GLADSTONE CAPITAL CORP — Director's Dealing 2006

Sep 13, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GLADSTONE CAPITAL CORP (GLAD)
CIK: 0001143513
Period of Report: 2006-09-12

Reporting Person: ADELGREN PAUL W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-12	Common Stock	M	5850	$16.40	Acquired	6350	Direct
2006-09-12	Common Stock	S	5850	$22.70	Disposed	500	Direct
2006-09-13	Common Stock	M	4150	$16.40	Acquired	4650	Direct
2006-09-13	Common Stock	S	4150	$22.70	Disposed	500	Direct
2006-09-13	Common Stock	M	10000	$22.56	Acquired	10500	Direct
2006-09-13	Common Stock	S	10000	$22.70	Disposed	500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-09-12	Stock Option	$16.40	M	5850	Disposed	2006-09-30	Common Stock (5850)	Direct
2006-09-13	Stock Option	$16.40	M	4150	Disposed	2006-09-30	Common Stock (4150)	Direct
2006-09-13	Stock Option	$22.56	M	10000	Disposed	2006-09-30	Common Stock (10000)	Direct

Footnotes

F1: The option vested in two equal installments of 5,000 shares each on 2/18/2005 and 2/18/2006.