GLADSTONE CAPITAL CORP — Director's Dealing 2006

Jun 28, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GLADSTONE CAPITAL CORP (GLAD)
CIK: 0001143513
Period of Report: 2006-06-27

Reporting Person: DULLUM DAVID A R (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-06-27	Common Stock	M	1021	$16.40	Acquired	3021	Direct
2006-06-27	Common Stock	S	1021	$21.70	Disposed	2000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-06-27	Stock Option	$16.40	M	1021	Disposed	2013-08-11	Common Stock (1021)	Direct

Footnotes

F1: The option vested in four equal installments of 5,000 shares each on 1/29/2003, 3/26/2003, 8/23/2003 and 3/26/2004.