Published on February 27, 2025
| Gladstone Alternative Income Fund | ||||||
| 12/31/2024 (UNAUDITED) |
| Preferred Stock - 8.25% | Shares | Value | ||||||
| Equities (private, Preferred) - 8.25% | ||||||||
| Nielsen-Kellerman Acquisition Corp. (Preferred Stock) | 631 | $ | 631,142 | |||||
| Ricardo Defense, Inc. (Preferred Stock) | 1,039 | 1,038,534 | ||||||
| Total Preferred Stock Cost ($1,669,676) | $ | 1,669,676 | ||||||
| Loans - 36.13% | Reference Rate and Spread | Maturity Date | Principal Amount | Value | ||||||||
| Direct Lending (floating Rate) - 36.13% | ||||||||||||
| Nielsen-Kellerman Acquisition Corp. (Term Loan) | Term SOFR + 8.5%, 13% Floor | 12/31/2029 | $ | 1,368,858 | $ | 1,368,858 | ||||||
| Nielsen-Kellerman Acquisition Corp. (Line of Credit) | Term SOFR + 5%, 10% Floor | 12/31/2025 | 30,450 | 30,450 | ||||||||
| Ricardo Defense, Inc. (Term Loan) | Term SOFR + 9%; 13% Floor | 12/31/2029 | 3,661,466 | 3,661,466 | ||||||||
| Vet's Choice Radiology LLC (Term Loan) | 1M SOFR + 7%, 10% Floor | 12/17/2027 | 2,250,000 | 2,250,000 | ||||||||
| Total Loans Cost ($7,310,774) | $ | 7,310,774 | ||||||||||
| United States Treasury Obligations - 49.40% | Rate | Maturity Date | Principal Amount | Value | |||||||||
| United States Treasury Bills | 0.66% | 1/2/2025 | $ | 10,000,000 | $ | 9,998,000 | |||||||
| Total United States Treasury Obligations Cost ($9,998,908) | $ | 9,998,000 | |||||||||||
| Short Term Investments - 73.92% | 7 Day Yield | Shares | Value | ||||||||
| Money Market Fund - 73.92% | |||||||||||
| Morgan Stanley ILF (Government Portfolio)(a) | 4.428% | 14,960,100 | $ | 14,960,100 | |||||||
| Total Short Term Investments Cost ($14,960,100) | $ | 14,960,100 | |||||||||
| Total Investments - 167.70%; Cost ($33,939,458) | $ | 33,938,550 | |||||||||
| Liabilities in Excess of Other Assets (67.70%) | (13,701,210 | ) | |||||||||
| Net Assets - 100.00% | $ | 20,237,340 | |||||||||
| (a) | The rate shown is the annualized 7-day yield as of December 31, 2024. |
Reverse Repurchase Agreements
| Counterparty | Interest Rate | Acquisition Date | Maturity Date | Amount | ||||||||||
| UMB | 5.12% | 12/27/2024 | 01/02/2025 | $ | 9,000,000 | |||||||||
| $ | 9,000,000 | |||||||||||||