Gladstone Capital Management LLP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PWR	Quanta Services Inc	180,981	$76,385	7.9%	$439.27	0.0%	COM	74762E102
ABNB	Airbnb Inc	209,100	$28,379	2.9%	$124.53	0.0%	COM	009066101
TSM	Taiwan Semiconductor Manufacturing Co Ltd	17,860	$5,427	0.6%	$303.89	—	ADR	874039100
LULU	Lululemon Atheletic Inc	3,300	$686	0.1%	$181.15	0.0%	COM	550021109
BABA	Alibaba Group Holding Ltd	900	$132	0.0%	$146.58	—	ADR	01609W102
WING	Wingstop Inc	100	$24	0.0%	$247.68	0.0%	COM	974155103
NKE	Nike Inc	4	$0	0.0%	$64.91	0.0%	COM	654106103

Increased Positions (7)

SNOW Snowflake Inc 3.8%

Value ($000) $37,072 (+2265.6%) Shares 169,002 (+2332.4%) Est. Cost $241.03 Unrealized +1.3%

RTX RTX Corp 12.3%

Value ($000) $119,387 (+17.1%) Shares 650,965 (+6.9%) Est. Cost $147.48 Unrealized +17.5%

APG Api Group Corp 8.6%

Value ($000) $83,466 (+24.0%) Shares 2,181,558 (+11.4%) Est. Cost $35.12 Unrealized +5.3%

ACGL Arch Capital Group Ltd 7.4%

Value ($000) $71,991 (+21.1%) Shares 750,533 (+14.6%) Est. Cost $76.16 Unrealized +20.1%

AMZN Amazon.com Inc 0.1%

Value ($000) $691 (+3049.2%) Shares 3,000 (+2900.0%) Est. Cost $227.95 Unrealized +0.4%

FIG Figma Inc 0.1%

Value ($000) $638 (-25.9%) Shares 17,081 (+2.9%) Est. Cost $68.00 Unrealized -33.5%

TEAM Atlassian Corp 0.0%

Value ($000) $162 (+12.8%) Shares 1,000 (+11.1%) Est. Cost $178.53 Unrealized -12.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SNOW	Snowflake Inc	169,002 (+2332.4%)	$37,072 (+2265.6%)	3.8%	$241.03	+1.3%	COM	833445109
RTX	RTX Corp	650,965 (+6.9%)	$119,387 (+17.1%)	12.3%	$147.48	+17.5%	COM	75513E101
APG	Api Group Corp	2,181,558 (+11.4%)	$83,466 (+24.0%)	8.6%	$35.12	+5.3%	COM	00187Y100
ACGL	Arch Capital Group Ltd	750,533 (+14.6%)	$71,991 (+21.1%)	7.4%	$76.16	+20.1%	COM	G0450A105
AMZN	Amazon.com Inc	3,000 (+2900.0%)	$691 (+3049.2%)	0.1%	$227.95	+0.4%	COM	023135106
FIG	Figma Inc	17,081 (+2.9%)	$638 (-25.9%)	0.1%	$68.00	-33.5%	COM	316841105
TEAM	Atlassian Corp	1,000 (+11.1%)	$162 (+12.8%)	0.0%	$178.53	-12.1%	COM	049468101

Exited Positions (2)

NOW ServiceNow Inc 0.0%

Value ($000) $138 Shares 150 Est. Cost $186.78 Unrealized -8.2%

DE Deere & Co 0.0%

Value ($000) $46 Shares 100 Est. Cost $465.02 Unrealized +0.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NOW	ServiceNow Inc	150	$138	0.0%	$186.78	-8.2%	—	81762P102
DE	Deere & Co	100	$46	0.0%	$465.02	+0.6%	—	244199105

Decreased Positions (9)

PM Philip Morris International Inc 6.7%

Value ($000) $65,386 (-50.5%) Shares 407,642 (-49.9%) Est. Cost $115.74 Unrealized +32.7%

GOOGL Alphabet Inc 19.2%

Value ($000) $186,535 (+21.0%) Shares 595,957 (-6.0%) Est. Cost $209.20 Unrealized +36.5%

