Gladstone Capital Corporation (GLAD) Balance Sheet
GLAD balance sheet, FY2025
September 30, 2025 · U.S. dollars$907.6M assets = $425.6M liabilities + $482.0M equity
Both columns are drawn to the same scale: what GLAD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
GLAD financial health
Descriptive bands, not a rating. Fiscal FY2025.
GLAD balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $337.2MFY2016 | $907.6MFY2025 | +11.6%/yr | |
| Total liabilities | $136.0MFY2016 | $425.6MFY2025 | +13.5%/yr | |
| Shareholders’ equity | $201.2MFY2016 | $482.0MFY2025 | +10.2%/yr | |
| Cash & short-term investments | $6.2MFY2016 | $32.4MFY2025 | +20.3%/yr | |
| Total debt | $71.3MFY2016 | $397.9MFY2025 | +21.0%/yr | |
| Net cash (debt) | −$65.1MFY2016 | −$365.5MFY2025 | −$300.3M | |
| Working capital | −$64.0MFY2016 | $38.5MFY2025 | +$102.6M | |
| Book value per share | $17.34FY2016 | $21.27FY2025 | +2.3%/yr | |
| Current ratio | 0.12FY2016 | 9.90FY2025 | +9.78 | |
| Debt / equity | 0.35FY2016 | 0.83FY2025 | +0.47 | |
| Shares outstanding | 11.6MFY2016 | 22.7MFY2025 | +7.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GLAD assets
GLAD liabilities and equity
GLAD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
GLAD balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $32.4M | $2.2M | $1.3M | $2.0M | $671,000 | $2.4M | $15.7M | $2.0M | $5.0M | $6.2M |
| Cash & equivalents | $32.4M | $2.2M | $1.3M | $2.0M | $671,000 | $2.4M | $15.7M | $2.0M | $5.0M | $6.2M |
| Short-term investments | — | $132,000 | — | $574.8M | — | — | — | $33,000 | $258,000 | $406,000 |
| Receivables | $10.5M | $8.7M | $9.0M | $5.9M | $5.3M | $5.1M | $5.5M | $5.4M | $4.8M | $4.5M |
| Inventory | $0 | $0 | $10.4M | $1 | $1 | $7.6M | $1 | $1 | −$368.9M | −$337.7M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $365.9M | $335.5M |
| Total current assets | $42.9M | $10.9M | $10.3M | $7.9M | $6.0M | $7.5M | $21.2M | $7.4M | $6.7M | $8.5M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $859.1M | $796.3M | $704.8M | $649.6M | $557.6M | $450.4M | $402.9M | $390.0M | $352.4M | $322.1M |
| Other non-current assets | $5.6M | $5.3M | $4.3M | $3.4M | $2.9M | $1.3M | $2.0M | $2.1M | $6.8M | $6.6M |
| Total assets | $907.6M | $812.5M | $719.5M | $661.0M | $566.5M | $459.2M | $426.1M | $399.5M | $365.9M | $337.2M |
| Liabilities | ||||||||||
| Accounts payable | $4.3M | $1.2M | $4.0M | $3.0M | $2.3M | $1.6M | $1.4M | $620,000 | $786,000 | $1.2M |
| Short-term debt | $397.9M | $254.0M | $47.8M | $141.8M | $50.5M | $127.7M | $67.1M | $110.0M | $93.1M | $71.3M |
| Total current liabilities | $4.3M | $8.7M | $51.8M | $144.8M | $52.8M | $129.2M | $68.5M | $110.6M | $93.9M | $72.5M |
| Long-term debt | $0 | $0 | $253.1M | $197.6M | $186.6M | $93.9M | $122.8M | $110.0M | $93.1M | $71.3M |
| Other long-term liabilities | $421.2M | $325.1M | $5.9M | $3.1M | $8.7M | $2.3M | $0 | $0 | $0 | $0 |
| Total liabilities | $425.6M | $333.7M | $310.8M | $345.5M | $248.1M | $225.4M | $176.7M | $162.4M | $146.2M | $136.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $45,000 | $44,000 | $44,000 | $35,000 | $34,000 | $32,000 | $30,000 | $29,000 | $26,000 | $23,000 |
| Retained earnings (deficit) | $5.2M | −$46.7M | $4.7M | −$500,000 | $149,000 | −$39,000 | −$83.1M | −$68.6M | −$69.4M | −$66.8M |
