<SEC-DOCUMENT>0001193125-23-238531.txt : 20240111
<SEC-HEADER>0001193125-23-238531.hdr.sgml : 20240111
<ACCEPTANCE-DATETIME>20230920154156
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-23-238531
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20230920

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLADSTONE INVESTMENT CORPORATION\DE
		CENTRAL INDEX KEY:			0001321741
		ORGANIZATION NAME:           	
		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>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>Gladstone Investment Corporation</TITLE>
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<TD VALIGN="middle" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">William J. Tuttle</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">To
Call Writer Directly:</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">+1 202 389 3350</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center">william.tuttle@kirkland.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">1301 Pennsylvania Avenue, N.W.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">Washington, D.C. 20004</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">United States</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">+1 202 389 5000</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center">www.kirkland.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">Facsimile:</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center">+1
202 389 5200</P></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">September&nbsp;20, 2023 </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:3%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">By EDGAR </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:3%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">Division of Investment Management </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">Attn: Kimberly Browning </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Gladstone Investment Corporation </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement on Schedule 14A </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Dear Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; 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 Preliminary Proxy Statement on Schedule 14A, filed on August&nbsp;31, 2023 (File <FONT STYLE="white-space:nowrap">No.&nbsp;814-00704</FONT> and Accession
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">No.&nbsp;0001193125-23-226377),</FONT></FONT> in a telephone call on September&nbsp;11, 2023 between Kimberly Browning of the Staff and William J. Tuttle and Erin M. Lett of
Kirkland&nbsp;&amp; Ellis LLP, outside counsel to the Company. For your convenience, a transcription of the Staff&#146;s comments is included in this letter, with each comment followed by the Company&#146;s response. Except as provided in this
letter, terms used in this letter have the meanings given to them in the Preliminary Proxy Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We remind you that the Company and its management are responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the Staff. In addition, where a comment is made with respect to disclosure in one location, it may be applicable to other places in the
proxy statement. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company acknowledges the Staff&#146;s comment. </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">Austin&nbsp;&nbsp;Bay&nbsp;Area&nbsp;&nbsp;Beijing&nbsp;&nbsp;Boston&nbsp;&nbsp;Brussels&nbsp;&nbsp;Chicago&nbsp;&nbsp;Dallas&nbsp;&nbsp;Hong&nbsp;
Kong&nbsp;&nbsp;Houston&nbsp;&nbsp;London&nbsp;&nbsp;Los&nbsp;Angeles&nbsp;&nbsp;Miami&nbsp;&nbsp;Munich&nbsp;&nbsp;New&nbsp;York&nbsp;&nbsp;Paris&nbsp;&nbsp;Salt&nbsp;Lake&nbsp;City&nbsp;&nbsp;Shanghai </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">September 20, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Staff notes that a preliminary proxy statement relating to a similar proposal
was filed by Gladstone Capital Corporation (&#147;<U>GLAD</U>&#148;) on August&nbsp;31, 2023. Please confirm supplementally that the Company&#146;s proxy statement and that of GLAD are materially the same, except for (1)&nbsp;matters relating to the
respective states of incorporation, (2)&nbsp;the applicable loan servicing arrangements of the Company and GLAD and (3)&nbsp;the incentive fees payable under the applicable investment advisory agreement of the Company and GLAD. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response:</B> The Company confirms that the Company&#146;s proxy statement and that of GLAD are materially the same other than (1)&nbsp;the names of the
registrants, (2)&nbsp;matters related to the respective dates and states of incorporation, (3)&nbsp;matters related to the dates of the respective annual stockholder meetings, (4)&nbsp;directors and officers, (5)&nbsp;fee waivers granted by the
Adviser to GLAD, (6)&nbsp;the terms and rates of the fees payable under the applicable investment advisory agreements, (7)&nbsp;the applicable loan servicing arrangements of the Company and GLAD and (8)&nbsp;beneficial ownership of shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preliminary Proxy Statement notes that the Special Meeting of Stockholders
(the &#147;<U>Meeting</U>&#148;) will be held in a virtual format. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please confirm that the Company has reviewed the
Staff&#146;s guidance titled &#147;Staff Guidance for Conducting Shareholder Meetings in Light of <FONT STYLE="white-space:nowrap">COVID-19</FONT> Concerns&#148; and that the Meeting will be held in accordance with the requirements of such guidance.
