# EDGAR Filing Document

**Accession Number:** 0002026098
**File Stem:** 0001049169-25-000629
**Filing Date:** 2025-11
**Character Count:** 9673
**Document Hash:** 5a37a645bd56300e0224052a1800e34c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000629.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001049169-25-000629

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20260331

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23983
- **FILM NUMBER:** 251510965

**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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Gladstone Alternative Income Fund

- **b. Investment Company Act file number:** 811-23983

- **c. CIK number of Registrant:** 0002026098

- **d. LEI of Registrant:** 5299008TNQEFDPVB0997

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1521 Westbranch Dr Suite 100

  - **City:** McLean

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 22102

  - **Telephone number:** 7032875800

**Item A.2. Information about the Series.**

- **a. Name of Series:** Gladstone Alternative Income Fund

- **c. LEI of Series:** 5299008TNQEFDPVB0997

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $29808991.32

**Total Liabilities:** $9136601.53

**Net Assets:** $20672389.79

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.65%                | 0.60%                | 0.58%                |
| Class ID N/A | 0.55%                | 0.60%                | 0.48%                |
| Class ID N/A | 0.75%                | 0.59%                | 0.58%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $22596.38                                  |
| Month 2  | $0.00                    | $10050.84                                  |
| Month 3  | $0.00                    | $-1438.99                                  |

### Schedule of Portfolio Investments

| Name                       | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                        | Dutch Gold Honey (Equity)                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $100000.00    | 0.48%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                        | Viron International (Equity)                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        50 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Msilf Government Portfolio | Morgan Stanley Institutional Liquidity Government Fund | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   4953842 | NS      | $4953841.52   | 23.96%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                        | Detroit Defense (Equity)                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1039 | NS      | $1085167.63   | 5.25%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                        | Detroit Defense (Secured First Lien Debt)              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3661466 | PA      | $3661466.00   | 17.71%            | 2029-12-31      | Floating      | 13.28%                | No            |                  3 | On Loan: No      |
| N/A                        | REVERSE REPO                                           | CUSIP: RP797MS31<br>LEI: N/A                  | Short            | RA               | CORP              | US        |  -8100000 | NS      | $-8100000.00  | -39.18%           |  |  |  | No            |                  2 | On Loan: No      |
| Treasury Bill              | United States Treasury Bill                            | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9000000 | PA      | $8997120.00   | 43.52%            | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                        | Dutch Gold Honey (Secured Second Lien Debt)            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2000000 | PA      | $1986400.00   | 9.61%             | 2030-08-04      | Floating      | 11.82%                | No            |                  3 | On Loan: No      |
| N/A                        | Viron International (Secured First Lien Debt)          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2042500 | PA      | $2018194.25   | 9.76%             | 2030-02-07      | Floating      | 11.24%                | No            |                  3 | On Loan: No      |
| N/A                        | Smart Chemical Solutions (Secured First Lien Debt)     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1632503 | PA      | $1632503.00   | 7.90%             | 2030-05-15      | Floating      | 13.50%                | No            |                  3 | On Loan: No      |
| N/A                        | Nielsen-Kellerman (Secured First Lien Debt)            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1368858 | PA      | $1387748.24   | 6.71%             | 2029-12-19      | Floating      | 13.50%                | No            |                  3 | On Loan: No      |
| N/A                        | Nielsen-Kellerman (Equity)                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       628 | NS      | $658832.48    | 3.19%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                        | Radiology Services Business (Secured First Lien Debt)  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2250000 | PA      | $2231100.00   | 10.79%            | 2027-12-17      | Floating      | 12.32%                | No            |                  3 | On Loan: No      |
| N/A                        | Smart Chemical Solutions (Equity)                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         3 | NS      | $2990.00      | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                        | Nielsen-Kellerman (Equity)                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         3 | NS      | $3155.96      | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                        | Smart Chemical Solutions (Equity)                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       571 | NS      | $571480.00    | 2.76%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Gladstone Alternative Income Fund

**Signature:** Michael J. Malesardi

**Name of Signer:** Michael J. Malesardi

**Title:** Chief Financial Officer and Treasurer