Company: GAINI
Filing Date: 2025-05-20
Form Type: 40-APP
Source: 0001193125-25-123227
Chunk: 12

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-05-20
Form: 40-APP
Chunk 12
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 to any Regulated Funds) to allow each Regulated Fund to dispose of its entire remaining position within 30 days at approximately the price at which the Regulated Fund has valued the investment.                                                    |

development company and each of the Co-Investment Transactionswere approved by the Required Majority under Section 57(f). 19 9. In the event that the Commission adopts a rule under the 1940 Act allowing co-investmentsof the type described in this Application, any relief granted by the Order will expire on the effective date of that rule.

| IV. | STATEMENT IN SUPPORT OF RELIEF REQUESTED |

Applicants submit that allowing the Co-Investment Transactionsdescribed by this Application is justified on the basis of (i) the potential benefits to the Regulated Funds and their respective shareholders and (ii) the protections found in the terms and conditions set forth in this Application.

| A. | Potential Benefits to the Regulated Funds and their Shareholders |

Section 57(a)(4) and Rule 17d-1 (asapplicable) limit the ability of the Regulated Funds to participate in attractive co-investment opportunitiesunder certain circumstances. If the relief is granted, the Regulated Funds should: (i) be able to participate in a larger number and greater variety of investments, thereby diversifying their portfolios and providing related risk-limiting benefits; (ii) be able to participate in larger financing opportunities, including those involving issuers with better credit quality, which otherwise might not be available to investors of a Regulated Fund’s size; (iii) have greater bargaining power (notably with regard to creditor protection terms and other similar investor rights), more control over the investment and less need to bring in other external investors or structure investments to satisfy the different needs of external investors; (iv) benefit from economies of scale by sharing fixed expenses associated with an investment with the other Participants; and (v) be able to obtain better deal flow from investment bankers and other sources of investments.

| B. | Shareholder Protections |

Each Co-Investment Transactionwould be subject to the terms and conditions of this Application. The Conditions are designed to address the concerns underlying Sections 17(d) and 57(a)(4) and Rule 17d-l byensuring that participation by a Regulated Fund in any Co-Investment Transactionwould not be on a basis different from or less advantageous than that of other Participants. Under Condition 5, each Adviser (and each Affiliated Entity that is not advised by an