2013 PROGRESS REPORT

Four Great Publicly Traded Companies Paying Monthly Distributions

GLADSTONE INVESTMENT CORPORATIONNASDAQ Common Symbol: GAINNASDAQ Preferred Symbol: GAINPTOTAL COMMON SHARES OUTSTANDING AS OF MARCH 31, 2013: 26,475,958TOTAL PREFERRED SHARES OUTSTANDING AS OF MARCH 31, 2013: 1,600,000CURRENT MONTHLY COMMON DISTRIBUTION IS $0.05 PER SHARE

Our Company: Gladstone Investment Corporation (NASDAQ: GAIN) is a BDC that pays monthly distributions to its shareholders and invests in small- and medium-sized private businesses in the United States, seeking to achieve returns from current income and capital gains through debt and equity investments. Gladstone Investment 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 Investment’s equity investments typically take the form of preferred or common equity (or warrants or options to acquire the foregoing). Historically, as Gladstone Investment has primarily been a buyout fund, it aims to maintain a portfolio consisting of approximately 80% debt investments and 20% equity investments, at cost.

Our Monthly Distributions: We seek to provide our shareholders with consistent monthly cash distributions; currently $0.05 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 distribu-tions 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 March 31, 2013, we have paid 93 consecutive monthly cash distributions on our common stock.

GLADSTONE CAPITAL CORPORATIONNASDAQ Common Symbol: GLADNASDAQ Preferred Symbol: GLADPTOTAL COMMON SHARES OUTSTANDING AS OF MARCH 31, 2013: 21,000,160TOTAL PREFERRED SHARES OUTSTANDING AS OF MARCH 31, 2013: 1,539,882CURRENT MONTHLY COMMON DISTRIBUTION IS $0.07 PER SHARE

Our Company: Gladstone Capital Corporation (NASDAQ: GLAD) is a Business Development Company (“BDC”) that pays monthly distributions to its shareholders and invests in small- and medium-sized private businesses in the United States, 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 share holders 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 distri-butions 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 March 31, 2013, we have paid 114 consecutive monthly cash distributions on our common stock. Prior to that, we paid eight consecutive quarterly cash distributions.

GLADSTONE COMMERCIAL CORPORATIONNASDAQ Common Symbol: GOODNASDAQ Preferred Symbols: GOODN, GOODO and GOODPTOTAL COMMON SHARES OUTSTANDING AS OF MARCH 31, 2013: 11,396,448TOTAL PREFERRED SHARES OUTSTANDING AS OF MARCH 31, 2013: 3,690,000CURRENT MONTHLY COMMON DISTRIBUTION IS $0.125 PER SHARE

Our Company: Gladstone Commercial Corporation (NASDAQ: GOOD) is a real estate investment trust (“REIT”) that pays monthly distributions to its shareholders and owns net leased industrial, commercial, and retail real property and selectively makes long-term industrial and commercial mortgage loans. Typically, our investments range from $5 million to $30 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 in the United States, many of which are corporations that do not have publicly-rated debt. Gladstone Commercial intends to continue to enter into purchase agreements for real estate with existing triple net leases with terms of approximately 10 to 15 years, with built-in rental increases.

Our Monthly Distributions: We seek to provide our shareholders with consistent monthly cash distri butions; currently $0.125 per common share and on our preferred stocks we pay $0.148 per month, $0.156 per month and $0.161 per month for GOODN, GOODO and GOODP preferred shares, respectively. Our goal is to increase distributions paid to our common shareholders. All cash distributions will be dis tributed to common shareholders unless a shareholder elects to have the distributions reinvested under our Dividend Reinvestment Plan. As of March 31, 2013, we have paid 99 consecutive monthly cash distributions on our common stock. Prior to that, we paid five consecutive quarterly cash distributions.

GLADSTONE LAND CORPORATIONNASDAQ Common Symbol: LANDTOTAL COMMON SHARES OUTSTANDING AS OF MARCH 31, 2013: 6,530,264CURRENT MONTHLY COMMON DISTRIBUTION IS $0.12* PER SHARE

Our Company: Gladstone Land Corporation (NASDAQ: LAND) is seeking to be a real estate investment trust (REIT) that pays monthly distributions to stockholders and owns farmland and farm-related properties located in major agricultural markets in the United States that it leases to corporate and independent farmers. Typically, our farms have been purchased for between $1 and $10 million. As of March 31, 2013, we owned 12 farms for an aggregate total of 1,631 acres that are located in California and Florida. They are leased to 8 different farmers growing 10 different crops. Our goal is to continue to buy farms and lease them to farmers and to pay monthly distributions of the rents we receive to our stockholders.

Our Monthly Distributions: We seek to provide our stockholders with consistent monthly cash distributions which are currently $0.12* per share per month. We do not have any preferred stock outstanding.

* A portion of the dividend payout for the quarter ended June 30, 2013 relates to the $9.1 million of accumulated earnings and profits from prior years to be paid out by the end of 2013.

The Gladstone Companies are leaders in providing capital to small- and medium-sized businesses to finance growth, acquisitions and real estate.Each of our four 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 FOUR 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 LAND Common Stock (NASDAQ “LAND”)—Distribution is $0.12* per month.

THE GLADSTONE COMPANIES1521 Westbranch Drive, Suite 200 McLean, VA 22102 Tel: (703) 287-5800

Gladstone.com GladstoneCapital.com GladstoneInvestment.com GladstoneCommercial.com GladstoneLand.com

ADDITIONAL OFFICES LOCATIONS: NEW YORK, CHICAGO AND LOS ANGELES

* A portion of the dividend payout for the quarter ended June 30, 2013 relates to the $9.1 million of accumulated earnings and profits from prior years to be paid out by the end of 2013.