GLADSTONE CAPITAL CORP — Director's Dealing 2004

Apr 20, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GLADSTONE CAPITAL CORP (GLAD)
CIK: 0001143513
Period of Report: 2004-04-06

Reporting Person: STELLJES GEORGE III (Director, President and CIO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-04-06	Employee Stock Option (right to buy)	$22.55	A	45000	Acquired	2014-04-05	Common Stock (45000)	Direct

Footnotes

F1: Fifty percent of the shares underlying this option become exerciseable on 4/6/2005 and the remaining fifty percent become exerciseable on 4/6/2006