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company confirms that it has reviewed, and that the Meeting will be held in accordance with, the requirements of the
above-referenced guidance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please confirm
that the Meeting will be held in compliance with applicable state law and the Company&#146;s governing documents. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response:</B> The Company
confirms that a virtual stockholder meeting is consistent with Delaware corporate law and the Company&#146;s governing documents. In particular, Section&nbsp;211 of the Delaware General Corporation Law provides that if a &#147;board of directors is
authorized to determine the place of a meeting of stockholders, the board of directors may, in its sole discretion, determine that the meeting shall not be held at any place, but may instead be held solely by means of remote communication.&#148; The
Company&#146;s Second Amended and Restated Bylaws expressly provide that the Board &#147;may, in its sole discretion, determine that the meeting shall not be held at any place, but may instead be held solely by means of remote communication as
provided under the Delaware General Corporation Law&#133;.&#148; </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">September 20, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please confirm whether the Company contemplates
any material changes to a stockholder&#146;s experience at the proposed virtual stockholder meeting when compared to a stockholder&#146;s experience at an <FONT STYLE="white-space:nowrap">in-person</FONT> stockholder meeting. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company notes that it has been conducting its stockholder meetings virtually since 2017 and, in its experience, virtual meetings have not
materially impacted a stockholder&#146;s meeting experience. The Company further confirms that it does not contemplate any material changes to a stockholder&#146;s virtual meeting experience at the Meeting when compared to a stockholder&#146;s <FONT
STYLE="white-space:nowrap">in-person</FONT> meeting experience. For example, stockholders will still have an opportunity to ask questions and make statements to the extent such questions or statements relate to the business of the Meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please consider providing a technical assistance
phone number for stockholders to call in the event of a day of meeting problem. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company acknowledges the Staff&#146;s request
and will consider making such a number available. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please confirm that Item
22(c)(6) of Schedule 14A is not applicable or revise the disclosure accordingly. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company respectfully submits that the
preliminary Proxy Statement complies with the requirements of Item 22(c)(6) of Schedule 14A by disclosing that David Gladstone, a director of the Company, is the sole indirect owner of the Adviser (as detailed in the response to Comment #19 below)
and providing the aggregate dollar amount paid to the Adviser pursuant to the Original Advisory Agreement for the last fiscal year. In the interests of providing robust disclosure to investors, the Company also will add disclosure to the Proxy
Statement regarding amounts paid to the Administrator pursuant to the Administration Agreement consistent with the proxy statements for the Company&#146;s annual stockholder meetings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that the Adviser will bear the cost of solicitation of proxies.
Please confirm that (1)&nbsp;the Adviser will pay both Alliance&#146;s fees for distribution and collection of proxies and the pass-through charges and (2)&nbsp;any fees or expenses paid by the Adviser in connection with solicitation of proxies will
be paid out of the Adviser&#146;s own legitimate profits and will not be subject to recoupment. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company confirms that
(1)&nbsp;the Adviser will pay <B><U>both</U></B> Alliance&#146;s fees for distribution and collection of proxies and the pass-through charges and (2)&nbsp;any fees or expenses paid by the Adviser in connection with solicitation of proxies will be
paid out of the Adviser&#146;s </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">September 20, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
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own legitimate profits and will not be subject to recoupment. The Company will revise its disclosure to clarify both items. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please clarify how David Gladstone &#147;indirectly&#148; owns and controls the
Adviser. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Adviser is a wholly owned subsidiary of The Gladstone Companies, Inc., which is in turn a wholly owned subsidiary of
The Gladstone Companies, Ltd., which is in turn wholly owned by Mr.&nbsp;Gladstone. The Company will add disclosure describing this ownership structure in response to Comment #19. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;14a-6(e)&nbsp;under</FONT>
the&nbsp;Securities Exchange Act of 1934, as amended, all copies of preliminary proxy statements and forms of proxy filed pursuant to Rule <FONT STYLE="white-space:nowrap">14a-6(a)</FONT> are required to be clearly marked as &#147;Preliminary
Copies.&#148; Please confirm that you will mark such proxy statements and forms of proxy as &#147;Preliminary Copies&#148; in future filings made pursuant to Rule <FONT STYLE="white-space:nowrap">14a-6(a).</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company acknowledges the Staff&#146;s comment and will mark future preliminary proxy materials accordingly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please consider adding the disclosure regarding the Board&#146;s determination
