Three Great Publicly Traded Companies Paying Monthly ...

Three Great Publicly Traded Companies Paying Monthly Distributions

2013 Progress Report

The Gladstone Companies are leaders in providing capital to small- and medium-sized businesses to finance growth, acquisitions and real estate.

Each of our three public funds pays monthly distributions to its shareholders.

The funds are managed by an experienced management team, each with a long (over 25 years) and profitable record of managing funds paying distributions to shareholders.

The management team is focused on making conservative investments in businesses with steady cash flows and believes that now is an excellent time to invest in growing businesses.

It is easy to own stock in the Gladstone Companies' funds because they are all publicly traded on the NASDAQ.

The three public companies are:

Gladstone Capital

Common Stock (NASDAQ "GLAD")--Distribution is $0.07 per month. 7.125% Series A 2016 Term Preferred Stock (NASDAQ "GLADP") Distribution is $0.148 per month.

Gladstone Investment

Common Stock (NASDAQ "GAIN")--Distribution is $0.05 per month. 7.125% Series A 2017 Term Preferred Stock (NASDAQ "GAINP") Distribution is $0.148 per month.

Gladstone Commercial

Common Stock (NASDAQ "GOOD")--Distribution is $0.125 per month. 7.75% Series A Redeemable Preferred Stock (NASDAQ "GOODP") Distribution is $0.161 per month. 7.50% Series B Redeemable Preferred Stock (NASDAQ "GOODO") Distribution is $0.156 per month. 7.125% Series C 2017 Term Preferred Stock (NASDAQ "GOODN") Distribution is $0.148 per month.

Gladstone Capital Corporation

NASDAQ Common Symbol: GLAD NASDAQ Preferred Symbol: GLADP

Total COMMON Shares Outstanding as of DECEMBER 31, 2012: 21,000,160 Total PREFERRED Shares Outstanding as of DECEMBER 31, 2012: 1,539,882 Business Development Company: Current Monthly COMMON Distribution is $0.07 per share

Our Company: Gladstone Capital Corporation (NASDAQ: GLAD) is a Business Development Company ("BDC") that

pays monthly dividends to its shareholders and invests in small- and medium-sized private businesses, seeking to achieve returns from current income and capital gains through debt and equity investments. Gladstone Capital primarily makes three types of loans to such businesses: senior term loans, senior subordinated loans, and junior subordinated loans. Loans range from $5 million to $30 million with terms of up to seven years. Gladstone Capital's equity investments typically take the form of preferred or common equity (or warrants or options to acquire the foregoing). Historically, as Gladstone Capital has primarily been a debt fund, it aims to maintain a portfolio consisting of approximately 95% debt investments and 5% equity investments, at cost.

Our Monthly Distributions: We seek to provide our shareholders with consistent monthly cash distributions;

currently $0.07 per common share and $0.148 per preferred share. Our goal is to increase distributions paid to common shareholders. All cash distributions will be distributed to common shareholders unless a shareholder elects to have the distributions reinvested under our Dividend Reinvestment Plan. Our monthly distributions make our stock an attractive choice for Individual Retirement Accounts (IRAs) and retirement plans. As of December 31, 2012, we have paid 111 consecutive monthly cash distributions on our common stock. Prior to that, we paid eight consecutive quarterly cash distributions.

FAQs: Shares of stock in Gladstone Capital may be purchased through any brokerage firm. Please note, distributions for

this company are not qualified for the 15% preferential tax treatment and may be best held in an IRA, KEOGH or other retire-

ment plan. Please consult your tax adviser for complete

details. This fund offers a Dividend Reinvestment Plan on

our common stock which is facilitated by our transfer agent, Computershare. Please contact their shareholder inquiries line for additional information on this plan: (866) 214-7543

Common Stock Share Price and Distributions History

or online at .

