David Gladstone

Chairman and Chief Executive Officer

Mr. Gladstone is our Founder and has served as Chief Executive Officer and Chairman of the Board since our inception in 2003. He also founded and continues to serve as Chief Executive Officer and Chairman of the board of directors of our affiliates, including Gladstone Capital Corporation (“Gladstone Capital”), Gladstone Investment Corporation (“Gladstone Investment”), Gladstone Land Corporation (“Gladstone Land”), our Adviser, and our Administrator. Mr. Gladstone additionally serves on the board of managers of our affiliated broker-dealer, Gladstone Securities, LLC (“Gladstone Securities”). Prior to founding the Company, Mr. Gladstone served as either Chairman or Vice Chairman of the board of directors of American Capital, Ltd. (Nasdaq: ACAS), a publicly-traded leveraged buyout fund and mezzanine debt finance company, from 1997 to 2001. From 1974 to 1997, Mr. Gladstone held various positions, including Chairman and Chief Executive Officer, with Allied Capital Corporation (NYSE: ALD), Allied Capital Corporation II, Allied Capital Lending Corporation and Allied Capital Advisors, Inc., a registered investment adviser that managed the Allied companies. The Allied companies were the largest group of publicly-traded mezzanine debt funds in the United States and were managers of two private venture capital limited partnerships. From 1991 to 1997, Mr. Gladstone served either as Chairman of the board of directors or President of Allied Capital Commercial Corporation, a publicly-traded REIT that invested in real estate loans to small and medium-sized businesses, managed by Allied Capital Advisors, Inc. He managed the growth of Allied Capital Commercial from no assets at the time of its initial public offering to $385 million in assets at the time it merged into Allied Capital Corporation in 1997. From 1992 to 1997, Mr. Gladstone served as a Director, President and Chief Executive Officer of Business Mortgage Investors, a privately-held mortgage REIT managed by Allied Capital Advisors, which invested in real estate loans to small and medium-sized businesses. Mr. Gladstone is also a past Director of Capital Automotive REIT, a real estate investment trust that purchases and net leases real estate to automobile dealerships. Mr. Gladstone served as a Director of The Riggs National Corporation (the parent of Riggs Bank) from 1993 to May 1997 and of Riggs Bank from 1991 to 1993. He served as a Trustee of the George Washington University and currently is Trustee Emeritus. He is a past Member of the Listings and Hearings Committee of the National Association of Securities Dealers, Inc. Mr. Gladstone was the Founder and Managing Member of The Capital Investors, LLC, a group of angel investors, and is currently a Member Emeritus. Mr. Gladstone holds an MBA from the Harvard Business School, an MA from American University and a BA from the University of Virginia. Mr. Gladstone has co-authored two books on financing for small and medium-sized businesses,Venture Capital Handbook and Venture Capital Investing.

Terry Lee Brubaker

Vice Chairman and Chief Operating Officer

Mr. Brubaker has served as our Chief Operating Officer and a Director since our inception in 2003, as President from our inception through July 2007, when he assumed the duties of Vice Chairman, and as Secretary from 2003 to October 2012. Mr. Brubaker has also served as the Chief Operating Officer and a Director of our Adviser since its inception in 2003 and was Secretary from 2003 to October 2012. He also served as President of our Adviser from its inception until assuming the duties of Vice Chairman in February 2006. Mr. Brubaker has also served as Chief Operating Officer of our Administrator since its inception in 2005. Mr. Brubaker has served as the Chief Operating Officer and a Director of Gladstone Capital since May 2001 and was Secretary from 2003 to October 2012. He also served as President of Gladstone Capital from May 2001 through April 2004, when he assumed the duties of Vice Chairman. Mr. Brubaker has also been the Vice Chairman, Chief Operating Officer and a Director of Gladstone Investment since its inception in June 2005 and was Secretary from 2003 to October 2012. Mr. Brubaker has also been the Vice Chairman, Chief Operating Officer and a Director of Gladstone Land since its inception in January 2007. In March 1999, Mr. Brubaker founded and, until May 1, 2003, served as Chairman of Heads Up Systems, a company providing processing industries with leading edge technology. From 1996 to 1999, Mr. Brubaker served as Vice President of the paper group for the American Forest & Paper Association. From 1992 to 1995, Mr. Brubaker served as President of Interstate Resources, a pulp and paper company. From 1991 to 1992, Mr. Brubaker served as President of IRI, a radiation measurement equipment manufacturer. From 1981 to 1991, Mr. Brubaker held several management positions at James River Corporation, a forest and paper company, including Vice President of strategic planning from 1981 to 1982, Group Vice President of the Groveton Group and Premium Printing Papers from 1982 to 1990 and Vice President of human resources development in 1991. From 1976 to 1981, Mr. Brubaker was Strategic Planning Manager and Marketing Manager of white papers at Boise Cascade. Previously, Mr. Brubaker was a Senior Engagement Manager at McKinsey & Company from 1972 to 1976. Prior to 1972, Mr. Brubaker was a U.S. Navy fighter pilot. Mr. Brubaker holds an MBA from the Harvard Business School and a BSE from Princeton University.

