GLAD
Gladstone Capital
Portfolio Fair Value
$794.50M
103 holdings
Avg Spread
+7.65%
FV-weighted, debt
Avg Coupon
—
FV-weighted
% First Lien
2.5%
of debt FV
Unrealized P/L
-$16.64M
-2.05% of cost
Non-Accrual
4
text-detected
Balance sheet
Assets$815.63M
Liabilities + Equity$815.63M
First Lien
$20.13M · 2.5%
Other Debt
$698.36M · 85.6%
Other Debt
$698.36M · 85.6%
LP Interest
$37.2K · 0.0%
Equity
$69.23M · 8.5%
Other
$11.74M · 1.4%
Cash & Equivalents
$1.74M · 0.2%
Other Assets
$14.39M · 1.8%
Debt (Borrowings)
$315.76M · 38.7%
Debt (Borrowings)
$315.76M · 38.7%
Other Liabilities
$19.55M · 2.4%
Net Assets (Equity)
$480.32M · 58.9%
Net Assets (Equity)
$480.32M · 58.9%
Industry Composition
Healthcare, Education, and Childcare
27.7%
Diversified/Conglomerate Manufacturing
21.3%
Diversified/Conglomerate Service
18.3%
Beverage, Food, and Tobacco
9.4%
Aerospace and Defense
7.8%
Automobile
3.5%
Machinery
2.9%
Cargo Transportation
2.5%
Oil and Gas
2.5%
Personal and Non-Durable Consumer Products (Manufacturing Only)
1.4%
Unclassified
1.3%
Printing and Publishing
0.6%
Other industries
0.7%
Spread Distribution
2.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.5%
10.5%
11.0%
Schedule of Investments
All holdings
All holdings
Sortable, click headers to re-sort
103 of 104
| Issuer | Industry | Type | Fair Value | Cost | Unrealized | Coupon | Spread | Maturity |
|---|---|---|---|---|---|---|---|---|
Vet's Choice Radiology LLC | Healthcare, Education, and Childcare | Term Debt | $42.75M | $42.75M | $0.00 | — | +7.00% | — |
SpaceCo Holdings, LLC | Aerospace and Defense | Term Debt | $42.46M | $42.15M | $308.0K | — | +6.40% | — |
ALS Education, LLC | Healthcare, Education, and Childcare | Term Debt | $32.00M | $31.68M | $317.0K | — | +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 | $29.07M | $28.48M | $594.0K | — | +8.50% | — |
Giving Home Health Care, LLC | Healthcare, Education, and Childcare | Term Debt | $28.88M | $28.88M | $0.00 | — | +6.00% | — |
NeoGraf Solutions LLC | Diversified/Conglomerate Manufacturing | Term Debt | $26.89M | $27.59M | -$695.0K | — | +7.00% | — |
Café Zupas | Beverage, Food, and Tobacco | Term Debt | $26.25M | $26.09M | $165.0K | — | +7.50% | — |
Technical Resource Management, LLC | Healthcare, Education, and Childcare | Term Debt #1 | $23.70M | $23.31M | $386.0K | — | +8.00% | — |
Pan-Am Dental, LLC | Healthcare, Education, and Childcare | Term Debt | $23.00M | $23.00M | $0.00 | — | — | — |
MCG Energy Solutions, LLC | Diversified/Conglomerate Service | Term Debt | $20.32M | $20.30M | $21.0K | — | +7.60% | — |
RPM Freight Systems, LLC | Cargo Transportation | Term Debt | $20.20M | $20.00M | $200.0K | — | +7.70% | — |
Viva Railings, LLC | Diversified/Conglomerate Manufacturing | Term Debt | $20.09M | $20.09M | $0.00 | — | +7.10% | — |
HH-Inspire Acquisition, Inc. | Healthcare, Education, and Childcare | Term Debt | $19.45M | $19.73M | -$279.0K | — | +8.00% | — |
Engineering Manufacturing Technologies, LLC | Diversified/Conglomerate Manufacturing | Term Debt | $18.40M | $22.41M | -$4.01M | — | +8.30% | — |
Turn Key Health Clinics, LLC | Healthcare, Education, and Childcare | Term Debt | $17.50M | $17.50M | $0.00 | — | +7.30% | — |
