The board of directors of Gladstone Capital Corporation has increased the number of directors from nine to ten in accordance with the election of Terry Earhart as a director to fill the resulting vacancy. 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. 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.

Earhart founded and, since 2005, has served as executive vice president and a member of the board of directors of Strategic Global Services Network that has opened six schools, a medical clinic and facilitated the start-up of several micro enterprise businesses in Africa.