Investor Presentaiton

Gladstone Capital Overview Background: Gladstone Capital was founded in 2001 as one of the first business development companies (BDC) focused on making loans to lower middle market U.S. businesses ($3-15MM of EBITDA) and today the investment team remains dedicated to the BDC's activities Gladstone Capital is funded through publicly traded common stock (Nasdaq: GLAD) and is leveraged via various senior unsecured note issues and a bank revolving credit facility Managed by Gladstone Management Corporation, an SEC registered investment adviser that manages in excess of $4.0 billion in assets across four publicly traded yield-oriented funds with significant insider equity holdings and a history of shareholder friendly actions in support of investor fund distributions Investment Strategy: - Target current yield investments in growth-oriented companies with revenue visibility and proven cashflows where capital flexibility is highly valued to support the achievement of the company's growth plan Growth equity valuations support greater equity contributions reducing the debt risk profile (lower LTV) and near term growth provides visibility to organic deleveraging and multiple repayment options Majority of investments are backed by private equity sponsors, which provide institutional governance, strategic sector insight, experience managing leveraged capital structures and additional investment capacity support Leverage seasoned origination team to source, structure and pro-actively manage investments to mitigate losses Investment Profile (as of June 30, 2023): $715 million portfolio at fair value diversified across 52 companies and 12 different industries Conservative asset mix with 91% of investments in secured loans, 75% in lower risk 1st lien loans and weighted average leverage across core proprietary loan portfolio of ~3.5x EBITDA while generating an attractive weighted average portfolio yield of 13.6% Modestly leveraged capital base (1.04:1.00 debt/equity) has generated net investment income (NII) yield on net asset value of 11.2% for the last four quarters and currently supports annual cash distribution of $0.99/share GLADSTONE Page 3

View entire presentation