Company: GAINI
Filing Date: 2025-05-20
Form Type: 40-APP
Source: 0001193125-25-123227
Chunk: 10

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-05-20
Form: 40-APP
Chunk 10
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 transactions on the basis that,                                                                                                                                        
 in relevant part: (i) the terms of the transaction, including the consideration to be paid or received, are reasonable and fair to the shareholders of the BDC and do not involve overreaching of the BDC or its shareholders on the part of any 
 person concerned; (ii) the proposed transaction is consistent with the interests of the BDC’s shareholders and the BDC’s policy as recited in filings made by the BDC with the Commission and the BDC’s reports to shareholders; and             
 (iii) the BDC’s directors record in their minutes and preserve in their records a description of the transaction, their findings, the information or materials upon which their findings were based, and the basis for their findings.           |

| 14 | Expenses of an individual Participant that are incurred solely by the Participant due to its unique 
 circumstances (such as legal and compliance expenses) will be borne by such Participant.            |

| 15 | Applicants are not requesting and the Commission is not providing any relief for transaction fees received in 
 connection with any Co-Investment Transaction.                                                                |

| 16 | The Affiliated Entities may adopt 
 shared Co-Investment Policies.    |

6. Dispositions: (a) Prior to any Disposition 17by an Affiliated Entity of a security acquired in a Co-Investment Transaction,the Adviser to each Regulated Fund that participated in the Co-Investment Transactionwill be notified and each such Regulated Fund given the opportunity to participate pro rata based on the proportion of its holdings relative to the other Affiliated Entities participating in such Disposition. (b) Prior to any Disposition by a Regulated Fund of a security acquired in a Co-Investment Transaction,the Required Majority will take the steps set forth in Section 57(f) of the 1940 Act, unless: (i) each Affiliated Entity holding the security participates in the Disposition in approximate proportion to its then-current holding of the security; or (ii) the Disposition is a sale of a Tradable Security. 18 7. Board Oversight

| (a) | Each Regulated Fund’s directors will oversee the Regulated Fund’s participation in the co-investment program in the exercise of their reasonable business judgment. |

| (b) | Prior to a Regulated Fund’s participation in Co-Investment                                                                                                                                           
 Transactions, the Regulated Fund’s Board, including a Required Majority, will: (i) review the Co-Investment Policies, to ensure that they