November 20, 2025
Office of Registration and Reports
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549
RE: Gladstone Capital Corporation Fidelity Bond
Ladies and Gentlemen:
On behalf of Gladstone Capital Corporation (the “Company”), I enclose the following documents for filing pursuant to Rule 17g-1 of the Investment Company Act of 1940, as amended (the “1940 Act”):
| 1. | A copy of the Company’s Investment Company Bond No. 106628403, in the amount of $3,000,000, effective as of November 25, 2025, covering the Company, and its subsidiaries (the “Bond”). The Bond was received by the Company on November 12, 2025. |
| 2. | A copy of the resolutions adopted by written consent of the Board of Directors dated November 25, 2025, in which a majority of the Directors who are “not interested” ratified and approved the amendment to the Bond. |
The period for which premiums have been paid on behalf of the Company is November 25, 2025 to November 25, 2026. The Company’s premium is $9,448.
Thank you for your assistance. Should you have any questions, please feel free to call me at 703-287-5872.
| Sincerely, |
| GLADSTONE CAPITAL CORPORATION |
| /s/ John A. Dellafiora Jr. |
| John A. Dellafiora Jr. |
| Chief Compliance Officer |
|
Luke W McCarty | |||
| PO Box 64094 | ||||
| St. Paul, MN 55102-0094 | ||||
| Phone: (646) 509-0520 | ||||
| Email: [email protected] |
November 12, 2025
Justin Salazar
AON RISK SERVS CENTRAL
200 E RANDOLPH ST FL 9
CHICAGO, IL 60601
| RE: | Insured Name: | GLADSTONE CAPITAL CORPORATION | ||
| Binder Type: | Premium Only | |||
| Product: | INVESTMENT COMPANY BOND | |||
| IVBB-15001 (01-16) | ||||
| Bond Number: | 106628403 | |||
| Bond Period: | November 25, 2025 to November 25, 2026 | |||
| Binder Expiration Date: | December 12, 2025 |
Dear Justin Salazar:
On behalf of Travelers Casualty and Surety Company of America we are pleased to bind coverage for the following Insurance.
INVESTMENT COMPANY BOND:
| Insuring Agreement |
Single Loss Limit of Insurance |
Single Loss Deductible Amount |
||||||
| A. FIDELITY |
||||||||
| Coverage A.1. Larceny or Embezzlement |
$ | 3,000,000 | $ | 0 | ||||
| Coverage A.2. Restoration Expenses |
$ | 3,000,000 | $ | 100,000 | ||||
| B. ON PREMISES |
$ | 3,000,000 | $ | 100,000 | ||||
| C. IN TRANSIT |
$ | 3,000,000 | $ | 100,000 | ||||
| D. FORGERY OR ALTERATION |
$ | 3,000,000 | $ | 100,000 | ||||
| E. SECURITIES |
$ | 3,000,000 | $ | 100,000 | ||||
| F. COUNTERFEIT MONEY AND COUNTERFEIT MONEY ORDERS |
$ | 3,000,000 | $ | 100,000 | ||||
| G. CLAIM EXPENSE |
$ | 100,000 | $ | 5,000 | ||||
| H. STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF CHECKS |
$ | 100,000 | $ | 5,000 | ||||
| I. COMPUTER SYSTEMS |
||||||||
| Coverage I.1. Computer Fraud |
$ | 3,000,000 | $ | 100,000 | ||||
| Coverage I.2. Fraudulent Instructions |
$ | 3,000,000 | $ | 100,000 | ||||
| Coverage I.3. Restoration Expense |
$ | 3,000,000 | $ | 100,000 | ||||
| J. UNCOLLECTIBLE ITEMS OF DEPOSIT |
$ | 100,000 | $ | 5,000 | ||||
If “Not Covered” is inserted opposite any specified Insuring Agreement above, or if no amount is included, in the Single Loss Limit of Insurance, such Insuring Agreement and any other reference thereto is deemed to be deleted from this bond.
