GLAD
Gladstone Capital
Portfolio Fair Value
$745.92M
100 holdings
Avg Spread
+7.80%
FV-weighted, debt
Avg Coupon
—
FV-weighted
% First Lien
0.1%
of debt FV
Unrealized P/L
-$26.59M
-3.44% of cost
Non-Accrual
2
text-detected
Balance sheet
Assets$780.20M
Liabilities + Equity$780.20M
First Lien
$1.09M · 0.1%
Other Debt
$677.20M · 86.8%
Other Debt
$677.20M · 86.8%
LP Interest
$36.3K · 0.0%
Equity
$67.30M · 8.6%
Other
$5.63M · 0.7%
Cash & Equivalents
$15.17M · 1.9%
Other Assets
$13.77M · 1.8%
Debt (Borrowings)
$282.25M · 36.2%
Debt (Borrowings)
$282.25M · 36.2%
Other Liabilities
$23.49M · 3.0%
Net Assets (Equity)
$474.45M · 60.8%
Net Assets (Equity)
$474.45M · 60.8%
Industry Composition
Healthcare, Education, and Childcare
36.5%
Diversified/Conglomerate Manufacturing
23.4%
Diversified/Conglomerate Service
14.8%
Beverage, Food, and Tobacco
7.5%
Automobile
3.6%
Machinery
3.5%
Cargo Transportation
2.7%
Oil and Gas
2.5%
Aerospace and Defense
2.3%
Personal and Non-Durable Consumer Products (Manufacturing Only)
1.7%
Printing and Publishing
0.7%
Telecommunications
0.4%
Other industries
0.3%
Spread Distribution
2.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.5%
10.5%
11.0%
11.5%
Schedule of Investments
All holdings
All holdings
Sortable, click headers to re-sort
100 of 101
| Issuer | Industry | Type | Fair Value | Cost | Unrealized | Coupon | Spread | Maturity |
|---|---|---|---|---|---|---|---|---|
Altior Healthcare, LLC | Healthcare, Education, and Childcare | Term Debt | $46.00M | $46.00M | $0.00 | — | +6.50% | — |
Vet's Choice Radiology LLC | Healthcare, Education, and Childcare | Term Debt | $42.39M | $42.75M | -$359.0K | — | +8.00% | — |
Giving Home Health Care, LLC | Healthcare, Education, and Childcare | Term Debt | $34.92M | $34.85M | $69.0K | — | +6.30% | — |
ALS Education, LLC | Healthcare, Education, and Childcare | Term Debt | $30.95M | $30.80M | $154.0K | — | +6.80% | — |
Springfield, Inc. | Diversified/Conglomerate Manufacturing | Term Debt | $30.00M | $30.00M | $0.00 | — | +11.10% | — |
Leadpoint Business Services, LLC | Diversified/Conglomerate Service | Term Debt | $28.40M | $28.12M | $281.0K | — | +8.50% | — |
NeoGraf Solutions LLC | Diversified/Conglomerate Manufacturing | Term Debt | $27.50M | $27.50M | $0.00 | — | +7.00% | — |
Pan-Am Dental, LLC | Healthcare, Education, and Childcare | Term Debt | $23.06M | $23.00M | $60.0K | — | — | — |
Technical Resource Management, LLC | Healthcare, Education, and Childcare | Term Debt | $23.06M | $23.84M | -$778.0K | — | +10.50% | — |
RPM Freight Systems, LLC | Cargo Transportation | Term Debt | $20.00M | $20.00M | $0.00 | — | +7.70% | — |
Viron International Corp. | Diversified/Conglomerate Manufacturing | Term Debt | $18.88M | $19.11M | -$227.0K | — | +7.00% | — |
HH-Inspire Acquisition, Inc. | Healthcare, Education, and Childcare | Term Debt | $18.19M | $19.76M | -$1.57M | — | +8.00% | — |
WorkforceQA, LLC | Diversified/Conglomerate Service | Term Debt #1 | $17.96M | $17.92M | $43.0K | — | +6.30% | — |
Dutch Gold Honey, Inc. | Beverage, Food, and Tobacco | Term Debt | $17.88M | $18.00M | -$122.0K | — | +7.50% | — |
Turn Key Health Clinics, LLC | Healthcare, Education, and Childcare | Term Debt | $17.50M | $17.50M | $0.00 | — | +7.30% | — |
Engineering Manufacturing Technologies, LLC | Diversified/Conglomerate Manufacturing | Term Debt | $17.37M | $22.89M | -$5.52M | — | +8.30% | — |