that the New Advisory Agreement was in the best interests of the Company and its stockholders to the stockholder letter and the &#147;Questions and Answers About This Proxy Material and Voting&#148; section of the Proxy Statement. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>As requested, the Company will add disclosure regarding the Board&#146;s determination that the New Advisory Agreement was in the best
interests of the Company and its stockholders to the stockholder letter and the &#147;Questions and Answers About This Proxy Material and Voting&#148; section of the Proxy Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please confirm that Item 22(a)(3)(iv) of Schedule 14A is not applicable or revise
the disclosure accordingly. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company confirms that Item 22(a)(3)(iv) of Schedule 14A is not applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note the disclosure that &#147;There are no changes to the terms of the Original
Advisory Agreement in the New Advisory Agreement, including the fee structure and services to be provided.&#148; </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please revise the disclosure to clarify that the
dates will change between the agreements. </B></P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">September 20, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>As requested, the Company will revise the disclosure in the Proxy Statement to clarify that
the date and term of the agreement will change between the Original Advisory Agreement and the New Advisory Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:12pt; font-family:Times New Roman"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please confirm that there are no other material
changes to the terms of the advisory agreement. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company confirms that there are no other material changes to the terms of the
advisory agreement between the Original Advisory Agreement and the New Advisory Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please add similar disclosure to the stockholder
letter and the &#147;Questions and Answers About This Proxy Material and Voting&#148; section of the Proxy Statement. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>As requested,
the Company will add disclosure regarding there being no material changes between the Original Advisory Agreement and the New Advisory Agreement other than the date and term of the agreement to the stockholder letter and the &#147;Questions and
Answers About This Proxy Material and Voting&#148; section of the Proxy Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please expand upon the disclosure regarding
there being no changes to the fee structure by disclosing whether any other fees or expenses paid by the Company are expected to change as a result of entry into the New Advisory Agreement. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>As requested, the Company will add disclosure to note that, in addition to there being no changes to the fee structure, no other fees or
expenses paid by the Company are expected to change as a result of entry into the New Advisory Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please disclose whether any changes will occur
to the Company&#146;s principal investment objective, investment strategies, fundamental policies or risk profile as a result of the entry into the Voting Trust Agreement or the New Advisory Agreement. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>As requested, the Company will add disclosure that there will be no changes to the Company&#146;s principal investment objective, investment
strategies, fundamental policies or risk profile as a result of the entry into the Voting Trust Agreement or the New Advisory Agreement. </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">September 20, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please confirm that the disclosure regarding the
New Advisory Agreement complies with Item 22(c)(8) of Schedule 14A or revise the disclosure accordingly. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company confirms that
the disclosure regarding the New Advisory Agreement complies with the requirements of Item 22(c)(8) of Schedule 14A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Staff notes the use of anticipatory language throughout the Proxy Statement in
connection with the change of control of the Adviser and the entry into the New Advisory Agreement. Please advise whether there is any scenario under which the change of control would not transpire or under which the Company and the Adviser would
not enter into the New Advisory Agreement after receiving stockholder approval and revise the disclosure as necessary to remove anticipatory language (except where such language is used in connection with the continued relationship of the Adviser
and certain personnel). </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response:</B> The Company does not foresee any scenario in which the change of control would not transpire or under which
the Company and the Adviser would not enter into the New Advisory Agreement after receiving stockholder approval. However, any statement regarding the change of control or entry into the New Advisory Agreement is a forward-looking statement and not
a statement of historical fact. As such and to account for potential scenarios that are currently unknown to or unforeseen by the Company and the Adviser and to be consistent with the Company&#146;s treatment of forward-looking statements in other
disclosures, the Company respectfully declines to remove the anticipatory language when discussing the change of control and entry into the New Advisory Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Staff notes the lack of definitive timing regarding when the change of control