| LTR-19040 Ed. 01-16 | Page 1 of 3 | |
| © 2016 The Travelers Indemnity Company. All rights reserved. |
DISCOVERY PERIOD FOR BOND COVERAGE:
| Additional Premium Percentage: | 100% of the annualized premium | |
| Additional Months: | 12 months | |
TOTAL ANNUAL PREMIUM - $9,448.00
(Other term options listed below, if available)
PREMIUM DETAIL:
| Term |
Payment Type |
Premium | Taxes | Surcharges | Total Premium |
Total Term Premium |
||||||||||||||||||
| 1 Year |
Prepaid | $ | 9,448.00 | $ | 0.00 | $ | 0.00 | $ | 9,448.00 | $ | 9,448.00 | |||||||||||||
| BOND FORMS APPLICABLE: | ||
| IVBB-15001-0116 |
Investment Company Bond Declarations | |
| IVBB-16001-0116 |
Investment Company Bond | |
| ENDORSEMENTS APPLICABLE: | ||
| IVBB-18032-0116 |
Virginia Cancelation, Termination, Change or Modification Endorsement | |
| IVBB-19003-0116 |
Social Engineering Fraud Insuring Agreement - Enhanced | |
| IVBB-19004-0116 |
Named Insured Endorsement | |
| IVBB-19010-0116 |
Unauthorized Signature Endorsement | |
| IVBB-19014-0116 |
Non-Accumulation Endorsement | |
| Company Name |
Gladstone Management Corporation, Gladstone Investment Corporation, and Gladstone Alternative Income Fund | |
| IVBB-19038-0422 |
Global Coverage Compliance Endorsement | |
| IVBB-19044-0518 |
Automatic Increase In Insuring Agreement A.1. Single Loss Limit of Insurance Endorsement | |
| IVBB-19045-0319 |
Replace General Agreement A. Organic Growth Endorsement | |
CONTINGENCIES:
This binder is contingent on the acceptable underwriting review of the following information prior to the Binder expiration date.
None
This binder is a conditional binder, valid until December 12, 2025. This binder will expire on the noted date, at the noted time, unless the required underwriting information stated in the Contingencies section is provided to Travelers and then reviewed and accepted by Travelers prior to the noted expiration date and time.
This bond will not take effect unless Underwriting Information is received and satisfactorily reviewed by December 12, 2025 (Binder Expiration Date). If you do not submit the Underwriting Information on or before the Binder Expiration Date, no bond will be issued.
COMMISSION: 15.00%
NOTES:
NOTICES:
It is the agent’s or broker’s responsibility to comply with any applicable laws regarding disclosure to the bondholder of commission or other compensation we pay, if any, in connection with this bond or program.
| LTR-19040 Ed. 01-16 | Page 2 of 3 | |
| © 2016 The Travelers Indemnity Company. All rights reserved. |
Important Notice Regarding Compensation Disclosure
For information about how Travelers compensates independent agents, brokers, or other insurance producers, please visit this website: http://www.travelers.com/w3c/legal/Producer_Compensation_Disclosure.html
If you prefer, you can call the following toll-free number: 1-866-904-8348. Or you can write to us at Travelers, Agency Compensation, P.O. Box 2950, Hartford, CT 06104-2950.
