David J. Gladstone

Chairman & Chief Executive Officer

Mr. Gladstone is the founder of The Gladstone Companies and has been our Chief Executive Officer since inception. From August 1997 to August 2001, Mr. Gladstone served as Chairman or Vice Chairman of American Capital Strategies, a publicly-traded leveraged buyout fund and mezzanine debt finance company. From 1974 to February 1997, Mr. Gladstone held various positions, including Chairman and Chief Executive Officer, with Allied Capital Corporation, Allied Capital Corporation II, Allied Capital Lending Corporation, Allied Capital Commercial Corporation and Allied Capital Advisors Inc. The Allied companies were the largest group of publicly-traded mezzanine debt funds and were managers of two private venture capital limited partnerships. From 1992 to 1997, Mr. Gladstone served as a Director, President and Chief Executive Officer of Business Mortgage Investors, a private mortgage REIT managed by Allied Capital. 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 has served as a Trustee of The George Washington University and currently is a Trustee Emeritus. He is a past member of the Listings and Hearings Committee of the National Association of Securities Dealers, Inc. He is a past member of the Advisory Committee to the Women's Growth Capital Fund, a venture capital firm that finances women-owned small businesses. Mr. Gladstone was the managing member of The Capital Investors, a group of angel investors, and is currently a member Emeritus. He is also the chairman and President of Gladstone Land Corporation, a publicly held company that has substantial farmland holdings in agriculture real estate in the U.S. Mr. Gladstone is also a past Director of Capital Automotive REIT, a real estate investment trust. Mr. Gladstone holds a MBA degree from the Harvard Business School, a 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 published by Prentice Hall.

Terry Lee Brubaker

Vice Chairman & Chief Operating Officer

Mr. Brubaker has served as our chief operating officer, vice chairman and a director since 2005. 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. Mr. Brubaker has also served as chief operating officer of our Administrator since its inception in 2005. He also served as president of our Adviser from its inception until assuming the duties of vice chairman in February 2006. Mr. Brubaker has served as the chief operating officer and a director of Gladstone Capital Corporation (“Gladstone Capital”) (Nasdaq: GLAD) 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 chief operating officer, vice chairman and a director of Gladstone Land Corporation (Nasdaq: LAND) since April 2007 and as secretary from April 2007 to October 2012. Mr. Brubaker also served as chief operating officer and a director of Gladstone Commercial Corporation (“Gladstone Commercial”) (Nasdaq: GOOD) since its inception in 2003, as president from its inception through July 2007, when he assumed the duties of vice chairman, and as secretary from 2003 to October 2012. 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.

David Dullum


Mr. Dullum joined The Gladstone Companies in February 2008. Mr. Dullum has served as President of Gladstone Investment Corporation since April 2008 and was on the Board of Directors from June 2005 to August 2015. Mr. Dullum is an Executive Managing Director of our Adviser, Gladstone Management Corporation, and was on the Board of Directors of Gladstone Commercial from August 2003 to May 2015, and on the Board of Directors of Gladstone Capital from August 2001 to February 2015. Mr. Dullum has extensive experience in equity investing and middle market buyouts.

Prior to joining Gladstone, from 1995 to 2007, Mr. Dullum was a Partner of New England Partners, a private equity firm focused on investments in the middle market in the Mid-Atlantic and New England regions. From 1976 to 1990, Mr. Dullum was a Managing General Partner of Frontenac Company, a Chicago-based private equity firm. Mr. Dullum has served as the Chairman of NASBIC (now known as SBIA) and on the Board of Trustees of The Stanford Business School Trust. Mr. Dullum holds an MBA from Stanford Graduate School of Business and a BME from the Georgia Institute of Technology.

Julia Ryan

Chief Financial Officer and Treasurer

Ms. Ryan joined Gladstone in April 2015. She currently serves as the Chief Financial Officer and Treasurer of Gladstone Investment Corporation. Prior to joining Gladstone, Ms. Ryan worked as a senior manager in the assurance practice of KPMG LLP in McLean, VA, where she primarily served public companies in the asset management and real estate industries. Ms. Ryan holds a BS in Accounting and in International Business Administration from Salisbury University. She is a certified public accountant in the Commonwealth of Virginia and a member of the AICPA and VSCPA.

Kyle Largent

Executive Vice President – Senior Managing Director

Kyle joined Gladstone in November 2006. Prior to joining Gladstone, he was a Vice President for National Capital, an investment bank providing M&A advisory services to small and mid-sized businesses. In 2003, Kyle served as an Associate Analyst in the Research group at Friedman Billings Ramsey. Kyle received an MBA from Georgetown University and a BSBA from the University of Tulsa, and is a CFA charterholder.

Mr. Largent currently serves on the boards of the following portfolio companies: B+T Group, Brunswick Bowling, Old World Christmas, Pioneer Square Brands, Schylling, SOG and Utah Pacific Bridge.

Peter Roushdy

Executive Vice President – Managing Director

Mr. Roushdy joined Gladstone in July 2011. Prior to joining Gladstone, he worked as an Analyst in the Consumer & Retail Investment Banking group at Wells Fargo Securities where he focused on debt and equity capital markets origination and advisory services to clients in the retail and restaurant sectors. Mr. Roushdy earned a BA in Economics from Davidson College in May 2008.

Mr. Roushdy currently serves on the boards of the following portfolio companies: Bassett Creek Services, Edge Adhesives, Educators Resource, Horizon Facilities Services, J.R. Hobbs, Mason West, Nocturne Luxury Villas and Nth Degree. He is an observer of B+T Group.

Michael LiCalsi

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.

Jack Dellafiora

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.

Jennifer Smith

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.

Jay Beckhorn

Assistant Treasurer

Mr. Beckhorn joined Gladstone in January 2013. He currently serves as Managing Director, Finance of Gladstone Commercial Treasurer of Gladstone Land and Gladstone Commercial and Assistant Treasurer of Gladstone Capital and Gladstone Investment; his focus is debt finance.

Jay has 28 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.