<!DOCTYPE html>
<html lang="en" dir="ltr">
  <head>
    <meta charset="utf-8" />
<meta name="keywords" content="IM What's New" />
<meta name="MobileOptimized" content="width" />
<meta name="HandheldFriendly" content="true" />
<meta name="viewport" content="width=device-width, initial-scale=1.0" />
<meta name="id" content="226921" />
<meta name="date" content="2019-12-05T14:46:11" />
<link rel="icon" href="/themes/custom/secgov/favicon.ico" type="image/vnd.microsoft.icon" />
<link rel="canonical" href="https://www.sec.gov/investment/gladstone-investment-corporation-120519-23c" />
<link rel="shortlink" href="https://www.sec.gov/node/226921" />
<script src="/files/google_tag/primary/google_tag.script.js?sd9efa" defer></script>

    <meta name="origin" content="Drupal" />
    <meta name="viewport" content="width=device-width initial-scale=1.0 maximum-scale=3.0" />
    <title>SEC.gov | Gladstone Investment Corporation</title>
    <script>window.env = "production";</script>
    <link rel="stylesheet" media="all" href="/files/css/css_MgRniMmnJVbkRMwT8X_aLg7R7z2Tz56uxCoOh0R4Evk.css?delta=0&language=en&theme=secgov&include=eJxljV0OwiAQhC_UypHIQjcU3XYbZmnE00ujvOjjfPMn1LSaDzXLwsXHCtMtv7i4JBpIZliTvKcJHH1hYQLDjRhZ1h0TGow3F7p35ZKeox2BH3LHvDL1rz8-gB7X6gfx0_r7wy2lHiS3r3wDgW9G2g" />
<link rel="stylesheet" media="all" href="/files/css/css_qIRHHeJDFCaUMjFbMXXKyB9RwPkpu4bJePyRBSpUie4.css?delta=1&language=en&theme=secgov&include=eJxljV0OwiAQhC_UypHIQjcU3XYbZmnE00ujvOjjfPMn1LSaDzXLwsXHCtMtv7i4JBpIZliTvKcJHH1hYQLDjRhZ1h0TGow3F7p35ZKeox2BH3LHvDL1rz8-gB7X6gfx0_r7wy2lHiS3r3wDgW9G2g" />

    <script src="/files/js/js_ZR7IgTyJkG8aareVUdeKuOQQtTr88wGWJyAHxg0IbaA.js?scope=header&delta=0&language=en&theme=secgov&include=eJxljV0OwiAQhC_UypHIQjcU3XYbZmnE00ujvOjjfPMn1LSaDzXLwsXHCtMtv7i4JBpIZliTvKcJHH1hYQLDjRhZ1h0TGow3F7p35ZKeox2BH3LHvDL1rz8-gB7X6gfx0_r7wy2lHiS3r3wDgW9G2g"></script>

  <script >bazadebezolkohpepadr="661965948"</script><script type="text/javascript" src="https://www.sec.gov/akam/13/2774cf19"  defer></script></head>
  <body class="default-view path-node node--type-secarticle">

    <a href="#main-content" class="visually-hidden focusable" tabindex="1">
      Skip to main content
    </a>
    <noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-TD3BKV" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript>
      <div class="dialog-off-canvas-main-canvas" data-off-canvas-main-canvas>
    


<div class="page-container">
<div id="page-wrapper">
  <div id="page" >
    <div class="page-header" role="banner">
      <div class="header-content">
        <div id="global-header" class="region region-header">
    
<div id="block-digitalgovsearch" class="block global-header-digitalgov-search">
  
    
        <div class="body"><!--<div class="hide-for-small" id="global-search">
<form accept-charset="UTF-8" action="//secsearch.sec.gov/search" class="clearfix" id="global-search-form" method="get" name="form_iQueryForm">
<fieldset><legend></legend> <label class="overlabel" for="global-search-box">Search SEC.gov</label> <input name="utf8" type="hidden" value="?" /> <input class="affiliate" name="affiliate" type="hidden" value="secsearch" /> <input aria-autocomplete="list" aria-haspopup="true" autocomplete="off" class="usagov-search-autocomplete ui-autocomplete-input" id="global-search-box" name="query" role="textbox" tabindex="4" title="Search for" type="text" /> <span aria-hidden="true" class="button-label fa fa-search"> </span><input class="global-search-button" tabindex="5" title="Go" type="submit" value="" /></fieldset>
</form>