Imperative Holdings Corporation | Oil and Gas | Term Debt | $17.27M | $17.14M | $121.0K | — | +9.80% | — |
OCI, LLC | Diversified/Conglomerate Manufacturing | Term Debt #1 | $16.66M | $16.50M | $165.0K | — | +7.50% | — |
Axios Industrial Group, LLC | Diversified/Conglomerate Service | Term Debt | $16.65M | $16.36M | $287.0K | — | +9.60% | — |
Arc Drilling Holdings LLC | Machinery | Term Debt | $16.32M | $16.00M | $320.0K | — | +7.00% | — |
Ohio Armor Holdings, LLC | Aerospace and Defense | Term Debt | $16.27M | $16.27M | $0.00 | — | +8.00% | — |
WorkforceQA, LLC | Diversified/Conglomerate Service | Term Debt #1 | $16.16M | $16.14M | $18.0K | — | +6.50% | — |
Freedom Dental Management, Inc. | Healthcare, Education, and Childcare | Term Debt | $15.00M | $15.00M | $0.00 | — | +7.30% | — |
Unirac Holdings, Inc. | Diversified/Conglomerate Manufacturing | Term Debt | $14.85M | $14.41M | $438.0K | — | +6.50% | — |
Sea Link International IRB, Inc. | Automobile | Term Debt #1 | $13.52M | $13.50M | $14.0K | — | — | — |
Eegee’s LLC | Beverage, Food, and Tobacco | Term Debt | $13.39M | $17.97M | -$4.58M | — | +7.80% | — |
Quality Environmental Midco, Inc. | Diversified/Conglomerate Service | Term Debt | $13.26M | $13.00M | $260.0K | — | — | — |
Fix-It Group, LLC | Diversified/Conglomerate Service | Term Debt | $13.25M | $13.25M | $0.00 | — | +7.10% | — |
Torrent Photonics Holdco LLC | Diversified/Conglomerate Manufacturing | Term Debt | $12.24M | $12.10M | $139.0K | — | +9.50% | — |
Lonestar EMS, LLC | Diversified/Conglomerate Manufacturing | Common Units | $11.66M | $6.75M | $4.91M | — | — | — |
Wings ‘N More Restaurants LLC | — | Term Debt | $10.50M | $10.50M | $0.00 | — | — | — |
MCG Energy Solutions, LLC | Diversified/Conglomerate Service | Preferred Stock | $9.95M | $7.00M | $2.95M | — | — | — |
Café Zupas | Beverage, Food, and Tobacco | Delayed Draw Term Loan | $9.80M | $9.80M | $0.00 | — | +7.50% | — |
Defiance Integrated Technologies, Inc. | Automobile | Term Debt | $8.47M | $8.47M | $0.00 | — | +9.60% | — |
Sokol & Company Holdings, LLC | Beverage, Food, and Tobacco | Common Stock | $8.46M | $1.50M | $6.96M | — | — | — |
Fix-It Group, LLC | Diversified/Conglomerate Service | Delayed Draw Term Loan | $6.74M | $6.74M | $0.00 | — | +7.10% | — |
Total Access Elevator, LLC | Diversified/Conglomerate Service | Term Debt | $6.70M | $6.50M | $195.0K | — | +6.90% | — |
Arc Drilling Holdings LLC | Machinery | Common Stock | $6.32M | $5.33M | $986.0K | — | — | — |
Pan-Am Dental, LLC | Healthcare, Education, and Childcare | Preferred Stock | $5.91M | $5.91M | $0.00 | — | — | — |
Sokol & Company Holdings, LLC | Beverage, Food, and Tobacco | Term Debt | $5.50M | $5.50M | $0.00 | — | +6.80% | — |
Tube Bending Technology, LLC | Diversified/Conglomerate Manufacturing | Term Debt | $5.00M | $5.00M | $0.00 | — | — | — |
Giving Home Health Care, LLC | Healthcare, Education, and Childcare | Warrant | $4.92M | — | — | — | — | — |
TNCP Intermediate HoldCo, LLC | Printing and Publishing | Common Equity Units | $4.78M | $500.0K | $4.28M | — | — | — |
WB Xcel Holdings, LLC | Personal and Non-Durable Consumer Products (Manufacturing Only) | Term Debt | $4.72M | $9.78M | -$5.06M | — | +10.50% | — |
