Published on August 28, 2025
| Gladstone Alternative Income Fund | Schedule of Investments |
June 30, 2025 (Unaudited)
| Equity Investments - 11.99% | Shares | Value | ||||||
| Food & Tobacco | ||||||||
| Dutch Gold Honey (Equity)(a)(b)(c) | 100,000 | $ | 90,909 | |||||
| Electronics | ||||||||
| Nielsen-Kellerman (Equity)(a)(b)(d) | 631 | 661,988 | ||||||
| Aerospace & Defense | ||||||||
| Detroit Defense (Equity)(a)(b)(d) | 1,039 | 1,085,168 | ||||||
| Business/Consumer Services | ||||||||
| Smart Chemical Solutions (Equity)(a)(b)(d) | 617 | 617,150 | ||||||
| Diversified/Conglomerate Manufacturing | ||||||||
| Viron International (Equity)(a)(b)(c) | 50 | 0 | ||||||
| Total Equity Investments (Cost $2,388,543) | $ | 2,455,215 | ||||||
| Debt Investments - 63.27% | Rate | Maturity Date | Principal Amount | Value | ||||||||
| Food & Tobacco | ||||||||||||
| Dutch Gold Honey (Secured Second Lien Debt)(b)(c) | Term SOFR + 7.5%, 2% Floor | 8/4/2030 | $ | 2,000,000 | $ | 1,986,400 | ||||||
| Electronics | ||||||||||||
| Nielsen-Kellerman (Secured First Lien Debt)(b)(d) | Term SOFR + 8.5%, 13.5% Floor | 12/19/2029 | 1,368,858 | 1,387,748 | ||||||||
| Aerospace & Defense | ||||||||||||
| Detroit Defense (Secured First Lien Debt)(b)(d) | Term SOFR + 9%, 13% Floor | 12/31/2029 | 3,661,466 | 3,661,466 | ||||||||
| Business/Consumer Services | ||||||||||||
| Smart Chemical Solutions (Secured First Lien Debt)(b)(d) | Term SOFR + 9%, 13.5% Floor | 5/15/2030 | 1,589,823 | 1,589,823 | ||||||||
| Healthcare, Education & Childcare | ||||||||||||
| Radiology Services Business (Secured First Lien Debt)(b)(c) | Term SOFR + 7%, 10% Floor | 12/17/2027 | 2,250,000 | 2,231,100 | ||||||||
| Diversified/Conglomerate Manufacturing | ||||||||||||
| Viron International (Secured First Lien Debt)(b)(c) | Term SOFR + 7% | 2/7/2030 | 2,123,125 | 2,097,860 | ||||||||
| Total Debt Investments (Cost $12,993,272) | $ | 12,954,397 | ||||||||||
| United States Treasury Obligations - 48.82% | Rate | Maturity Date | Principal Amount | Value | ||||||||
| United States Treasury Bill(e) | 3.08% | 7/1/2025 | $ | 10,000,000 | $ | 9,998,800 | ||||||
| Total United States Treasury Obligations (Cost $10,000,000) | $ | 9,998,800 | ||||||||||
| Investments, at fair value | $ | 25,408,412 | ||||||||||
| Short Term Investments - 16.79% | 7 Day Yield | Shares | Value | ||||||||
| Money Market Fund - 16.79% | |||||||||||
| Morgan Stanley Institutional Liquidity Government Fund(f) | 4.27% | 3,438,070 | $ | 3,438,070 | |||||||
| Total Short Term Investments Cost ($3,438,070) | $ | 3,438,070 | |||||||||
| Total Investments - 140.87%; Cost ($28,819,885) | $ | 28,846,482 | |||||||||
| Liabilities in Excess of Other Assets (40.85%) | (8,366,683 | ) | |||||||||
| Net Assets - 100.00% | $ | 20,479,799 | |||||||||
Investment Abbreviations:
SOFR - Secured Overnight Financing Rate
Reference Rates:
30D US SOFR - 30 Day SOFR as of June 30, 2025 was 4.33%
Schedule of Investments
June 30, 2025 (Unaudited)
| (a) | Non-income producing security. |
| (b) | As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 securities under the fair value hierarchy. |
| (c) | One of our affiliated funds, Gladstone Capital Corporation, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission. |
| (d) | One of our affiliated funds, Gladstone Investment Corporation, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission. |
| (e) | All or partial amount transferred for the benefit of the counterparty as collateral for reverse repurchase agreements. |
| (f) | The rate shown is the annualized 7-day yield as of June 30, 2025. |
Reverse Repurchase Agreements
| Counterparty | Interest Rate | Acquisition Date | Maturity Date | Amount Borrowed | Amount Payable | |||||||||||
| UMB | 5.15% | 06/25/2025 | 07/01/2025 | $ | 9,000,000 | $ | 9,005,150 | |||||||||
See Notes to Schedule of Investments.
| Gladstone Alternative Income Fund | Notes to Schedule of Investments |
June 30, 2025 (Unaudited)
Fair Value Measurements
In accordance with ASC 820, the fair value of the Fund's investments are determined to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between willing market participants on the measurement date. This fair value definition focuses on exit price in the principal, or most advantageous, market and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. ASC 820 also establishes the following three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of a financial instrument as of the measurement date.
| ● | Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical financial instruments in active markets; |
| ● | Level 2 – inputs to the valuation methodology include quoted prices for similar financial instruments in active or inactive markets, and inputs that are observable for the financial instrument, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists, or instances where prices vary substantially over time or among brokered market makers; and |
| ● | Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs are those inputs that reflect assumptions that market participants would use when pricing the financial instrument and can include the Valuation Team’s assumptions based upon the best available information. |
When a determination is made to classify an investment within Level 3 of the valuation hierarchy, such determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable, or Level 3, inputs, observable inputs (or components that are actively quoted and can be validated to external sources). The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2025:
| Investments in Securities at Value(a) | Level 1 - Quoted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||||||||||
| Equity Investments | $ | – | $ | – | $ | 2,455,215 | $ | 2,455,215 | ||||||||
| Debt Investments | – | – | 12,954,397 | 12,954,397 | ||||||||||||
| United States Treasury Obligations | – | 9,998,800 | – | 9,998,800 | ||||||||||||
| Short Term Investments | 3,438,070 | – | – | 3,438,070 | ||||||||||||
| Total | $ | 3,438,070 | $ | 9,998,800 | $ | 15,409,612 | $ | 28,846,482 | ||||||||
| (a) | For detailed descriptions, see the accompanying Schedule of Investments. |