<p class="options"><a class="option-link" href="http://www.sec.gov/edgar/searchedgar/companysearch.html" tabindex="6">Company Filings</a> | <a class="option-link" href="http://www.sec.gov/search/search.htm" tabindex="7">More Search Options</a></p>
</div>-->
<div class="block block--search block--search-form" id="global-search" role="search">
<form accept-charset="UTF-8" action="//secsearch.sec.gov/search" class="clearfix" id="global-search-form" method="get" name="form_iQueryForm">
<fieldset><legend></legend>
<div class="search-box-container"><label class="overlabel" for="global-search-box">Search SEC.gov</label> <input name="utf8" type="hidden" value="?" /> <input class="affiliate" name="affiliate" type="hidden" value="secsearch" /> <input aria-autocomplete="list" aria-haspopup="true" autocomplete="off" class="usagov-search-autocomplete ui-autocomplete-input" id="global-search-box" name="query" role="textbox" title="Search for" type="text" /> <span aria-hidden="true" class="button-label fa fa-search"> </span> <input class="global-search-button" title="Go" type="submit" value="" /></div>
</fieldset>
</form>

<div class="menu-name-menu-utility-menu">
<p class="options"><span><a class="option-link" href="/edgar/searchedgar/companysearch">Company Filings</a></span> <!--<span><a class="option-link" href="http://www.sec.gov/search/search.htm">More Search Options</a></span>--></p>
</div>
</div>
</div>
  </div>
<div id="block-secgov-branding" class="site-branding block region__inner system_branding_block">
  <div class="block--menu-block">
    <div class="menu-block-wrapper menu-name-main-menu">
      
            
      
    <div class="banner-seal">
    <a href="/" title="SEC Emblem" rel="home" tabindex="2">
      <img src="/files/sec-logo.png" alt="SEC Emblem" />
    </a>
  </div>
  
    <div class="banner-org-name">
      <a href="/" title="U.S. Securities and Exchange Commission" rel="home" tabindex="3">U.S. Securities and <br>Exchange Commission</a>
  </div>
   

    <button id="mobile-menu-toggle" class="is-closed" aria-label="Menu Toggle">
    <span class="svg-icon svg-icon-sm" aria-hidden="true">q</span>
  </button>

    </div>
  </div>
</div>
  </div>


      </div>

      <div class="global-navigation" id="global-navigation">

        <div class="desktop-menu">
            <div class="navigation-wrapper region region-global-navigation">
    <div id="block-secgov-main-menu" class="block region__inner main">
  <div class="block--menu-block">
    <div class="menu-block-wrapper menu-name-main-menu">
      
            
          
    
              <ul id="home-menu" class="menu">
                          <li class="menu__item is-expanded expanded" >
                <a href="/about" title="About" class="menu__link">About</a>
                                <ul class="menu">
                          <li class="menu__item is-active is-leaf leaf ">
                <a href="/about/careers" title="Careers" class="menu__link">Careers</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/about/commissioners" title="Commissioners" class="menu__link">Commissioners</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/contact-information/sec-directory" title="Contact" class="menu__link">Contact</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/reports" title="Reports and Publications" class="menu__link">Reports and Publications</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/about/about-securities-laws" title="Securities Laws" class="menu__link">Securities Laws</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/about/mission" title="Mission" class="menu__link">Mission</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/about/commission-votes" title="Commission Votes" class="menu__link">Commission Votes</a>
              </li>
        </ul>
  
              </li>
                    <li class="menu__item is-expanded expanded" >
                <a href="/about/divisions" title="Divisions & Offices" class="menu__link">Divisions & Offices</a>
                                <ul class="menu">
                          <li class="menu__item is-active is-leaf leaf ">
                <a href="/page/corpfin-section-landing" title="Corporation Finance" class="menu__link">Corporation Finance</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/page/enforcement-section-landing" title="Enforcement" class="menu__link">Enforcement</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/investment-management" title="Investment Management" class="menu__link">Investment Management</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/dera" title="Economic and Risk Analysis" class="menu__link">Economic and Risk Analysis</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/divisions/trading-markets" title="Trading and Markets" class="menu__link">Trading and Markets</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/page/aljsectionlanding" title="Office of Administrative Law Judges" class="menu__link">Office of Administrative Law Judges</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/exams" title="Examinations" class="menu__link">Examinations</a>
              </li>
        </ul>
  
