Schedule 13G

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. )*

Gladstone Capital Corporation

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

376535100

(CUSIP Number)

December 31, 2010

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

¨ Rule 13d-1(b)

¨ Rule 13d-1(c)

x Rule 13d-1(d)

*	The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


CUSIP No. 376535100


1.	Names of Reporting Persons David Gladstone
2.	Check the Appropriate Box if a Member of a Group (See Instructions) (a) ¨ (b) x
3.	SEC Use Only
4.	Citizenship or Place of Organization United States
Number of Shares Beneficially Owned by Each Reporting Person With		5.	Sole Voting Power 1,101,698
		6.	Shared Voting Power 0
		7.	Sole Dispositive Power 1,101,698
		8.	Shared Dispositive Power 0
9.	Aggregate Amount Beneficially Owned by Each Reporting Person 1,101,698
10.	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ¨
11.	Percent of Class Represented by Amount in Row (9) 5.2%*
12.	Type of Reporting Person (See Instructions) IN

* This percentage is calculated based upon 21,039,242 shares of the Issuer’s common stock outstanding as of December 31, 2010 as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2010, filed with the Securities and Exchange Commission on February 7, 2011.

Item 1.

(a)

Name of Issuer

Gladstone Capital Corporation

(b)

Address of Issuer’s Principal Executive Offices

1521 Westbranch Drive, Suite 200

McLean, VA 22102

Item 2.

(a)

Name of Person Filing

David Gladstone

(b)

Address of Principal Business Office or, if None, Residence

1521 Westbranch Drive, Suite 200

McLean, VA 22102

(c)

Citizenship

United States

(d)

Title of Class of Securities

Common Stock, $0.001 par value per share

(e)

CUSIP Number

376535100

Item 3.

If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b)

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c)

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d)

Investment company registered under section 8 of the Investment Company Act of 1940

(15 U.S.C. 80a-8).

(e)

An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);

(f)

An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);

(g)

A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);

(h)

A savings association as defined in section 3(b) of the Federal Deposit Insurance Act

(12 U.S.C. 1813);

(i)

A church plan that is excluded from the definition of an investment company under section

3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

Group, in accordance with §240.13d-1(b)(1)(ii)(J).

Not Applicable.

Item 4.

Ownership

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.



				(a)		Amount benefically owned:

						1,101,698*

				(b)		Percent of class:

						5.2%**

				(c)		Number of shares as to which the person has:

						(i) Sole power to vote or to direct the vote

						1,101,698

						(ii) Shared power to vote or to direct the vote

						0

						(iii) Sole power to dispose or to direct the disposition of

						1,101,698

						(iv) Shared power to dispose or to direct the disposition of

						0

* As of December 31, 2009, the Reporting Person had sole voting and dispostive power over 1,078,260 shares of the Issuer’s common stock.

** This percentage is calculated based upon 21,039,242 shares of the Issuer’s common stock outstanding as of December 31, 2010, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2010, filed with the Securities and Exchange Commission on February 7, 2011. As of December 31, 2009, the Reporting Person had sole voting and dispostive power over 5.1% of the Issuer’s common stock, based upon 21,087,574 shares of the Issuer’s common stock outstanding as of December 31, 2009, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2009, filed with the Securities and Exchange Commission on February 1, 2010.



Item 5.		Ownership of Five Percent or Less of a Class

		If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ¨

Item 6.		Ownership of More than Five Percent on Behalf of Another Person

		Not Applicable

Item 7.		Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person

		Not Applicable

Item 8.		Identification and Classification of Members of the Group

		Not Applicable

Item 9.		Notice of Dissolution of Group

		Not Applicable

Item 10.		Certification

		Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: October 6, 2011

/s/ David Gladstone

David Gladstone

Chairman and Chief Executive Officer

Gladstone Capital Corporation