OCI, LLC | Diversified/Conglomerate Manufacturing | Term Debt #1 | $16.50M | $16.50M | $0.00 | — | +7.50% | — |
Arc Drilling Holdings LLC | Machinery | Term Debt | $16.32M | $16.00M | $320.0K | — | +6.80% | — |
Imperative Holdings Corporation | Oil and Gas | Term Debt | $15.77M | $15.69M | $80.0K | — | +9.80% | — |
Ohio Armor Holdings, LLC | Aerospace and Defense | Term Debt | $15.68M | $15.68M | $0.00 | — | +8.00% | — |
Axios Industrial Group, LLC | Diversified/Conglomerate Service | Term Debt #1 | $15.36M | $16.11M | -$748.0K | — | +11.60% | — |
Freedom Dental Management, Inc. | Healthcare, Education, and Childcare | Term Debt | $14.78M | $15.00M | -$219.0K | — | +7.30% | — |
Unirac Holdings, Inc. | Diversified/Conglomerate Manufacturing | Term Debt | $14.51M | $14.27M | $243.0K | — | +6.50% | — |
Viva Railings, LLC | Diversified/Conglomerate Manufacturing | Term Debt | $13.84M | $13.88M | -$36.0K | — | +6.40% | — |
Sea Link International IRB, Inc. | Automobile | Term Debt #1 | $13.65M | $13.65M | $0.00 | — | — | — |
Quality Environmental Midco, Inc. | Diversified/Conglomerate Service | Term Debt | $13.26M | $13.00M | $260.0K | — | — | — |
Eegee Acquisition Corp. | Beverage, Food, and Tobacco | Line of Credit | $12.75M | $12.75M | $0.00 | — | +7.00% | — |
RF Technologies, LLC | Diversified/Conglomerate Service | Term Debt | $12.60M | $12.60M | $0.00 | — | +6.30% | — |
Torrent Photonics Holdco LLC | Diversified/Conglomerate Manufacturing | Term Debt #1 | $11.68M | $11.56M | $116.0K | — | +9.50% | — |
Wings ‘N More Restaurants LLC | Beverage, Food, and Tobacco | Term Debt | $10.46M | $10.50M | -$40.0K | — | +6.80% | — |
Defiance Integrated Technologies, Inc. | Automobile | Term Debt | $8.79M | $8.79M | $0.00 | — | +9.60% | — |
Arc Drilling Holdings LLC | Machinery | Common Stock | $8.44M | $5.33M | $3.10M | — | — | — |
Total Access Elevator, LLC | Diversified/Conglomerate Service | Term Debt | $6.63M | $6.50M | $130.0K | — | +6.90% | — |
Encore Dredging Holdings, LLC | Diversified/Conglomerate Service | Preferred Stock | $6.60M | $3.84M | $2.76M | — | — | — |
Pan-Am Dental, LLC | Healthcare, Education, and Childcare | Preferred Stock | $6.28M | $5.91M | $369.0K | — | — | — |
Lonestar EMS, LLC | Diversified/Conglomerate Manufacturing | Common Units | $5.59M | $6.75M | -$1.16M | — | — | — |
TNCP Intermediate HoldCo, LLC | Printing and Publishing | Common Equity Units | $5.45M | $500.0K | $4.95M | — | — | — |
Giving Home Health Care, LLC | Healthcare, Education, and Childcare | Common Stock | $5.44M | — | — | — | — | — |
WB Xcel Holdings, LLC | Personal and Non-Durable Consumer Products (Manufacturing Only) | Term Debt | $5.25M | $9.78M | -$4.53M | — | +10.50% | — |
Eegee Acquisition Corp. | Beverage, Food, and Tobacco | Common Stock | $5.17M | $8.50M | -$3.33M | — | — | — |
Tube Bending Technology, LLC | Diversified/Conglomerate Manufacturing | Term Debt | $4.93M | $5.00M | -$67.0K | — | — | — |
Lonestar EMS, LLC | Diversified/Conglomerate Manufacturing | Term Debt | $4.20M | $4.15M | $53.0K | — | — | — |
Sea Link International IRB, Inc. | Automobile | Term Debt #2 | $4.14M | $4.14M | $0.00 | — | — | — |
Quality Environmental Midco, Inc. | Diversified/Conglomerate Service | Preferred Equity | $4.13M | $3.00M | $1.13M | — | — | — |
Canopy Safety Brands, LLC | Personal and Non-Durable Consumer Products (Manufacturing Only) | Common Stock | $3.75M | $800.0K | $2.95M | — | — | — |
