-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Li6PbHbcp5P4BHDFjeXivk56xHP1bMe3C6J1aYpFMi/WhJTeuzcVb1gyjnm4Gp+l
 8nqCMTQTB+SVFqMT9ik3hQ==

<SEC-DOCUMENT>0001234006-03-000031.txt : 20031210
<SEC-HEADER>0001234006-03-000031.hdr.sgml : 20031210
<ACCEPTANCE-DATETIME>20031210145526
ACCESSION NUMBER:		0001234006-03-000031
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031209
FILED AS OF DATE:		20031210

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			OUTLAND JOHN H
		CENTRAL INDEX KEY:			0001272536

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00237
		FILM NUMBER:		031047118

	BUSINESS ADDRESS:	
		STREET 1:		C/O GLADTONE CAPITAL CORP
		STREET 2:		1619 ANDERSON RD SUITE 208
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		2123620786

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLADSTONE CAPITAL CORP
		CENTRAL INDEX KEY:			0001143513
		IRS NUMBER:				542040781
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	BUSINESS ADDRESS:	
		STREET 1:		1750 TYSONS BLVD 4TH FLOOR
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		7037441165

	MAIL ADDRESS:	
		STREET 1:		1750 TYSONS BLVD
		STREET 2:		4TH FLOOR
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>3</documentType><periodOfReport>2003-12-09</periodOfReport>
    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001143513</issuerCik>
        <issuerName>GLADSTONE CAPITAL CORP</issuerName>
        <issuerTradingSymbol>GLAD</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001272536</rptOwnerCik>
            <rptOwnerName>OUTLAND JOHN H</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O GLADSTONE CAPITAL CORPORATION</rptOwnerStreet1>
            <rptOwnerStreet2>1616 ANDERSON ROAD, SUITE 208</rptOwnerStreet2>
            <rptOwnerCity>MCLEAN</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>22102</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><footnotes/><remarks/><ownerSignature><signatureName>Skye Breeden, attorney-in-fact</signatureName><signatureDate>2003-12-10</signatureDate></ownerSignature></ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>3
<FILENAME>attach_1.htm
<TEXT>
<HTML><BODY><PRE>POWER OF ATTORNEY

Know all by these presents, that the undersigned hereby constitutes and

appoints

each of David Gladstone, Terry Brubaker, Harry Brill and Skye Breeden of the

Company

and Thomas Salley, Darren DeStefano and Janet Hanson of Cooley Godward LLP,

signing

individually, the undersigned's true and lawful attorneys-in fact and agents

to: (1)

execute for and on behalf of the undersigned, an officer, director or holder

of 10%

or more of a registered class of securities of Gladstone Capital

Corporation

the Company), Forms 3, 4 and 5 in accordance with Section 16(a) of the

Securities

Exchange Act of 1934, as amended (the Exchange Act) and the rules thereunder;

(2) do and perform any and all acts for and on behalf of the undersigned that

may

be necessary or desirable to complete and execute such Form 3, 4 or 5, complete

and

execute

any amendment or amendments thereto, and timely file such forms or amendments

with the

United States Securities and Exchange Commission and any stock exchange or

similar

authority; and (3) take any other action of any nature whatsoever in

connection with the

foregoing

which, in the opinion of such attorney-in-fact, may be of benefit, in

the best

interest of,

or legally required by, the undersigned, it being understood that the

documents

executed

by such attorney-in-fact on behalf of the undersigned pursuant to this

Power of

Attorney

shall be in such form and shall contain such terms and conditions as

such

attorney-in-fact

may approve in such attorney-in-fact's discretion.

The undersigned hereby grants to each such attorney-in-fact full power

and

authority

to do and perform any and every act and thing whatsoever requisite,

necessary,

or proper

to be done in the exercise of any of the rights and powers herein

granted,

as fully to

all intents and purposes as the undersigned might or could do if

personally

present,

with full power of substitution or revocation, hereby ratifying and

confirming

all that

such attorney-in-fact, or such attorney-in-fact's substitute or

substitutes,

shall

lawfully

do or cause to be done by virtue of this power of attorney and the

rights

and

powers herein granted.  The undersigned acknowledges that the foregoing

attorneys-in-fact,

in serving in such capacity at the request of the undersigned, are not

assuming,

nor is the Company assuming, any of the undersigned's responsibilities

to comply

with Section 16 of the Exchange Act.

This Power of Attorney shall remain in full force and effect until the

earliest to occur of (a) the undersigned is no longer required to file

Forms 3, 4

and 5 with

respect to the undersigned's holdings of and transactions in securities

 issued by

the Company, (b) revocation by the undersigned in a signed writing

delivered to the

foregoing attorneys-in-fact or (c) as to any attorney-in-fact

individually, until

such attorney-in-fact shall no longer be employed by the Company or

Cooley Godward

LLP.

IN WITNESS WHEREOF, the undersigned has cause this Power of

Attorney to be

executed as of this 9th day of December, 2003.





/s/ John Outland

John Outland



</PRE></BODY></HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
