<SEC-DOCUMENT>0001193125-25-179356.txt : 20250813
<SEC-HEADER>0001193125-25-179356.hdr.sgml : 20250813
<ACCEPTANCE-DATETIME>20250813060209
ACCESSION NUMBER:		0001193125-25-179356
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250813
DATE AS OF CHANGE:		20250813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gladstone Alternative Income Fund
		CENTRAL INDEX KEY:			0002026098
		ORGANIZATION NAME:           	
		EIN:				996587386
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		
		SEC FILE NUMBER:	812-15806
		FILM NUMBER:		251208778

	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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLADSTONE MANAGEMENT CORP
		CENTRAL INDEX KEY:			0001221154
		ORGANIZATION NAME:           	
		EIN:				760704604
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		
		SEC FILE NUMBER:	812-15806-03
		FILM NUMBER:		251208783

	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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gladstone Business Investment, LLC
		CENTRAL INDEX KEY:			0002069403
		ORGANIZATION NAME:           	
		EIN:				030607394
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		
		SEC FILE NUMBER:	812-15806-02
		FILM NUMBER:		251208782

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

	MAIL ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUTIE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gladstone Business Loan, LLC
		CENTRAL INDEX KEY:			0002069394
		ORGANIZATION NAME:           	
		EIN:				161667314
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		
		SEC FILE NUMBER:	812-15806-01
		FILM NUMBER:		251208781

	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

FILER:

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

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		
		SEC FILE NUMBER:	812-15806-05
		FILM NUMBER:		251208779

	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

FILER:

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

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		
		SEC FILE NUMBER:	812-15806-04
		FILM NUMBER:		251208780

	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>40-APP/A
<SEQUENCE>1
<FILENAME>d949403d40appa.htm
<DESCRIPTION>GLADSTONE 40-APP/A
<TEXT>
<HTML><HEAD>
<TITLE>Gladstone 40-APP/A</TITLE>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>File&nbsp;No.&nbsp;812-15806 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>U.S. SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549</B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>In the Matter of the Application of: </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GLADSTONE ALTERNATIVE INCOME FUND; GLADSTONE CAPITAL CORPORATION; </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GLADSTONE INVESTMENT CORPORATION; GLADSTONE BUSINESS LOAN, LLC; GLADSTONE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BUSINESS INVESTMENT,&nbsp;LLC AND GLADSTONE MANAGEMENT CORPORATION </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1521 Westbranch Drive, Suite 100 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>McLean, Virginia 22102 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Telephone: (703) <FONT STYLE="white-space:nowrap">287-5800</FONT> </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT NO. 1 TO APPLICATION FOR AN ORDER PURSUANT TO SECTIONS&nbsp;17(d)&nbsp;AND 57(i) OF THE INVESTMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COMPANY ACT OF 1940 AND <FONT STYLE="white-space:nowrap">RULE&nbsp;17d-1</FONT> UNDER THE INVESTMENT COMPANY ACT OF 1940 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PERMITTING CERTAIN JOINT TRANSACTIONS OTHERWISE PROHIBITED BY SECTIONS 17(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND 57(a)(4) OF AND RULE <FONT STYLE="white-space:nowrap">17d-1&nbsp;UNDER</FONT> THE INVESTMENT COMPANY ACT OF 1940 </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>All Communications, Notices and Orders to: </I></B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>David Gladstone </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chief
Executive Officer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Gladstone Management Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1521 Westbranch Drive, Suite 100 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>McLean, Virginia 22102 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Telephone: (703) <FONT STYLE="white-space:nowrap">287-5800</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>david.gladstone@gladstone.com </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Copies to:</I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>William J. Tuttle, P.C. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Erin M. Lett </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Kirkland&nbsp;&amp; Ellis LLP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1301 Pennsylvania Avenue, NW </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20004 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">(202)&nbsp;389-5000</FONT></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>william.tuttle@kirkland.com </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>erin.lett@kirkland.com </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>August 12, 2025 </B></P>
</DIV>


