Company: GAINI
Filing Date: 2025-05-20
Form Type: 40-APP
Source: 0001193125-25-123227
Chunk: 7

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-05-20
Form: 40-APP
Chunk 7
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 Section 57(a), Rule 17d-1 appliesto persons subject to the prohibitions of Section 57(a). Rule 17d-1(b) provides,in relevant part, that in passing upon applications under the rule, the Commission will consider whether the participation of a registered investment company in a joint enterprise, joint arrangement or profit-sharing plan on the basis proposed is consistent with the provisions, policies and purposes of the 1940 Act and the extent to which such participation is on a basis different from or less advantageous than that of other participants.

| B. | Need for Relief |

Each Regulated Fund may be deemed to be an affiliated person of each other Regulated Fund within the meaning of Section 2(a)(3) if it is deemed to be under common control because an Adviser is or will be either the investment adviser or sub-adviser toeach Regulated Fund. Section 17(d) and Section 57(b) apply to any investment adviser to a closed-endfund or a business development company, respectively, including a sub-adviser. Thus,an Adviser and any Affiliated Entities that it advises could be deemed to be persons related to Regulated Funds in a manner described by Sections 17(d) and 57(b). In addition, any entities or accounts controlled by or under common control with any Adviser that are deemed to be affiliated persons of each other that may, from time to time, hold various financial assets in a principal capacity, could be deemed to be persons related to Regulated Funds (or a company controlled by a Regulated Fund) in a manner described by Sections 17(d) and 57(b). Finally, with respect to any Wholly-Owned Investment Sub, Joint Venture, or BDC Downstream Fund of a Regulated Fund, such entity would be a company controlled by its parent Regulated Fund for purposes of Section 57(a)(4) of the 1940 Act and Rule 17d-l underthe 1940 Act.

| C. | Conditions |

Applicants agree that any Order granting the requested relief will be subject to the following Conditions. 1. Same Terms. With respect to any Co-Investment Transaction,each Regulated Fund, and Affiliated Entity participating in such transaction will acquire, or dispose of, as the case may be, the same class of securities, at the same time, for the same price and with the same conversion, financial reporting and registration rights, and with substantially the same other terms (provided that the settlement date for