              </li>
                    <li class="menu__item is-expanded expanded" >
                <a href="/page/litigation" title="Enforcement" class="menu__link">Enforcement</a>
                                <ul class="menu">
                          <li class="menu__item is-active is-leaf leaf ">
                <a href="/litigation/litreleases" title="Litigation Releases" class="menu__link">Litigation Releases</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/litigation/admin" title="Administrative Proceedings" class="menu__link">Administrative Proceedings</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/litigation/opinions" title="Opinions and Adjudicatory Orders" class="menu__link">Opinions and Adjudicatory Orders</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/divisions/enforce/friactions" title="Accounting and Auditing" class="menu__link">Accounting and Auditing</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/litigation/suspensions" title="Trading Suspensions" class="menu__link">Trading Suspensions</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/enforcement/how-investigations-work" title="How Investigations Work" class="menu__link">How Investigations Work</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/divisions/enforce/receiverships" title="Receiverships" class="menu__link">Receiverships</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/enforce/information-for-harmed-investors" title="Information for Harmed Investors" class="menu__link">Information for Harmed Investors</a>
              </li>
        </ul>
  
              </li>
                    <li class="menu__item is-expanded expanded" >
                <a href="/page/regulation" title="Regulation" class="menu__link">Regulation</a>
                                <ul class="menu">
                          <li class="menu__item is-active is-leaf leaf ">
                <a href="/rules/rulemaking-activity" title="Rulemaking Activity" class="menu__link">Rulemaking Activity</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/rules/rulemaking-activity?aId=&search=&rulemaking_status=178631&division_office=All&regulation_year=" title="Proposed Rules" class="menu__link">Proposed Rules</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/rules/rulemaking-activity?aId=&search=&rulemaking_status=177456&division_office=All&regulation_year=" title="Final Rules" class="menu__link">Final Rules</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/rules/rulemaking-activity?aId=&search=&rulemaking_status=178151&division_office=All&regulation_year=" title="Interim Final Temporary Rules" class="menu__link">Interim Final Temporary Rules</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/rules/other" title="Other Orders and Notices" class="menu__link">Other Orders and Notices</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/rules/sro" title="Self-Regulatory Organizations" class="menu__link">Self-Regulatory Organizations</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/regulation/staff-interpretations" title="Staff Interpretations" class="menu__link">Staff Interpretations</a>
              </li>
        </ul>
  
              </li>
                    <li class="menu__item is-expanded expanded" >
                <a href="/education" title="Education" class="menu__link">Education</a>
                                <ul class="menu">
                          <li class="menu__item is-active is-leaf leaf ">
                <a href="/education/investor-education" title="Investor Education" class="menu__link">Investor Education</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/education/glossary" title="Glossaries" class="menu__link">Glossaries</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/education/smallbusiness" title="Small Business Capital Raising " class="menu__link">Small Business Capital Raising </a>
              </li>
        </ul>
  
              </li>
                    <li class="menu__item is-expanded expanded" >
                <a href="/edgar" title="Filings" class="menu__link">Filings</a>
                                <ul class="menu">
                          <li class="menu__item is-active is-leaf leaf ">
                <a href="/edgar/search-and-access" title="EDGAR – Search & Access" class="menu__link">EDGAR – Search & Access</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/edgar/filer-information" title="EDGAR – Information for Filers" class="menu__link">EDGAR – Information for Filers</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/edgar/searchedgar/companysearch" title="Company Filing Search" class="menu__link">Company Filing Search</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/filings/edgar-guide" title="How to Search EDGAR" class="menu__link">How to Search EDGAR</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/forms" title="Forms List" class="menu__link">Forms List</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/edgar/about" title="About EDGAR" class="menu__link">About EDGAR</a>
              </li>
        </ul>
  
              </li>
                    <li class="menu__item is-expanded expanded" >
                <a href="/newsroom" title="News" class="menu__link">News</a>
                                <ul class="menu">
                          <li class="menu__item is-active is-leaf leaf ">
                <a href="/news/pressreleases" title="Press Releases" class="menu__link">Press Releases</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/news/speeches-statements" title="Speeches and Statements" class="menu__link">Speeches and Statements</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/securities-topics" title="Securities Topics" class="menu__link">Securities Topics</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/news/upcoming-events" title="Upcoming Events" class="menu__link">Upcoming Events</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/news/sec-webcasts" title="Webcasts" class="menu__link">Webcasts</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/news/sec-videos" title="SEC Videos" class="menu__link">SEC Videos</a>
              </li>
                    <li class="menu__item is-active is-leaf leaf ">
                <a href="/news/media-gallery" title="Media Gallery" class="menu__link">Media Gallery</a>
              </li>
        </ul>
  