| Accumulated other comprehensive income | −$17.5M | $25.2M | −$17.5M | −$6.4M | $11.1M | −$43.9M | −$25.7M | −$37.4M | −$59.2M | −$59.7M |
| Total shareholders' equity | $482.0M | $478.7M | $408.7M | $315.5M | $318.4M | $233.7M | $249.3M | $237.1M | $219.7M | $201.2M |
| Key figures | ||||||||||
| Total debt | $397.9M | $324.6M | $300.9M | $339.4M | $237.1M | $221.5M | $189.9M | $110.0M | $93.1M | $71.3M |
| Net cash (debt) | −$365.5M | −$322.4M | −$299.6M | −$337.4M | −$236.4M | −$219.1M | −$174.2M | −$108.0M | −$88.1M | −$65.1M |
| Working capital | $38.5M | $2.2M | −$41.4M | −$136.9M | −$46.8M | −$121.7M | −$47.3M | −$103.2M | −$87.2M | −$64.0M |
| Tangible book value | $482.0M | $478.7M | $408.7M | $315.5M | $318.4M | $233.7M | $249.3M | $237.1M | $219.7M | $201.2M |
| Book value per share | $21.27 | $21.98 | $21.90 | $18.37 | $19.16 | $15.06 | $17.04 | $17.49 | $17.23 | $17.34 |
| Shares outstanding | 22.7M | 21.8M | 18.7M | 17.2M | 16.6M | 15.5M | 14.6M | 13.6M | 12.7M | 11.6M |
| Current ratio | 9.90 | 1.26 | 0.20 | 0.05 | 0.11 | 0.06 | 0.31 | 0.07 | 0.07 | 0.12 |
| Quick ratio | 9.90 | 1.26 | 0.20 | 0.05 | 0.11 | 0.06 | 0.31 | 0.07 | 0.10 | 0.15 |
| Debt / equity | 0.83 | 0.68 | 0.74 | 1.08 | 0.74 | 0.95 | 0.76 | 0.46 | 0.42 | 0.35 |
| Equity / assets | 53.1% | 58.9% | 56.8% | 47.7% | 56.2% | 50.9% | 58.5% | 59.3% | 60.0% | 59.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.4M | $3.4M | $4.2M | $32.4M | $15.2M | $2.6M | $1.7M | $2.2M | $1.1M | $5.3M | $1.5M | $1.3M |
| Cash & equivalents | $2.4M | $3.4M | $4.2M | $32.4M | $15.2M | $2.6M | $1.7M | $2.2M | $1.1M | $5.3M | $1.5M | $1.3M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | $95,000 | — |
| Receivables | $6.0M | $5.7M | $12.4M | $10.5M | $7.9M | $5.6M | $8.8M | $8.7M | $11.3M | $10.3M | $10.3M | $9.0M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $10.4M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $2.4M | $3.4M | $4.2M | $32.4M | $15.2M | $2.6M | $1.7M | $10.9M | $12.4M | $15.6M | $11.8M | $10.3M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $953.3M | $906.8M | $902.9M | $859.1M | $751.3M | $762.6M | $799.5M | $796.3M | $757.7M | $791.6M | $750.0M | $704.8M |
| Other non-current assets | $14.4M | $14.8M | $15.7M | $16.1M | $13.8M | $11.5M | $14.4M | $5.3M | $4.9M | $4.9M | $4.7M | $4.3M |
| Total assets | $970.1M | $925.1M | $922.8M | $907.6M | $780.2M | $776.8M | $815.6M | $812.5M | $775.1M | $812.1M | $766.6M | $719.5M |
| Liabilities | ||||||||||||
| Accounts payable | $4.9M | $8.4M | $5.8M | $4.3M | $5.0M | $3.8M | $6.0M | $4.1M | $5.3M | $4.0M | $5.4M | $4.0M |
| Short-term debt | $252.4M | $193.1M | $192.7M | $397.9M | $254.8M | $254.5M | $254.3M | — | $253.9M | $117.2M | $85.0M | $47.8M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$253.9M | −$120.2M | — | — |
| Total current liabilities | $8.9M | $13.5M | $9.9M | $7.9M | $8.4M | $6.7M | $8.9M | $4.1M | $5.3M | $121.2M | $90.4M | $51.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $253.6M | $253.4M | $253.1M |
| Other long-term liabilities | $429.9M | $429.0M | $435.6M | $417.7M | $297.3M | $292.0M | $326.4M | $337.4M | $325.1M | $4.9M | $4.9M | $5.9M |
| Total liabilities | $438.8M | $442.5M | $445.5M | $425.6M | $305.7M | $298.7M | $335.3M | $341.6M | $330.4M | $379.7M | $348.6M | $310.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $45,000 | $45,000 | $45,000 | $45,000 | $44,000 | $44,000 | $44,000 | $44,000 | $44,000 | $44,000 | $44,000 | $44,000 |
