Gladstone Capital Corporation announced a leadership transition that will see Robert Marcotte take the helm as chief executive officer, effective March 20, 2026. Marcotte, who has served as president since 2013, will bring his experience in investment operations to the role.
Founder and long‑time CEO David Gladstone stepped down from the chief executive position but will continue as chairman of the board and as chairman, CEO, and president of the affiliated investment adviser, Gladstone Management Corporation. The move separates the CEO and chairman roles, a governance step that the company says will strengthen oversight.
Gladstone Capital, a Washington, D.C.–based business development company, has built a niche in lower‑middle‑market lending through unitranche facilities. The firm currently manages more than $4 billion in assets under management and is focused on disciplined underwriting and portfolio growth in a market where floating‑rate yields are under pressure.
The leadership change comes amid a challenging interest‑rate environment and a dividend cut announced in October 2025 that lowered the monthly distribution from $0.17 to $0.15 per share. Management said the cut reflected declining short‑term floating rates and the need to preserve capital for future lending opportunities.
With Marcotte at the helm, Gladstone Capital aims to continue expanding its asset base while maintaining its unitranche lending moat. The company’s strategy emphasizes disciplined underwriting, portfolio diversification across healthcare, education, and childcare, and a focus on maintaining a strong net investment income stream in a high‑rate, high‑yield environment.
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