SCHEDULE 13D/A 0001193125-24-278435 0001728707 XXXXXXXX LIVE 1 Common Shares of beneficial interest, $0.001 par value per share 12/17/2024 false 0002026098 37653U105 Gladstone Alternative Income Fund

1521 Westbranch Drive, Suite 100 McLean VA 22102

Michael LiCalsi (703) 287-5800 1521 Westbranch Drive, Suite 100 McLean VA 22102 0001728707 N Gladstone Companies, Ltd. AF N E9 1010000 0 1010000 0 1010000 N 49.9 CO HC This percentage is calculated based upon 2,023,400 shares of the Issuer's common shares of beneficial interest issued and outstanding as of December 17, 2024. (1) Solely in its capacity as the sole shareholder of The Gladstone Companies, Inc. Y The Gladstone Companies, Inc. WC N DE 1010000 0 1010000 0 1010000 N 49.9 CO HC This percentage is calculated based upon 2,023,400 shares of the Issuer's common shares of beneficial interest issued and outstanding as of December 17, 2024. Y David Gladstone AF N X1 1010000 0 1010000 0 1010000 N 49.9 IN This percentage is calculated based upon 2,023,400 shares of the Issuer's common shares of beneficial interest issued and outstanding as of December 17, 2024. (1) Solely in his capacity as the sole shareholder of The Gladstone Companies, Ltd. and an executive officer and director of The Gladstone Companies, Inc. Y Gladstone Capital Corporation WC N MD 0 500000 0 500000 500000 N 24.7 CO IV This percentage is calculated based upon 2,023,400 shares of the Issuer's common shares of beneficial interest issued and outstanding as of December 17, 2024. Y Gladstone Investment Corporation WC N DE 0 500000 0 500000 500000 N 24.7 CO IV This percentage is calculated based upon 2,023,400 shares of the Issuer's common shares of beneficial interest issued and outstanding as of December 17, 2024. Y Gladstone Management Corporation OO N DE 0 1000000 0 1000000 1000000 N 49.4 CO IA This percentage is calculated based upon 2,023,400 shares of the Issuer's common shares of beneficial interest issued and outstanding as of December 17, 2024. Common Shares of beneficial interest, $0.001 par value per share Gladstone Alternative Income Fund 1521 Westbranch Drive, Suite 100 McLean VA 22102 The Schedule 13D originally filed with the Securities and Exchange Commission on December 13, 2024 (the "Original Statement") by The Gladstone Companies, Inc. and the other persons named therein (the "Prior Statement") is hereby amended and supplemented by this Amendment No. 1 to Schedule 13D. Capitalized terms used herein and not otherwise defined have the meanings assigned to such terms in the Prior Statement. Except as otherwise provided herein, each Item of the Prior Statement remains unchanged. (c) Item 5(c) of the Prior Statement is hereby amended and supplemented as follows: On December 17, 2024, TGC used working capital to purchase an additional 500,000 Common Shares from the Issuer at an aggregate purchase price of $5.0 million (or $10 per Common Share). Also on December 17, 2024, each of GLAD and GAIN used their respective working capital to purchase an additional 250,000 Common Shares from the Issuer at an aggregate purchase price of $2.5 million (or $10 per Common Share). Gladstone Companies, Ltd. /s/ David Gladstone 12/18/2024 The Gladstone Companies, Inc. /s/ David Gladstone 12/18/2024 David Gladstone /s/ David Gladstone 12/18/2024 Gladstone Capital Corporation /s/ David Gladstone 12/18/2024 Gladstone Investment Corporation /s/ David Gladstone 12/18/2024 Gladstone Management Corporation /s/ David Gladstone 12/18/2024