Company: GAINI
Filing Date: 2025-08-13
Form Type: 40-APP/A
Source: 0001193125-25-179356
Chunk: 3

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-08-13
Form: 40-APP/A
Chunk 3
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 be deemed to be the Joint Venture’s or BDC Downstream Fund’s chief compliance officer, and the Joint Venture’s or BDC Downstream Fund’s investment committee will be deemed to be the Joint Venture’s or BDC Downstream Fund’s Board.

| 5 | “Affiliated Entity” means an entity not controlled by a Regulated Fund that intends to                                                                                         
 engage in Co-Investment Transactions and that is (a) with respect to a Regulated Fund, another Regulated Fund; (b) an Adviser or its affiliates (other than an                 
 open-end investment company registered under the 1940 Act), and any direct or indirect, wholly- or majority-owned subsidiary of an Adviser or its affiliates (other than of an 
 open-end investment company registered under the 1940 Act), that is participating in a Co-Investment Transaction in a principal capacity; or (c) any entity that               
 would be an investment company but for Section 3(c) of the 1940 Act or Rule 3a-7 thereunder and whose investment adviser is an Adviser.                                        |

To the extent that an entity described in clause (b) is not advised by an Adviser, such entity shall be deemed to be an Adviser for purposes of the conditions.

herein. The Regulated Funds and Affiliated Entities that participate in a Co-InvestmentTransaction are collectively referred to herein as “ Participants.” 7The Applicants do not seek relief for transactions effected consistent with Commission staff no-actionpositions. 8

| II. | GENERAL DESCRIPTION OF THE APPLICANTS |

| A. | GALT |

GALT was organized under the Delaware Statutory Trust Act on May 29, 2024 and formally commenced operations on December 9, 2024. GALT is an externally managed, non-diversified, closed-end managementinvestment company that operates as an interval fund pursuant to Rule 23c-3 underthe 1940 Act. GALT intends to qualify annually as a regulated investment company under Sub-Chapter Mof the Internal Revenue Code of 1986, as amended. GALT’s principal place of business is 1521 Westbranch Drive, Suite 100, McLean, Virginia 22102. GALT’s primary investment objective is to (i) achieve and grow current income by investing primarily in debt securities of established businesses or real estate holding intermediaries that it believes will provide stable earnings and cash flow to pay expenses, make principal and interest payments on GALT’s outstanding indebtedness and