Board of Directors

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.

Chair of the Offering Committee
Chair of the Executive Committee

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.

Member of the Executive Committee
Member of the Offering Committee 

Paul W. Adelgren

Director
Mr. Adelgren has been one of our Directors since August 2003. From 1997 to the present, Mr. Adelgren has served as the Pastor of Missionary Alliance Church. From 1991 to 1997, Mr. Adelgren was Pastor of New Life Alliance Church. From 1988 to 1991, Mr. Adelgren was the Comptroller, Treasurer, and Vice President for Finance and Materials of Williams & Watts, Inc., a logistics management and procurement business located in Fairfield, NJ. Prior to Joining Williams & Watts, Mr. Adelgren served in the United States Navy, where he served in a number of capacities, including as the Director of the Strategic Submarine Support Department, SPCC Mechanicsburg, Pennsylvania, as an Executive Officer at the Naval Supply Center, Charleston, South Carolina and as the Director of the Joint Uniform Military Pay System, Navy Finance Center. He is a retired Navy Captain. Mr. Adelgren has also served as a Director of Gladstone Capital since January 2003, a Director of Gladstone Investment since June 2005 and a Director of Gladstone Land since January 2013. Mr. Adelgren holds an MBA from Harvard Business School and a BA from the University of Kansas.

Lead Independent Director
Chair of the Ethics, Nominating and Governance Committee
Member of the Compensation Committee

Michela A. English

Director
Ms. English has served as one of our Directors since August 2003. Ms. English has served as President and CEO of Fight for Children, a non-profit charitable organization focused on providing high quality education and health care services to underserved youth in Washington, D.C., since 2006. Ms. English has also been a Director of Gladstone Capital since June 2002, a Director of Gladstone Investment since June 2005 and a Director of Gladstone Land since January 2013. From March 1996 to March 2004, Ms. English held several positions with Discovery Communications, Inc., including President of Discovery Consumer Products, President of Discovery Enterprises Worldwide and President of Discovery.com. From 1991 to 1996, Ms. English served as Senior Vice President of the National Geographic Society and was a member of the National Geographic Society’s Board of Trustees and Education Foundation Board. Prior to 1991, Ms. English served as Vice President, corporate planning and business development for Marriott Corporation and as a Senior Engagement Manager for McKinsey & Company. Ms. English currently serves as Director of the Educational Testing Service (ETS), as a Director of D.C. Preparatory Academy, a Director of the District of Columbia Public Education Fund, a Trustee of the Corcoran Gallery of Art, and as a member of the Virginia Institute of Marine Science Council. Ms. English also previously served as a Director of the Society for Science and the Public. Ms. English is an Emeritus Member of the board of Sweet Briar College. Ms. English holds a Bachelor of Arts in International Affairs from Sweet Briar College and a Master of Public and Private Management degree from the Yale University School of Management.

Member of the Audit Committee

Caren D. Merrick

Director
Ms. Merrick has served as our Director and as a Director of Gladstone Capital, Gladstone Land and Gladstone Investment since November 2014. Ms. Merrick is the Founder of, and since 2014 has served as the Chief Executive Officer of Pocket Mentor, a mobile application and digital publishing company focused on leadership development and career advancement. Since 2004 she has served as a Partner with Bibury Partners, an investment and advisory firm that focuses on enterprise and consumer technology sectors. In addition, she has served as a board member of the Metropolitan Washington Airports Authority since 2012. 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 solution for Global 2000 companies. Ms. Merrick has served on the board of directors of WashingtonFirst Bankshares (NASDAQ: WFBI) since June 2015. Ms. Merrick has also 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. She is an active member of ARCS — Advancing Science in America — Achievement Awards for College Scientists. She also currently serves on the Board of the Global Good Fund and the Women in Technology’s Leadership Foundry. 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.

Member of the Audit Committee
Chair of the Valuation Committee

John H. Outland

Director
Mr. Outland has been one of our Directors since December 2003. From March 2004 to June 2006, he served as Vice President of Genworth Financial, Inc. From 2002 to March 2004, Mr. Outland served as a Managing Director for 1789 Capital Advisors, where he provided market and transaction structure analysis and advice on a consulting basis for multifamily commercial mortgage purchase programs. 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 credit, loan files, 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., where he securitized non-conforming mortgage products. From 1989 to 1993, Mr. Outland was Vice President of real estate and mortgage finance for Nomura Securities International, Inc., where he performed due diligence on and negotiated the financing of commercial mortgage packages in preparation for securitization. Mr. Outland has also been a Director of Gladstone Capital since December 2003, a Director of Gladstone Investment since June 2005 and a Director of Gladstone Land since January 2013. Mr. Outland holds an MBA from Harvard Business School and a bachelor’s degree in Chemical Engineering from Georgia Institute of Technology.

Member of the Audit Committee
Member of the Ethics, Nominating and Governance Committee
Chair of the Compensation Committee
Member of the Valuation Committee

Anthony W. Parker

Director
Mr. Parker has served as one of our Directors since August 2003. Mr. Parker has also been a Director of Gladstone Capital since August 2001, a Director of Gladstone Investment since June 2005 and a Director of Gladstone Land since January 2013. Mr. Parker founded Parker Tide Corp. in 1997. Parker Tide is a government contracting company providing mission critical solutions to the Federal Government. From 1992 to 1996, Mr. Parker was Chairman of Capitol Resource Funding, Inc., a commercial finance company. Mr. Parker practiced corporate and tax law for over 15 years — from 1980 to 1983 at Verner, Liipfert, Bernhard & McPherson, and in private practice from 1983 to 1992. From 1973 to 1977 Mr. Parker served as Executive Assistant to the administrator of the U.S. Small Business Administration. Mr. Parker is a Director of Naval Academy Sailing Foundation, a 501(c)(3) not-for-profit corporation located in Annapolis, Maryland and as a Director of the Bishop Walker School, a part of the Episcopal diocese of Washington, D.C. Mr. Parker received his J.D. and Masters in Tax Law from Georgetown Law Center and his undergraduate degree from Harvard College.

Chair of the Audit Committee
Member of the Executive Committee
Member of the Offering Committee 
Member of the Valuation Committee

Walter H Wilkinson Jr.

Director
Mr. Wilkinson has served as our Director and on the boards of directors of Gladstone Investment, Gladstone Capital and Gladstone Land since October 2014. 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 on the board of the N.C. State University Foundation and has previously served as Chairman of its Graduate School Advisory Board where he endowed the Wilkinson Research Ethics Fellowship. For many years he served on the board and Chairman of the Finance Committee of the Ben Craig Center, a business incubator affiliated with the University of N.C. at Charlotte. 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. Mr. Wilkinson was founding Chairman of the Carolinas Chapter of the National Association of Corporate Directors (NACD), and served on its board of directors through November 2015, and is a NACD Leadership Fellow, having completed the NACD’s program for corporate directors and its continuing educational requirements to maintain this level of recognition. Mr. Wilkinson served as a Director of R.F. Micro Devices, Inc. (NASDAQ: RFMD) from 1992, serving as its Chairman of its board of directors from July 2008, until its $11 billion merger with Triquint Semiconductor, Inc. (TQNT) in January, 2015 to form QORVO (QRVO). He currently serves as Lead Independent Director for QORVO. Mr. Wilkinson also serves or has served as a Director of numerous venture-backed companies, both public and private. Mr. Wilkinson is a graduate of N.C. State University (BS) and the Harvard Graduate School of Business Administration (MBA).

Member of the Ethics, Nominating and Governance Committee
Member of the Compensation Committee
Member of the Valuation Committee