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<DIV STYLE="width:8.5in" align="left">
<DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:3.00pt solid #999999">&nbsp;</DIV>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES OF AMERICA </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BEFORE THE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES
AND EXCHANGE COMMISSION </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>AMENDMENT NO. 1 TO APPLICATION FOR AN ORDER</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>IN THE MATTER OF</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>PURSUANT TO SECTIONS 17(d) AND 57(i)</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>OF THE INVESTMENT COMPANY ACT OF</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>GLADSTONE ALTERNATIVE INCOME</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>1940 AND RULE 17d-1 UNDER THE</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>FUND; GLADSTONE CAPITAL</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>INVESTMENT COMPANY ACT OF 1940</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>CORPORATION; GLADSTONE</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>PERMITTING CERTAIN JOINT</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>INVESTMENT CORPORATION;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>TRANSACTIONS OTHERWISE</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>GLADSTONE BUSINESS LOAN, LLC;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>PROHIBITED BY SECTIONS 17(d) AND</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>GLADSTONE BUSINESS</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>57(a)(4) OF AND RULE 17d-1 UNDER THE</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>INVESTMENT, LLC; AND GLADSTONE</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>INVESTMENT COMPANY ACT OF 1940</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>MANAGEMENT CORPORATION</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top"><B>1521 Westbranch Drive, Suite 100</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top"><B>McLean, Virginia 22102</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>File No. 812-15806</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>I.</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>SUMMARY OF APPLICATION </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following entities hereby request an order (the &#147;<B><I>Order</I></B>&#148;) of the U.S. Securities and Exchange Commission (the
&#147;<B><I>SEC</I></B>&#148; or &#147;<B><I>Commission</I></B>&#148;) under Section&nbsp;57(i) of the Investment Company Act of 1940, as amended (the &#147;<B><I>1940
Act</I></B>&#148;),<SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;and <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1,&nbsp;permitting</FONT> certain joint transactions otherwise prohibited by Sections 17(d) and 57(a)(4) of the 1940
Act and <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1&nbsp;thereunder.</FONT> The Order would supersede the exemptive order issued by the Commission on July&nbsp;26, 2012 (the &#147;<B><I>Prior Order</I></B>&#148;)<SUP
STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;that was granted pursuant to Sections 17(d), 57(a)(4), 57(i) and <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1,</FONT> with the result that no person will continue to rely on the Prior Order
if the Order is granted. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</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 Alternative Income Fund, <FONT STYLE="white-space:nowrap">a&nbsp;closed-end&nbsp;management</FONT>
investment company registered under the Act (&#147;<B><I>GALT</I></B>&#148;); </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="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</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 Capital Corporation, a
<FONT STYLE="white-space:nowrap">closed-end&nbsp;management&nbsp;investment</FONT> company that has elected to be regulated as a business development company (&#147;<B><I>GLAD</I></B>&#148;); </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="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</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, a
<FONT STYLE="white-space:nowrap">closed-end&nbsp;management&nbsp;investment</FONT> company that has elected to be regulated as a business development company (&#147;<B><I>GAIN</I></B>&#148; and, together with GALT and GLAD,
the<I></I><I>&nbsp;&#147;</I><B><I>Existing Regulated Funds</I></B><I>&#148;</I>); </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="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Certain vehicles (as identified on&nbsp;<U>Schedule A</U>&nbsp;hereto) (the &#147;<B><I>Existing Wholly-Owned
Subsidiaries</I></B>&#148;), each of which is a separate and distinct legal entity and each of which is a Wholly-Owned Investment Sub (as </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</DIV>
<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"><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">Unless otherwise indicated, all section and rule references herein are to the 1940 Act and rules promulgated
thereunder. </P></TD></TR></TABLE> <P STYLE="font-size:10pt;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"><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"><U>Gladstone Capital Corporation, et al.</U>&nbsp;(File No.&nbsp;812-13878),&nbsp;Release <FONT
STYLE="white-space:nowrap">No.&nbsp;IC-30125</FONT> (June 29, 2012) (notice), Release No.&nbsp;IC-30154 (July 26, 2012) (order). </P></TD></TR></TABLE>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">defined below) of an Existing Regulated Fund; and </P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</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 Management Corporation, the investment adviser to GALT, GLAD and GAIN (&#147;<B><I>GMC</I></B>&#148;
and, together with the Existing Regulated Funds and the Existing Wholly-Owned Subsidiaries, the &#147;<B><I>Applicants</I></B>&#148;); <SUP STYLE="font-size:75%; vertical-align:top">3</SUP> </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The relief requested in this application for the Order (the &#147;<B><I>Application</I></B>&#148;) would allow a Regulated Fund<SUP
STYLE="font-size:75%; vertical-align:top">4</SUP>&nbsp;and one or more Affiliated Entities<SUP STYLE="font-size:75%; vertical-align:top">5</SUP>&nbsp;to engage <FONT STYLE="white-space:nowrap">in&nbsp;Co-Investment&nbsp;Transactions</FONT><SUP
STYLE="font-size:75%; vertical-align:top">6</SUP>&nbsp;subject to the terms and conditions described </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</DIV>
<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"><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">All existing entities that currently intend to rely upon the requested Order have been named as Applicants. Any
other existing or future entity that subsequently relies on the Order will comply with the terms and conditions of the Application. </P></TD></TR></TABLE> <P STYLE="font-size:10pt;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"><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">&#147;<B><I>Regulated Fund</I></B>&#148; means the Existing Regulated Funds and any Future Regulated Funds.
&#147;<B><I>Future Regulated Fund</I></B>&#148; means an entity (a)&nbsp;that is a <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company registered under the 1940 Act, or a
<FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company that has elected to be regulated as a business development company under the 1940 Act, (b)&nbsp;whose (1) primary investment adviser or
<FONT STYLE="white-space:nowrap">(2)&nbsp;sub-adviser</FONT> is an Adviser (as defined below) and (c)&nbsp;that intends to engage in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions. If an Adviser serves as <FONT
