Confluence Investment Management’s Gladstone Capital GLAD Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2016 Q3	–	Sell	-49,523	Closed	-$717K	–	228
2016 Q2	$717K	Hold	49,523	–	–	0.02%	195
2016 Q1	$738K	Sell	49,523 -15,000	-23%	-$197K	0.02%	193
2015 Q4	$943K	Hold	64,523	–	–	0.03%	197
2015 Q3	$1.05M	Sell	64,523 -32,500	-33%	-$544K	0.04%	195
2015 Q2	$1.53M	Hold	97,023	–	–	0.06%	189
2015 Q1	$1.71M	Hold	97,023	–	–	0.06%	179
2014 Q4	$1.6M	Sell	97,023 -52,977	-35%	-$940K	0.07%	175
2014 Q3	$2.63M	Sell	150,000 -4,892	-3%	-$94K	0.12%	141
2014 Q2	$3.12M	Sell	154,892 -2,260	-1%	-$44.2K	0.14%	137
2014 Q1	$3.17M	Sell	157,152 -45,874	-23%	-$903K	0.16%	135
2013 Q4	$3.89M	Sell	203,026 -34,378	-14%	-$633K	0.22%	116
2013 Q3	$4.14M	Sell	237,404 -1,622	-0.7%	-$27.6K	0.26%	90
2013 Q2	$3.9M	Buy	+239,026	New	+$4.18M	0.27%	96