8th Avenue Food & Provisions, Inc. | Beverage, Food, and Tobacco | Term Debt | $3.68M | $3.68M | $0.00 | — | +6.80% | — |
Sokol & Company Holdings, LLC | Beverage, Food, and Tobacco | Common Stock | $3.19M | $450.0K | $2.74M | — | — | — |
Technical Resource Management, LLC | Healthcare, Education, and Childcare | Line of Credit #1 | $2.94M | $3.04M | -$99.0K | — | +10.50% | — |
WB Xcel Holdings, LLC | Personal and Non-Durable Consumer Products (Manufacturing Only) | Line of Credit | $2.76M | $5.15M | -$2.39M | — | +10.50% | — |
Imperative Holdings Corporation | Oil and Gas | Preferred Equity Units | $2.61M | $488.0K | $2.12M | — | — | — |
Torrent Photonics Holdco LLC | Diversified/Conglomerate Manufacturing | Preferred Stock | $2.60M | $2.65M | -$51.0K | — | — | — |
B+T Group Acquisition, Inc. | Telecommunications | Term Debt | $2.48M | $6.00M | -$3.52M | — | +2.00% | — |
OCI, LLC | Diversified/Conglomerate Manufacturing | Term Debt #2 | $2.39M | $2.28M | $117.0K | — | — | — |
Axios Industrial Group, LLC | Diversified/Conglomerate Service | Term Debt #2 | $2.37M | $2.48M | -$115.0K | — | — | — |
HH-Inspire Acquisition, Inc. | Healthcare, Education, and Childcare | Preferred Stock | $2.07M | $2.60M | -$532.0K | — | — | — |
GSM MidCo LLC | Healthcare, Education, and Childcare | Common Stock | $2.06M | $767.0K | $1.30M | — | — | — |
Triple H Food Processors, LLC | Beverage, Food, and Tobacco | Common Stock | $1.70M | $250.0K | $1.45M | — | — | — |
HH-Inspire Acquisition, Inc. | Healthcare, Education, and Childcare | Line of Credit | $1.70M | $1.85M | -$155.0K | — | +8.00% | — |
NeoGraf Solutions LLC | Diversified/Conglomerate Manufacturing | Common Stock | $1.44M | $2.00M | -$561.0K | — | — | — |
GFRC 360, LLC | Buildings and Real Estate | Line of Credit | $1.35M | $1.35M | $0.00 | — | +8.00% | — |
Total Access Elevator, LLC | Diversified/Conglomerate Service | Common Stock | $1.30M | $750.0K | $546.0K | — | — | — |
Ohio Armor Holdings, LLC | Aerospace and Defense | Common Equity | $1.29M | $1.00M | $294.0K | — | — | — |
Technical Resource Management, LLC | Healthcare, Education, and Childcare | Line of Credit #2 | $1.16M | $1.20M | -$39.0K | — | +10.50% | — |
WorkforceQA, LLC | Diversified/Conglomerate Service | Line of Credit | $1.10M | $1.10M | $0.00 | — | +6.30% | — |
Unirac Holdings, Inc. | Diversified/Conglomerate Manufacturing | Delayed Draw Term Loan | $1.08M | $1.08M | $0.00 | — | +6.50% | — |
Arc Drilling Holdings LLC | Machinery | Line of Credit | $1.07M | $1.07M | $0.00 | — | +6.80% | — |
GFRC 360, LLC | Buildings and Real Estate | Term Debt | $1.00M | $1.00M | $0.00 | — | +8.00% | — |
Canopy Safety Brands, LLC | Personal and Non-Durable Consumer Products (Manufacturing Only) | Preferred Stock | $987.0K | $500.0K | $487.0K | — | — | — |
Engineering Manufacturing Technologies, LLC | Diversified/Conglomerate Manufacturing | Line of Credit | $835.0K | $1.10M | -$265.0K | — | +8.30% | — |
Dutch Gold Honey, Inc. | Beverage, Food, and Tobacco | Common Stock | $818.0K | $900.0K | -$82.0K | — | — | — |
B+T Group Acquisition, Inc. | Telecommunications | Line of Credit #1 | $545.0K | $1.32M | -$775.0K | — | +2.00% | — |
Torrent Photonics Holdco LLC | Diversified/Conglomerate Manufacturing | Term Debt #2 | $505.0K | $500.0K | $5.0K | — | +9.50% | — |
Quality Environmental Midco, Inc. | Diversified/Conglomerate Service | Line of Credit | $500.0K | $500.0K | $0.00 | — | — | — |