| Retained earnings (deficit) | −$16.0M | −$19.1M | −$24.3M | $5.2M | $5.2M | $5.6M | $5.7M | $6.1M | −$46.9M | $5.7M | $5.9M | $4.7M |
| Accumulated other comprehensive income | $0 | — | $0 | −$24.8M | −$25.4M | −$22.2M | −$20.1M | −$27.6M | $4.5M | $1.0M | −$9.6M | −$17.5M |
| Total shareholders' equity | $530.7M | $482.6M | $477.3M | $482.0M | $474.5M | $478.1M | $480.3M | $470.9M | $444.7M | $432.4M | $417.9M | $408.7M |
| Key figures | ||||||||||||
| Total debt | $429.9M | $392.9M | $405.9M | $397.9M | $282.3M | $279.7M | $315.8M | $324.6M | $319.7M | $370.8M | $338.4M | $300.9M |
| Net cash (debt) | −$427.5M | −$389.5M | −$401.7M | −$365.5M | −$267.1M | −$277.0M | −$314.0M | −$322.4M | −$318.5M | −$365.5M | −$336.9M | −$299.6M |
| Working capital | −$6.5M | −$10.1M | −$5.8M | $24.5M | $6.7M | −$4.0M | −$7.2M | $6.8M | $7.1M | −$105.6M | −$78.5M | −$41.4M |
| Tangible book value | $530.7M | $482.6M | $477.3M | $482.0M | $474.5M | $478.1M | $480.3M | $470.9M | $444.7M | $432.4M | $417.9M | $408.7M |
| Book value per share | $18.71 | $17.01 | $16.83 | $20.27 | $21.25 | $21.41 | $21.53 | $21.63 | $20.44 | $19.88 | $19.21 | $20.54 |
| Shares outstanding | 28.4M | 28.4M | 28.4M | 23.8M | 22.3M | 22.3M | 22.3M | 21.8M | 21.8M | 21.8M | 21.8M | 19.9M |
| Current ratio | 0.26 | 0.25 | 0.42 | 4.12 | 1.80 | 0.40 | 0.20 | 2.63 | 2.35 | 0.13 | 0.13 | 0.20 |
| Quick ratio | 0.94 | 0.67 | 1.66 | 5.45 | 2.73 | 1.24 | 1.18 | 2.63 | 2.35 | 0.13 | 0.13 | 0.20 |
| Debt / equity | 0.81 | 0.81 | 0.85 | 0.83 | 0.59 | 0.59 | 0.66 | 0.69 | 0.72 | 0.86 | 0.81 | 0.74 |
| Equity / assets | 54.7% | 52.2% | 51.7% | 53.1% | 60.8% | 61.5% | 58.9% | 58.0% | 57.4% | 53.2% | 54.5% | 56.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 17, 2025); data from EODHD.
GLAD financial position
At the end of fiscal 2025 (September 30, 2025), Gladstone Capital had total assets of $907.6 million (up 11.7% from a year earlier), total liabilities of $425.6 million and shareholders' equity of $482.0 million. It held $32.4 million in cash and short-term investments against $397.9 million of debt, net debt of $365.5 million. Its current ratio was 9.90. In the latest quarter (ended June 30, 2026) total assets were $970.1 million and equity $530.7 million.
Related: GLAD income statement, GLAD cash flow statement, GLAD key metrics. See the GLAD stock overview for the latest quote and news.
GLAD balance sheet FAQ
What are Gladstone Capital's total assets?
Gladstone Capital reported total assets of $907.6 million at the end of fiscal 2025 (September 30, 2025), compared with $812.5 million a year earlier.
How much debt does Gladstone Capital have?
Gladstone Capital had $397.9 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.83.
How much cash does Gladstone Capital have?
Gladstone Capital held $32.4 million in cash and short-term investments at the end of fiscal 2025; with $397.9 million of debt that is net debt of $365.5 million.
What is Gladstone Capital's book value?
Gladstone Capital's shareholders' equity (book value) was $482.0 million at the end of fiscal 2025, or $21.27 per share.
What is Gladstone Capital's current ratio?
Gladstone Capital had current assets of $42.9 million and current liabilities of $4.3 million, a current ratio of 9.90 (it can cover its short-term obligations).