GLADSTONE CAPITAL CORP
EXHIBIT 10-21
<DOCUMENT>
<TYPE>EX-10.21
<SEQUENCE>4
<FILENAME>a2066281zex-10_21.txt
<DESCRIPTION>EXHIBIT 10-21
<TEXT>
<Page>


                                                                  EXHIBIT 21


                        SUBSIDIARIES OF THE REGISTRANT



Gladstone Advisers Incorporated (incorporated in Virginia)

</TEXT>
</DOCUMENT>
