Gladstone Capital Corporation's Board of Directors Expands and Elects Terry Earhart

Gladstone Capital Corporation

announced today that on October 10, 2012, the Company's board of directors increased the number of directors from nine to ten in accordance with the Company's Articles of Amendment and Restatement of the Articles of Incorporation and Bylaws, as amended, and elected Terry Earhart as a director to fill the resulting vacancy. Mr. Earhart was also appointed a member of each of the Company's Compensation Committee and the Company's Ethics, Nominating and Corporate Governance Committee, effective immediately. Mr. Earhart is an "independent director" within the meaning of NASDAQ Stock Market Marketplace Rule 5605(a)(2) and Section 10A of the Securities and Exchange Act of 1934, as amended.