UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 10, 2003

                        Gladstone Commercial Corporation
             (Exact name of registrant as specified in its chapter)

          Maryland                     0-50363                    020681276
(State or other jurisdiction         (Commission                (IRS Employer
      of incorporation)              File Number)            Identification No.)

                  1616 Anderson Road, Suite 208
                        McLean, Virginia                            22102
             (Address of principal executive offices)             (Zip Code)

Registrant's telephone number, including area code: (703) 286-7000




Item 7. Financial Statements and Exhibits.

      (a) Not applicable.

      (b) Not applicable.

      (c) Exhibits.

            Exhibit No.               Description
            -----------               -----------

            99.1                      Press release dated November 10, 2003

Item 12. Results of Operations and Financial Condition.

On November 10, 2003, Gladstone Commercial Corporation issued a press release
announcing its financial results for the quarter ended September 30, 2003. The
text of the press release is included as an exhibit to this Form 8-K. Pursuant
to the rules and regulations of the Securities and Exchange Commission, such
exhibit and the information set forth therein and herein is deemed to be
furnished and shall not be deemed to be filed.

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                             Gladstone Capital Corporation
                                                      (Registrant)

                                                   By:/s/ Harry Brill
                                                      ---------------
November 10, 2003                         (Harry Brill, Chief Financial Officer)




                                  EXHIBIT INDEX

Exhibit No.       Description
-----------       -----------

99.1              Press release dated November 10, 2003