UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) February 17, 2004

                          Gladstone Capital Corporation
             (Exact name of registrant as specified in its chapter)

          Maryland                  814-00237                54-2040781
(State or other jurisdiction       (Commission              (IRS Employer
      of incorporation)            File Number)          Identification No.)

             1616 Anderson Road, Suite 208
                   McLean, Virginia                             22102
       (Address of principal executive offices)               (Zip Code)

Registrant's telephone number, including area code: (703) 286-7000



Item 7. Financial Statements and Exhibits.

      (a)   Not applicable.

      (b)   Not applicable.

      (c)   Exhibits.

            Exhibit No.          Description
            -----------          -----------

            99.1                 Press release dated February 17, 2004

Item 12. Results of Operations and Financial Condition.

On February 17, 2004, Gladstone Capital Corporation issued a press release
announcing its financial results for the quarter ended December 31, 2003. The
text of the press release is included as an exhibit to this Form 8-K. Pursuant
to the rules and regulations of the Securities and Exchange Commission, such
exhibit and the information set forth therein and herein is deemed to be
furnished and shall not be deemed to be filed.




                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                               Gladstone Capital Corporation
                                                       (Registrant)

                                                   By: /s/ Harry Brill
                                                       ---------------
February 17, 2004                         (Harry Brill, Chief Financial Officer)




                                  EXHIBIT INDEX

Exhibit No.       Description
-----------       -----------

99.1              Press release dated February 17, 2004