Gladstone Interval Fund Announces Inaugural Distribution to Shareholders, First Portfolio Investments
The Gladstone Alternative Income Fund board of directors has declared its first monthly cash distribution to shareholders: $0.0017 per calendar day for each issued and outstanding Class A, C, and I share for the period March 1-31, 2025. For shareholders who own shares all 31 days in March, the distribution will total $0.0527 per share.
The distribution will be paid on April 1, 2025, for dividend reinvestment plan and non-DRIP participants.
The non-diversified closed-end investment company operating as an interval fund was declared effective by the U.S. Securities and Exchange Commission in November 2024. Its investment adviser is Gladstone Management Corporation.
“We are pleased to announce the first dividend for Gladstone Alternative, marking an important milestone in our commitment to delivering consistent income to our investors. We look forward to continuing to create long-term value in the months and years ahead by generating sustainable returns for our shareholders while providing them access to a diversified portfolio of private credit and equity investments,” said John Sateri, president of Gladstone Alternative Income Fund.
Sateri has been with the investment adviser since 2007 and is also a member of the investment committee of all Gladstone funds and is responsible for helping the adviser originate debt and equity investments in privately held companies.
Last month, the interval fund also announced its first portfolio company investments: Nielsen-Kellerman Inc., and Ricardo Defense Systems LLC and Ricardo Defense Inc., collectively RDI. Both investments were a co-investment alongside the Fund’s affiliated business development company fund, Gladstone Investment Corporation (Nasdaq: GAIN).
Nielsen-Kellerman designs, manufactures, and distributes a wide range of rugged, waterproof environmental measurement and sports performance instruments.
RDI is an engineering services and systems integration firm focused on helping U.S. Department of Defense customers solve technical hurdles to modernizing, managing, and maintaining the fleet.
“We are pleased to announce our initial fund investments, which align with our strategy of building a diversified portfolio of high-quality private credit and equity investments, positioning the fund for long-term success in its objectives to achieve and grow current income and provide shareholders with long-term capital appreciation,” added Sateri.
The company seeks to achieve and grow current income and long-term capital appreciation in the value of its assets by investing in several categories of debt and equity securities in lower- and middle- private market businesses in the United States. The fund expects that its investment portfolio over time will consist of approximately 85% in debt securities (primarily directly originated loans, broadly syndicated loans or commercial real estate loans) and 15% in equity securities.
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