Sincerely,
Luke W McCarty
Travelers Bond & Specialty Insurance
| LTR-19040 Ed. 01-16 | Page 3 of 3 | |
| © 2016 The Travelers Indemnity Company. All rights reserved. |
ACTION BY WRITTEN CONSENT
OF THE
BOARD OF DIRECTORS
OF
GLADSTONE CAPITAL CORPORATION
The undersigned, being all of the members of the Board of Directors of Gladstone Capital Corporation, a Maryland Corporation (the “Company”), pursuant to Section 2- 408(c) of the Maryland General Corporation Law, hereby adopt the following resolutions by written consent dated effective as of the 25th day of November, 2025:
WHEREAS, the Board has reviewed the renewal of the Company’s Investment Company Blanket Bond No. 106628403, the terms of which are attached hereto as Exhibit A, issued by Travelers Casualty and Surety Company of America (the “Fidelity Bond”);
NOW, THEREFORE, BE IT RESOLVED, that the members of the Board, including Anthony Parker, Michela A. English, John H. Outland, Walter Wilkinson, and Katharine Gorka, each of whom is not an interested person under the Investment Company Act of 1940, as amended, hereby acknowledge and agree that the Fidelity Bond is reasonable in form and amount; and it be
RESOLVED FURTHER, that the appropriate officers of the Company be, and they hereby are, authorized to enter into the Fidelity Bond for the Company; and it be
RESOLVED, FURTHER, that any and all previous actions taken by the Company’s officers, principals or agents in connection with the Fidelity Bond be, and hereby are, approved and ratified as duly authorized actions of the Company; and it be
RESOLVED, FURTHER, that the appropriate officers of the Company be, and each of them hereby is, authorized and directed, for and on behalf of the Company, to file the Fidelity Bond with the Securities and Exchange Commission.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the undersigned have executed this Action by Written Consent of the Board of Directors of Gladstone Capital Corporation as of the day and year first written above.
| /s/ David Gladstone |
David Gladstone |
|
|
| Anthony Parker |
|
|
| Michela English |
|
|
| John Outland |
|
|
| Walter Wilkinson |
|
|
| Paula Novara |
|
|
| Katharine Gorka |
IN WITNESS WHEREOF, the undersigned have executed this Action by Written Consent of the Board of Directors of Gladstone Capital Corporation as of the day and year first written above.
David Gladstone |
| /s/ Anthony Parker |
| Anthony Parker |
| /s/ Michela English |
| Michela English |
| /s/ John Outland |
| John Outland |
| /s/ Walter Wilkinson |
| Walter Wilkinson |
| /s/ Paula Novara |
| Paula Novara |
| /s/ Katharine Gorka |
| Katharine Gorka |
EXHIBIT A
TERMS OF FIDELITY BOND
|
|
| |||
| Luke W McCarty | ||||
| PO Box 64094 | ||||
| St. Paul, MN 55102-0094 | ||||
| Phone: | (646) 509-0520 | |||
| Email: | [email protected] | |||
November 12, 2025
Justin Salazar
AON RISK SERVS CENTRAL
200 E RANDOLPH ST FL 9
CHICAGO, IL 60601
| RE: | Insured Name: | GLADSTONE CAPITAL CORPORATION | ||
| Binder Type: | Premium Only | |||
| Product: | INVESTMENT COMPANY BOND | |||
| IVBB-15001 (01-16) | ||||
| Bond Number: | 106628403 | |||
| Bond Period: | November 25, 2025 to November 25, 2026 | |||
| Binder Expiration Date: | December 12, 2025 |
Dear Justin Salazar:
On behalf of Travelers Casualty and Surety Company of America we are pleased to bind coverage for the following Insurance.
INVESTMENT COMPANY BOND:
| Insuring Agreement |
Single Loss Limit of Insurance |
Single Loss Deductible Amount |
||||||
| A. FIDELITY |
||||||||
| Coverage A.1. Larceny or Embezzlement |
$ | 3,000,000 | $ | 0 | ||||
| Coverage A.2. Restoration Expenses |
$ | 3,000,000 | $ | 100,000 | ||||
| B. ON PREMISES |
$ | 3,000,000 | $ | 100,000 | ||||
| C. IN TRANSIT |
$ | 3,000,000 | $ | 100,000 | ||||
| D. FORGERY OR ALTERATION |
$ | 3,000,000 | $ | 100,000 | ||||
| E. SECURITIES |
$ | 3,000,000 | $ | 100,000 | ||||
| F. COUNTERFEIT MONEY AND COUNTERFEIT MONEY ORDERS |
$ | 3,000,000 | $ | 100,000 | ||||
| G. CLAIM EXPENSE |
$ | 100,000 | $ | 5,000 | ||||
| H. STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF CHECKS |
$ | 100,000 | $ | 5,000 | ||||
| I. COMPUTER SYSTEMS |
||||||||
| Coverage I.1. Computer Fraud |
$ | 3,000,000 | $ | 100,000 | ||||
| Coverage I.2. Fraudulent Instructions |
$ | 3,000,000 | $ | 100,000 | ||||
| Coverage I.3. Restoration Expense |
$ | 3,000,000 | $ | 100,000 | ||||
| J. UNCOLLECTIBLE ITEMS OF DEPOSIT |
$ | 100,000 | $ | 5,000 | ||||
If “Not Covered” is inserted opposite any specified Insuring Agreement above, or if no amount is included, in the Single Loss Limit of Insurance, such Insuring Agreement and any other reference thereto is deemed to be deleted from this bond.
