Business Context and Reporting Period
Company: Gladstone Capital Corporation (GLAD)
Filing Type: Form 8-K (Current Report)
Date of Report: April 13, 2021
Reporting Period: This filing reports specific corporate events occurring on April 13, 2021, rather than a standard financial reporting period.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on corporate governance and distribution announcements rather than financial performance results.
Material Changes
- Advisory Agreement Amendment: The Company entered into a Third Amended and Restated Investment Advisory and Management Agreement with Gladstone Management Corporation.
- Incentive Fee Hurdle Rate: The agreement maintains the revised hurdle rate for the period beginning April 1, 2021, through March 31, 2022. The hurdle rate remains at 2.00% per quarter (8% annualized), and the excess Incentive Fee hurdle rate remains at 2.4375% per quarter (9.75% annualized).
- Effective Date: The revised Incentive Fee calculation applies starting with the quarter ending June 30, 2021.
Guidance, Outlook, and Management Commentary
- Distribution Declaration: The Board of Directors declared monthly cash distributions for common stock for April, May, and June 2021. Specific distribution amounts are not detailed in this filing text.
- Board Approval: The amendment to the advisory agreement was approved unanimously by the Board of Directors, including independent directors.
- Risks and Contingencies: No specific risks or contingencies were disclosed in this filing text.
Investor Verification Checklist
- Verify the specific dollar amount per share for the declared distributions for April, May, and June 2021 in the referenced press release (Exhibit 99.1).
- Review the full text of the Third Amended and Restated Investment Advisory and Management Agreement to confirm all terms remain unchanged aside from the hurdle rate maintenance.
- Confirm the record dates and payment dates for the declared distributions.