STYLE="white-space:nowrap">sub-adviser</FONT> to a Regulated Fund whose primary adviser is not also an Adviser, such primary adviser shall be deemed to be an Adviser with respect to conditions 3 and 4 only. </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The term Regulated Fund also includes (a)&nbsp;any Wholly-Owned Investment Sub (as defined below) of a Regulated Fund, (b)&nbsp;any Joint
Venture (as defined below) of a Regulated Fund, and (c)&nbsp;any BDC Downstream Fund (as defined below) of a Regulated Fund that is a business development company. &#147;<B><I>Wholly-Owned Investment Sub</I></B>&#148; means an entity: (a)&nbsp;that
is a &#147;wholly-owned subsidiary&#148; (as defined in Section&nbsp;2(a)(43) of the 1940 Act) of a Regulated Fund; (b)&nbsp;whose sole business purpose is to hold one or more investments and which may issue debt on behalf or in lieu of such
Regulated Fund; and (c)&nbsp;is not a registered investment company or a business development company. &#147;<B><I>Joint Venture</I></B>&#148; means an unconsolidated joint venture subsidiary of a Regulated Fund, in which all portfolio decisions,
and generally all other decisions in respect of such joint venture, must be approved by an investment committee consisting of representatives of the Regulated Fund and the unaffiliated joint venture partner (with approval from a representative of
each required). &#147;<B><I>BDC Downstream Fund</I></B>&#148; means an entity (a)&nbsp;directly or indirectly controlled by a Regulated Fund that is a business development company, (b)&nbsp;that is not controlled by any person other than the
Regulated Fund (except a person that indirectly controls the entity solely because it controls the Regulated Fund), (c) that would be an investment company but for Section&nbsp;3(c)(1) or 3(c)(7) of the 1940 Act, (d)&nbsp;whose investment adviser is
an Adviser and (e)&nbsp;that is not a Wholly-Owned Investment Sub. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the case of a Wholly-Owned Investment Sub that does not have a
chief compliance officer or a Board, the chief compliance officer and Board of the Regulated Fund that controls the Wholly-Owned Investment Sub will be deemed to serve those roles for the Wholly-Owned Investment Sub. In the case of a Joint Venture
or a BDC Downstream Fund (as applicable) that does not have a chief compliance officer or a Board, the chief compliance officer of the Regulated Fund will be deemed to be the Joint Venture&#146;s or BDC Downstream Fund&#146;s chief compliance
officer, and the Joint Venture&#146;s or BDC Downstream Fund&#146;s investment committee will be deemed to be the Joint Venture&#146;s or BDC Downstream Fund&#146;s Board.</P> <P STYLE="font-size:10pt;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"><SUP STYLE="font-size:75%; vertical-align:top">5</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<B><I>Affiliated Entity</I></B>&#148; means an entity not controlled by a Regulated Fund that intends to
engage in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions and that is (a)&nbsp;with respect to a Regulated Fund, another Regulated Fund; (b)&nbsp;an Adviser or its affiliates (other than an
<FONT STYLE="white-space:nowrap">open-end</FONT> investment company registered under the 1940 Act), and any direct or indirect, wholly- or majority-owned subsidiary of an Adviser or its affiliates (other than of an
<FONT STYLE="white-space:nowrap">open-end</FONT> investment company registered under the 1940 Act), that is participating in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction in a principal capacity; or (c)&nbsp;any entity that
would be an investment company but for Section&nbsp;3(c) of the 1940 Act or Rule <FONT STYLE="white-space:nowrap">3a-7</FONT> thereunder and whose investment adviser is an Adviser. </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">To the extent that an entity described in clause (b)&nbsp;is not advised by an Adviser, such entity shall be deemed to be an Adviser for
purposes of the conditions. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
herein. The Regulated Funds and Affiliated Entities that participate in <FONT STYLE="white-space:nowrap">a&nbsp;Co-Investment</FONT> Transaction are collectively referred to herein as
&#147;<B><I>Participants</I></B>.&#148;<SUP STYLE="font-size:75%; vertical-align:top">7</SUP>&nbsp;The Applicants do not seek relief for transactions effected consistent with Commission staff <FONT STYLE="white-space:nowrap">no-action</FONT>
positions.<SUP STYLE="font-size:75%; vertical-align:top">8</SUP> </P> <P STYLE="font-size:10pt;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="3%" VALIGN="top" ALIGN="left"><B>II.</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>GENERAL DESCRIPTION OF THE APPLICANTS </B></P></TD></TR></TABLE>
<P STYLE="font-size:10pt;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="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">GALT </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GALT was organized under the Delaware Statutory Trust Act on May&nbsp;29, 2024 and formally commenced operations on December&nbsp;9, 2024. GALT is an
externally managed, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">non-diversified,&nbsp;closed-end&nbsp;management</FONT></FONT> investment company that operates as an interval fund pursuant to
<FONT STYLE="white-space:nowrap">Rule&nbsp;23c-3&nbsp;under</FONT> the 1940 Act. GALT intends to qualify annually as a regulated investment company <FONT STYLE="white-space:nowrap">under&nbsp;Sub-Chapter&nbsp;M</FONT> of the Internal Revenue Code of
1986, as amended. GALT&#146;s principal place of business is 1521 Westbranch Drive, Suite 100, McLean, Virginia 22102. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GALT&#146;s primary investment
objective is to (i)&nbsp;achieve and grow current income by investing primarily in debt securities of established businesses or real estate holding intermediaries that it believes will provide stable earnings and cash flow to pay expenses, make
principal and interest payments on GALT&#146;s outstanding indebtedness and make distributions to shareholders that grow over time; and (ii)&nbsp;provide GALT&#146;s shareholders with long-term capital appreciation in the value of GALT&#146;s assets
by investing in equity securities of established businesses, including in connection with its debt investments, that its believe can grow over time to permit GALT to sell its equity investments for capital gains. GALT has a seven-member board (the
&#147;<B><I>GALT Board</I></B>&#148;), of which five members are not &#147;interested&#148; persons of GALT within the meaning of Section&nbsp;2(a)(19) of the Act.<SUP STYLE="font-size:75%; vertical-align:top">9</SUP> </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">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">GLAD </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GLAD was organized as a corporation under the General Corporate Laws of the State of Maryland on May&nbsp;30, 2001 and completed an initial public offering on
August&nbsp;23, 2001. GLAD is an externally managed, <FONT STYLE="white-space:nowrap">non-diversified,</FONT> <FONT STYLE="white-space:nowrap">closed-end&nbsp;management</FONT> investment company that has elected to be regulated as a BDC, under the
Act.&nbsp;GLAD intends to qualify annually as a regulated investment company under <FONT STYLE="white-space:nowrap">Sub-Chapter</FONT> M of the Internal Revenue Code of 1986, as amended. GLAD&#146;s principal place of business is 1521 Westbranch
Drive, Suite 100, McLean, Virginia 22102. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GLAD&#146;s investment objectives are to: (1)&nbsp;achieve and grow current income by investing in debt
securities of established lower middle market companies in the U.S. that GLAD believes will provide stable earnings and cash flow to pay expenses, make principal and interest payments on GLAD&#146;s outstanding indebtedness and make distributions to
stockholders that grow over time; and (2)&nbsp;provide GLAD&#146;s stockholders with long-term capital appreciation in the value of its assets by investing in equity securities, in connection with its debt investments, that GLAD believes can grow