will occur. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please revise the
disclosure to provide a definitive time for when the change of control will occur and the New Advisory Agreement will be entered into and describe such definitive time consistently throughout the disclosure. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company respectfully declines to revise the disclosure as requested. The Board believes that it is in the best interests of the Company
to allow Mr.&nbsp;Gladstone the flexibility to engage in succession planning as he deems appropriate, provided the change of control occurs within five years of entry into the Voting Trust Agreement. The Company will revise the disclosure to state
that entry into the New Advisory Agreement will not take place until the Effective Date. </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">September 20, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please supplementally explain why the Company is
seeking approval for the New Advisory Agreement at this time rather than seeking approval at the time of the change of control (and entering into an interim advisory agreement at such time, if needed). </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company respectfully submits that the proposal is the result of a series of extensive discussions between the Company&#146;s independent
directors and Mr.&nbsp;Gladstone regarding succession planning at the Adviser and the mutual desire to seek to ensure the seamless continuity of services provided to the Company in the event of the death of Mr.&nbsp;Gladstone without the necessity
of reliance upon Rule <FONT STYLE="white-space:nowrap">15a-4</FONT> under the 1940 Act (and the uncertainty that stockholder approval of an investment advisory agreement under Section&nbsp;15(a) could be achieved within 150 days). Given the
anticipated time and cost required to convene a special <FONT STYLE="white-space:nowrap">in-person</FONT> meeting of the Board, prepare a proxy statement for a new investment advisory agreement, engage in the comment process with the Staff and
complete a proxy solicitation effort targeted at the Company&#146;s predominantly retail stockholder base (i.e., a large number of stockholders with relatively small holdings), the independent directors, Mr.&nbsp;Gladstone and management of the
Company all expressed concern that the <FONT STYLE="white-space:nowrap">150-day</FONT> period set forth in Rule <FONT STYLE="white-space:nowrap">15a-4</FONT> might prove insufficient to garner stockholder approval of a new investment advisory
agreement in the event of Mr.&nbsp;Gladstone&#146;s untimely death. As the Staff is aware, if the Board either does not adopt an interim contract, or fails to obtain all required approvals for an investment advisory contract within the <FONT
STYLE="white-space:nowrap">150-day</FONT> period, the Board must either manage the Company itself or hire individuals to manage the Company, which would be very difficult to do and would cause harm to the Company and its stockholders on account of
the loss of services provided by the Adviser&#151;the very harm that Rule <FONT STYLE="white-space:nowrap">15a-4</FONT> was designed to prevent.<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> If this were to occur, the Company would be forced
to become an internally managed business development company. The Company believes this process would cause significant distraction, is likely to disrupt the business and operations of the Company and could be detrimental to the value of the
Company&#146;s common stock. In addition, absent a waiver, the automatic termination of the Original Advisory Agreement upon Mr.&nbsp;Gladstone&#146;s death would likely lead to an event of default under the Company&#146;s financing arrangements,
causing amounts outstanding under one or more of the Company&#146;s then-existing financial arrangements to be immediately due and payable, which would further exacerbate disruptions to the Company&#146;s business. The Board believes the proposal
takes into account all circumstances and is ultimately the best course of action for the Company and its stockholders. </P> <P STYLE="font-size:60pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:32%">&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="3%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We note that, while others have sought <FONT STYLE="white-space:nowrap">no-action</FONT> relief in such
circumstances, doing so would also require significant time and cost and create uncertainty for stockholders. </P></TD></TR></TABLE>

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<IMG SRC="g478614g97j71.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">September 20, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please provide a legal analysis for seeking
stockholder approval now for an event that may occur several years after such approval is received. Such analysis should include compliance with Section&nbsp;15(a) of the 1940 Act and whether stockholders will have sufficiently current information
at the time of the vote on the proposal. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company respectfully submits that Section&nbsp;15(a) of the 1940 Act provides, among
other things, that the contract pursuant to which an investment adviser serves as the investment adviser to a business development company must have been approved by the vote of a majority of the outstanding voting securities of such business
development company. There are no requirements in Section&nbsp;15 of the 1940 Act or the applicable rules thereunder, and the Company is not aware of any Commission or Staff guidance, that establish a timeline pursuant to which entry into the
