Company: GAINI
Filing Date: 2025-08-13
Form Type: 40-APP/A
Source: 0001193125-25-179356
Chunk: 12

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-08-13
Form: 40-APP/A
Chunk 12
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 maintain the records required by Section 57(f)(3) as if it were a business

| 17 | “Disposition” means the sale, exchange, transfer or other disposition of an interest in 
 a security of an issuer.                                                                |

| 18 | “Tradable Security” means a security which trades: (i) on a national securities                                                                                                                                                                      
 exchange (or designated offshore securities market as defined in Rule 902(b) under the Securities Act of 1933, as amended) and (ii) with sufficient volume and liquidity (findings which are to be made in good faith and documented by the Advisers 
 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