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
Chief Operating Officer
Mr. Brubaker has served as our Chief Operating Officer since our inception in 2001, as President from our inception through July 2007, and as Secretary from 2003 to October 2012. He served as a Director from 2001 until April 2023 and as Vice Chairman from 2004 until April 2023. 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 also been the Chief Operating Officer of Gladstone Investment since its inception in June 2005 and was a Director and Vice Chairman from 2005 until April 2023. Mr. Brubaker has also been the Chief Operating Officer of Gladstone Land since its inception in January 2007 and was a Director and Vice Chairman from 2007 until April 2023 Mr. Brubaker has also been the Chief Operating Officer of Gladstone Commercial since its inception in 2003, Director from 2003 until April 2023, and Vice Chairman from 2007 until April 2023. 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.
Mr. Beckhorn joined Gladstone in January 2013. He currently serves as Managing Director, Finance of Gladstone Commercial, Treasurer of Gladstone Commercial and Gladstone Land and Assistant Treasurer of Gladstone Capital and Gladstone Investment; his focus is debt finance.
Jay has 26 years of real estate finance experience. Prior to joining Gladstone, he was a Regional Director with Heavenrich & Co., an M&A group that serves the senior’s housing industry. He helped the firm’s clients recapitalize their companies by arranging joint ventures with private equity groups, sale lease-back transactions with REITs and loans from banks and agencies. Before Heavenrich, Mr. Beckhorn served as a Senior Vice President with Sunrise Senior Living where he secured debt financing to support the company’s development, acquisition, and joint venture activities. Additionally, he worked for the Riggs Bank in a variety of real estate related capacities including Managing Director and Senior Asset Manager for the Multi-Employer Property Trust. He started his real estate career with Kettler, a Washington, D.C. area real estate developer.
Jay earned an MBA from Duke University’s Fuqua School of Business and a BA from Colgate University.
Bob joined GLAD in December 2013 with extensive background in commercial finance and investment banking. Since 2002, Bob has been focused on the origination and management of middle market debt and equity investments supporting both private equity sponsors and owner operators. Prior to joining GLAD, Bob served as an Executive Vice President and Co-Head of Asset Management for MCG Capital where he was responsible for investment origination, evaluation, underwriting and portfolio management for the $500+ million publically traded business development company. Bob also served on MCG Capital's investment committee since 2007. While at MCG Capital, Bob led more than $625 million of middle market debt and equity investments across a variety of industries, served on the board of numerous investment entities and spearheaded the successful development of sector experience and investment activities within the colocation, cable and education industries.
Prior to MCG Capital, Mr. Marcotte was Chief Financial Officer for Aleron, Inc., a wholesale internet access and network services provider and worked in the investment banking divisions of Goldman, Sachs & Co. and Merrill Lynch & Co., and in the project financing department of GE Capital and as a banking officer at Mellon Bank.
Mr. Marcotte received his B.S.B.A. in accounting and finance from Georgetown University.
Chief Financial Officer and Treasurer
Ms. Schaltenbrand joined Gladstone in November 2015. Prior to joining Gladstone, Ms. Schaltenbrand worked as a senior manager of SEC reporting and accounting policy at National Rural Utilities Cooperative Finance Corporation in Dulles, VA. Ms. Schaltenbrand also worked as a senior manager in the assurance practice of KPMG LLP in McLean, VA. She holds a Bachelor of Science in Accounting from the Pennsylvania State University, where she graduated Cum Laude. She is a CPA in the Commonwealth of Virginia and is a member of the AICPA and VSCPA.
Chief Compliance Officer
Mr. Dellafiora joined Gladstone in September 2007 as Chief Compliance Officer. Previously, Mr. Dellafiora held management roles in regulatory compliance, financial and operational risk management, financial reporting, and enterprise data management with Fannie Mae. Prior to that he lead attestation engagements for BDO Seidman where he worked on a diverse set of client industries. Mr. Dellafiora has also provided strategic and financial services for an alternative energy developer. Mr. Dellafiora is a CPA with a BBA in Accountancy from the University of Notre Dame and a MBA from the University of Maryland's Smith School of Business.
General Counsel and Secretary
Mr. LiCalsi has been our General Counsel since October 2009 and Secretary since October 2012. He was appointed President of Gladstone Administration in July 2013. A graduate of the George Mason University School of Law, where he served as Editor-in-Chief of the George Mason Law Review from 2004-2005. Mr. LiCalsi is currently a member of the Virginia State Bar and District of Columbia Bar. Before joining the Gladstone Companies, Mr. LiCalsi served as an Associate Attorney in the Washington, D.C. office of Baker Botts L.L.P., a multinational law firm. From 1996 to 2004, Mr. LiCalsi held various positions at TD Waterhouse Investor Services, Inc. (currently TD Ameritrade, Inc.), including those of regional and national vice president. Mr. LiCalsi currently holds his series 7 and 24 licenses at our affiliated broker-dealer, Gladstone Securities, LLC. Prior to his tenure in the financial services industry, Mr. LiCalsi graduated from Rutgers College, with a BA in History.
Chief Valuation Officer
Ms. Smith joined Gladstone in September 2013 as a Valuation Officer. Prior to joining Gladstone, she was a Senior Vice President in the Valuation Department for MCG Capital, a public business development company in Arlington, VA from 2005-2013. Prior to her work at MCG Capital, she was a Senior Associate for FTI Consulting, a business advisory firm located in Washington, DC. Ms. Smith holds a BS in Commerce with concentrations in Finance and International Business from the University of Virginia.