<SEC-DOCUMENT>0001193125-19-199495.txt : 20190904
<SEC-HEADER>0001193125-19-199495.hdr.sgml : 20190904
<ACCEPTANCE-DATETIME>20190723090032
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-199495
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20190723

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLADSTONE INVESTMENT CORPORATION\DE
		CENTRAL INDEX KEY:			0001321741
		IRS NUMBER:				830423116
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	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
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&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family:Times New Roman; font-size:8pt">Proskauer Rose LLP 1001 Pennsylvania Avenue, NW Suite 600 South Washington, DC 20004-2533</FONT><FONT
STYLE="font-family:Times New Roman; font-size:12pt"> </FONT></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;23, 2019</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By EDGAR</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</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">Division of
Investment Management</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">Washington, D.C.
20549</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Attn: John Ganley, Esq.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">William J. Tuttle</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Partner</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">d +1.202.416.6860</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">f +1.202.416.6899</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WTuttle@proskauer.com</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">www.proskauer.com</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Gladstone Investment Corporation </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2,</FONT> File <FONT STYLE="white-space:nowrap">No.&nbsp;333-232124</FONT>
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended March&nbsp;31, 2019, File <FONT
STYLE="white-space:nowrap">No.&nbsp;814-00704</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Gladstone Investment Corporation, a Delaware corporation (the &#147;<U>Company</U>&#148;), we hereby respond to the comments raised by the staff
(the &#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) regarding the Company&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2,</FONT> File
<FONT STYLE="white-space:nowrap">No.&nbsp;333-232124</FONT> (the &#147;<U>Registration Statement</U>&#148;), and Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended March&nbsp;31, 2019, File <FONT
STYLE="white-space:nowrap">No.&nbsp;814-00704</FONT> (the &#147;<U>2019 Form <FONT STYLE="white-space:nowrap">10-K</FONT></U>&#148;), in a telephone conversation on July&nbsp;12, 2019 between John Ganley of the Staff and William J. Tuttle and Tyler
J. Stahl of Proskauer Rose LLP, outside counsel to the Company. For your convenience, a transcription of the Staff&#146;s comments is included in this letter, and each comment is followed by the applicable response. Except as provided in this
letter, terms used in this letter have the meanings given to them in the Registration Statement or 2019 Form <FONT STYLE="white-space:nowrap">10-K,</FONT> as applicable. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>The Staff notes that the Company received a Notice of Adjustment from the Office of Financial Management in
connection with the Registration Statement. Please pay the appropriate filing fee balance and explain the Company&#146;s calculation of the filing fee. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company acknowledges receipt of the Notice
of Adjustment and advises the Staff that the Company intends to calculate the appropriate registration fee as follows. In light of the Notice of Adjustment, the Company intends to calculate the fee payable under the Registration Statement in
accordance with Rule 415(a)(6) under the Securities Act instead of Rule 457(p) under the Securities Act as previously indicated. Pursuant to Rule 415(a)(6), the Registration Statement includes $225,250,000 of unsold securities (the &#147;<U>Unsold
Securities</U>&#148;) from the Company&#146;s previous Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-225447)</FONT> originally filed with the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Beijing | Boca Raton |
Boston | Chicago | Hong Kong | London | Los Angeles | New Orleans | New York | Newark | Paris | S&#227;o Paulo | Washington, DC </P>


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 </P> <P STYLE="margin-top:4pt; 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">July 23,
2019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
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Commission on June&nbsp;5, 2018 and declared effective on July&nbsp;13, 2018 (the &#147;<U>2018 Registration Statement</U>&#148;). A filing fee of $28,043.63 was paid in connection with the
Unsold Securities and will continue to be applied to the Unsold Securities, resulting in a registration fee of $9,059.70 in connection with the Registration Statement. Pursuant to Rule&nbsp;415(a)(6), the offering of the Unsold Securities registered
under the 2018 Registration Statement will be deemed terminated as of the effective date of the Registration Statement. On or prior to the date hereof, the Company has paid the additional fee owed after taking into account the above calculation of
the net fee payable and the Company&#146;s account balance. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>The Staff notes the Company&#146;s cross-reference on page 16 of the Registration Statement to the risk
factors included in the prospectus that forms a part of the Registration Statement. In any prospectus filed under Rule 424 or 497 under the Securities Act at the time of any offering under the Registration Statement, please revise this
cross-reference to refer to the risk factors contained in the Company&#146;s most recent Annual Report on Form <FONT STYLE="white-space:nowrap">10-K.</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In any prospectus filed under Rule 424 or 497
under the Securities Act at the time of any offering under<B> </B>the Registration Statement, the Company will revise the above-referenced cross-reference to refer to the risk factors contained in the Company&#146;s most recent Annual Report on Form
<FONT STYLE="white-space:nowrap">10-K.</FONT> <B></B> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>The Staff notes the Company&#146;s disclosure on page 5 of the Registration Statement regarding the
exclusion from the safe harbor protection provided by the Private Securities Litigation Reform Act of 1995 and Section&nbsp;27A of the Securities Act of forward-looking statements contained or incorporated by reference in the prospectus that is a
part of the Registration Statement or any accompanying prospectus supplement. In future Annual Reports on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> please include comparable disclosure. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As requested, in future Annual Reports on Form
<FONT STYLE="white-space:nowrap">10-K,</FONT> the Company will include the requested disclosure regarding the safe harbor exclusion for forward-looking statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions, please
feel free to contact the undersigned by telephone at 202.416.6860 (or by email at wtuttle@proskauer.com) or Erin Lett by telephone at 202.416.6829 (or by email at elett@proskauer.com). Thank you for your cooperation and attention to this matter.
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 </P> <P STYLE="margin-top:4pt; 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">July 23,
2019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ William J. Tuttle </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">William J. Tuttle </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Julia Ryan, Gladstone Investment Corporation </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Nicole Schaltenbrand, Gladstone Investment Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Michael LiCalsi, The Gladstone Companies </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Erich Hellmold, The Gladstone Companies </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Erin Lett, Proskauer Rose LLP </P>
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