Company: GAINI
Filing Date: 2025-08-13
Form Type: 40-APP/A
Source: 0001193125-25-179356
Chunk: 10

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-08-13
Form: 40-APP/A
Chunk 10
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 term “required majority,” in relevant part, with respect to the                                                                                                                                                         
 approval of a proposed transaction, as both a majority of a BDC’s directors who have no financial interest in the transaction and a majority of such directors who are not interested persons of the BDC. In the case of a Regulated Fund that is 
 not a BDC, the Board members that constitute the Required Majority will be determined as if such Regulated Fund were a BDC subject to Section 57(o) of the 1940 Act.                                                                              |

| 13 | Section 57(f) provides for the approval by a Required Majority of certain 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