GLADSTONE CAPITAL CORP — Director's Dealing 2006

Sep 11, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GLADSTONE CAPITAL CORP (GLAD)
CIK: 0001143513
Period of Report: 2006-09-08

Reporting Person: DULLUM DAVID A R (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-08	Common Stock	M	3069	$15.75	Acquired	5069	Direct
2006-09-08	Common Stock	S	1715	$22.90	Disposed	3354	Direct
2006-09-08	Common Stock	S	1354	$22.70	Disposed	2000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-09-08	Stock Option	$15.75	M	3069	Disposed	2006-09-30	Common Stock (3069)	Direct

Footnotes

F1: The option vested in two equal installments of 5,000 shares each on 2/24/2004 and 2/24/2005.