UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 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 5, 2003

                             MCG CAPITAL CORPORATION
             (Exact name of registrant as specified in its charter)


         Delaware                       0-33377                  54-1889518
(State or other jurisdiction    (Commission File Number)      (I.R.S. Employer
     of incorporation)                                       Identification No.)

                        1100 Wilson Boulevard, Suite 3000
                               Arlington, VA 22209
              (Address of principal executive offices and zip code)

       Registrant's telephone number, including area code: (703) 247-7500





<PAGE>



 Item 7.   Financial Statements and Exhibits

      (a)  Not applicable.

      (b)  Not applicable.

      (c)  Exhibits.


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

         99.1                   Press release dated November 5, 2003


Item 12.      Results of Operations and Financial Condition.

On November 5, 2003, the Company issued a press release announcing its financial
results for the three and nine months 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.

The attached press release contains information  calculated and presented on the
basis  of  methodologies  other  than  in  accordance  with  generally  accepted
accounting principles,  or GAAP, such as distributable net operating income. The
Company has included a reconciliation  of distributable  net operating income to
net operating  income before  investment  gains and losses,  the most comparable
GAAP measure, in the press release.




                                       2
<PAGE>

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.



Date:    November 5, 2003                   MCG CAPITAL CORPORATION



                                            By: /s/ Bryan J. Mitchell
                                               ---------------------------
                                                Bryan J. Mitchell
                                                Chief Executive Officer


                                       3
<PAGE>

                                  EXHIBIT INDEX



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

             99.1                   Press release dated November 5, 2003








                                      4
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{"company-data": {"conformed-name": "MCG CAPITAL CORP", "cik": "0001141299", "irs-number": "541889518", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-33377", "film-number": "03978481"}, "business-address": {"street1": "1100 WILSON BLVD", "street2": "SUITE 800", "city": "ARLINGTON", "state": "VA", "zip": "22209", "phone": "7032477500"}}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 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 5, 2003

                             MCG CAPITAL CORPORATION
             (Exact name of registrant as specified in its charter)

         Delaware                       0-33377                  54-1889518
(State or other jurisdiction    (Commission File Number)      (I.R.S. Employer
     of incorporation)                                       Identification No.)

                        1100 Wilson Boulevard, Suite 3000
                               Arlington, VA 22209
              (Address of principal executive offices and zip code)

       Registrant's telephone number, including area code: (703) 247-7500
Item 7.   Financial Statements and Exhibits

      (a)  Not applicable.

      (b)  Not applicable.

      (c)  Exhibits.

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

         99.1                   Press release dated November 5, 2003

Item 12.      Results of Operations and Financial Condition.

On November 5, 2003, the Company issued a press release announcing its financial
results for the three and nine months 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.

The attached press release contains information  calculated and presented on the
basis  of  methodologies  other  than  in  accordance  with  generally  accepted
accounting principles,  or GAAP, such as distributable net operating income. The
Company has included a reconciliation  of distributable  net operating income to
net operating  income before  investment  gains and losses,  the most comparable
GAAP measure, in the press release.

                                       2
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.

Date:    November 5, 2003                   MCG CAPITAL CORPORATION

                                            By: /s/ Bryan J. Mitchell
                                               ---------------------------
                                                Bryan J. Mitchell
                                                Chief Executive Officer

                                       3
EXHIBIT INDEX

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

             99.1                   Press release dated November 5, 2003

                                      4