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) May 2, 2007

                          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.)

    1521 Westbranch Drive, Suite 200
            McLean, Virginia                                      22102
(Address of principal executive offices)                        (Zip Code)


Registrant's telephone number, including area code: (703) 287-5800


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

|_|  Written communications pursuant to Rule 425 under the Securities Act (17
     CFR 230.425)

|_|  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

|_|  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

|_|  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))




Item 2.02 Results of Operations and Financial Condition.

On May 2, 2007, Gladstone Capital Corporation issued a press release announcing
its financial results for the second quarter ended March 31, 2007. 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 are deemed to be furnished and
shall not be deemed to be filed.

Item 9.01 Financial Statements and Exhibits.

     (a)  Not applicable.

     (b)  Not applicable.

     (c)  Not applicable.

     (d)  Exhibits.

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

          99.1           Press release dated May 2, 2007




                                   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)
May 2, 2007                                          By:/s/ Harry Brill
                                                     ------------------
                                          (Harry Brill, Chief Financial Officer)




                                  EXHIBIT INDEX


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

99.1                Press release dated May 2, 2007