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Actively Seeking Debt & Equity Investment Opportunities

2012 Representative Transactions



Senior Lien Term Note

Gladstone Capital Corporation invested in Allen Edmonds Shoe Corporation by purchasing a loan from one of Allen Edmonds' existing lenders.

Allen Edmonds, a Goldner Hawn Johnson & Morrison portfolio company, manufactures premium men's footwear and accessories available at upscale stores worldwide, including 43 Allen Edmonds stores across the United States.

For more information on Allen Edmonds, please visit: www.allenedmonds.com




Subordinated Loan
Equity Co-Investment

Gladstone Capital Corporation invested in Ag Trucking, Inc. through a combination of debt and equity.

Ag Trucking, led by CEO Tim Boehlke, is a regional food-grade liquid and dry bulk carrier based in Goshen, Indiana. Ag Trucking's services are critical to their customers' ability to maintain tight production schedules.

For more information on AG Trucking, please visit: www.agtrucking.com




Revolving Line of Credit Senior Term Loan Preferred Equity Common Equity

Gladstone Investment Corporation through a combination of debt and equity, acquired Frontier Packaging, Inc. in partnership with the executive management team.

Frontier, founded in 1985, is headquartered in Seattle, Washington. As a supplier of a range of time sensitive packaging materials to the Alaskan seafood market, Frontier adds value through its expertise in product consolidation and logistics.

For more information on Frontier Packaging, please visit: www.frontierpackaging.com




Revolving Credit Facility
Subordinated Loan
Preferred Equity
Common Equity

Gladstone Investment Corporation provided debt and equity financing, together with executive management, to support the acquisition of Drew Foam Companies, Inc.

Drew Foam Companies, Inc. is an expanded polystyrene foam molder and fabricator of products used for construction, insulation and packaging, headquartered in Monticello, AR.

For more information on Drew Foam, please visit: www.drewfoam.com




Second Lien Term Loan
Preferred Equity
Common Equity

Gladstone Investment Corporation provided debt and equity financing, together with management, to support the acquisition of Ginsey Holdings, Inc. dba Ginsey Home Solutions.

Ginsey designs and markets a broad line of branded juvenile and adult bath products.

For more information on Ginsey Home Solutions, please visit: www.ginsey.com





Senior Debt
Mezzanine Debt

Gladstone Capital Corporation provided debt capital to support InStore Audio Network's (formerly known as POP Radio) acquisition of In-Store Broadcasting Network, Inc.

InStore Audio Network, headquartered in Salt Lake City, UT, is the largest advertiser-supported in-store audio network in the U.S.

For more information on InStore Audio Network, please visit: www.instoreaudionetwork.com




Subordinated Loan Preferred Equity Common Equtiy

Gladstone Investment Corporation provided debt and equity capital to support Granite Creek Partners' acquisition of Packerland Whey Products, Inc.

Packerland Whey Products, headquartered in Luxemburg, WI, is a processor of raw fluid whey, specializing in the production of protein supplements for dairy and beef cattle.

For more information on Packerland, please visit: www.packerlandwhey.com




Subordinated Loan Preferred Equity Common Equtiy

Gladstone Capital Corporation provided debt and equity financing to support the acquisition of Francis Drilling Fluids, Ltd., by private equity sponsor Prophet Equity.

Francis Drilling Fluids, headquartered in Crowley, Louisiana, is a leading provider of logistics solutions for the U.S. oil and natural gas industry, specializing in the movement and warehousing of fracturing materials required for high-pressure, fracture stimulation for horizontal oil and natural gas drilling.

For more information on Francis Drilling Fluids, please visit: www.fdfltd.com



Subordinated Debt

Gladstone Capital Corporation successfully exited Westlake Hardware, Inc.

Gladstone Capital portfolio company Westlake Hardware was sold by its private equity sponsor in December 2012 and our loan was repaid. Westlake Hardware was acquired by Goldner, Hawn, Johnson & Morrison of Minneapolis in 2006 and Gladstone Capital provided the subordinated debt to support this investment. Westlake operates over 80 local hardware and home centers in the Midwest as a member of the ACE Hardware co-op system.
For more information on Westlake Hardware, Inc. please visit:www.westlakehardware.com



Last Out Tranche Loan

Gladstone Capital Corporation successfully exited Global Material Technologies, Inc.

In 2004, Gladstone Capital provided debt financing to Global Material Technologies, Inc. which is the world's leading manufacturer and supplier of steel wool and metal fiber products for use in automotive, consumer and industrial applications. It is the largest producer of metallic fibers for use in automotive friction applications as well as in exhaust and filtration products. For more information on Global Material Technologies, Inc. please visit:www.gmt-inc.com



Second Lien Term Loan

Gladstone Capital Corporation successfully exited Winchester Electronics Corporation.

In 2006, Gladstone Capital provided debt financing in support of the buyout of Winchester Electronics Corporation by a private equity group. In 2007, Gladstone provided an incremental debt facility in support of an add-on acquisition. Winchester Electronics is a manufacturer of high speed, high bandwidth specialty connectors and cables used in various applications, including, industrial, military, telecom, aerospace, instrumentation and medical devices by multinational companies worldwide. For more information on Winchester Electronics, please visit:www.winchesterelectronics.com


Leaders in private equity, debt and real estate ownership and financing, the Gladstone Companies are a family of public and private investment funds. Our funds as applicable, invest in commercial real estate, farmland, and small and medium-sized companies and provide financing to such businesses across the capital structure, from second lien and mezzanine debt, to equity and real estate financing solutions. Gladstone supports management teams and sponsors with transaction structures customized to fit individual companies, using both junior debt capital and equity co-investment structures. As a group of public companies with a permanent base of capital, Gladstone is a patient, long-term investor.

Financing for the Gladstone Companies is provided by three public investment vehicles: Gladstone Capital Corporation (NASDAQ: GLAD), Gladstone Investment Corporation (NASDAQ: GAIN) and Gladstone Commercial Corporation (NASDAQ: GOOD).

  Chip Stelljes
President of Gladstone Capital Corporation,
Chief Investment Officer
McLean, VA
(703) 287-5810
  Dave Dullum
President of Gladstone Investment Corporation,
Senior Managing Director
McLean, VA
(703) 287-5891

Chris Daniel
Managing Director
Los Angeles, CA
(310) 426-2180

  John Freal
Managing Director
McLean, VA
(703) 287-5805
  Laura Gladstone
Managing Director
New York, NY
(212) 792-4187
  Dave Meier
Managing Director
Chicago, IL
(312) 674-4623

Bob Pierce
Managing Director
Chicago, IL
(312) 674-4664

  Jennifer Simpson
Managing Director
McLean, VA
(703) 287-5889
  Greg Bowie
McLean, VA
(703) 287-5834
  Blair Gertmenian
New York, NY
(212) 792-4183
  Erika Highland
McLean, VA
(703) 287-5840
  Kipp Kranbuhl
McLean, VA
(703) 287-5841
  Kyle Largent
McLean, VA
(703) 287-5880

www.gladstonecompanies.com http://www.facebookloginhut.com/facebook-login/http://www.facebookloginhut.com/facebook-login/http://www.facebookloginhut.com/facebook-login/

1521 Westbranch Drive • Suite 200 • McLean, VA 22102
Phone: (703) 287-5800• Fax: (703) 287-5801