Paul W. Adelgren


Mr. Adelgren has been a Director since December 2002. From 1997 to the present, Mr. Adelgren has been Pastor for the Missionary Alliance Church. From 1991 to 1997 he was Pastor of New Life Alliance Church. From 1988 to 1991, Mr. Adelgren was a Vice President of Finance for Williams & Watts, Inc. in Fairfield NJ, a logistics management and procurement business. From 1965 to 1988, Mr. Adelgren served in the United States Navy. During his career in the Navy, he served in eight different commands and ships. His last three were as the Director of the Strategic Submarine Support Department, Executive Officer at the Naval Supply Center and as the Director of the Joint Uniform Military Pay System at the Navy Finance Center. Paul Adelgren received numerous awards and medals during his distinguished career in the Navy and he retired as a Captain in the USN to pursue his business career. In 1965, Mr. Adelgren received a Bachelor of Arts degree from the University of Kansas. He attended the Navy Supply Corps School in Athens, GA. In 1972, at Harvard Business School, he received a Masters in Business Administration (with honors) in Data Processing Management and Operations Research.

Michela A. English


Ms. English has been a Director since June 5, 2002. Until March 31, 2004, English held the positions of President, Discovery Enterprises Worldwide, and President, Discovery.com, launching and rapidly developing new initiatives that build upon and enhance Discovery's television brands and consumer relationships. Ms. English is an experienced executive with a wide-ranging background in marketing, corporate planning and business development. She most recently served as Senior Vice President of the National Geographic Society, where she was responsible for marketing, book publishing, Traveler magazine, World magazine for children, educational media and international publishing. English spearheaded the 1995 launch of National Geographic magazine in the Japanese language, the publication's first-ever non-English edition. She had previously served as Vice President of Marketing, directing product development and marketing activities for Society membership, books, videos, magazines and other educational products. She was a member of the Society's Board of Trustees and Education Foundation Board. Prior to her tenure at the National Geographic Society, English served as a Consultant for such clients as Marriott Corporation and MCI. She had also been Vice President, corporate planning and business development for Marriott Corporation. Prior to Marriott, English worked as Senior Engagement Manager for the international consulting firm McKinsey & Company, helping top management in major media and diversified companies design and implement strategic plans, improvements in operations and organizational changes. Ms. English is active within the volunteer, nonprofit and corporate communities. She has served as Director of Riggs National Corporation in Washington, DC; Director of Windsor Pet Care, Inc. of Hasbrouk Heights, NJ; Trustee of the Supreme Court Historical Society in Washington, DC; a member of the Yale School of Management Advisory Board in New Haven, CT; and a Director of the Potomac KnowledgeWay. She currently serves as a Director of the NEA Foundation for the Improvement of Education, the Educational Testing Service (ETS), and as Chairman of the Board of Sweet Briar College. English received a Bachelor of Arts in International Affairs at Sweet Briar College and a Master of Public and Private Management degree from Yale University's School of Management.

Caren D. Merrick


Ms. Merrick has served as our Director and as a Director of Gladstone Investment, Gladstone Land and Gladstone Commercial since November 2014. She is the chief executive officer of the Virginia Ready Initiative (VA Ready), a partnership between businesses and the Virginia Community College system that offers reskilling for Virginians whose employment was disrupted due to the Covid-19 pandemic. Ms. Merrick was founder and CEO of Caren Merrick & Co., an advisory firm on growth strategies from 2014. Ms. Merrick founded and from 2014 to 2017 served as the chief executive officer of Pocket Mentor, a mobile application and digital publishing company focused on leadership development and career advancement. From 2004 - 2019 she served as a partner with Bibury Partners, an investment and advisory firm that focuses on enterprise and consumer technology sectors. Ms. Merrick served on the board of directors of WashingtonFirst Bankshares (Nasdaq: WFBI) from May 2015 until January 2018 and was chairperson of the technology committee from 2015 to 2018. She served as a board member of the Metropolitan Washington Airports Authority from 2012 to 2018. Ms. Merrick co-founded and from 1996 to 2001 served as an executive vice president of, webMethods, Inc., a company that provides business-to-business enterprise software solutions for Global 2000 companies. Ms. Merrick served on the boards of directors of VisualCV, a venture-backed online resume and corporate talent management solution, from 2008 to 2011, Inova Healthcare Services from 2001 to 2005, and the Northern Virginia Technology Council from 2000 to 2004. Ms. Merrick previously served as a member of the Technology Subgroup on the Virginia Governor’s Economic Development and Jobs Creation Commission from 2010 to 2011. Ms. Merrick also was director of AOL.com for America Online from 1996 to 1997, and has also been a consultant for Australia Post, a $5 billion government business enterprise that provides postal, retail and financial, logistics and fulfillment services across Australia. Ms. Merrick is also a founding investor in Venture Philanthropy Partners, a philanthropic investment organization that mentors nonprofit leaders in growing programs to improve the lives of children from low income families in the National Capital Region. She has also served on the boards of several Washington, DC area charities, including Greater DC Cares, CharityWorks, the Fairfax Symphony and the Langley School. Previously she served on the board of Women in Technology’s Leadership Foundry. She also serves on the board of the International Women’s Forum, Washington DC Chapter. Ms. Merrick received a BA in political science from the University of California, Los Angeles, and has received a Certificate of Director Education from the National Association of Corporate Directors.

