GLADMEDIUM SIGNALFINANCIAL10-K

GLAD's portfolio composition shifted meaningfully with new investments while net income declined substantially despite asset growth.

The extensive portfolio changes suggest active capital deployment and rotation, with several new debt investments added while others were removed or restructured. The combination of growing assets but declining profitability indicates potential margin compression or increased provision expenses that warrant monitoring.

Comparing 2025-11-17 vs 2024-11-13View on EDGAR →
FINANCIAL ANALYSIS

GLAD's balance sheet expanded with total assets growing 12% to $908 million and liabilities increasing 22% to $406 million, while cash holdings substantially increased. However, profitability declined meaningfully with net income falling 40% to $57 million despite the asset growth. This divergence between asset expansion and earnings contraction suggests either lower-yielding new investments, higher funding costs, or increased credit provisions impacting returns.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+66.3%
$1.3M→$2.2M

Cash position surged 66.3% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
-39.5%
$94.5M→$57.2M

Net income declined 39.5% — review whether driven by operations, interest costs, or non-recurring items.

Total Liabilities
Balance Sheet
+21.7%
$333.7M→$406.2M

Liabilities increased 21.7% — monitor debt-to-equity ratio and interest coverage.

Total Assets
Balance Sheet
+11.7%
$812.5M→$907.6M

Asset base grew 11.7% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2025-11-17
PRIOR — 2024-11-13
ADDED
Delayed Draw Term Loan 2025-09-30 0001143513 Unirac Holdings, Inc.
Term Debt 2025-09-30 0001143513 Viva Railings, LLC Line of Credit 2025-09-30 0001143513 Viva Railings, LLC Term Debt 2025-09-30 0001143513 glad:DebtSecuritiesSecuredFirstLienDebtMember glad:DiversifiedConglomerateServiceMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-09-30 0001143513 Axios Industrial Group, LLC Term Debt 1 2025-09-30 0001143513 Axios Industrial Group, LLC Term Debt 2 2025-09-30 0001143513 Leadpoint Business Services, LLC Term Debt 2025-09-30 0001143513 MASSiv Brands, LLC Term Debt 2025-09-30 0001143513 Quality Environmental Midco, Inc.
Line of Credit 2025-09-30 0001143513 Quality Environmental Midco, Inc.
Term Debt 2025-09-30 0001143513 Giving Home Health Care, LLC Term Debt 2025-09-30 0001143513 HH-Inspire Acquisition, Inc.
Line of Credit 2025-09-30 0001143513 HH-Inspire Acquisition, Inc.
Line of Credit 1 2025-09-30 0001143513 B+T Group Acquisition, Inc.
Line of Credit 2 2025-09-30 0001143513 B+T Group Acquisition, Inc.
Term Debt 2025-09-30 0001143513 us-gaap:InvestmentUnaffiliatedIssuerMember glad:DebtSecuritiesSecuredSecondLienDebtMember 2025-09-30 0001143513 glad:DebtSecuritiesSecuredSecondLienDebtMember glad:AutomobileMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-09-30 0001143513 Sea Link International IRB, Inc.
Term Debt 1 2025-09-30 0001143513 Sea Link International IRB, Inc.
Term Debt 2 2025-09-30 0001143513 glad:DebtSecuritiesSecuredSecondLienDebtMember glad:BeverageFoodAndTobaccoMember us-gaap:InvestmentUnaffiliatedIssuerMember 2025-09-30 0001143513 Dutch Gold Honey, Inc.
REMOVED
Delayed Draw Term Loan 2023-09-30 0001143513 Unirac Holdings, Inc.
Line of Credit 2023-09-30 0001143513 HH-Inspire Acquisition, Inc.
Term Debt 1 2023-09-30 0001143513 HH-Inspire Acquisition, Inc.
Line of Credit 2023-09-30 0001143513 B+T Group Acquisition, Inc.
Term Debt 2023-09-30 0001143513 us-gaap:InvestmentUnaffiliatedIssuerMember glad:DebtSecuritiesSecuredSecondLienDebtMember 2023-09-30 0001143513 us-gaap:InvestmentUnaffiliatedIssuerMember glad:AutomobileMember glad:DebtSecuritiesSecuredSecondLienDebtMember 2023-09-30 0001143513 Sea Link International IRB, Inc.
Term Debt 1 2023-09-30 0001143513 Sea Link International IRB, Inc.
Term Debt 2023-09-30 0001143513 us-gaap:InvestmentUnaffiliatedIssuerMember glad:DiversifiedConglomerateManufacturingMember glad:DebtSecuritiesSecuredSecondLienDebtMember 2023-09-30 0001143513 OCI, LLC Term Debt 2 2023-09-30 0001143513 Springfield, Inc.
Term Debt 2023-09-30 0001143513 Tailwind Smith Cooper Intermediate Corporation Term Debt 2023-09-30 0001143513 us-gaap:InvestmentUnaffiliatedIssuerMember glad:DiversifiedConglomerateServicesMember glad:DebtSecuritiesSecuredSecondLienDebtMember 2023-09-30 0001143513 CHA Holdings, Inc.
Convertible Debt 2023-09-30 0001143513 us-gaap:InvestmentUnaffiliatedIssuerMember glad:PreferredEquityMember 2023-09-30 0001143513 us-gaap:InvestmentUnaffiliatedIssuerMember glad:AutomobileMember glad:PreferredEquityMember 2023-09-30 0001143513 Sea Link International IRB, Inc.
Preferred Stock 2023-09-30 0001143513 us-gaap:InvestmentUnaffiliatedIssuerMember glad:BeverageFoodAndTobaccoMember glad:PreferredEquityMember 2023-09-30 0001143513 Triple H Food Processors, LLC Preferred Stock 2023-09-30 0001143513 us-gaap:InvestmentUnaffiliatedIssuerMember glad:BuildingsAndRealEstateMember glad:PreferredEquityMember 2023-09-30 0001143513 GFRC 360, LLC Preferred Stock 2023-09-30 0001143513 us-gaap:InvestmentUnaffiliatedIssuerMember glad:DiversifiedConglomerateManufacturingMember glad:PreferredEquityMember 2023-09-30 0001143513 Salvo Technologies, Inc.
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