              </li>
        </ul>
  

  
    </div>
  </div>
</div>
  </div>


        </div>

        <div class="mobile-menu" style="display: none;">
          
              <ul id="main-menu" class="menu">
                      <li class="menu__item is-expanded expanded">
      
        <a href="" class="menu__link">U.S. Securities and Exchange Commission</a>
                                <ul class="menu">
                      <li class="menu__item is-active is-leaf leaf">
      
        <a href="/about/divisions" class="menu__link" data-drupal-link-system-path="node/91856">Divisions & Offices</a>
              </li>

                  <li class="menu__item is-active is-leaf leaf">
      
        <a href="/litigation.shtml" class="menu__link">Enforcement</a>
              </li>

                  <li class="menu__item is-active is-leaf leaf">
      
        <a href="/rules.shtml" class="menu__link">Regulation</a>
              </li>

                  <li class="menu__item is-active is-leaf leaf">
      
        <a href="/education" title="Education" class="menu__link" data-drupal-link-system-path="node/261726">Education</a>
              </li>

                  <li class="menu__item is-active is-leaf leaf">
      
        <a href="/edgar" class="menu__link" data-drupal-link-system-path="node/91901">Filings</a>
              </li>

                  <li class="menu__item is-active is-leaf leaf">
      
        <a href="/news" class="menu__link">Newsroom</a>
              </li>

        </ul>
  
              </li>

                  <li class="menu__item is-expanded expanded">
      
        <a href="/news" class="menu__link">Newsroom</a>
                                <ul class="menu">
                      <li class="menu__item is-active is-leaf leaf">
      
        <a href="/news/pressreleases" class="menu__link" data-drupal-link-system-path="news/pressreleases">Press Releases</a>
              </li>

                  <li class="menu__item is-active is-leaf leaf">
      
        <a href="/news/testimony" class="menu__link">Testimony</a>
              </li>

        </ul>
  
              </li>

                  <li class="menu__item is-expanded expanded">
      
        <a href="/about/sec-rss" class="menu__link" data-drupal-link-system-path="node/111801">RSS Feeds</a>
                                <ul class="menu">
                      <li class="menu__item is-active is-leaf leaf">
      
        <a href="/news/pressreleases.rss" class="menu__link" data-drupal-link-system-path="news/pressreleases.rss">Press Releases</a>
              </li>

                  <li class="menu__item is-active is-leaf leaf">
      
        <a href="/news/statements.rss" class="menu__link" data-drupal-link-system-path="news/statements.rss">Public Statements</a>
              </li>

                  <li class="menu__item is-active is-leaf leaf">
      
        <a href="/news/speeches.rss" class="menu__link" data-drupal-link-system-path="news/speeches.rss">Speeches</a>
              </li>

                  <li class="menu__item is-active is-leaf leaf">
      
        <a href="/news/testimony.rss" class="menu__link" data-drupal-link-system-path="news/testimony.rss">Testimony</a>
              </li>

        </ul>
  
              </li>

        </ul>
  



                      
                  </div>

      </div>
    </div>
          <div class="highlighted">
        <aside role="complementary" class="message section clearfix">
            <div class="region region-highlighted">
    <div data-drupal-messages-fallback class="hidden"></div>

  </div>


        </aside>
      </div>
    
    
                                
        
        
        
    
    <div class="page-content">
      <div id="main-wrapper" class="layout-main-wrapper layout-container clearfix">

                  

      
      
            <div id="sidebar-first" class="sidebar">
          <aside role="complementary" class="local-nav">
            <nav role="navigation">
                          
                      </nav>

          </aside>
        </div>
                    <div id="content-wrapper" class="layout-main">

      <a id="main-content" tabindex="-1"></a>

    
    		
    
    
              <div id="content" class="content">
            <div class="main-content region region-content">
    <div id="block-secgov-content">
  
    
      
  
  <article class="article" role="article">
  
    

    <div class="article-content">
                




                    
<div id="page-title">
<h1 class="article-type">
  
        
                                                                                                                                                                                                          
