GLADSTONE CAPITAL CORP — Director's Dealing 2005

Mar 21, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GLADSTONE CAPITAL CORP (GLAD)
CIK: 0001143513
Period of Report: 2005-03-16

Reporting Person: ADELGREN PAUL W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-03-16	Common Stock	M	10000	$15.75	Acquired	10000	Direct
2005-03-16	Common Stock	S	500	$24.216	Disposed	9500	Direct
2005-03-17	Common Stock	S	9000	$23.91	Disposed	500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-03-16	Stock Option (right to buy)	$15.75	M	10000	Acquired	2013-02-23	Common Stock (10000)	Direct

Footnotes

F1: The option vested in two equal installments on February 24, 2004 and February 25, 2005

F2: $0