Our Strength: We believe Gladstone Capital is an

attractive investment for investors seeking monthly distributions. The monthly distribution is especially attractive for income-oriented investors. Our management team has a successful track record of investing in small- and mediumsized businesses. We do not have investments in housing or home mortgages. To learn more about investing in our company, visit us at or write to:

Gladstone Capital Corporation Investor Relations 1521 Westbranch Drive McLean, VA 22102 (703) 287-5893 Common Symbol Traded on Nasdaq: GLAD Preferred Symbol Traded on Nasdaq: GLADP

Common Stock Share Price

$10

Annualized Dividend

$1.00

Dividend Yield* 12%

10

8

0.80

8

6

0.60

6

4

0.40

4

2

0.20

2

0

Q1'12 Q2'12 Q3'12 Q4'12

0

Q1'12 Q2'12 Q3'12 Q4'12

0

Q1'12 Q2'12 Q3'12 Q4'12

*Assumes current monthly dividend at that date is sustained for the next 12 months

$10

$1.00

12%

10

8

0.80

8

6

0.60

6

4

0.40

4

2

0.20

2

0

Q1'12 Q2'12 Q3'12 Q4'12

0

Q1'12 Q2'12 Q3'12 Q4'12

0

Q1'12 Q2'12 Q3'12 Q4'12

*Assumes current monthly dividend at that date is sustained for the next 12 months

Gladstone Investment Corporation

NASDAQ Common Symbol: GAIN NASDAQ Preferred Symbol: GAINP

Common Stock Share Price and Distributions History

Total COMMON Shares Outstanding as of DECEMBER 31, 2012: 26,475,958

TOTAL PREFERRED SHARES OUTSTANDING AS OF DECEMBER 31Co, m2m01on2S:to1c,k600,00A0nnualized Business Development Company: Current Monthly COMMSOhNareDPirsicteributionDiisvid$e0n.d05 per DSiHviAdRenEd Yield*

$20

$2.00

10%

Our Company: Gladstone Investment Corporation (NASDAQ: GAIN) is a BDC that pays monthly dividends to its

shareholders and invests in small- and medium-sized private businesses, seeking to achieve returns from current income and

capital gains through debt and equity investments. Gladstone Investment primarily makes three types of8 loans to such businesses: senior term loans, senior subordinated loans, and junior su15bordinated loans. 1L.5o0ans range from $5 million to $30

million with terms of up to seven years. Gladstone Investment's equity investments take the form of preferred or common

equity (or warrants or options to acquire the foregoing). Historically, as Gladstone Investment has primarily6been a buyout

fund, it aims to maintain a portfolio consisting of approximately 80% debt investments and 20% equity investments, at cost.

10

1.00

Our Monthly Distributions: We seek to provide our shareholders with consistent monthly cash di4stributions; cur-

rently $0.05 per common share and $0.148 per preferred share. Our goal is to increase distributions paid to common share-

holders. All cash distributions will be distributed to common shareholders unless a shareholder elects to have the distributions reinvested under our Dividend Reinvestment Plan. Our monthly distribut5ions make our sto0c.k50an attractive choi2ce for Individual Retirement Accounts (IRAs) and retirement plans. As of December 31, 2012, we have paid 90 consecutive monthly cash

distributions on our common stock. In addition, in March 2012, we paid a bonus distribution of $0.03 per common share.

0

0

0

FAQs: Shares of stock in Gladstone Investment may be purchased thrQo1'1u2 gQ2h'12 aQ3n'12y Qb4'1r2okerageQ1f'1i2rmQ2'1.2 PQ3'l1e2 aQ4s'1e2 note Qd1'1i2sQt2r'1i2bQu3't12ioQn4'1s2

for this company are not qualified for the 15% preferential tax treatm*Asesunmtesacunrdrentmmoanythlybdeividbeendsatt thhaet dladte iisnsuastanineIdRfoAr t,heKneExtO12GmHontohsr other retirement plan. Please consult your tax adviser for complete details. This fund offers a Dividend Reinvestment Plan on our

common stock which is facilitated by our transfer agent,

Computershare. Please contact their shareholder inquiries

line for additional information on this plan: (866) 214-7543 or online at .

Common Stock Share Price and Distributions History

Our Strength: We believe Gladstone Investment is

attractive for investors seeking monthly distributions. Our team has extensive experience in the field of owning and managing small- and medium-sized businesses. We do not have investments in housing or home mortgages. To

Common Stock Share Price

$8

Annualized Dividend

$0.70

Dividend Yield* 10%

learn more about investing in our company, visit us at

or write to:

7

0.60

8

Gladstone Investment Corporation Investor Relations 1521 Westbranch Drive McLean, VA 22102 (703) 287-5893

6 0.50

5

0.40

6

4

Common Symbol Traded on NasDaq: GAIN

3

0.30

4

Preferred Symbol Traded on NASDAQ: GAINP

0.20 2

2

1

0.10

0

Q1'12 Q2'12 Q3'12 Q4'12

0

Q1'12 Q2'12 Q3'12 Q4'12

0

Q1'12 Q2'12 Q3'12 Q4'12

*Assumes current monthly dividend at that date is sustained for the next 12 months

