<SEC-DOCUMENT>0001171843-20-000725.txt : 20200205
<SEC-HEADER>0001171843-20-000725.hdr.sgml : 20200205
<ACCEPTANCE-DATETIME>20200205163014
ACCESSION NUMBER:		0001171843-20-000725
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200205
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200205
DATE AS OF CHANGE:		20200205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLADSTONE CAPITAL CORP
		CENTRAL INDEX KEY:			0001143513
		IRS NUMBER:				542040781
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00237
		FILM NUMBER:		20579169

	BUSINESS ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		703-287-5800

	MAIL ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_020520.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"><html><head></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549<br /></strong>______________________</p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 8-K<br /></strong>______________________</p><p style="font-size: 12pt;" align="center"><strong>CURRENT REPORT</strong></p><p style="font-size: 12pt;" align="center"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></p><p align="center">Date of Report (Date of earliest event Reported): <!--February 5, 2020-->February 5, 2020 &#160;</p><p align="center"><strong style="font-size: 14pt;">Gladstone Capital Corporation</strong><br />(Exact Name of Registrant as Specified in Charter)</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><strong>Maryland</strong></td><td align="center" width="34%"><strong>814-00237 <br /><!--814-00237--></strong></td><td align="center" width="33%"><strong>54-2040781</strong></td></tr><tr valign="top"><td align="center" width="33%">(State or Other Jurisdiction of Incorporation)</td><td align="center" width="34%">(Commission File Number)</td><td align="center" width="33%">(I.R.S. Employer Identification Number)</td></tr></table><p>&#160;</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><td align="center" width="50%"><strong>1521 Westbranch Drive, Suite 100<br />McLean, Virginia<!--UNITED STATES --></strong></td><td align="center" width="50%"><strong>22102</strong></td></tr><tr valign="top"><td align="center" width="50%">(Address of Principal Executive Offices)&#160;</td><td align="center" width="50%">(Zip Code)</td></tr></table><p align="center"><strong>(703) 287-5800</strong><br />(Registrant's telephone number, including area code)</p><p align="center"><strong></strong><br />(Former name or former address, if changed since last report)</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td colspan="3">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<br /><br /></td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[ &#160; ]</td><td nowrap="nowrap">&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[ &#160; ]</td><td nowrap="nowrap">&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[ &#160; ]</td><td nowrap="nowrap">&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[ &#160; ]</td><td nowrap="nowrap">&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</td></tr></table><p style="font-size: 10pt; margin: 0pt;">&#160;</p><p style="font-size: 10pt; margin: 0pt 0;">Securities registered pursuant to Section&#160;12(b) of the Act:</p><p style="font-size: 10pt; margin: 0pt 0;"><font style="font-size: 10pt; 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text-align: center; margin: 0pt 0;"><strong><font>&#160; <font style="font-size: 10.0pt; font-family: 'Times New Roman',serif;">5.375% Notes due 2024, $25.00 par value per note</font></font></strong></p></td><td>&#160;</td><td style="text-align: center; white-space: nowrap;"><strong><font><font style="font-size: 10pt; font-family: 'times new roman', roman, serif;">GLADL</font></font></strong></td><td>&#160;</td><td style="white-space: nowrap;"><p style="font-size: 10pt; text-align: center; margin: 0pt 0;"><strong><font><font style="font-size: 10pt; font-family: 'times new roman', roman, serif;">Nasdaq Global Select Market</font></font></strong></p></td></tr></table><p style="margin: 0;">&#160;</p><p style="font-size: 10pt; margin: 0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule&#160;12b-2&#160;of the Securities Exchange Act of 1934 (17 CFR&#160;&#167;240.12b-2).&#160;Emerging growth company [&#160;]</p><p style="font-size: 10pt; margin: 0pt;">&#160;</p><p style="font-size: 10pt; margin: 0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [&#160;]</p><p style="margin: 0;">&#160;</p><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;">&#160;</div>&#160;</div><hr style="page-break-after: always;" noshade="noshade" /><p><font style="font-size: 10pt;">  <strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 2.02. Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;">
 <p>On February 5, 2020, Gladstone Capital Corporation issued a press release announcing its financial results for the quarter ended December 31, 2019.&#160; The text of the press release is included as an exhibit to this Current Report on Form 8-K.&#160; The information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.</p> </font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;">
 <p style="margin-left:0in; text-indent:0.5in; margin-right:0in;"><font style="font-size:10pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits. </font></p>    <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="border-bottom: solid black 1pt ; vertical-align: top ; "> <b><font style="font-size:10pt;">Exhibit No. </font></b> </td><td style="vertical-align: top ; "> <font style="font-size:10pt;">&#160; </font> </td><td style="border-bottom: solid black 1pt ; vertical-align: top ; "> <b><font style="font-size:10pt;">Description </font></b> </td></tr><tr><td style="vertical-align: top ; "><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">99.1</a></font></td><td style="vertical-align: top ; "> <font style="font-size:10pt;">&#160; </font> </td><td style="vertical-align: top ; "><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow"> Press Release of Gladstone Capital Corporation, dated February 5, 2020. </a></font></td></tr></table> <p>     </p> </font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade" /><p align="center"><strong>SIGNATURE</strong></p><p>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%">&#160;</td><td style="font-size: 12pt;" colspan="2" valign="top"><strong>Gladstone Capital Corporation</strong></td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">&#160;</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">&#160;</td></tr><tr valign="top"><td width="49%">Date:&#160;February 5, 2020</td><td width="2%">By:&#160;</td><td style="text-decoration: underline;" width="49%">/s/ Nicole Schaltenbrand&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">Nicole Schaltenbrand</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">Chief Financial Officer and Treasurer</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%"></td></tr></table><p /></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>Gladstone Capital Corporation Reports Financial Results for its First Quarter Ended December 31, 2019</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