over time to permit it to sell its equity investments for capital gains. GLAD has a seven-member board (the &#147;<B><I>GLAD Board</I></B>&#148;), of which five members are not &#147;interested&#148; persons of GLAD within the meaning of
Section&nbsp;2(a)(19) of the Act. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<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"><SUP STYLE="font-size:75%; vertical-align:top">6</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">&#147;<B><I><FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction</I></B>&#148; means the
acquisition or Disposition of securities of an issuer in a transaction effected in reliance on the Order or previously granted relief. </P></TD></TR></TABLE> <P STYLE="font-size:10pt;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"><SUP STYLE="font-size:75%; vertical-align:top">7</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">&#147;<B><I>Adviser</I></B>&#148; means GMC and any other investment adviser controlling, controlled by, or
under common control with GMC. The term &#147;Adviser&#148; also includes any internally-managed Regulated Fund. </P></TD></TR></TABLE> <P STYLE="font-size:10pt;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"><SUP STYLE="font-size:75%; vertical-align:top">8</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"><I>See, e.g.</I>, Massachusetts Mutual Life Insurance Co. (pub. avail. June&nbsp;7, 2000), Massachusetts Mutual
Life Insurance Co. (pub. avail. July&nbsp;28, 2000) and SMC Capital, Inc. (pub. avail. Sept. 5, 1995). </P></TD></TR></TABLE> <P STYLE="font-size:10pt;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"><SUP STYLE="font-size:75%; vertical-align:top">9</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">The Board of each Future Regulated Fund will consist of a majority of members who are not &#147;interested
persons&#148; of such Future Regulated Fund within the meaning of Section&nbsp;2(a)(19) of the Act. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">GAIN </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GAIN was organized as a corporation under the Delaware General Corporation Law on February&nbsp;18, 2005 and completed an initial public offering on
June&nbsp;22, 2005. GAIN is an externally managed, <FONT STYLE="white-space:nowrap">non-diversified,</FONT> <FONT STYLE="white-space:nowrap">closed-end&nbsp;management</FONT> investment company that has elected to be regulated as a BDC, under the
Act.&nbsp;GAIN intends to qualify annually as a regulated investment company under <FONT STYLE="white-space:nowrap">Sub-Chapter</FONT> M of the Internal Revenue Code of 1986, as amended. GAIN&#146;s principal place of business is 1521 Westbranch
Drive, Suite 100, McLean, Virginia 22102. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GAIN&#146;s investment objectives are to: (i)&nbsp;achieve and grow current income by investing in debt
securities of established businesses that GAIN believes will provide stable earnings and cash flow to pay expenses, make principal and interest payments on GAIN&#146;s outstanding indebtedness and make distributions to stockholders that grow over
time, and (ii)&nbsp;provide GAIN&#146;s stockholders with long-term capital appreciation in the value of GAIN&#146;s assets by investing in equity securities of established businesses, generally in combination with the aforementioned debt
securities, that GAIN believes can grow over time to permit it to sell its equity investments for capital gains.&nbsp;GAIN has a&nbsp;seven-member&nbsp;board (the &#147;<B><I>GAIN Board</I></B>&#148; and, together with the GALT Board, the GLAD Board
and the board of any Future Regulated Fund, the &#147;<B><I>Board</I></B>&#148;), of which five members are not &#147;interested&#148; persons of GAIN within the meaning of Section&nbsp;2(a)(19) of the Act. </P>
<P STYLE="font-size:10pt;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="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">D.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">GMC </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GMC serves as the investment adviser of the Existing Regulated Funds, and either it or another Adviser will serve as the investment adviser to any Future
Regulated Fund. GMC is a Delaware corporation and is a registered investment adviser with the Commission under the Investment Advisers Act of 1940. On the date of this Application, GMC&#146;s sole clients that intend to rely on the Order are GALT,
GAIN and GLAD. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GMC is a leading alternative asset manager providing services to funds that invest in a diverse range of alternative strategies, including
private debt, private equity, real estate and natural resource real assets. The firm is headquartered in McClean, Virginia and has offices in other states. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the terms of an investment advisory agreement with each Existing Regulated Fund, GMC will, among other things, manage the investment portfolio, direct
purchases and sales of portfolio securities and report thereon to each Existing Regulated Fund&#146;s officers and directors/trustees regularly. </P> <P STYLE="font-size:10pt;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="3%" VALIGN="top" ALIGN="left"><B>III.</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>ORDER REQUESTED </B></P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Applicants request an Order of the Commission under Sections 17(d) and 57(i) of the 1940 Act and Rule <FONT STYLE="white-space:nowrap">17d-1</FONT>
thereunder to permit, subject to the terms and conditions set forth below in this Application (the &#147;<B><I>Conditions</I></B>&#148;), each Regulated Fund to be able to participate with one or more Affiliated Entities in <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transactions otherwise prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act and Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> thereunder. </P>
<P STYLE="font-size:10pt;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="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Applicable Law </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;17(d), in relevant part, prohibits an affiliated person, or an affiliated person of such affiliated person, of a registered investment company,
acting as principal, from effecting any transaction in which the registered investment company is &#147;a joint or a joint and several participant with such person&#148; in contravention of such rules as the SEC may prescribe &#147;for the purpose
of limiting or preventing participation by such [fund] on a basis different from or less advantageous than that of such other participant.&#148; </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">Rule&nbsp;17d-1&nbsp;prohibits</FONT> an affiliated person, or an affiliated person of such affiliated person, of a registered investment company, acting as principal, from participating in, or effecting any transaction in
connection with, any &#147;joint enterprise or other joint arrangement or profit-sharing plan&#148;<SUP STYLE="font-size:75%; vertical-align:top">10</SUP>&nbsp;in which the fund is a participant without first obtaining an order from the SEC. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</DIV>
<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"><SUP STYLE="font-size:75%; vertical-align:top">10</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"><FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1(c)&nbsp;defines</FONT> a &#147;[j]oint enterprise or other
joint arrangement or profit-sharing plan&#148; to include, in relevant part, &#147;any written or oral plan, contract, authorization or arrangement or any practice or understanding concerning an enterprise or undertaking whereby a registered
investment company &#133; and any affiliated person </P></TD></TR></TABLE>
</DIV>