Quality Environmental Midco, Inc. | Diversified/Conglomerate Service | Preferred Equity | $4.37M | $3.00M | $1.37M | — | — | — |
Lonestar EMS, LLC | Diversified/Conglomerate Manufacturing | Term Debt | $4.20M | $4.14M | $64.0K | — | — | — |
Sea Link International IRB, Inc. | Automobile | Term Debt #2 | $4.10M | $4.10M | $0.00 | — | — | — |
8th Avenue Food & Provisions, Inc. | Beverage, Food, and Tobacco | Term Debt | $3.37M | $3.68M | -$313.0K | — | +7.90% | — |
Encore Dredging Holdings, LLC | Diversified/Conglomerate Service | Preferred Stock | $3.19M | $3.84M | -$654.0K | — | — | — |
Canopy Safety Brands, LLC | Personal and Non-Durable Consumer Products (Manufacturing Only) | Common Stock | $2.93M | $800.0K | $2.13M | — | — | — |
Imperative Holdings Corporation | Oil and Gas | Preferred Equity Units | $2.54M | $488.0K | $2.05M | — | — | — |
SpaceCo Holdings, LLC | Aerospace and Defense | Line of Credit | $2.50M | $2.50M | $0.00 | — | +6.40% | — |
Eegee’s LLC | Beverage, Food, and Tobacco | Line of Credit #1 | $2.46M | $3.30M | -$840.0K | — | +7.80% | — |
Eegee’s LLC | Beverage, Food, and Tobacco | Delayed Draw Term Loan | $2.36M | $3.17M | -$808.0K | — | +7.80% | — |
OCI, LLC | Diversified/Conglomerate Manufacturing | Term Debt #2 | $2.32M | $2.20M | $118.0K | — | — | — |
WB Xcel Holdings, LLC | Personal and Non-Durable Consumer Products (Manufacturing Only) | Line of Credit | $2.29M | $4.75M | -$2.46M | — | +10.50% | — |
B+T Group Acquisition, Inc. | Telecommunications | Term Debt | $2.29M | $6.00M | -$3.71M | — | +2.00% | — |
WorkforceQA, LLC | Diversified/Conglomerate Service | Term Debt #2 | $2.26M | $2.25M | $2.0K | — | +7.50% | — |
Salvo Technologies, Inc. | Diversified/Conglomerate Manufacturing | Preferred Stock | $2.14M | $2.65M | -$508.0K | — | — | — |
NeoGraf Solutions LLC | Diversified/Conglomerate Manufacturing | Common Stock | $2.12M | $2.00M | $117.0K | — | — | — |
Technical Resource Management, LLC | Healthcare, Education, and Childcare | Line of Credit | $2.03M | $2.00M | $27.0K | — | +8.00% | — |
Triple H Food Processors, LLC | Beverage, Food, and Tobacco | Common Stock | $1.84M | $250.0K | $1.59M | — | — | — |
HH-Inspire Acquisition, Inc. | Healthcare, Education, and Childcare | Preferred Stock | $1.76M | $2.60M | -$841.0K | — | — | — |
GSM MidCo LLC | Healthcare, Education, and Childcare | Common Stock | $1.58M | $767.0K | $816.0K | — | — | — |
Total Access Elevator, LLC | Diversified/Conglomerate Service | Common Stock | $1.44M | $750.0K | $688.0K | — | — | — |
GFRC 360, LLC | Buildings and Real Estate | Line of Credit | $1.37M | $1.35M | $16.0K | — | +8.00% | — |
WorkforceQA, LLC | Diversified/Conglomerate Service | Line of Credit | $1.20M | $1.20M | $0.00 | — | +6.50% | — |
Ohio Armor Holdings, LLC | Aerospace and Defense | Common Equity | $1.13M | $1.00M | $129.0K | — | — | — |
Unirac Holdings, Inc. | Diversified/Conglomerate Manufacturing | Delayed Draw Term Loan | $1.10M | $1.09M | $11.0K | — | +6.50% | — |
Café Zupas | Beverage, Food, and Tobacco | Line of Credit | $1.05M | $1.05M | $0.00 | — | +7.50% | — |