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Excluding the impact of the prior quarter exit, interest income increased by $0.5 million since the prior quarter, driven mainly by an increase in the weighted average principal balance of our interest-bearing investment portfolio, which was $401.4 million for the three months ended December 31, 2019, compared to $375.8 million for the three months ended September 30, 2019, an increase of $25.6 million, or 6.8%. Other income decreased by $0.2 million, or 21.9%, quarter over quarter primarily due to a decrease in success fees received. Total expenses decreased by 9.6% quarter over quarter, primarily due to an $0.8 million decrease in dividend expense on mandatorily redeemable preferred stock and a $0.4 million increase in the incentive fee credit granted by the Adviser, partially offset by a $0.5 million increase in interest expense on long term debt.</p>  <p>Net Investment Income for the quarter ended December 31, 2019 was $6.4 million, an increase of 0.8% as compared to the prior quarter, or $0.21 per share.</p>  <p>The Net Increase in Net Assets Resulting from Operations was $0.7 million, or $0.02 per share for the quarter ended December 31, 2019, compared to $5.4 million, or $0.18 per share, for the quarter ended September 30, 2019. The current quarter decrease was driven by $4.3 million in net portfolio depreciation and a $1.4 million loss on extinguishment of debt recognized in connection with the voluntary redemption of our Series 2024 Term Preferred Stock in October 2019.&#160;</p>  <p align="justify"><strong>Subsequent Events:&#160; </strong>Subsequent to December 31, 2019, the following significant events occurred:</p>  <p><strong>&#183; Portfolio Activity: </strong></p>  <ul type="disc"><li>In January 2020, we invested an additional $5.5 million in Lignetics, Inc., an existing portfolio company, through a combination of secured second lien debt and preferred equity.</li><li>In January 2020, we invested an additional $3.0 million in Edge Adhesives Holdings, Inc., an existing portfolio company, in the form of preferred equity.</li><li>In January 2020, we sold our investment in The Mochi Ice Cream Company, which resulted in a realized gain of approximately $2.5 million. 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text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>0.21</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>&#160;</strong></td></tr></table> <p><strong>Comments from Gladstone Capital&#8217;s President, Bob Marcotte:</strong> &#8220;We started fiscal 2020 on a strong note with a healthy level of net originations and a reduction in our financing costs on the quarter which combined to lift our core net interest income despite the pressure associated with the decline in LIBOR.&#160; Today, our modest leverage and the added flexibility of BDC leverage relief (with the recent preferred stock redemption), afford us the opportunity to continue to grow our investment portfolio and lift our net interest earnings in the coming quarters to enhance the returns to our shareholders.&#8221;</p>  <p><strong>Conference Call for Stockholders: </strong>The Company will hold its earnings release conference call on Thursday, February 6, 2020, at 8:30 a.m. EST.&#160; Please call (855) 465-0177 to enter the conference.&#160; An operator will monitor the call and set a queue for any questions. A replay of the conference call will be available through February 13, 2020.&#160; To hear the replay, please dial (855) 859-2056 and use conference number 3294474.&#160; The replay of the conference call will be available beginning approximately one hour after the call concludes. The live audio broadcast of the Company&#8217;s quarterly conference call will also be available online at <em>www.GladstoneCapital.com</em>.&#160; The event will be archived and available for replay on the Company&#8217;s website through April 6, 2020.</p>  <p><strong>About Gladstone Capital Corporation:</strong> Gladstone Capital Corporation is a publicly traded business development company that invests in debt and equity securities, consisting primarily of secured first and second lien term loans to lower middle market businesses in the United States.&#160; Including distributions through today, the Company has paid 204 consecutive monthly or quarterly cash distributions on its common stock.&#160; Information on the business activities of all the Gladstone funds can be found at <em>www.GladstoneCompanies.com</em>.&#160;&#160;&#160;</p>  <p>To obtain a paper copy of the Company&#8217;s most recent Form 10-Q, please contact the Company at 1521 Westbranch Drive, Suite 100, McLean, VA 22102, ATTN:&#160; Investor Relations.&#160; The financial information above is not comprehensive and is without notes, so readers should obtain and carefully review the Company&#8217;s Form 10-Q for the quarter ended December 31, 2019, including the notes to the consolidated financial statements contained therein.</p>  <p><strong>Investor Relations Inquiries</strong>: Please visit <em><u>www.gladstonecompanies.com</u></em> or +1-703-287-5893.</p>  <p><em><u>Forward-looking Statements:</u></em><br ><em>The statements in this press release about future growth and shareholder returns are "forward-looking statements" </em><em>within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.&#160; </em><em>These forward-looking statements inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on our current plans that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these forward-looking statements, including those factors described from time to time in our filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or otherwise, except as required by law.</em></p> </p><p ></p></body></html>
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