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

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;57(a)(4), in relevant part, prohibits any person related to a business development company in
the manner described in Section&nbsp;57(b), acting as principal, from knowingly effecting any transaction in which the business development company is a joint or a joint and several participant with such persons in contravention of such rules as the
Commission may prescribe for the purpose of limiting or preventing participation by the business development company on a basis less advantageous than that of such person. Section&nbsp;57(i) provides that, until the SEC prescribes rules under
Section&nbsp;57(a), the SEC&#146;s rules under Section&nbsp;17(d) applicable to <FONT STYLE="white-space:nowrap">registered&nbsp;closed-end&nbsp;investment</FONT> companies will be deemed to apply to persons subject to the prohibitions of
Section&nbsp;57(a). Because the SEC has not adopted any rules under Section&nbsp;57(a), <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1&nbsp;applies</FONT> to persons subject to the prohibitions of Section&nbsp;57(a). </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1(b)&nbsp;provides,</FONT> in relevant part, that in passing upon applications under the rule, the Commission
will consider whether the participation of a registered investment company in a joint enterprise, joint arrangement or profit-sharing plan on the basis proposed is consistent with the provisions, policies and purposes of the 1940 Act and the extent
to which such participation is on a basis different from or less advantageous than that of other participants. </P> <P STYLE="font-size:10pt;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="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">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">Need for Relief </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Regulated Fund may be deemed to be an affiliated person of each other Regulated Fund within the meaning of Section&nbsp;2(a)(3) if it is deemed to be
under common control because an Adviser is or will be either the investment adviser <FONT STYLE="white-space:nowrap">or&nbsp;sub-adviser&nbsp;to</FONT> each Regulated Fund. Section&nbsp;17(d) and Section&nbsp;57(b) apply to any investment adviser to
a <FONT STYLE="white-space:nowrap">closed-end</FONT> fund or a business development company, respectively, including <FONT STYLE="white-space:nowrap">a&nbsp;sub-adviser.&nbsp;Thus,</FONT> an Adviser and any Affiliated Entities that it advises could
be deemed to be persons related to Regulated Funds in a manner described by Sections 17(d) and 57(b). With respect to GMC and any other Advisers that are deemed to be affiliated persons of each other, Affiliated Entities advised by any of them could
be deemed to be persons related to Regulated Funds (or a company controlled by a Regulated Fund) in a manner described by Sections 17(d) and 57(b). In addition, any entities or accounts controlled by or under common control with any Adviser that are
deemed to be affiliated persons of each other that may, from time to time, hold various financial assets in a principal capacity, could be deemed to be persons related to Regulated Funds (or a company controlled by a Regulated Fund) in a manner
described by Sections 17(d) and 57(b). Finally, with respect to any Wholly-Owned Investment Sub, Joint Venture, or BDC Downstream Fund of a Regulated Fund, such entity would be a company controlled by its parent Regulated Fund for purposes of
Section&nbsp;57(a)(4) of the&nbsp;1940 Act <FONT STYLE="white-space:nowrap">and&nbsp;Rule&nbsp;17d-l&nbsp;under</FONT> the&nbsp;1940 Act. </P> <P STYLE="font-size:10pt;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="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Conditions </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Applicants agree that any Order granting the requested relief will be subject to the following Conditions. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;<U>Same Terms</U>. With respect to <FONT STYLE="white-space:nowrap">any&nbsp;Co-Investment&nbsp;Transaction,</FONT> each Regulated
Fund, and Affiliated Entity participating in such transaction will acquire, or dispose of, as the case may be, the same class of securities, at the same time, for the same price and with the same conversion, financial reporting and registration
rights, and with substantially the same other terms (provided that the settlement date for an Affiliated Entity may occur up to ten business days after the settlement date for the Regulated Fund, and vice versa). If a Participant, but not all of the
Regulated Funds, has the right to nominate a director for election to a portfolio company&#146;s board of directors, the right to appoint a board observer or any similar right to participate in the governance or management of a portfolio company,
the Board of each Regulated Fund that does not hold this right must be given the opportunity to veto the selection of such person.<SUP STYLE="font-size:75%; vertical-align:top">11</SUP> </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;<U>Existing Investments in the Issuer</U>. Prior to a Regulated Fund acquiring in
<FONT STYLE="white-space:nowrap">a&nbsp;Co-Investment&nbsp;Transaction</FONT> a security of an issuer in which an Affiliated Entity has an existing interest in such issuer, the &#147;required majority,&#148; as </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:2pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">of or principal underwriter for such registered company, or any affiliated person of such a person or principal underwriter, have a joint or a
joint and several participation, or share in the profits of such enterprise or undertaking &#133;.&#148; </P> <P STYLE="font-size:10pt;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"><SUP STYLE="font-size:75%; vertical-align:top">11</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">Such a Board can also, consistent with applicable fund documents, facilitate this opportunity by delegating the
authority to veto the selection of such person to a committee of the Board. </P></TD></TR></TABLE>
</DIV>