investment advisory agreement must take place within a specified period following receipt of such stockholder approval. Moreover, the Company respectfully submits that the applicable requirements of Item 22(c) of Schedule 14A are satisfied in the
Proxy Statement (i.e., references to information as of the prior fiscal year are intended to refer to the fiscal year completed immediately prior to mailing of the proxy, not the fiscal year immediately prior to entry into the investment advisory
agreement).<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> The Company further notes that, under applicable state law, stockholder approval is not negated due to the passage of time (i.e., there are no requirements that stockholder approval
becomes null and void if the approved action is not completed within a specified period of time). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">This, of course, is not to suggest that stockholders
are without remedies. A majority of the outstanding voting securities (i.e., the same threshold as required to approve a new investment advisory agreement) can vote at any time to terminate an investment advisory agreement, without the payment of
any penalty, on not more than 60 days&#146; written notice. This construct was designed to provide stockholders of registered investment companies and business development companies the ongoing ability to terminate an investment adviser,
notwithstanding prior stockholder approval of the investment advisory agreement. Thus, were performance of the Adviser to deteriorate, whether at any point prior to (or after) execution of the New Advisory Agreement, or if there were other reasons
for which stockholders might desire to terminate the New Advisory Agreement, they will be able to do so in accordance with the requirements of the 1940 Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">We believe our understanding of the requirements of Section&nbsp;15(a) is consistent with general industry practice. For example, we are aware of instances
where stockholder approval of a new </P> <P STYLE="font-size:60pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:32%">&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="3%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We note that instruction 2 to Item 22(c)(6) will not be applicable in this instance because the proposed
transaction does not involve the purchase or sale of assets. </P></TD></TR></TABLE>

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<IMG SRC="g478614g97j71.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">September 20, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
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investment advisory agreement has been obtained more than 15 months before a change of control of the investment adviser is effected.<SUP STYLE="font-size:75%; vertical-align:top">3</SUP>
Similarly, we are aware of many instances in which the initial approval by the sole stockholder of an investment advisory agreement took place well in advance of the actual registration of the fund as an investment company under the 1940 Act (or the
election of such fund to be regulated as a business development company).<SUP STYLE="font-size:75%; vertical-align:top">4</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please provide a legal analysis for the date of
the change of control being the Effective Date rather than the date the parties enter into the Voting Trust Agreement. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company
will revise the disclosure to state that entry into the New Advisory Agreement will not take place until the Effective Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please provide a legal analysis regarding compliance with Section&nbsp;15(f) of the
1940 Act in connection with entry into the Voting Trust Agreement and the New Advisory Agreement. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company respectfully submits
that Section&nbsp;15(f) of the 1940 Act is not applicable to entry into the Voting Trust Agreement and the New Advisory Agreement, as Section&nbsp;15(f) applies only to assignments that occur &#147;in connection with a<B> </B><B><I>sale</I></B> of
securities of, or a sale of any other interest in, such investment adviser&#148; (<I>emphasis added</I>). <B></B>The 1940 Act defines a &#147;sale&#148; as &#147;every contract of sale or disposition of, attempt or offer to dispose of, or
solicitation of an offer to buy, a security or interest in a security,<B><I> for value</I></B>&#148; (<I>emphasis added</I>). As Mr.&nbsp;Gladstone will not receive any value in connection with the entry into the Voting Trust Agreement, no sale will
occur within the meaning of Section&nbsp;15(f) and the transaction is therefore not subject to Section&nbsp;15(f) of the 1940 Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please file a copy of the Voting Trust Agreement. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company respectfully declines to file a copy of the Voting Trust Agreement. The terms of such agreement that are material to the Company
and its stockholders are described </P> <P STYLE="font-size:60pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:32%">&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="3%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For example, Garrison Capital Inc. obtained stockholder approval of a new investment advisory agreement at a
stockholders&#146; meeting held on May&nbsp;1, 2015 but did not enter into such investment advisory agreement until August&nbsp;5, 2016. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We further note that once approved in accordance with Section&nbsp;15 of the 1940 Act, such approval is
effective for the entire duration of an investment advisory agreement (i.e., there is no requirement to seek <FONT STYLE="white-space:nowrap">re-approval</FONT> of such agreement, assuming the commercial terms remain unchanged).