                                    <span class="hide">Other</span>
                                    
                                                                                                                                    </h1>
<!-- Subscribe link, RSS, Email -->
<div id="addthis-icons">
  <div class="addthis-wrapper">
    <div class="hide-for-print appIconsDetail" style="visibility: visible;">
      <div class="addthis_toolbox addthis_default_style hide-for-small" data-ui-click="true">
        <a class="addthis_button_print at300b" title="Print Page" href="#" tabindex="0">
          <span class="fa fa-print"></span>
        </a>
        <a class="addthis_button_mailto at300b" target="_blank" title="Email Page" href="#" tabindex="0">
          <span class="fa fa-envelope"></span>
        </a>
      <div class="atclear"></div>
    </div>
    <div class="addthis_toolbox addthis_default_style addthis_32x32_style hide-for-medium-up show-for-small addthis_mobile">
      <a class="addthis_button_mailto at300b" target="_blank" title="Email Page" href="#" tabindex="0">
        <span class="fa fa-envelope"></span>
      </a>
    </div>
    <div class="atclear"></div>
    </div>
  </div>
</div>
</div>

              <div class="content aside other">
              
        <div >
        <h1 class="article-title">Gladstone Investment Corporation</h1>
                </div>

        
                  <p class="article-publishdate">
                            Dec. 5, 2019
                       </p>
        
                <p class="release-number"></p>
              
      <div class="article-content-body">
      
            <div class="article-body"><h2>Investment Company Act of 1940 – Section 63, Section 23(c), and Rule 23c-2<br />
Gladstone Investment Corporation</h2>

<p><b>December 5, 2019</b></p>

<p>Response of the Chief Counsel’s Office<br />
Division of Investment Management</p>

<p>Your letter, dated December 4, 2019, requests our assurance that we would not recommend enforcement action to the Commission against Gladstone Investment Corporation (the “Company”) for violations of Sections 63 and 23(c) of the Investment Company Act of 1940 (the “Act”), and Rule 23c-2 thereunder, if the Company files Form N-23C-2<a href="#_ftn1" name="_ftnref1" title="">[1]</a> with the Commission fewer than 30 days prior to, including on the same business day as, the Company’s redemption of an entire class or series of its preferred shares, as described in your letter. The Company is a closed-end management investment company that has elected to be treated as a business development company (“BDC”) under the Act.</p>

<p>Section 23(c) of the Act prohibits a registered closed-end investment company from repurchasing its securities, with certain exceptions.<a href="#_ftn2" name="_ftnref2" title="">[2]</a> Section 23(c)(3) excepts repurchases by a registered closed-end investment company under such circumstances as the Commission may permit by rules, regulations or orders. In 1942, the Commission adopted Rule 23c-2<a href="#_ftn3" name="_ftnref3" title="">[3]</a>, to allow a registered closed-end investment company to “call or redeem any securities of which it is the issuer, in accordance with the terms of such securities or the charter, indenture or other instrument pursuant to which such securities were issued,” subject to certain requirements.</p>

<p>Rule 23c-2 requires, among other things, that the investment company file with the Commission a notice of its intention to call or redeem the securities at least 30 days prior to the date of such redemption, on Form N-23C-2.<a href="#_ftn4" name="_ftnref4" title="">[4]</a> If all of the outstanding securities of a class or series are to be called or redeemed, the notice needs to state only the title of the securities, the date on which the securities will be called or redeemed, and the applicable provisions of the governing instrument.</p>

<p>You state that calls or redemptions of securities pursuant to Rule 23c-2 often are done as part of a BDC’s or closed-end fund’s refinancing of its capital structure, and the 30 day notice requirement can impair the Company’s ability to raise new capital without incurring additional leverage. You also note that a call or redemption of all of the outstanding securities of a class or series does not present any of the unfair discrimination concerns that are reflected in Section 23(c) and Rule 23c-2.</p>

<p>Based on the facts and representations set forth in your letter, we would not recommend that the Commission take any enforcement action against the Company for violations of Sections 63 and 23(c) of the Act and Rule 23c-2 thereunder if the Company files Form N-23C-2 with the Commission fewer than 30 days prior to, including on the same business day as, the Company’s redemption of an entire class or series of its preferred shares. Because our position is based upon the representations made to us in your letter, any different facts or representations may require a different conclusion.</p>

<p>The statements in this letter represent the views of the Division of Investment Management. This letter is not a rule, regulation or statement of the Commission, and the Commission has neither approved nor disapproved its content.</p>

<p>Asen Parachkevov<br />
Senior Counsel</p>

<div>
<hr align="left" size="1" width="33%" />
<div id="ftn1">
<p><a href="#_ftnref1" name="_ftn1" title="">[1]</a> <i>See </i>The Adoption of Updated EDGAR Manual<i>,</i> 62 F.R. 8877 (Feb. 27, 1997), adding EDGAR submission type “N-23C-2” to accommodate filings under Rule 23c-2(b). <i>See also</i> EDGAR Filing Manual (Volume II) EDGAR Filing (Chapter 3, Index to Forms).</p>
</div>

