GLADSTONE CAPITAL CORP - Director's Dealing 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GLADSTONE CAPITAL CORP (GLAD)
CIK: 0001143513
Period of Report: 2006-09-26

Reporting Person: STELLJES GEORGE III (Director, CIO)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-26	Common Stock	M	6000	$17.11	Acquired	9973	Direct
2006-09-26	Common Stock	S	6000	$22.1834	Disposed	3973	Direct
2006-09-27	Common Stock	M	15100	$17.11	Acquired	19073	Direct
2006-09-27	Common Stock	S	15100	$22.033	Disposed	3973	Direct
2006-09-28	Common Stock	M	78900	$17.11	Acquired	82873	Direct
2006-09-28	Common Stock	S	78900	$21.90	Disposed	3973	Direct
2006-09-28	Common Stock	M	50000	$19.56	Acquired	53973	Direct
2006-09-28	Common Stock	S	50000	$21.90	Disposed	3973	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-09-26	Common Stock	$17.11	M	6000	Disposed	2006-09-30	Common Stock (6000)	Direct
2006-09-27	Common Stock	$17.11	M	15100	Disposed	2006-09-30	Common Stock (15100)	Direct
2006-09-28	Common Stock	$17.11	M	78900	Disposed	2006-09-30	Common Stock (78900)	Direct
2006-09-28	Common Stock	$19.56	M	50000	Disposed	2006-09-30	Common Stock (50000)	Direct

F1: The options vested in two installments, one of 60,000 shares on 9/12/02 and one of 40,000 on 9/12/03.

F2: The options vested in two equal installments of 25,000 shares on 8/20/03 and 8/20/04