John H. Outland


Mr. Outland has been on the Company's Board of Directors since December 2003. Currently, Mr. Outland is a Capital Markets Deal Leader for Genworth Financial. Since 2002, Mr. Outland has worked for 1789 Capital Advisors as a Managing Director where he has provided market and transaction structure analysis and advice on a consulting basis for multifamily commercial mortgage purchase programs. Mr. Outland advised HUD and the FHA on the sale of approximately $400 million of non-performing residential mortgage loans and marketed the sale of these loans to investors. From 1999 to 2001, Mr. Outland served as Vice President of Mortgage-Backed Securities at Financial Guaranty Insurance Company where he was team leader for bond insurance transactions, responsible for sourcing business, coordinating the credit, loan file, due diligence and legal review processes, and negotiating structure and business issues. From 1993 to 1999, Mr. Outland was Senior Vice President for Citicorp Mortgage Securities, Inc. At that firm he securitized Citicorp Mortgage non-conforming mortgage products. Mr. Outland's responsibilities included mortgage pooling, rating agency relationships, managing auction and price negotiation processes, managing loan file due diligence, reviewing transaction documentation and closing transactions. Mr. Outland worked at Nomura Securities International, Inc., from 1989 to 1993 as Vice President of Real Estate and Mortgage Finance where he performed due diligence on and negotiated the financing of commercial mortgage packages in preparation for securitization. Mr. Outland earned a Bachelors Degree in Chemical Engineering from Georgia Institute of Technology and a Masters in Business Administration from Harvard Business School.

Anthony W. Parker


Mr. Parker has been a Director since August, 2001. In 1997, Mr. Parker founded Medical Funding Corporation, a company that purchases medical receivables. In the summer of 2000, Medical Funding Corporation purchased a Snelling Personnel Agency franchise in Washington, DC, which provides full staffing services for the local business community. Mr. Parker currently serves as Chairman of Medical Funding Corporation. From 1992 to 1996, Mr. Parker was Chairman of, and a 50% stockholder of, Capitol Resource Funding, Inc.(CRF), a commercial finance company with offices in Dana Point, California and Arlington, Virginia. Mr. Parker joined CRF shortly after its inception and was instrumental in growing the company from a startup to one that by 1996 was purchasing receivables at the rate of $150 million per year, with over 40 employees. Mr. Parker practiced corporate and tax law for over 15 years from 1980 to 1983 at Verner, Liipfert, Bernhard & McPherson, and from 1983 to 1992 in private practice. From 1973 to 1977 Mr. Parker served as Executive Assistant to the administrator of the US Small Business Administration. Mr. Parker received his J. D. and Masters in Tax Law from Georgetown Law Center and his undergraduate degree from Harvard College.

Walter H Wilkinson Jr


Mr. Wilkinson is the founder and a general partner of Kitty Hawk Capital, a venture capital firm established in 1980 and based in Charlotte, North Carolina. He has served as a director of RF Micro Devices (Nasdaq: RFMD) since 1992 and has served as the Chairman of the Board of Directors since July 2008. He currently serves on the board of the N.C. State University Foundation and has previously served on the boards of other universities and related organizations. He is a past member and director of the National Venture Capital Association and is a past member and Chairman of the National Association of Small Business Investment Companies. He is currently Chairman of the Carolinas Chapter of the National Association of Corporate Directors (“NACD”) and is a NACD Leadership Fellow, having completed the NACD’s program for corporate directors. During his career he has helped to start or expand dozens of rapidly growing companies in a variety of industries. Mr. Wilkinson serves or has served as a director of numerous venture-backed companies, both public and private.

Mr. Wilkinson was selected as a director for the Company due to his strong leadership skills and his valuable understanding of our industry. With over 35 years of venture capital experience, Mr. Wilkinson also brings a unique perspective to the board. He has overseen the successful growth and evolution of numerous businesses and understands the challenges of leading both private and public companies through changing economic conditions and that boards of directors must work together in a collegial and effective manner to provide appropriate guidance to management.