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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
defined in Section&nbsp;57(o) of the 1940 Act,<SUP STYLE="font-size:75%; vertical-align:top">12</SUP>&nbsp;of the Regulated Fund (&#147;<B><I>Required Majority</I></B>&#148;) will take the steps
set forth in Section&nbsp;57(f) of the 1940 Act,<SUP STYLE="font-size:75%; vertical-align:top">13</SUP> unless: (i)&nbsp;the Regulated Fund already holds the same security as each such Affiliated Entity; and (ii)&nbsp;the Regulated Fund and each
other Affiliated Entity holding the security is participating in the acquisition in approximate proportion to its then-current holdings. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;<U>Related Expenses</U>. Any expenses associated with acquiring, holding or disposing of any securities acquired in <FONT
STYLE="white-space:nowrap">a&nbsp;Co-Investment&nbsp;Transaction,</FONT> to the extent not borne by the Adviser(s), will be shared among the Participants in proportion to the relative amounts of the securities being acquired, held or disposed of, as
the case may be.<SUP STYLE="font-size:75%; vertical-align:top">14</SUP> </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;<U>No Remuneration</U>. Any transaction fee<SUP
STYLE="font-size:75%; vertical-align:top">15</SUP><FONT STYLE="white-space:nowrap">&nbsp;(including&nbsp;break-up,&nbsp;structuring,</FONT> monitoring or commitment fees but excluding broker&#146;s fees contemplated by section 17(e) or 57(k) of the
1940 Act, as applicable), received by an Adviser and/or a Participant in connection with <FONT STYLE="white-space:nowrap">a&nbsp;Co-Investment&nbsp;Transaction</FONT> will be distributed to the Participants on a pro rata basis based on the amounts
they invested or committed, as the case may be, in such <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction. If any transaction fee is to be held by an Adviser pending consummation of the transaction, the fee will be deposited into an
account maintained by the Adviser at a bank or banks having the qualifications prescribed in section 26(a)(1) of the 1940 Act, and the account will earn a competitive rate of interest that will also be divided pro rata among the Participants based
on the amount they invest in <FONT STYLE="white-space:nowrap">such&nbsp;Co-Investment&nbsp;Transaction.</FONT> No Affiliated Entity, Regulated Fund, or any of their affiliated persons will accept any compensation, remuneration or financial benefit
in connection with a Regulated Fund&#146;s participation in <FONT STYLE="white-space:nowrap">a&nbsp;Co-Investment&nbsp;Transaction,</FONT> except: (i)&nbsp;to the extent permitted by Section&nbsp;17(e) or 57(k) of the 1940 Act; (ii)&nbsp;as a result
of either being a Participant in the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction or holding an interest in the securities issued by one of the Participants; or (iii)&nbsp;in the case of an Adviser, investment advisory
compensation paid in accordance with investment advisory agreement(s) with the Regulated Fund(s) or Affiliated Entity(ies). </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;<U><FONT
STYLE="white-space:nowrap">Co-Investment</FONT></U><U></U><U>&nbsp;Policies</U>. Each Adviser (and each Affiliated Entity that is not advised by an Adviser) will adopt and implement policies and procedures reasonably designed to ensure that:
(i)&nbsp;opportunities to participate in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions are allocated in a manner that is fair and equitable to every Regulated Fund; and (ii)&nbsp;the Adviser negotiating the <FONT
STYLE="white-space:nowrap">Co-Investment&nbsp;Transaction</FONT> considers the interest in the Transaction of any participating Regulated Fund (the
&#147;<B><I><FONT STYLE="white-space:nowrap">Co-Investment</FONT></I></B><B><I></I></B><B><I>&nbsp;Policies</I></B>&#148;). Each Adviser (and each Affiliated Entity that is not advised by an Adviser) will provide its
<FONT STYLE="white-space:nowrap">Co-Investment&nbsp;Policies</FONT> to the Regulated Funds and will notify the Regulated Funds of any material changes thereto.<SUP STYLE="font-size:75%; vertical-align:top">16</SUP> </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</DIV>
<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"><SUP STYLE="font-size:75%; vertical-align:top">12</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">Section&nbsp;57(o) defines the term &#147;required majority,&#148; in relevant part, with respect to the
approval of a proposed transaction, as both a majority of a BDC&#146;s directors who have no financial interest in the transaction and a majority of such directors who are not interested persons of the BDC. In the case of a Regulated Fund that is
not a BDC, the Board members that constitute the Required Majority will be determined as if such Regulated Fund were a BDC subject to Section&nbsp;57(o) of the 1940 Act. </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;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"><SUP STYLE="font-size:75%; vertical-align:top">13</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">Section&nbsp;57(f) provides for the approval by a Required Majority of certain transactions on the basis that,
in relevant part: (i)&nbsp;the terms of the transaction, including the consideration to be paid or received, are reasonable and fair to the shareholders of the BDC and do not involve overreaching of the BDC or its shareholders on the part of any
person concerned; (ii)&nbsp;the proposed transaction is consistent with the interests of the BDC&#146;s shareholders and the BDC&#146;s policy as recited in filings made by the BDC with the Commission and the BDC&#146;s reports to shareholders; and
(iii)&nbsp;the BDC&#146;s directors record in their minutes and preserve in their records a description of the transaction, their findings, the information or materials upon which their findings were based, and the basis for their findings.
</P></TD></TR></TABLE> <P STYLE="font-size:10pt;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"><SUP STYLE="font-size:75%; vertical-align:top">14</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">Expenses of an individual Participant that are incurred solely by the Participant due to its unique
circumstances (such as legal and compliance expenses) will be borne by such Participant. </P></TD></TR></TABLE> <P STYLE="font-size:10pt;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"><SUP STYLE="font-size:75%; vertical-align:top">15</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">Applicants are not requesting and the Commission is not providing any relief for transaction fees received in
connection with <FONT STYLE="white-space:nowrap">any&nbsp;Co-Investment&nbsp;Transaction.</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:10pt;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"><SUP STYLE="font-size:75%; vertical-align:top">16</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">The Affiliated Entities may adopt
<FONT STYLE="white-space:nowrap">shared&nbsp;Co-Investment&nbsp;Policies.</FONT> </P></TD></TR></TABLE>
</DIV>


