Exhibit 99.3
Fidelity Bond Allocation of Premium
Allocation based upon total assets as of 10/31/2006
                                 
    Approximate Total   Ratio to   Rounded   Allocated
    Assets 10/31/06   Total Assets   Ratio   Premium
Gladstone Capital
     251,733,596       32.01 %     32 %     5,590.00  
 
Gladstone Investment
     227,245,853       28.90 %     29 %     5,046.22  
 
Gladstone Commercial
     280,044,173       35.61 %     36 %     6,218.66  
 
Gladstone Management
     3,589,959       0.46 %     0 %     79.72  
 
Gladstone Land
     23,750,345       3.02 %     3 %     527.40  
 
                                
 
Gladstone Participation
     —         **       **     737.00  
 
                                
 
     786,363,926       100.00 %     100 %     18,199.00  
 
**   Although Gladstone Participation, LLC currently has no assets, the bond premium for the remainder of the term increased by $737.00 upon the addition of Gladstone Participation, LLC. Thus, $737.00 of the new total premium of $18,199.00 has been allocated to Gladstone Participation, LLC.