</P></TD></TR></TABLE>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">September 20, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
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in the Proxy Statement, which is the only requirement of Schedule 14A with respect to such agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the disclosure under &#147;Recommendation of the Board&#148;: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclose the source(s) of the information
considered by the Board and advise whether the Board sought information beyond that provided by the Adviser. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>As required under
Section&nbsp;15(c) of the 1940 Act and consistent with past practice (including in connection with the annual renewal of the Original Advisory Agreement), the independent directors requested and evaluated such information as they reasonably believed
necessary to evaluate the terms of the New Advisory Agreement. As disclosed on page 13 of the Proxy Statement, the independent directors requested that the Adviser provide detailed information to be able to take into consideration (i)&nbsp;the
nature, extent and quality of the advisory and other services provided by the Adviser under the Original Advisory Agreement; (ii)&nbsp;historical performance of the Company; (iii)&nbsp;comparative data with respect to advisory fees or similar
expenses paid by other business development companies with similar investment objectives; (iv)&nbsp;the Company&#146;s projected operating expenses and expense ratio compared to business development companies with similar investment objectives;
(v)&nbsp;any existing and potential sources of indirect income to the Adviser or the Administrator from their relationships with the Company and the profitability of those relationships; (vi)&nbsp;information about the services to be performed and
the personnel performing such services under the Original Advisory Agreement; (vii)&nbsp;the organizational capability and financial condition of the Adviser and its affiliates; (viii)&nbsp;the Adviser&#146;s practices regarding the selection and
compensation of brokers that may execute the Company&#146;s portfolio transactions and the brokers&#146; provision of brokerage and research services to the Adviser; (ix)&nbsp;the possibility of obtaining similar services from other third party
service providers or through an internally managed structure; and (x)&nbsp;other factors the Board deemed to be relevant. In responding to the requests of the independent directors, the Adviser provided various information and data, such as data
regarding fees and expenses paid by the Company&#146;s peers, that was compiled from publicly available information or contained reference to certain third-party data, in each case consistent with industry practice. The independent directors did not
believe it necessary to make any additional requests for information&#151;that is, in addition to the foregoing&#151;from the Adviser or any third parties in connection with evaluating the terms of the New Advisory Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please advise whether the Board considered the
use of separate independent legal counsel in connection with its consideration of the proposal. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>Although<B> </B>not required by
applicable law, the independent directors have typically retained independent legal counsel to advise them in connection with the annual renewal of the </P>

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<IMG SRC="g478614g97j71.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">September 20, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
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Original Advisory Agreement, including in connection with the July 2023 renewal of the Original Advisory Agreement, and intend to continue to engage such counsel in connection with ongoing
reviews of the New Advisory Agreement. Because the Original Advisory Agreement was recently renewed and the fee rates are not changing in connection with the potential entry into the New Advisory Agreement, the independent directors determined not
to engage independent legal counsel in connection with consideration of the New Advisory Agreement. However, the independent directors did request extensive information from the Adviser focused on the potential transaction, including descriptions of
the Voting Trust Agreement and the transaction, any changes to personnel of the Adviser or the services to be provided to the Company and the party that would bear costs incurred in connection with the transaction, and were provided multiple
opportunities to discuss the responses and any questions in advance of the meeting to approve the New Advisory Agreement. The responses also were discussed during the meeting to approve the New Advisory Agreement, during which the Adviser responded
to questions of the independent directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:12pt; font-family:Times New Roman"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please advise whether the Board considered
engagement of a different investment adviser or the fee structure as part of its consideration of the proposal. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company
respectfully submits that the Board did not consider engagement of a different investment adviser as part of its consideration of the proposal. As noted above in the response to Comment #12(b), the proposal to approve the New Advisory Agreement is
the result of a series of extensive discussions between the Company&#146;s independent directors and Mr.&nbsp;Gladstone regarding succession planning at the Adviser and the mutual desire to seek to ensure the seamless continuity of services provided
to the Company. The Company also respectfully notes that no such consideration was required under applicable law in connection with the proposal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The