<div id="ftn2">
<p><a href="#_ftnref2" name="_ftn2" title="">[2]</a> Section 23 is made generally applicable to BDCs by Section 63 of the Act.</p>
</div>

<div id="ftn3">
<p><a href="#_ftnref3" name="_ftn3" title="">[3]</a> <i>See</i> Call and Redemption of Securities Issued by Closed-End Registered Investment Companies, 7 F.R. 6669 (Aug. 25, 1942).</p>
</div>

<div id="ftn4">
<p><a href="#_ftnref4" name="_ftn4" title="">[4]</a> <i>See </i>Rule 23c-2(b).</p>
</div>
</div>
</div>
      
                          </div>

              
                <div class="article-more-topics">
          
        </div>
                              </div>

          <div id="sidebar-second">
		
                <div class="block related-materials">
          <h2>Related Materials</h2>
      <ul>
              <li>Incoming Letter</li>
          </ul>
  
        </div>
              </div>
            </div>

    <div class="article-date modified">
          Modified: Dec. 6, 2019
      </div>
  
</article>

  </div>

  </div>


        </div>
      
        
      
      </div>

      
    </div>
    </div>

          <footer class="page-footer">
                  <div class="page-footer-top">
              <div class="region region-footer-top">
    
<div id="block-globalfooterstayconnectedfooter" class="block stay-connected-footer">
  
    
        <div class="body"><p class="data-exempt" id="stay-connected-footer"><a href="/news/socialmedia.shtml"><span>SOCIAL MEDIA</span></a><br class="new-line" />
<a href="https://twitter.com/SECGov"><span class="fa fa-lg fa-twitter"><span class="visually-hidden">1</span></span> <span class="hide-for-small">Twitter </span></a> <a href="https://www.facebook.com/SECgov"><span class="fa fa-lg fa-facebook"><span class="visually-hidden">2</span></span> <span class="hide-for-small">Facebook</span></a> <a href="https://www.instagram.com/secgov"><span class="fa fa-lg fa-instagram"><span class="visually-hidden">2</span></span> <span class="hide-for-small">Instagram</span></a> <a href="/about/secrss.shtml"><span class="fa fa-lg fa-rss"><span class="visually-hidden">3</span></span><span class="hide-for-small">RSS</span></a> <a href="http://www.youtube.com/user/SECViews"><span class="fa fa-lg fa-youtube-play"><span class="visually-hidden">4</span></span><span class="hide-for-small">YouTube</span></a><br class="hide-for-medium-up" />
<a href="https://www.linkedin.com/company/us-securities-and-exchange-commission?trk=company_name"><span class="fa fa-lg fa-linkedin"><span class="visually-hidden">6</span></span><span class="hide-for-small">LinkedIn</span></a> <!--<a href="//www.pinterest.com/secgov"><span class="fa fa-lg fa-pinterest-p"><span class="visually-hidden">7</span></span> <span class="hide-for-small">Pinterest</span></a>--> <a href="//public.govdelivery.com/accounts/USSEC/subscriber/new"><span class="fa fa-lg fa-envelope"><span class="visually-hidden">8</span></span> <span class="hide-for-small">Email Updates</span> </a></p>
</div>
  </div>

  </div>


          </div>
                <div class="page-footer-cols">
          <div>
    <nav role="navigation" aria-labelledby="block-aboutthesec-menu" id="block-aboutthesec">
            
  <h2 id="block-aboutthesec-menu">About The SEC</h2>
  

        
              <ul class="section-menu menu">
              <li class="menu__item is-active is-leaf leaf item-budget-&-performance">
        <a href="/about/offices/ofm/ofm-documents" class="menu__link" data-drupal-link-system-path="node/111606">Budget & Performance</a>
              </li>

          <li class="menu__item is-active is-leaf leaf item-careers">
        <a href="/about/careers" class="menu__link" data-drupal-link-system-path="node/41311">Careers</a>
              </li>

          <li class="menu__item is-active is-leaf leaf item-commission-votes">
        <a href="/about/commission-votes" class="menu__link" data-drupal-link-system-path="node/111231">Commission Votes</a>
              </li>

          <li class="menu__item is-active is-leaf leaf item-contact">
        <a href="/contact-information/sec-directory" class="menu__link" data-drupal-link-system-path="node/102846">Contact</a>
              </li>