Gladstone Commercial Corporation

NASDAQ Common Symbol: GOOD

Common Stock Share Price

NASDAQ Preferred Symbols: GOODN, GOaOndDDOistrainbudtiGonOs OHiDstPory

Total Common Shares Outstanding as of DECEMBER 31, 2012: 11,083,584 Total Preferred Shares Outstanding as of DECEMBER 31Co,m2m0o1n2S:to3c,k690,000Annualized Real Estate Investment Trust: Current Monthly CommonSDhaisretPrriicbeution is D$i0v.id1e2n5d per shDaivrideend Yield*

$10

$1.00

12%

Our Company: Gladstone Commercial Corporation (NASDAQ: GOOD) is a real estate investment trust ("REIT")

that pays monthly dividends to its shareholders and owns net leased industrial, commercial, and retail real property and selectively makes long-term industrial and commercial mortgage loans8. Typically, our inv0e.8s0tments range fro1m0 $5 million to $20 million. Gladstone Commercial's portfolio of real estate is leased to a wide cross section of tenants ranging from small

businesses to large public companies, many of which are corporations that do not have publicly-rated d8ebt. Gladstone Commercial intends to continue to enter into purchase agreements for6 real estate with e0.x6i0sting triple net leases with terms of approximately 10 to 15 years, with built-in rental increases.

6

Our Monthly Distributions: We seek to provide our share4holders with con0s.4is0tent monthly cash distributions;

currently $0.125 per common share and $0.148 per month, $0.156 per month and $0.161 per month for G4OODN, GOODO

and GOODP preferred shares, respectively. Our goal is to increase distributions paid to our common shareholders. All cash

distributions will be distributed to common shareholders unless a sha2 reholder elects t0o.20have the distributions reinvested under our Dividend Reinvestment Plan. As of December 31, 2012, we have paid 96 consecutive monthly ca2sh distributions

on our common stock. Prior to that, we paid five consecutive quarterly cash distributions.

0

0

0

FAQs: Shares of stock in Gladstone Commercial may be purchased thrQ1o'1u2 gQ2h'12 aQ3n'12yQ4b'1r2okerageQ1f'1i2rmQ2'1.2 PQ3'l1e2 aQ4s'1e2 note Qd1'1i2stQ2r'1ib2 uQ3t'1i2oQn4'1s2

for this company are not qualified for the 15% preferential tax treatme*Anstsu;mhesocwurreenvtemro,nthhliysdtiovirdiecndaaltlyth,atmdaotesistsuostfaitnhedefordthive nidexet 1n2dmohntahss been

a tax-free, return of capital, due to the real estate depreciation. In 2012, 100% of the common dividend was a tax-free,

return of capital. While the common distribution is tax-free, this return of capital will reduce stockholders' cost basis in the

stock, which will likely result in a larger capital gain tax when

the stock is sold. Please consult your tax adviser for complete details. This fund offers a Dividend Reinvestment Plan on our common stock which is facilitated by our transfer agent,

Common Stock Share Price and Distributions History

Computershare. Please contact their shareholder inquiries

line for additional information on this plan: (866) 214-7543 or online at .

Common Stock Share Price

Annualized Dividend

Dividend Yield*

Our Strength: We believe Gladstone Commercial is

$20

$2.00

10%

attractive for investors seeking monthly distributions. Our

team has extensive experience in the field of lending, invest-

ing and managing small- and medium-sized real estate busi-

15

1.50

8

nesses. Our real estate management team has many years of

experience buying and leasing commercial, industrial and

retail real estate. To learn more about investing in our com-

6

pany, visit us at or write to:

10

1.00

Gladstone Commercial Corporation Investor Relations 1521 Westbranch Drive McLean, VA 22102 (703) 287-5893 Common Symbol Traded on NasDaq: GOOD Preferred Symbols Traded on NasDaq: GOODN, GOODO and GOODP

4

5

0.50

2

0

Q1'12 Q2'12 Q3'12 Q4'12

0

Q1'12 Q2'12 Q3'12 Q4'12

0

Q1'12 Q2'12 Q3'12 Q4'12

*Assumes current monthly dividend at that date is sustained for the next 12 months



The Gladstone Companies 1521 Westbranch Drive, Suite 200 McLean, VA 22102 Tel: (703) 287-5800

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