CONSENT OF INDEPENDENT AUDITORS
We consent to the reference to our firm under the caption "Experts" and to the use of our report dated November 29, 2001, in Pre-Effective Amendment No. 1 to the Registration Statement (Form N-2 No. 333-100385) and related Prospectus of Gladstone Capital Corporation for the registration of $75,000,000 of common stock, preferred stock and debt securities.
/s/ Ernst & Young LLP
McLean,
Virginia
November 21, 2002