EXHIBIT 23.2

Consent of Independent Auditors

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-104447) pertaining to the Amended and Restated 2001 Equity Incentive Plan of Gladstone Capital Corporation of our report dated November 1, 2002 with respect to the consolidated financial statements of Gladstone Capital Corporation for the year ended September 30, 2002 and the period from May 30, 2001 (inception) through September 30, 2001 included in the Annual Report (Form 10-K) for the year ended September 30, 2003.

	/s/Ernst & Young
December 9, 2003
McLean, Virginia