9AT: GLADSTONE MANAGEMENT CORPORATION

GLADSTONE MANAGEMENT CORPORATION

GLADSTONE MANAGEMENT CORPORATION

THE GLADSTONE COMPANIES

Adviser Profile

As of Date	09/21/2026
Registration	SEC, Approved, 09/13/2002
ADV Location	MCLEAN, VA, United States
Contact Info	703 xxxxxxx
Websites

AUM^*	4,772,797,279 15%
of that, discretionary	4,772,797,279 15%
Number of Employees	45
of those in investment advisory functions	40
Private Fund GAV^*	0
Avg Account Size	954,559,456 -8%
SMA’s	Yes
Private Funds	0

Adviser Type

- Large advisory firm
- An investment adviser (or subadviser) to an investment company
- An investment adviser to a company which has elected to be a business development company

Client Types

- Investment companies
- Business development companies
- Other

Advisory Activities

- Portfolio management for investment companies

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Reported AUM

4B 4B 3B 3B 2B 1B 632M

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Discretionary

Non-discretionary

Private Funds

No private funds

Employees

Brochure Summary

Overview

Gladstone Management is a Delaware corporation established in 2002. Gladstone Management is 100% owned by The Gladstone Companies, Inc., which, in turn, is indirectly owned 100% by David Gladstone, Chief Executive Officer (“CEO”) and Chairman of Gladstone Management. Gladstone Management specializes in acting as the sole investment adviser to publicly- traded management investment companies that have elected to be regulated as business development companies (“BDCs”) under the Investment Company Act of 1940, as amended (the “1940 Act”) and publicly traded companies that have elected to be treated as real estate investment trusts (“REITs”) for federal tax purposes (together the “Fund Clients”). Gladstone Management may also advise other types of pooled investment vehicles, although currently the Firm is not actively providing such services. Gladstone Management provides investment advisory services to its Fund Clients pursuant to the terms of the Fund’s organizational and offering documents and the provisions of an investment advisory agreement that is negotiated separately with each Fund Client (“Investment Advisory Agreement”). The services provided thereunder generally include, but are not limited to, the following:
• Identification, evaluation and negotiation of the structure of investments (including performance of certain due diligence functions on prospective portfolio investments);
• Continuous review, supervision and

administration of the investment program and objectives to determine in its discretion the securities to be bought or sold and the portion of uninvested assets to be held;
• Providing for the arrangement of public and private offerings;
• Providing for the arrangement of debt financing;
• Providing regular reports and other required records to the management of the Firm’s Fund Clients concerning its efforts on their behalf; and
• Closing and monitoring investments. For the Firm’s BDC Fund Clients, the Firm and its affiliates make available on BDC Fund Clients’ behalf, and provide if accepted, significant managerial assistance (as defined under the 1940 Act) and certain other services to BDC Fund Client portfolio companies. Gladstone Management’s services may be individualized to meet the needs of particular clients. Such individualization takes into consideration numerous factors, including whether the client is a public or private entity, is mature or in the early stages of development, and whether it is a BDC, a REIT, or other type of pooled investment vehicle. Individualized needs and restrictions on investments are usually dictated by the Investment Advisory Agreement between the client and Gladstone Management as well as the relevant offering and organizational documents. As of July 31, 2023, Gladstone Management’s total assets under management were approximately $4.2 billion, all of which were managed on a discretionary basis.

GLADSTONE MANAGEMENT CORPORATION

GLADSTONE MANAGEMENT CORPORATION

THE GLADSTONE COMPANIES

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Brochure Summary

Overview

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GLADSTONE MANAGEMENT CORPORATION GLADSTONE MANAGEMENT CORPORATION THE GLADSTONE COMPANIES

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Brochure Summary

Overview

GLADSTONE MANAGEMENT CORPORATION

GLADSTONE MANAGEMENT CORPORATION

THE GLADSTONE COMPANIES