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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;<U>Dispositions</U>: </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Prior to any Disposition<SUP STYLE="font-size:75%; vertical-align:top">17</SUP>&nbsp;by an Affiliated Entity of a security acquired in <FONT
STYLE="white-space:nowrap">a&nbsp;Co-Investment&nbsp;Transaction,</FONT> the Adviser to each Regulated Fund that participated in <FONT STYLE="white-space:nowrap">the&nbsp;Co-Investment&nbsp;Transaction</FONT> will be notified and each such Regulated
Fund given the opportunity to participate pro rata based on the proportion of its holdings relative to the other Affiliated Entities participating in such Disposition. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Prior to any Disposition by a Regulated Fund of a security acquired in
<FONT STYLE="white-space:nowrap">a&nbsp;Co-Investment&nbsp;Transaction,</FONT> the Required Majority will take the steps set forth in Section&nbsp;57(f) of the 1940 Act, unless: (i)&nbsp;each Affiliated Entity holding the security participates in
the Disposition in approximate proportion to its then-current holding of the security; or (ii)&nbsp;the Disposition is a sale of a Tradable Security.<SUP STYLE="font-size:75%; vertical-align:top">18</SUP> </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;<U>Board Oversight</U> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each Regulated Fund&#146;s directors will oversee the Regulated Fund&#146;s participation in the <FONT
STYLE="white-space:nowrap">co-investment</FONT> program in the exercise of their reasonable business judgment. </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(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">Prior to a Regulated Fund&#146;s participation in <FONT STYLE="white-space:nowrap">Co-Investment</FONT>
Transactions, the Regulated Fund&#146;s Board, including a Required Majority, will: (i)&nbsp;review the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Policies, to ensure that they are reasonably designed to prevent the Regulated Fund from
being disadvantaged by participation in <FONT STYLE="white-space:nowrap">the&nbsp;co-investment&nbsp;program;</FONT> and (ii)&nbsp;approve policies and procedures of the Regulated Fund that are reasonably designed to ensure compliance with the terms
of the Order. </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">At least quarterly, each Regulated Fund&#146;s Adviser and chief compliance officer (as defined in <FONT
STYLE="white-space:nowrap">Rule&nbsp;38a-1(a)(4))</FONT> will provide the Regulated Fund Boards with reports or other information requested by the Board related to a Regulated Fund&#146;s participation in
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions and a summary of matters, if any, deemed significant that may have arisen during the period related to the implementation of the
<FONT STYLE="white-space:nowrap">Co-Investment&nbsp;Policies</FONT> and the Regulated Fund&#146;s policies and procedures approved pursuant to (b)&nbsp;above. </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Every year, each Regulated Fund&#146;s Adviser and chief compliance officer will provide the Regulated
Fund&#146;s Board with reports or other information requested by the Board related to the Regulated Fund&#146;s participation in the <FONT STYLE="white-space:nowrap">co-investment&nbsp;program</FONT> and any material changes in the Affiliated
Entities&#146; participation in the <FONT STYLE="white-space:nowrap">co-investment&nbsp;program,</FONT> including changes to the Affiliated Entities&#146; <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Policies. </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Adviser and the chief compliance officer will also notify the Regulated Fund&#146;s Board of a compliance
matter related to the Regulated Fund&#146;s participation in the <FONT STYLE="white-space:nowrap">co-investment</FONT> program and related <FONT STYLE="white-space:nowrap">Co-Investment&nbsp;Policies</FONT> or the Regulated Fund&#146;s policies and
procedures approved pursuant to (b)&nbsp;above that a Regulated Fund&#146;s chief compliance officer considers to be material. </P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;<U>Recordkeeping</U>. All information presented to the Board pursuant to the order will be kept for the life of the Regulated Fund and
at least two years thereafter, and will be subject to examination by the Commission and its Staff. Each Regulated Fund will maintain the records required by Section&nbsp;57(f)(3) as if it were a business </P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</DIV>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">17</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">&#147;<B><I>Disposition</I></B>&#148; means the sale, exchange, transfer or other disposition of an interest in
a security of an issuer. </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">18</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">&#147;<B><I>Tradable Security</I></B>&#148; means a security which trades: (i)&nbsp;on a national securities
exchange (or designated offshore securities market as defined in Rule 902(b) under the Securities Act of 1933, as amended) and (ii)&nbsp;with sufficient volume and liquidity (findings which are to be made in good faith and documented by the Advisers
to any Regulated Funds) to allow each Regulated Fund to dispose of its entire remaining position within 30 days at approximately the price at which the Regulated Fund has valued the investment.
</P></TD></TR></TABLE>
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development company and each of <FONT STYLE="white-space:nowrap">the&nbsp;Co-Investment&nbsp;Transactions</FONT> were approved by the Required Majority under Section&nbsp;57(f).<SUP
STYLE="font-size:75%; vertical-align:top">19</SUP> </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. In the event that the Commission adopts a rule under the 1940 Act allowing <FONT
STYLE="white-space:nowrap">co-investments</FONT> of the type described in this Application, any relief granted by the Order will expire on the effective date of that rule. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>IV.</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>STATEMENT IN SUPPORT OF RELIEF REQUESTED </B></P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Applicants submit that allowing <FONT STYLE="white-space:nowrap">the&nbsp;Co-Investment&nbsp;Transactions</FONT> described by this Application is justified on
the basis of (i)&nbsp;the potential benefits to the Regulated Funds and their respective shareholders and (ii)&nbsp;the protections found in the terms and conditions set forth in this Application. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Potential Benefits to the Regulated Funds and their Shareholders </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;57(a)(4) and <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1&nbsp;(as</FONT> applicable) limit the ability of the Regulated Funds to participate
in <FONT STYLE="white-space:nowrap">attractive&nbsp;co-investment&nbsp;opportunities</FONT> under certain circumstances. If the relief is granted, the Regulated Funds should: (i)&nbsp;be able to participate in a larger number and greater variety of
investments, thereby diversifying their portfolios and providing related risk-limiting benefits; (ii)&nbsp;be able to participate in larger financing opportunities, including those involving issuers with better credit quality, which otherwise might
not be available to investors of a Regulated Fund&#146;s size; (iii)&nbsp;have greater bargaining power (notably with regard to creditor protection terms and other similar investor rights), more control over the investment and less need to bring in
other external investors or structure investments to satisfy the different needs of external investors; (iv)&nbsp;benefit from economies of scale by sharing fixed expenses associated with an investment with the other Participants; and (v)&nbsp;be
able to obtain better deal flow from investment bankers and other sources of investments. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">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">Shareholder Protections </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Each&nbsp;Co-Investment&nbsp;Transaction</FONT> would be subject to the terms and conditions of this Application. The
Conditions are designed to address the concerns underlying Sections 17(d) and 57(a)(4) and <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-l&nbsp;by</FONT> ensuring that participation by a Regulated Fund in
<FONT STYLE="white-space:nowrap">any&nbsp;Co-Investment&nbsp;Transaction</FONT> would not be on a basis different from or less advantageous than that of other Participants. Under Condition 5, each Adviser (and each Affiliated Entity that is not
advised by an Adviser) will adopt and <FONT STYLE="white-space:nowrap">implement&nbsp;Co-Investment&nbsp;Policies</FONT> that are reasonably designed to ensure that (i)&nbsp;opportunities to participate
<FONT STYLE="white-space:nowrap">in&nbsp;Co-Investment&nbsp;Transactions</FONT> are allocated in a manner that is fair and equitable to every Regulated Fund; and (ii)&nbsp;the Adviser negotiating the Co Investment Transaction considers the interest
in the Transaction of any participating Regulated Fund. <FONT STYLE="white-space:nowrap">The&nbsp;Co-Investment&nbsp;Policies</FONT> will require an Adviser to make an independent determination of the appropriateness of <FONT
STYLE="white-space:nowrap">a&nbsp;Co-Investment&nbsp;Transaction</FONT> and the proposed allocation size based on each Participant&#146;s specific investment profile and other relevant characteristics. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>V.</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>PRECEDENTS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Commission has previously issued orders permitting certain investment companies subject to regulation under the 1940 Act and their affiliated persons to
be able to participate <FONT STYLE="white-space:nowrap">in&nbsp;Co-Investment&nbsp;Transactions</FONT> (the &#147;<B><I>Existing</I></B> <B><I>Orders</I></B>&#148;).<SUP STYLE="font-size:75%; vertical-align:top">20</SUP> Similar to the Existing
Orders, the Conditions described herein are designed to mitigate the possibility </P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">19</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">If a Regulated Fund enters into a transaction that would be
<FONT STYLE="white-space:nowrap">a&nbsp;Co-Investment&nbsp;Transaction</FONT> pursuant to this Order in reliance on another exemptive order instead of this Order, the information presented to the Board and records maintained by the Regulated Fund
will expressly indicate the order relied upon by the Regulated Fund to enter into such transaction. </P></TD></TR></TABLE> <P STYLE="font-size:10pt;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"><SUP STYLE="font-size:75%; vertical-align:top">20</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"><I>See, e.g.</I>, FS Credit Opportunities Corp., <I>et al.</I> (File No. 812-15706), Release No. IC-35520
(April&nbsp;3, 2025) (notice), Release No. IC-35561 (April&nbsp;29, 2025) (order); Sixth Street Specialty Lending, Inc. <I>et al.</I> (File No. 812-15729), Release No. IC-35531 (April&nbsp;10, 2025) (notice), Release No. IC-35570 (May&nbsp;6, 2025)
(order); Blue Owl Capital Corporation, <I>et al.</I> (File No. 812-15715), Release No. IC-35530 (April&nbsp;9, 2025) (notice), Release No. IC-35573 (May&nbsp;6, 2025) (order); BlackRock Growth Equity Fund LP, <I>et al.</I> (File No. 812-15712),
Release No. IC-35525 (April&nbsp;8, 2025) (notice), Release No. IC-35572 (May&nbsp;6, 2025) (order). </P></TD></TR></TABLE>
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for overreaching and to promote fair and equitable treatment of the Regulated Funds. Accordingly, the Applicants submit that the scope of investor protections contemplated by the Conditions are
consistent with those found in the Existing Orders. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>VI.</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>PROCEDURAL MATTERS </B></P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Communications </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please address all communications concerning this Application, the Notice and the Order to: </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>David Gladstone </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chief
Executive Officer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Gladstone Management Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1521 Westbranch Drive, Suite 100 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>McLean, Virginia 22102 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Telephone: (703) <FONT STYLE="white-space:nowrap">287-5800</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>david.gladstone@gladstone.com </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please
address any questions, and a copy of any communications, concerning this Application, the Notice, and the Order to: </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>William J. Tuttle,
P.C. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Erin M Lett </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Kirkland&nbsp;&amp; Ellis LLP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1301 Pennsylvania Ave NW </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20004 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">(202)&nbsp;389-5000</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>william.tuttle@kirkland.com </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>erin.lett@kirkland.com </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">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">Authorizations </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The filing of this Application for the Order sought hereby and the taking of all acts reasonably necessary to obtain the relief requested herein was
authorized by the Board of each Existing Regulated Fund pursuant to resolutions duly adopted by the Board. Copies of the resolutions are provided below. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;0-2(c),&nbsp;Applicants</FONT> hereby state that each Existing Regulated Fund and Existing Affiliated
Fund have authorized to cause to be prepared and to execute and file with the Commission this Application and any amendment thereto for an order pursuant to Section&nbsp;57(i) and
<FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1&nbsp;permitting</FONT> certain joint transactions otherwise prohibited by Sections 17(d) and 57(a)(4) and <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1.&nbsp;The</FONT> person executing the
Application on behalf of the Applicants being duly sworn deposes and says that he has duly executed the Application for and on behalf of the applicable entity listed; that he is authorized to execute the Application pursuant to the terms of an
operating agreement, management agreement or otherwise; and that all actions by members, directors or other bodies necessary to authorize each such deponent to execute and file the Application have been taken. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Applicants have caused this Application to be duly signed on their behalf on the 12<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP> day of August, 2025. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>GLADSTONE ALTERNATIVE INCOME FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David Gladstone</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">David Gladstone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>GLADSTONE CAPITAL CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#8195;&#8194;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David Gladstone</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">David Gladstone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>GLADSTONE INVESTMENT CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David Gladstone</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">David Gladstone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>GLADSTONE MANAGEMENT CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David Gladstone</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">David Gladstone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>Existing Wholly-Owned Subsidiaries:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>GLADSTONE BUSINESS LOAN, LLC</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>GLADSTONE BUSINESS INVESTMENT,&nbsp;LLC</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David Gladstone</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">David Gladstone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
</TABLE></DIV>
</DIV>