ICE Intercontinental Exchanges Inc 0.0%

Value ($000) $16 (-99.9%) Shares 100 (-99.9%) Est. Cost $159.73 Unrealized -2.2%

AVGO Broadcom Inc 7.6%

Value ($000) $73,742 (-22.9%) Shares 213,066 (-26.5%) Est. Cost $305.48 Unrealized +16.9%

MSFT Microsoft Corp 11.9%

Value ($000) $115,443 (-14.4%) Shares 238,707 (-8.4%) Est. Cost $302.64 Unrealized +65.4%

XYZ Block Inc 3.5%

Value ($000) $33,517 (-34.2%) Shares 514,928 (-26.9%) Est. Cost $79.30 Unrealized -13.0%

CBRE Capital One Finance Corp 2.0%

Value ($000) $18,928 (-36.6%) Shares 78,097 (-44.4%) Est. Cost $146.87 Unrealized +7.1%

DASH DoorDash Inc 0.7%

Value ($000) $7,111 (-50.3%) Shares 31,397 (-40.4%) Est. Cost $250.83 Unrealized -6.5%

GE General Electric Co 0.0%

Value ($000) $477 (-74.3%) Shares 1,548 (-74.9%) Est. Cost $155.75 Unrealized +93.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PM	Philip Morris International Inc	407,642 (-49.9%)	$65,386 (-50.5%)	6.7%	$115.74	+32.7%	COM	718172109
GOOGL	Alphabet Inc	595,957 (-6.0%)	$186,535 (+21.0%)	19.2%	$209.20	+36.5%	COM	02079K305
ICE	Intercontinental Exchanges Inc	100 (-99.9%)	$16 (-99.9%)	0.0%	$159.73	-2.2%	COM	45866F104
AVGO	Broadcom Inc	213,066 (-26.5%)	$73,742 (-22.9%)	7.6%	$305.48	+16.9%	COM	11135F101
MSFT	Microsoft Corp	238,707 (-8.4%)	$115,443 (-14.4%)	11.9%	$302.64	+65.4%	COM	594918104
XYZ	Block Inc	514,928 (-26.9%)	$33,517 (-34.2%)	3.5%	$79.30	-13.0%	COM	852234103
CBRE	Capital One Finance Corp	78,097 (-44.4%)	$18,928 (-36.6%)	2.0%	$146.87	+7.1%	COM	12504L109
DASH	DoorDash Inc	31,397 (-40.4%)	$7,111 (-50.3%)	0.7%	$250.83	-6.5%	COM	25809K105
GE	General Electric Co	1,548 (-74.9%)	$477 (-74.3%)	0.0%	$155.75	+93.1%	COM	369604301

Unchanged Positions (5)

ARM Arm Holdings PLC 0.0%

Value ($000) $109 Shares 1,000 Est. Cost $106.79 Unrealized —

KEY KeyCorp 0.0%

Value ($000) $14 Shares 698 Est. Cost $14.86 Unrealized +24.4%

TSLA Tesla Inc 0.0%

Value ($000) $45 Shares 100 Est. Cost $228.05 Unrealized +94.4%

NVDA NVIDIA Corp 0.0%

Value ($000) $187 Shares 1,000 Est. Cost $96.88 Unrealized +92.1%

META Meta Platforms Inc 4.5%

Value ($000) $43,309 Shares 58,974 Est. Cost $606.84 Unrealized +10.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARM	Arm Holdings PLC	1,000	$109	0.0%	$106.79	—	ADR	042068205
KEY	KeyCorp	698	$14	0.0%	$14.86	+24.4%	COM	493267108
TSLA	Tesla Inc	100	$45	0.0%	$228.05	+94.4%	COM	88160R101
NVDA	NVIDIA Corp	1,000	$187	0.0%	$96.88	+92.1%	COM	67066G104
META	Meta Platforms Inc	58,974	$43,309	4.5%	$606.84	+10.0%	COM	30303M102