          <li class="menu__item is-active is-leaf leaf item-contracts">
        <a href="/page/oacqsectionlanding" class="menu__link" data-drupal-link-system-path="node/3841">Contracts</a>
              </li>

          <li class="menu__item is-active is-leaf leaf item-data-resources">
        <a href="/sec-data-resources" class="menu__link" data-drupal-link-system-path="node/191566">Data Resources</a>
              </li>

        </ul>
  





  </nav>
<nav role="navigation" aria-labelledby="block-governmenttransparency-menu" id="block-governmenttransparency">
            
  <h2 id="block-governmenttransparency-menu">Transparency</h2>
  

        
              <ul class="section-menu menu">
              <li class="menu__item is-active is-leaf leaf item-accessibility-&-disability">
        <a href="/disability/sec_access" class="menu__link" data-drupal-link-system-path="node/111766">Accessibility & Disability</a>
              </li>

          <li class="menu__item is-active is-leaf leaf item-foia">
        <a href="/foia-services" class="menu__link" data-drupal-link-system-path="node/946556">FOIA</a>
              </li>

          <li class="menu__item is-active is-leaf leaf item-inspector-general">
        <a href="/oig" class="menu__link" data-drupal-link-system-path="node/41456">Inspector General</a>
              </li>

          <li class="menu__item is-active is-leaf leaf item-no-fear-act-&-eeo-data">
        <a href="/page/eeosectionlanding" class="menu__link" data-drupal-link-system-path="node/3781">No FEAR Act & EEO Data</a>
              </li>

          <li class="menu__item is-active is-leaf leaf item-ombuds">
        <a href="/ombuds" title="Ombuds" class="menu__link" data-drupal-link-system-path="node/96081">Ombuds</a>
              </li>

          <li class="menu__item is-active is-leaf leaf item-whistleblower-protection">
        <a href="/whistleblower" class="menu__link" data-drupal-link-system-path="node/99851">Whistleblower Protection</a>
              </li>

        </ul>
  





  </nav>
<nav role="navigation" aria-labelledby="block-otherwebsites-menu" id="block-otherwebsites">
            
  <h2 id="block-otherwebsites-menu">Websites</h2>
  

        
              <ul class="section-menu menu">
              <li class="menu__item is-active is-leaf leaf item-investor.gov">
        <a href="https://www.investor.gov" class="menu__link">Investor.gov</a>
              </li>

          <li class="menu__item is-active is-leaf leaf item-related-sites">
        <a href="/links" class="menu__link" data-drupal-link-system-path="node/100276">Related Sites</a>
              </li>

          <li class="menu__item is-active is-leaf leaf item-usa.gov">
        <a href="https://www.usa.gov" class="menu__link">USA.gov</a>
              </li>

        </ul>
  





  </nav>
<nav role="navigation" aria-labelledby="block-siteinformation-menu" id="block-siteinformation">
            
  <h2 id="block-siteinformation-menu">Site Information</h2>
  

        
              <ul class="section-menu menu">
              <li class="menu__item is-active is-leaf leaf item-plain-writing">
        <a href="/plainwriting" class="menu__link" data-drupal-link-system-path="node/111701">Plain Writing</a>
              </li>

          <li class="menu__item is-active is-leaf leaf item-privacy-&-security">
        <a href="/privacy" class="menu__link" data-drupal-link-system-path="node/111706">Privacy & Security</a>
              </li>

          <li class="menu__item is-active is-leaf leaf item-site-map">
        <a href="/sitemap" class="menu__link" data-drupal-link-system-path="node/111831">Site Map</a>
              </li>

        </ul>
  





  </nav>

  </div>


        </div>
      </footer>
    
                <script>
        if (typeof dataLayer != "undefined") dataLayer.push({"pageType": "gladstone-investment-corporation-120519-23c"});
      </script>
        </div>
</div>
</div>


  </div>

    

    <a href="#" class="back-to-top"><i class="fa fa-chevron-circle-up" aria-hidden="true"></i>Return to Top</a>