Board reviewed and considered the fees payable to the Adviser under the New Advisory Agreement and, as disclosed on page 14 of the preliminary Proxy Statement, concluded that they were fair and reasonable in relation to the services to be provided.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the bottom of page 14, under the heading &#147;Historical Performance,&#148;
the disclosure notes that &#147;The Board considered that the Adviser has demonstrated a strong track record of funding portfolio companies&#133;.&#148; Please clarify what is meant by this statement. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company will revise the disclosure to eliminate references to the track record of funding portfolio companies and instead focus on the
historical performance of the Company. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g478614g97j71.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">September 20, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 12
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please disclose whether the Board
considered any scenarios adverse to the proposal. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response:</B> The Company respectfully submits that the proposal was the result of a series of
extensive discussions between the Company&#146;s independent directors and Mr.&nbsp;Gladstone regarding the necessity of succession planning at the Adviser and the mutual desire to allow for continuity of the provision of services to the Company in
the event of the death of Mr.&nbsp;Gladstone without necessity of reliance upon Rule <FONT STYLE="white-space:nowrap">15a-4</FONT> (and the uncertainty that stockholder approval of an investment advisory agreement under Section&nbsp;15(a) could be
achieved within 150 days). The Board did not otherwise consider any scenarios adverse to the proposal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please confirm that the Proxy Statement contains disclosure responsive to Item
22(c)(10) of Schedule 14A or revise the disclosure accordingly. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company respectfully submits that Item 22(c)(10) is not
applicable. The only other Fund (as defined in Item 22 of Schedule 14A) for which the Adviser serves as investment adviser is GLAD. However, GLAD seeks to achieve its investment objective by having significantly less of its portfolio invested in
equity securities (with a target of 10% versus 25% for the Company). In addition, GLAD does not share the Company&#146;s focus on buyouts and other recapitalizations. As such, the Company does not believe that the two Funds have sufficiently similar
investment objectives to require disclosure under Item 22(c)(10) of Schedule 14A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please confirm that Item 22(c)(3) of Schedule 14A is not applicable or revise the
disclosure accordingly. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>As requested, the Company will revise its disclosure under the heading &#147;Proposal 1 Approval of the New
Advisory Agreement &#150; Background&#148; to include information about The Gladstone Companies, Inc., which is the sole parent company of the Adviser, and The Gladstone Companies, Ltd., which is the sole parent company of The Gladstone Companies,
Inc., and the entities through which Mr.&nbsp;Gladstone indirectly holds 100% of the voting and economic interests in the Adviser. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Staff notes the following disclosure under &#147;Other Matters&#148; in the
preliminary Proxy Statement: &#147;Such request must set forth a good faith representation that the requesting party was a beneficial owner of our common stock on September [&#149;], 2023.&#148; Please confirm that such disclosure complies with the
requirements of Item 22(a)(3)(iii) or revise the disclosure accordingly. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Company will revise the disclosure to remove reference
to the record date. With such revision, the Company confirms that such disclosure complies with the requirements of Item 22(a)(3)(iii) of Schedule 14A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the heading &#147;Questions and Answers About This Proxy Material and
Voting&#151;What is the quorum requirement?&#148;, please delete the sentence stating that &#147;Broker non-votes will not be treated as shares present for quorum purposes.&#148; and replace it with &#147;If a broker or other recordholder attempts
to give us any proxy authority with respect to uninstructed shares, we will not consider those shares present for quorum or any other purposes.&#148; </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Response:</B> The Company will revise the disclosure as requested. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g478614g97j71.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">September 20, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 13
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">* * * * * * * </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">If you have any questions, please feel free to contact the undersigned by telephone at 202.389.3350 (or by email at william.tuttle@kirkland.com) or Erin M.
Lett by telephone at 202.389.3353 (or by email at erin.lett@kirkland.com). Thank you for your cooperation and attention to this matter. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Sincerely,</P> <P STYLE="font-size:60pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><U>/s/ William J. Tuttle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">William J. Tuttle</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">David Gladstone, Gladstone Investment Corporation </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Michael LiCalsi, Gladstone Investment Corporation </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Rachael Easton, Gladstone Investment Corporation </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Erin M. Lett, Kirkland&nbsp;&amp; Ellis LLP </P></TD></TR></TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
