<SEC-DOCUMENT>0001193125-18-027887.txt : 20180412
<SEC-HEADER>0001193125-18-027887.hdr.sgml : 20180412
<ACCEPTANCE-DATETIME>20180131200202
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-18-027887
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180131

FILER:

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

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		703-287-5800

	MAIL ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<HTML><HEAD>
<TITLE>CORRESP</TITLE>
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<IMG SRC="g532860g0201043112601.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Lori Morgan </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">lmorgan@bassberry.com </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(625) <FONT
STYLE="white-space:nowrap">742-6280</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">January&nbsp;31, 2018 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Ganley, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment Management </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street,
N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mail Stop 8626 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Gladstone Capital Corporation &#150; Universal Shelf Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2,</FONT> File <FONT STYLE="white-space:nowrap">No.&nbsp;333-208637</FONT> </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear John: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Gladstone Capital
Corporation (the &#147;<B><I>Company</I></B>&#148;), and in response to the comments received from the Staff of the Division of Investment Management (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the
&#147;<B><I>Commission</I></B>&#148;) via email on January&nbsp;22, 2018 (the &#147;<B><I>Comments</I></B>&#148;), regarding post-effective Amendment No.&nbsp;5 (&#147;<B><I>Amendment No.</I></B><B><I></I></B><B><I>&nbsp;5</I></B>&#148;) to the
Company&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2,</FONT> File <FONT STYLE="white-space:nowrap">No.&nbsp;333-208637</FONT> (the &#147;<B><I>Registration Statement</I></B>&#148;), we are hereby transmitting our
responses to the Comments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For convenience of reference, each Staff comment pursuant to the abovementioned correspondence is reprinted
below in bolded font and is followed by the corresponding response of the Company. Capitalized terms used and not otherwise defined in this response letter that are defined in the Registration Statement shall have the meanings set forth in the
Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment</U></B>: <B>Registration Statement &#150; Risk Factors - Page 9 (third paragraph) describes likelihood and timing of the enactment of the Tax Reform Bill, provided the Tax Cuts and Jobs Act was passed. In
future filings, please update to describe the impacts of the tax reform on the Company, if any.</B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>:
In response to the Staff&#146;s request, the Company undertakes to update in future filings, the aforementioned disclosure to describe the impacts of the tax reform on the Company, if any. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">150 Third Avenue South,
Suite 2800 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Nashville, TN 37201 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 31, 2018 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment</U></B>: <B>Financial Statement &#150; Page <FONT STYLE="white-space:nowrap">F-9</FONT> to <FONT STYLE="white-space:nowrap">F-13</FONT> &#150; September</B><B></B><B>&nbsp;30, 2017 Consolidated Schedule of
Investments &#150; In future financial statements please disclose the reference rate and spread in the security description for each applicable variable rate holding as required by Reg <FONT STYLE="white-space:nowrap">S-X</FONT> <FONT
STYLE="white-space:nowrap">12-12</FONT> Footnote 4.</B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: In response to the Staff&#146;s request, the
Company undertakes to disclose in future financial statements, the spread in the security description for each applicable variable rate holding as required by Regulation <FONT STYLE="white-space:nowrap">S-X</FONT>
<FONT STYLE="white-space:nowrap">12-12</FONT> Footnote 4. The Company respectfully submits that the reference rate has been disclosed by footnote within the Consolidated Schedule of Investments in previous filings (see specifically footnote B of the
September&nbsp;30, 2017 Consolidated Schedule of Investments). The Company will undertake to continue this disclosure by footnote in future filings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Please feel free to reach Lori Morgan via phone at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">615-742-6280</FONT></FONT> or via email at lmorgan@bassberry.com or Sehrish Siddiqui via phone at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">901-543-5979</FONT></FONT> or via email at ssiddiqui@bassberry.com with any questions. We look forward to hearing from you soon. </P>
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<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Lori Morgan</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lori Morgan</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">LM:jkw </P>
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