<SEC-DOCUMENT>0001193125-18-194204.txt : 20180831
<SEC-HEADER>0001193125-18-194204.hdr.sgml : 20180831
<ACCEPTANCE-DATETIME>20180615133305
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-18-194204
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180615

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLADSTONE INVESTMENT CORPORATION\DE
		CENTRAL INDEX KEY:			0001321741
		IRS NUMBER:				830423116
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		7032875800

	MAIL ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>CORRESP</TITLE>
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<IMG SRC="g587235g0609071227123.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Sehrish Siddiqui </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ssiddiqui@bassberry.com </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(901) <FONT
STYLE="white-space:nowrap">543-5979</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">June&nbsp;15, 2018 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Ganley, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment Management </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street,
N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mail Stop 8626 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Re: &nbsp;&nbsp;&nbsp;&nbsp;Gladstone Investment Corporation &#150; Preliminary Proxy Statement, File
<FONT STYLE="white-space:nowrap">No.&nbsp;814-00704</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear John: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Gladstone Investment Corporation (the &#147;<B><I>Company</I></B>&#148;), and in response to oral comments received from the
staff of Division of Investment Management (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) on May&nbsp;25, 2018 (the &#147;<B><I>Comments</I></B>&#148;) relating to the
Company&#146;s Preliminary Proxy Statement filed via EDGAR as a PRE 14A filing on May&nbsp;16, 2018, File <FONT STYLE="white-space:nowrap">No.&nbsp;814-00704</FONT> (the &#147;<B><I>Preliminary Proxy Statement</I></B>&#148;) we submit this letter
containing the Company&#146;s responses to the Comments, which have been incorporated into the Company&#146;s Definitive Proxy Statement (&#147;<B><I>Definitive Proxy Statement</I></B>&#148;) filed via EDGAR as a DEF 14A filing on June&nbsp;15,
2018. For your convenience, we have set forth below the Staff&#146;s Comment followed by its response. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Page 14 &#150; Proposal No. 2 -
Stockholder Authorization </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment</U></B>: The Company states: </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>&#147;Furthermore, we sold shares of our common
stock under our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;at-the-market&#148;</FONT></FONT> (&#147;ATM&#148;) program with Cantor Fitzgerald&nbsp;&amp; Co. in March, April, and May of 2018. Certain of these sales were
also below our then current estimated NAV per share. The net dilutive effect (after discounts, commissions, and offering costs borne by us) of our issuance of common stock under the ATM program was $0.00 (or 0.0% per share).&#148; </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Please revise this language to explain how the net dilutive effect of the Company&#146;s issuance of common stock under the ATM program was
$0.00 (or 0.0% per share). Without additional context, the above referenced language may confuse the reader. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: In
response to the Staff&#146;s comment, on page 22 of the Definitive Proxy Statement, the Company has explained how the net dilutive effect of the Company&#146;s issuance of common stock under the ATM program was $0.00 (or 0.0% per share). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Page 15 &#150; Proposal No. 2 - Reasons to Offer Common Stock Below Net Asset Value </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment</U></B>: The Company states: </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>&#147;On April&nbsp;10, 2018, our Board,
including a &#145;required majority&#146; (as such term is defined in the 1940 Act) of <FONT STYLE="white-space:nowrap">non-interested</FONT> directors, approved the modified asset coverage requirements and we promptly made the requisite public
disclosure. As a result, the Company&#146;s minimum asset coverage requirements for senior securities required under the 1940 Act will change from 200% to 150%, effective one year later, on April&nbsp;10, 2019.&#148; </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">150 Third Avenue South, Suite 2800 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Nashville, TN 37201 </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 15, 2018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page
2 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Please provide a plain English explanation as to what the implications of 200% asset coverage and 150% asset coverage are. Please also
explain the change effectively permits funds to double the amount of borrowing. Alternatively, if the Company prefers, it can remove the above referenced language. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: In response to the Staff&#146;s comment, the Company has removed the above referenced language in the Definitive Proxy
Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Please feel free to reach me via phone at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">901-543-5979</FONT></FONT> or via email at ssiddiqui@bassberry.com with any questions. Thank you in advance for your prompt attention to this matter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ Sehrish Siddiqui </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Sehrish Siddiqui </P>
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