<SEC-DOCUMENT>0001193125-23-292473.txt : 20240304
<SEC-HEADER>0001193125-23-292473.hdr.sgml : 20240304
<ACCEPTANCE-DATETIME>20231211144857
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-23-292473
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20231211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLADSTONE CAPITAL CORP
		CENTRAL INDEX KEY:			0001143513
		ORGANIZATION NAME:           	
		IRS NUMBER:				542040781
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		703-287-5800

	MAIL ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">William J. Tuttle</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">To Call Writer Directly:</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">+1 202 389
3350</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">william.tuttle@kirkland.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1301 Pennsylvania Avenue, N.W.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Washington, D.C. 20004</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">United
States</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">+1 202 389 5000</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">www.kirkland.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Facsimile:</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">+1 202 389 5200</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">December&nbsp;11, 2023 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By EDGAR </P> <P STYLE="margin-top:12pt; 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:0pt; font-size:10pt; 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="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="justify">Gladstone Capital Corporation </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Preliminary Proxy Statement on Schedule 14A </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Gladstone Capital
Corporation, a Maryland 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 November&nbsp;9, 2023 (File <FONT STYLE="white-space:nowrap">No.&nbsp;814-00237</FONT> and Accession
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">No.&nbsp;0001193125-23-274425),</FONT></FONT> in a telephone call on November&nbsp;17, 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. The related Definitive Proxy Statement will be filed on December&nbsp;15, 2023. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.&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:10pt; font-family:Times New Roman"><B>Response: </B>The Company acknowledges the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Austin&nbsp;&nbsp;&nbsp;&nbsp;Bay
Area&nbsp;&nbsp;&nbsp;&nbsp;Beijing&nbsp;&nbsp;&nbsp;&nbsp;Boston&nbsp;&nbsp;&nbsp;&nbsp;Brussels&nbsp;&nbsp;&nbsp;&nbsp;Chicago&nbsp;&nbsp;&nbsp;&nbsp;Dallas&nbsp;&nbsp;&nbsp;&nbsp;Hong&nbsp;Kong&nbsp;&nbsp;&nbsp;&nbsp;Houston&nbsp;&nbsp;&nbsp;
&nbsp;London&nbsp;&nbsp;&nbsp;&nbsp;Los&nbsp;Angeles&nbsp;&nbsp;&nbsp;&nbsp;Miami&nbsp;&nbsp;&nbsp;&nbsp;Munich&nbsp;&nbsp;&nbsp;&nbsp;New&nbsp;York&nbsp;&nbsp;&nbsp;&nbsp;Paris&nbsp;&nbsp;&nbsp;&nbsp;Riyadh&nbsp;&nbsp;&nbsp;&nbsp;Salt Lake
City&nbsp;&nbsp;&nbsp;&nbsp;Shanghai </P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">December 11, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;The preliminary Proxy Statement notes that the Annual Meeting of Stockholders
(the &#147;<U>Meeting</U>&#148;) will be held in a virtual format. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)&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:10pt; 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:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)&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:10pt; font-family:Times New Roman"><B>Response:</B> The Company confirms that a virtual stockholder
meeting is consistent with Maryland corporate law and the Company&#146;s governing documents. In particular, under <FONT STYLE="white-space:nowrap">Section&nbsp;2-502.1</FONT> of the Maryland General Corporation Law, unless restricted by the charter
or bylaws of the corporation (and the Company&#146;s charter and bylaws do not contain any such restriction), a corporation may allow stockholders to participate in a meeting by means of a conference telephone or other communications equipment if
all persons participating in the meeting can read or hear the proceedings of the meeting at substantially the same time. The statute further provides that participation in a meeting by the means authorized by the statute constitutes presence <FONT
STYLE="white-space:nowrap">in-person</FONT> at the meeting. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c)&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:10pt; font-family:Times New Roman"><B>Response: </B>The Company notes that it has been conducting its stockholder meetings virtually since 2018 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:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(d)</B>&nbsp;&nbsp;&nbsp;&nbsp;<B>Please consider providing a technical assistance phone number for
stockholders to call in the event of a day of meeting problem</B>. </P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">December 11, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; 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:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;The Staff notes that there are portions of the Preliminary Proxy Statement that are incomplete. Please explain
how the Company intends to address the incomplete items, including whether the Company intends to file an amended proxy statement. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response:
</B>The Company respectfully advises the Staff that all items that were incomplete in the Preliminary Proxy Statement, all of which relate to information that was not known at the time of filing of the Preliminary Proxy Statement, will be completed
and included in the Definitive Proxy Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.&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:6pt; margin-bottom:0pt; font-size:10pt; 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 and the Administrator and providing the aggregate dollar amount paid to the Adviser pursuant to
the Advisory Agreement and the Administrator pursuant to the Administration Agreement for the last fiscal year. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Under the
heading &#147;Required Vote,&#148; the disclosure states that the directors are &#147;elected by a plurality of votes cast&#148;. Please expand this disclosure to clarify what it means to be &#147;elected by a&nbsp;plurality&nbsp;of the votes
