EX-FILING FEES

Exhibit(s)

Calculation of Filing Fee Tables

Form N-2

(Form Type)

Gladstone Investment Corporation

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered and Carry Forward Securities

Security

Type

Security

Class

Title

Fee
Calculation
or Carry
Forward
Rule

Amount
Registered (1)

Proposed
Maximum
Offering
Price Per
Share (1)

Maximum

Aggregate

Offering

Price (1)

Fee

Rate

Amount of
Registration
Fee (4)

Carry
Forward
Form

Type

Carry

Forward

File

Number

Carry

Forward

Initial

Effective

Date

Filing Fee
Previously Paid
in Connection
with Unsold
Securities to be
Carried
Forward

Fees to be Paid

Equity

Common Stock, $0.001 par value per share ⁽²⁾

457(o)

Equity

Preferred Stock, $0.001 par value per share ⁽²⁾

457(o)

Debt

Debt Securities ⁽²⁾

457(o)

Equity

Warrants ⁽²⁾

457(o)

Equity

Subscription Rights ⁽²⁾

457(o)

Unallocated (Universal)

Shelf

Unallocated (Universal)

Shelf

457(o)

$274,749,691

$0.00014760

$40,553.06

Carry Forward Securities

Equity

Common Stock, $0.001 par value per share ⁽²⁾

415(a)(6)

Equity

Preferred Stock, $0.001 par value per share ⁽²⁾

415(a)(6)

Debt

Debt Securities ⁽²⁾

415(a)(6)

Equity

Warrants ⁽²⁾

415(a)(6)

Equity

Subscription Rights ⁽²⁾

415(a)(6)

Unallocated (Universal)

Shelf

Unallocated (Universal)

Shelf

415(a)(6)

$175,250,309 ⁽³⁾

N-2

333-259302

October 15, 2021

$19,119.81

Total Offering Amounts

$450,000,000 ⁽⁴⁾

$0.00014760

$40,553.06

Total Fees Previously Paid

$—

Total Fee Offsets

$—

Net Fee Due

$40,553.06

(1)

Estimated solely for the purpose of calculating the registration fee. Pursuant to Rule 457(o) of the rules and regulations under the Securities Act of 1933, as amended, which permits the registration fee to be calculated on the basis of the maximum offering price of all the securities listed, the table does not specify by each class information as to the amount to be registered, proposed maximum offering price per unit or proposed maximum aggregate offering price.

(2)

Subject to Note 4 below, there is being registered hereunder an indeterminate amount of common stock, preferred stock, subscription rights, debt securities, or warrants as may be sold, from time to time. If any debt securities are issued at an original issue discount, then the offering price shall be in such greater principal amount as shall result in an aggregate price to investors not to exceed $450,000,000. If any warrants are issued, they will represent rights to purchase common stock, preferred stock or debt securities.

(3)

Pursuant to Rule 415(a)(6) under the Securities Act, this registration statement includes $175,250,309 aggregate principal offering price of unsold securities (the “Unsold Securities”) that were previously registered for sale under a Registration Statement filed on September 3, 2021, on Form N-2 (File No. 333-259302) and declared effective on October 15, 2021 (the “Prior Registration Statement”). The Registrant previously paid filing fees in the aggregate of $32,730 relating to the securities registered on the Prior Registration Statement. Pursuant to Rule 415(a)(6) under the Securities Act, the filing fees previously paid with respect to the Unsold Securities will continue to be applied to such Unsold Securities. Pursuant to Rule 415(a)(6) under the Securities Act, the offering of Unsold Securities under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this registration statement.

(4)	In no event will the aggregate offering price of all securities issued from time to time pursuant to the Registration Statement exceed $450,000,000.