Gladstone Capital
Through the investors’ lenses
0 of 2 cleared1 of 3 criteria
Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.
Warren Buffett 1/2
| Measure | GLAD | Checked against | |
|---|---|---|---|
| Owner earnings | — | positive | — |
| Return on equity | 11.9% | US median 2.8% | ✓ |
| Debt to equity | 0.83x | US median 0.57x | ✗ |
| Operating margin | — | US median 3.1% | — |
Passes 1 of 2. These are the measures Warren Buffett published, applied to Gladstone Capital’s own figures — their criteria, not their view of this company. What he looks at, and why →
Peter Lynch 0/1
| Measure | GLAD | Checked against | |
|---|---|---|---|
| Debt to equity | 0.83x | US median 0.57x | ✗ |
| Net margin | — | US median 2.0% | — |
Passes 0 of 1. These are the measures Peter Lynch published, applied to Gladstone Capital’s own figures — their criteria, not their view of this company. What he looks at, and why →
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 97.3% | whyMoves with credit-spread marks, not distributable income. |
| Net investment income | 124.3% | whyWhat actually funds a BDC distribution. |
Spread between highest and lowest: 27.1 percentage points. Same filings, different denominators.
Coverage rating 19 / 100 — Not covered. ? Peer standing · not rankedDirection 0/30Stability 10/20
Net investment income payout, last 5 years
| Fiscal year | Payout |
|---|---|
| 2025-09-30 | 124.3% |
| 2024-09-30 | 93.6% |
| 2023-09-30 | 86.0% |
| 2022-09-30 | 42.3% |
| 2021-09-30 | 99.4% |
Coverage has deteriorated three years running — 42.3% to 124.3% — and the dividend now exceeds what the basis that applies can fund.
The arithmetic
- GAAP earnings — dividends declared per share $2.48 ÷ diluted EPS $2.55
Where the figures came from
- 10-K filed 2025-11-17 · accession 0001143513-25-000015
Every one is public at sec.gov and free to check. That is the point — you should not have to take our word for any of it.
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell us — that is more useful to us than agreement.
What the net investment income payout ratio measures, and where every company here sits on it.
Also on: covered on earnings, not on the basis that applies · rated not covered · when it files.
Who else looks like this
Every figure above is computed from Gladstone Capital’s own filing, and every company here is measured the same way. Screen all of them on any of these twelve measures, or on the rules four investors published — free, and nothing you screen leaves your browser.
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