Gladstone wants another permission slip to sell stock under NAV. He wants to get those assets up and increase management fees--forget about shareholder value! The illustration in the proxy is incredibly misleading, showing an example of a small amount of new stock sold at 5% less than NAV which, of course, produces minimal dilution. To equate that to GAIN, it would require selling stock at $9.20. Right! They'd be lucky to sell at 50 % of NAV.

Putting this together with Gladstone's regular reassurance on earnings calls about maintiaining the dividend, followed by a 50% cut, makes me wonder how we can trust this management.