    <div class="overlap">
  <!-- Subscribe link, RSS, Email -->
  <div id="addthis-icons-508" class="visibly-hidden">
    <div class="addthis-wrapper">
      <div class="appIconsDetail hide">
        <div class="addthis_toolbox addthis_default_style hide-for-small">
          <a class="addthis_button_print at300b" title="Print Page" href="#">
            <span class="fa fa-print"></span>
          </a>
          <a class="addthis_button_facebook at300b" title="Share on Facebook" href="#">
            <span class="fa fa-facebook"></span>
          </a>
          <a class="addthis_button_twitter at300b" title="Tweet Page" href="#">
            <span class="fa fa-twitter"></span>
          </a>
          <a class="addthis_button_mailto at300b" target="_blank" title="Email Page" href="#">
            <span class="fa fa-envelope"></span>
          </a>
          <a class="addthis_button_compact at300m" href="#" title="More Sharing Options">
            <span class="fa fa-plus"></span>
          </a>
        <div class="atclear"></div>
      </div>
      <div class="addthis_toolbox hide">
        <a class="addthis_button_facebook at300b" title="Share on Facebook" href="#">
          <span class="fa fa-facebook"></span>
        </a>
        <a class="addthis_button_twitter at300b" title="Tweet Page" href="#">
          <span class="fa fa-twitter"></span>
        </a>
        <a class="addthis_button_mailto at300b" target="_blank" title="Email Page" href="#">
          <span class="fa fa-envelope"></span>
        </a>
      </div>
      <div class="atclear"></div>
      </div>
    </div>
  </div>
</div>

    <script type="application/json" data-drupal-selector="drupal-settings-json">{"path":{"baseUrl":"\/","pathPrefix":"","currentPath":"node\/226921","currentPathIsAdmin":false,"isFront":false,"currentLanguage":"en"},"pluralDelimiter":"\u0003","suppressDeprecationErrors":true,"data":{"extlink":{"extTarget":false,"extTargetNoOverride":false,"extNofollow":false,"extNoreferrer":false,"extFollowNoOverride":false,"extClass":"0","extLabel":"(link is external)","extImgClass":false,"extSubdomains":true,"extExclude":".*\\.gov|http:\/\/www.xbrl.org\/utr\/2013-05-17\/utr.xml|http:\/\/www.xbrl.org\/dtr\/type\/numeric-2009-12-16.xsd|http:\/\/www.xbrl.org\/dtr\/type\/nonNumeric-2009-12-16.xsd|https:\/\/secir.secure.force.com\/ombudsman\/OMMSForm","extInclude":"","extCssExclude":".data-exempt","extCssExplicit":"","extAlert":true,"extAlertText":"You are now leaving the SEC Website. The link you have selected is located on another server. Please click on the OK button below to proceed to the selected site. The SEC does not endorse this web site, its sponsor, or any of the policies, activities, products, or services offered on the site or by any advertiser on the site.","mailtoClass":"0","mailtoLabel":"(link sends email)","extUseFontAwesome":false,"extIconPlacement":"append","extFaLinkClasses":"fa fa-external-link","extFaMailtoClasses":"fa fa-envelope-o","whitelistedDomains":null}},"user":{"uid":0,"permissionsHash":"be93764d3e8de6c48387d9f2c599940f17294deeee6c67667df88d64322d3b56"}}</script>
<script src="/files/js/js_mIXuAYEwDmUa0z4m8pGJvZRv8YrQPyyxhiIOgtVYu68.js?scope=footer&delta=0&language=en&theme=secgov&include=eJxljV0OwiAQhC_UypHIQjcU3XYbZmnE00ujvOjjfPMn1LSaDzXLwsXHCtMtv7i4JBpIZliTvKcJHH1hYQLDjRhZ1h0TGow3F7p35ZKeox2BH3LHvDL1rz8-gB7X6gfx0_r7wy2lHiS3r3wDgW9G2g"></script>
<script src="/themes/custom/secgov/js/third-party/addthis_widget.js?sd9efa" async></script>
<script src="/files/js/js_kgyhkKvsEJc_F08suXf_coAzuVqc6BQYtY8nFRLCflk.js?scope=footer&delta=2&language=en&theme=secgov&include=eJxljV0OwiAQhC_UypHIQjcU3XYbZmnE00ujvOjjfPMn1LSaDzXLwsXHCtMtv7i4JBpIZliTvKcJHH1hYQLDjRhZ1h0TGow3F7p35ZKeox2BH3LHvDL1rz8-gB7X6gfx0_r7wy2lHiS3r3wDgW9G2g"></script>


  <noscript><img src="https://www.sec.gov/akam/13/pixel_2774cf19?a=dD04Y2I4MzAyZDlkZGY3YWRhYmM3NTZhMTJhN2E2NzBkZmE5OWNmNzMzJmpzPW9mZg==" style="visibility: hidden; position: absolute; left: -999px; top: -999px;" /></noscript></body>
  </html>