cast&#148; in an uncontested election. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>As requested, the Company will revise the disclosure in the Definitive Proxy Statement
consistent with this comment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Under &#147;Who is paying for this proxy solicitation?&#148; it states that the Company will
pay the costs associated with the proxy solicitation. Please clarify that this means that holders of the Company&#146;s common stock will ultimately bear such costs. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>As requested, the Company will revise the disclosure in the Definitive Proxy Statement consistent with this comment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;On a supplemental basis, please confirm that the Company is not engaging a proxy solicitor. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Company confirms that it is not engaging a proxy solicitor for the Meeting. </P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">December 11, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Add a column titled &#147;Number of Portfolios in Fund Complex Overseen by
Director or Nominee for Director&#148; to the table with the directors&#146; biographies. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>As requested, the Company will revise the
disclosure in the Definitive Proxy Statement consistent with this comment. The Company supplementally notes that the only other Fund in the Fund Complex, each as defined in Schedule 14A, is Gladstone Investment Corporation, which is already listed
as another directorship for each of the Company&#146;s directors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Please date the &#147;Report of the Audit Committee of the
Board of Directors&#148;. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>As requested, the Company will revise the disclosure in the Definitive Proxy Statement consistent with this
comment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;Expand on the discussion regarding Proposal 3 to include: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;The potential dilutive effects of increasing the Company&#146;s authorized common stock on
(i)&nbsp;the voting power of existing stockholders and (ii)&nbsp;the net asset value per share of the Company&#146;s common stock.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response:</B>
As requested, the Company will revise the disclosure in the Definitive Proxy Statement consistent with this comment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;The possible anti-takeover effects of increasing the Company&#146;s authorized common stock.
</B><B><I>See</I></B><B> Exchange Act Release <FONT STYLE="white-space:nowrap">34-</FONT> 15230.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Company acknowledges the
Staff&#146;s comment and will include a discussion of the possible anti-takeover effects of (i)&nbsp;the increase in authorized shares and (ii)&nbsp;other provisions of the Company&#146;s charter and bylaws that have material anti-takeover
consequences. The Company has also added disclosure noting that the Company does not currently have any plans or proposals to adopt other provisions or enter into other arrangements that may have material anti-takeover consequences. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;Please supplementally advise how, assuming Proposal 3 is approved by the Company&#146;s stockholders, the Company intends to
register the additional authorized shares. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Company respectfully notes that its shares do not necessarily need to be registered
under the 1933 Act, as the additional shares could be sold in transactions exempt from or not subject to the registration requirements of the 1933 Act. However, if the Company intends to issue the additional authorized shares in one or more
registered offerings, the Company would file one or more registration statements covering such shares, similar to the Company&#146;s historical practices. </P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">December 11, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;The Staff notes that the beneficial ownership information in the Preliminary
Proxy Statement, which was filed on November&nbsp;9, 2023, references certain information dated as of November&nbsp;30, 2023. Please describe how the Company plans to reconcile this discrepancy. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B>As the Company noted in the transmittal letter filed with the Preliminary Proxy Statement,<B> </B>the Company does not plan to mail the
Definitive Proxy Statement to its stockholders until December&nbsp;15, 2023. The Company&#146;s intention was always to file the Definitive Proxy Statement on the same date and to include at that time completed beneficial ownership information
(which was left blank in the Preliminary Proxy Statement because such information was unknown at the date of filing). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * * * </P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">December 11, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"> Page
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 <P STYLE="margin-top:0pt; 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 202.389.3350 (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:10pt">


<TR>

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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Sincerely,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ William J. Tuttle</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">William J. Tuttle</P></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:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<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="justify">David Gladstone, Gladstone Capital Corporation </P></TD></TR></TABLE>
<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%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Michael LiCalsi, Gladstone Capital Corporation </P></TD></TR></TABLE>
<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%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Nicole Schaltenbrand, Gladstone Capital Corporation </P></TD></TR></TABLE>
<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%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Erin M. Lett, Kirkland&nbsp;&amp; Ellis LLP </P></TD></TR></TABLE>
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