| LTR-19040 Ed. 01-16 | Page 1 of 3 | |
| © 2016 The Travelers Indemnity Company. All rights reserved. |
DISCOVERY PERIOD FOR BOND COVERAGE:
| Additional Premium Percentage: | 100% of the annualized premium | |
| Additional Months: | 12 months | |
TOTAL ANNUAL PREMIUM - $9,448.00
(Other term options listed below, if available)
PREMIUM DETAIL:
| Term |
Payment Type |
Premium | Taxes | Surcharges | Total Premium |
Total Term Premium |
||||||||||||||||
| 1 Year |
Prepaid | $ | 9,448.00 | $ | 0.00 | $ | 0.00 | $ | 9,448.00 | $ | 9,448.00 | |||||||||||
| BOND FORMS APPLICABLE: | ||
| IVBB-15001-0116 |
Investment Company Bond Declarations | |
| IVBB-16001-0116 |
Investment Company Bond | |
| ENDORSEMENTS APPLICABLE: | ||
| IVBB-18032-0116 |
Virginia Cancelation, Termination, Change or Modification Endorsement | |
| IVBB-19003-0116 |
Social Engineering Fraud Insuring Agreement - Enhanced | |
| IVBB-19004-0116 |
Named Insured Endorsement | |
| IVBB-19010-0116 |
Unauthorized Signature Endorsement | |
| IVBB-19014-0116 |
Non-Accumulation Endorsement | |
| Company Name |
Gladstone Management Corporation, Gladstone Investment Corporation, and Gladstone Alternative Income Fund | |
| IVBB-19038-0422 |
Global Coverage Compliance Endorsement | |
| IVBB-19044-0518 |
Automatic Increase In Insuring Agreement A.1. Single Loss Limit of Insurance Endorsement | |
| IVBB-19045-0319 |
Replace General Agreement A. Organic Growth Endorsement | |
CONTINGENCIES:
This binder is contingent on the acceptable underwriting review of the following information prior to the Binder expiration date.
None
This binder is a conditional binder, valid until December 12, 2025. This binder will expire on the noted date, at the noted time, unless the required underwriting information stated in the Contingencies section is provided to Travelers and then reviewed and accepted by Travelers prior to the noted expiration date and time.
This bond will not take effect unless Underwriting Information is received and satisfactorily reviewed by December 12, 2025 (Binder Expiration Date). If you do not submit the Underwriting Information on or before the Binder Expiration Date, no bond will be issued.
COMMISSION: 15.00%
NOTES:
NOTICES:
It is the agent’s or broker’s responsibility to comply with any applicable laws regarding disclosure to the bondholder of commission or other compensation we pay, if any, in connection with this bond or program.
| LTR-19040 Ed. 01-16 | Page 2 of 3 | |
| © 2016 The Travelers Indemnity Company. All rights reserved. |
Important Notice Regarding Compensation Disclosure
For information about how Travelers compensates independent agents, brokers, or other insurance producers, please visit this website: http://www.travelers.com/w3c/legal/Producer_Compensation_Disclosure.html
If you prefer, you can call the following toll-free number: 1-866-904-8348. Or you can write to us at Travelers, Agency Compensation, P.O. Box 2950, Hartford, CT 06104-2950.
Sincerely,
Luke W McCarty
Travelers Bond & Specialty Insurance
| LTR-19040 Ed. 01-16 | Page 3 of 3 | |
| © 2016 The Travelers Indemnity Company. All rights reserved. |