GFRC 360, LLC | Buildings and Real Estate | Term Debt | $1.01M | $1.00M | $12.0K | — | +8.00% | — |
Defiance Integrated Technologies, Inc. | Automobile | Common Stock | $1.01M | $581.0K | $427.0K | — | — | — |
HH-Inspire Acquisition, Inc. | Healthcare, Education, and Childcare | Line of Credit | $992.0K | $1.01M | -$15.0K | — | +8.00% | — |
Unirac Holdings, Inc. | Diversified/Conglomerate Manufacturing | Line of Credit | $978.0K | $978.0K | $0.00 | — | +6.50% | — |
Canopy Safety Brands, LLC | Personal and Non-Durable Consumer Products (Manufacturing Only) | Preferred Stock | $950.0K | $500.0K | $450.0K | — | — | — |
Arc Drilling Holdings LLC | Machinery | Line of Credit | $765.0K | $750.0K | $15.0K | — | +7.00% | — |
Fix-It Group, LLC | Diversified/Conglomerate Service | Line of Credit | $750.0K | $750.0K | $0.00 | — | +7.10% | — |
B+T Group Acquisition, Inc. | Telecommunications | Line of Credit #1 | $503.0K | $1.32M | -$817.0K | — | +2.00% | — |
WorkforceQA, LLC | Diversified/Conglomerate Service | Common Stock | $375.0K | $532.0K | -$157.0K | — | — | — |
Edge Adhesives Holdings, Inc. | Diversified/Conglomerate Manufacturing | Term Debt | $336.0K | $6.14M | -$5.80M | — | +5.50% | — |
Sea Link International IRB, Inc. | Automobile | Common Equity Units | $330.0K | $823.0K | -$493.0K | — | — | — |
Technical Resource Management, LLC | Healthcare, Education, and Childcare | Term Debt #2 | $326.0K | $322.0K | $4.0K | — | — | — |
Sea Link International IRB, Inc. | Automobile | Preferred Stock | $231.0K | $98.0K | $133.0K | — | — | — |
Triple H Food Processors, LLC | Beverage, Food, and Tobacco | Preferred Stock | $174.0K | $75.0K | $99.0K | — | — | — |
Salt & Straw, LLC | Beverage, Food, and Tobacco | Common Warrant | $147.0K | — | — | — | — | — |
B+T Group Acquisition, Inc. | Telecommunications | Line of Credit #2 | $123.0K | $323.0K | -$200.0K | — | +2.00% | — |
Total Safety Holdings, LLC | Oil and Gas | Common Equity | $120.0K | $499.0K | -$379.0K | — | — | — |
FES Resources Holdings LLC | Oil and Gas | Term Debt | $80.0K | $325.0K | -$245.0K | — | — | — |
GFRC 360, LLC | Buildings and Real Estate | Preferred Stock | $74.0K | $1.02M | -$951.0K | — | — | — |
Leeds Novamark Capital I, L.P. | Healthcare, Education, and Childcare | Limited Partnership Interest | $37.0K | — | — | — | — | — |
Frontier Financial Group Inc. | Diversified/Conglomerate Service | Convertible Debt | $33.0K | $198.0K | -$165.0K | — | — | — |
B+T Group Acquisition, Inc.(S) | Telecommunications | Preferred Stock | $0.00 | $2.02M | -$2.02M | — | — | — |
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 | Preferred Equity Units | $0.00 | $6.35M | -$6.35M | — | — | — |
Frontier Financial Group Inc. | Diversified/Conglomerate Service | Preferred Stock | $0.00 | $500.0K | -$500.0K | — | — | — |
Technical Resource Management, LLC | Healthcare, Education, and Childcare | Common Stock | $0.00 | $2.00M | -$2.00M | — | — | — |
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 Warrant | $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
$799.50M
Parsed holdings FV
$794.50M
Residual gap
$5.00M
Balance-sheet cash
$1.74M
CIK
0001143513
Accession
0001143513-25-000005
Form type
10-Q
Period
2024-12-31