WorkforceQA, LLC | Diversified/Conglomerate Service | Common Stock | $495.0K | $532.0K | -$37.0K | — | — | — |
Unirac Holdings, Inc. | Diversified/Conglomerate Manufacturing | Line of Credit | $367.0K | $367.0K | $0.00 | — | +6.50% | — |
Sea Link International IRB, Inc. | Automobile | Common Equity Units | $316.0K | $823.0K | -$507.0K | — | — | — |
Edge Adhesives Holdings, Inc. | Diversified/Conglomerate Manufacturing | Term Debt | $245.0K | $6.14M | -$5.89M | — | +5.50% | — |
Sea Link International IRB, Inc. | Automobile | Preferred Stock | $244.0K | $98.0K | $146.0K | — | — | — |
Triple H Food Processors, LLC | Beverage, Food, and Tobacco | Preferred Stock | $190.0K | $75.0K | $115.0K | — | — | — |
B+T Group Acquisition, Inc. | Telecommunications | Line of Credit #2 | $186.0K | $450.0K | -$264.0K | — | +2.00% | — |
Salt & Straw, LLC | Beverage, Food, and Tobacco | Common Warrant | $155.0K | — | — | — | — | — |
Total Safety Holdings, LLC | Oil and Gas | Common Equity | $89.0K | $499.0K | -$410.0K | — | — | — |
Leeds Novamark Capital I, L.P. | Healthcare, Education, and Childcare | Limited Partnership Interest | $36.0K | — | — | — | — | — |
Frontier Financial Group Inc. | Diversified/Conglomerate Service | Convertible Debt | $20.0K | $198.0K | -$178.0K | — | — | — |
B+T Group Acquisition, Inc. | Telecommunications | Preferred Stock | $0.00 | $2.02M | -$2.02M | — | — | — |
Defiance Integrated Technologies, Inc. | Automobile | Common Stock | $0.00 | $581.0K | -$581.0K | — | — | — |
Edge Adhesives Holdings, Inc. | Diversified/Conglomerate Manufacturing | Preferred Stock | $0.00 | $5.47M | -$5.47M | — | — | — |
Engineering Manufacturing Technologies, LLC | Diversified/Conglomerate Manufacturing | Common Stock | $0.00 | $3.00M | -$3.00M | — | — | — |
FES Resources Holdings LLC | Oil and Gas | Term Debt | $0.00 | $325.0K | -$325.0K | — | — | — |
FES Resources Holdings LLC | Oil and Gas | Preferred Equity Units | $0.00 | $6.35M | -$6.35M | — | — | — |
Frontier Financial Group Inc. | Diversified/Conglomerate Service | Preferred Stock | $0.00 | $500.0K | -$500.0K | — | — | — |
GFRC 360, LLC | Buildings and Real Estate | Preferred Stock | $0.00 | $1.02M | -$1.02M | — | — | — |
Technical Resource Management, LLC | Healthcare, Education, and Childcare | Common Stock | $0.00 | $2.00M | -$2.00M | — | — | — |
Viron International Corp. | Diversified/Conglomerate Manufacturing | Common Stock | $0.00 | $15.0K | -$15.0K | — | — | — |
WB Xcel Holdings, LLC | Personal and Non-Durable Consumer Products (Manufacturing Only) | Preferred Stock | $0.00 | $2.75M | -$2.75M | — | — | — |
WB Xcel Holdings, LLC | Personal and Non-Durable Consumer Products (Manufacturing Only) | Common Units | $0.00 | $1.0K | -$1.0K | — | — | — |
FES Resources Holdings LLC | Oil and Gas | Common Equity Units | — | — | — | — | — | — |
Frontier Financial Group Inc. | Diversified/Conglomerate Service | Preferred Stock Warrant | — | — | — | — | — | — |
OCI, LLC | Diversified/Conglomerate Manufacturing | Common Units | — | — | — | — | — | — |
Technical Resource Management, LLC | Healthcare, Education, and Childcare | Common Warrants | — | — | — | — | — | — |
Disclosed holdings FV
$751.26M
Parsed holdings FV
$745.92M
Residual gap
$5.34M
Balance-sheet cash
$15.17M
CIK
0001143513
Accession
0001143513-25-000012
Form type
10-Q
Period
2025-06-30