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

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VERIFICATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the undersigned states that he has duly executed the attached application dated as of August 12, 2025 for and on behalf of the
entities listed below; that he holds office with such entity as indicated below and that all action by directors, officers, stockholders, general partners, trustees or members of each entity and any other body necessary to authorize the undersigned
to execute and file such instrument has been taken. Each of the undersigned further states that he is familiar with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information
and belief. </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="7%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>GLADSTONE ALTERNATIVE INCOME FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#8195;&#8194;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David Gladstone</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">David Gladstone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>GLADSTONE CAPITAL CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David Gladstone</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">David Gladstone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>GLADSTONE INVESTMENT CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David Gladstone</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">David Gladstone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>GLADSTONE MANAGEMENT CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David Gladstone</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">David Gladstone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>Existing Wholly-Owned Subsidiaries:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>GLADSTONE BUSINESS LOAN, LLC</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>GLADSTONE BUSINESS INVESTMENT,&nbsp;LLC</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David Gladstone</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">David Gladstone</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
</TABLE></DIV>
</DIV>


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

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Resolutions of Board of Trustees of Gladstone Alternative Income Fund </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Approval of Filing Application <FONT STYLE="white-space:nowrap">for&nbsp;Co-Investment&nbsp;Relief</FONT> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Board deems it is advisable and in the best interest of the Fund to file with the U.S. Securities and Exchange Commission (the
&#147;Commission&#148;) an application for an order pursuant to Sections 17(d) and 57(i) of the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), and <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-l&nbsp;promulgated</FONT>
thereunder (the &#147;Application&#148;), to authorize the entering into of certain joint transactions that otherwise may be prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act and
<FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1&nbsp;promulgated</FONT> thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE, BE IT RESOLVED</B>, that the officers of
Gladstone Management Corporation and the Fund be, and each of them hereby is, authorized and directed on behalf of the Fund and in its name and on behalf of the Fund, to prepare, execute, and cause to be filed with the Commission an Application for
an Order of Exemption, substantially in the form attached hereto as Exhibit A, and any amendments thereto, pursuant to Sections&nbsp;17(d) and 57(i) of the 1940 Act, and <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1&nbsp;promulgated</FONT> under
the 1940 Act, authorizing certain joint transactions that otherwise may be prohibited by Section&nbsp;17(d) and 57(a)(4) of the 1940 Act; and it is further </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>RESOLVED</B>, that the officers of the Fund be, and each of them hereby is, authorized and directed to take such further action and execute such other
documents as such officer or officers shall deem necessary or advisable in order to effectuate the intent of the foregoing resolution; and it is further </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>RESOLVED</B>, that any and all actions previously taken by the Fund or any of its trustees or officers in connection with the actions contemplated by the
foregoing resolutions be, and each of them hereby is, ratified, confirmed, approved and adopted in all respects as and for the acts and deeds of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Resolutions of the Board of Directors of Gladstone Capital Corporation </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Approval of Filing Application <FONT STYLE="white-space:nowrap">for&nbsp;Co-Investment&nbsp;Relief</FONT> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Board deems it is advisable and in the best interest of the Fund to file with the U.S. Securities and Exchange Commission (the
&#147;Commission&#148;) an application for an order pursuant to Sections 17(d) and 57(i) of the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), and <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-l&nbsp;promulgated</FONT>
thereunder (the &#147;Application&#148;), to authorize the entering into of certain joint transactions that otherwise may be prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act and
<FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1&nbsp;promulgated</FONT> thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE, BE IT RESOLVED</B>, that the officers of
Gladstone Management Corporation and the Fund be, and each of them hereby is, authorized and directed on behalf of the Fund and in its name and on behalf of the Fund, to prepare, execute, and cause to be filed with the Commission an Application for
an Order of Exemption, substantially in the form attached hereto as Exhibit A, and any amendments thereto, pursuant to Sections&nbsp;17(d) and 57(i) of the 1940 Act, and <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1&nbsp;promulgated</FONT> under
the 1940 Act, authorizing certain joint transactions that otherwise may be prohibited by Section&nbsp;17(d) and 57(a)(4) of the 1940 Act; and it is further </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>RESOLVED</B>, that the officers of the Fund be, and each of them hereby is, authorized and directed to take such further action and execute such other
documents as such officer or officers shall deem necessary or advisable in order to effectuate the intent of the foregoing resolution; and it is further </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>RESOLVED</B>, that any and all actions previously taken by the Fund or any of its directors or officers in connection with the actions contemplated by the
foregoing resolutions be, and each of them hereby is, ratified, confirmed, approved and adopted in all respects as and for the acts and deeds of the Fund. </P>
</DIV>


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

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Resolutions of the Board of Directors of Gladstone Investment Corporation</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Approval of Filing Application <FONT STYLE="white-space:nowrap">for&nbsp;Co-Investment&nbsp;Relief</FONT> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Board deems it is advisable and in the best interest of the Fund to file with the U.S. Securities and Exchange Commission (the
&#147;Commission&#148;) an application for an order pursuant to Sections 17(d) and 57(i) of the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), and <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-l&nbsp;promulgated</FONT>
thereunder (the &#147;Application&#148;), to authorize the entering into of certain joint transactions that otherwise may be prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act and
<FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1&nbsp;promulgated</FONT> thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE, BE IT RESOLVED</B>, that the officers of
Gladstone Management Corporation and the Fund be, and each of them hereby is, authorized and directed on behalf of the Fund and in its name and on behalf of the Fund, to prepare, execute, and cause to be filed with the Commission an Application for
an Order of Exemption, substantially in the form attached hereto as Exhibit A, and any amendments thereto, pursuant to Sections&nbsp;17(d) and 57(i) of the 1940 Act, and <FONT STYLE="white-space:nowrap">Rule&nbsp;17d-1&nbsp;promulgated</FONT> under
the 1940 Act, authorizing certain joint transactions that otherwise may be prohibited by Section&nbsp;17(d) and 57(a)(4) of the 1940 Act; and it is further </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>RESOLVED</B>, that the officers of the Fund be, and each of them hereby is, authorized and directed to take such further action and execute such other
documents as such officer or officers shall deem necessary or advisable in order to effectuate the intent of the foregoing resolution; and it is further </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>RESOLVED</B>, that any and all actions previously taken by the Fund or any of its directors or officers in connection with the actions contemplated by the
foregoing resolutions be, and each of them hereby is, ratified, confirmed, approved and adopted in all respects as and for the acts and deeds of the Fund. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedule A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Existing Wholly-Owned Subsidiaries </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Existing Wholly-Owned Subsidiaries of Gladstone Capital Corporation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GLADSTONE BUSINESS LOAN, LLC </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Existing Wholly-Owned
Subsidiaries of Gladstone Investment Corporation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GLADSTONE BUSINESS INVESTMENT, LLC </P>
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