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 13, 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 May 13, 2004

Item 12. Results of Operations and Financial Condition.

On May 13, 2004, Gladstone Capital Corporation issued a press release announcing
its financial results for the quarter ended March 31, 2004. 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)
May 13, 2004                                       By: /s/ Harry Brill
                                          --------------------------------------
                                          (Harry Brill, Chief Financial Officer)



                                  EXHIBIT INDEX

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

99.1                   Press release dated May 13, 2004