GLADSTONE CAPITAL CORP — Director's Dealing 2006

Sep 25, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GLADSTONE CAPITAL CORP (GLAD)
CIK: 0001143513
Period of Report: 2006-09-21

Reporting Person: COULON MAURICE (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-21	Common Stock	M	3600	$19.71	Acquired	3600	Direct
2006-09-21	Common Stock	S	3600	$22.40	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-09-21	Common Stock	$19.71	M	3600	Disposed	2006-09-30	Common Stock (3600)	Direct

Footnotes

F1: The option vested in two equal installments of 5,000 shares each on 9/11/04 and 9/11/05.