibit |  | Description                                                                                                                                                                                                                                                                                                                                                       |
|         |  |                                                                                                                                                                                                                                                                                                                                                                   |
| 3.1     |  | Articles of Amendment and Restatement to the Articles of Incorporation, incorporated by reference to Exhibit 99.a.2 to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-63700), filed July 27, 2001.                                                                                                                         |
| 3.2     |  | Articles Supplementary Establishing and Fixing the Rights and Preferences of Term Preferred Shares, including Appendix A thereto relating to the Term Preferred Shares, 7.125% Series 2016, incorporated by reference to Exhibit 2.a.2 to Post-Effective Amendment No. 5 to the Registration Statement on Form N-2 (File No. 333-162592), filed October 31, 2011. |

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|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                           |  |  |  |  |  |  |
|------|--|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
| 3.3  |  | Certificate of Correction to Articles Supplementary Establishing and Fixing the Rights and Preferences of Term Preferred Shares, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 814-00237), filed October 29, 2015.                                                                                                                                                                 |
| 3.4  |  | Articles Supplementary, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 814-00237), filed September 21, 2017.                                                                                                                                                                                                                                                                        |
| 3.5  |  | Bylaws, incorporated by reference to Exhibit 99.b to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-63700), filed July 27, 2001.                                                                                                                                                                                                                                                   |
| 3.6  |  | Amendment to Bylaws, incorporated by reference to Exhibit 3.3 to the Quarterly Report on Form 10-Q (File No. 814-00237), filed February 17, 2004.                                                                                                                                                                                                                                                                         |
| 3.7  |  | Second Amendment to Bylaws, incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K (File No. 814-00237), filed July 10, 2007.                                                                                                                                                                                                                                                                        |
| 3.8  |  | Third Amendment to Bylaws, incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K (File No. 814-00237), filed June 10, 2011.                                                                                                                                                                                                                                                                         |
| 3.9  |  | Fourth Amendment to Bylaws, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 814-00237), filed November 29, 2016.                                                                                                                                                                                                                                                                     |
| 4.1  |  | Form of Certificate for Common Stock, incorporated by reference to Exhibit 99.d.2 to Pre-Effective Amendment No. 3 to the Registration Statement on Form N-2 (File No. 333-63700), filed August 23, 2001.                                                                                                                                                                                                                 |
| 4.2  |  | Indenture between the Registrant and U.S. Bank National Association, dated as of November 6, 2018, incorporated by reference to Exhibit 2.d.10 to Post-Effective Amendment No. 7 to the Registration Statement on Form N-2 (File No. 333-208637), filed November 6, 2018.                                                                                                                                                 |
| 4.3  |  | Third Supplemental Indenture between Gladstone Capital Corporation and U.S. Bank National Association, dated as of December 15, 2020, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No. 814-00237), filed December 15, 2020.                                                                                                                                                           |
| 4.4  |  | Fourth Supplemental Indenture between Gladstone Capital Corporation and U.S. Bank National Association, dated as of November 4, 2021, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No. 814-00237), filed on November 4, 2021.                                                                                                                                                         |
| 4.5  |  | Registration Rights Agreement, dated as of November 4, 2021, by and between Gladstone Capital Corporation and Raymond James & Associates, Inc., as representative of the several initial purchasers, incorporated by reference to Exhibit 4.4 to the Current Report on Form 8-K (File No. 814-00237), filed on November 4, 2021.                                                                                      |
| 10.1 |  | Third Amended and Restated Investment Advisory and Management Agreement between the Registrant and Gladstone Management Corporation, dated as of April 13, 2021, incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q (File No. 814-00237), filed on May 4, 2021.                                                                                                                               |
| 10.2 |  | Sixth Amended and Restated Credit Agreement dated as of May 13, 2021 by and among Gladstone Business Loan, LLC as Borrower, Gladstone Management Corporation as Servicer, KeyBank National Association, as Administrative Agent and the financial institutions from the time to time party thereto, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No. 814-00237), filed May 13, 2021. |
| 31.1 |  | Certification of Chief Executive Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002.*                                                                                                                                                                                                                                                                                                                      |
| 31.2 |  | Certification of Chief Financial Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002.*                                                                                                                                                                                                                                                                                                                      |
| 32.1 |  | Certification of Chief Executive Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002.+                                                                                                                                                                                                                                                                                                                      |
| 32.2 |  | Certification of Chief Financial Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002.+                                                                                                                                                                                                                                                                                                                      |

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|  |                                                                                   |                                  |  |  |  |  |  |  |  |  |  |
|--|-----------------------------------------------------------------------------------|----------------------------------|--|--|--|--|--|--|--|--|--|
|  | GLADSTONE CAPITAL CORPORATION                                                     |
|  |                                                                                   |                                  |
|  | By:                                                                           | /s/ Nicole Schaltenbrand |  |
|  | Nicole Schaltenbrand                                                              |
|  | Chief Financial Officer and Treasurer(principal financial and accounting officer) |