Portfolio (Quarterly) Guide ↗

Gladstone Institutional Advisory LLC

· CIK 0001766530

13F Portfolio $2.7B AUM 829 positions Filed May 14, 2026 EDGAR ↗ ← All Funds

Q1 2026 Q4 2025 · All 108 New 357 Added 287 Reduced 67 Exited

Page 2 of 6 · 108 positions

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#	Ticker	Company	Sector	Shares	Value ↓	% Port	Chg Shares	Chg %	Period Price ①	Since Period ①
21	FYC	FIRST TR EXCHANGE-TRADED ALP	—	11,665.0	$1.1M	0.04%	NEW	—	$96.99	+17.2%
22	MISL	FIRST TR EXCHANGE-TRADED FD	—	24,092.0	$1.1M	0.04%	NEW	—	$44.71	+2.1%
23	QGRO	AMERICAN CENTY ETF TR	—	10,220.0	$1.1M	0.04%	NEW	—	$105.03	+8.1%
24	FTRI	FIRST TR EXCHANGE-TRADED FD	—	57,649.0	$1.0M	0.04%	NEW	—	$17.85	-4.3%
25	RING	ISHARES INC	—	12,410.0	$980K	0.04%	NEW	—	$78.98	-5.2%
26	GNR	SPDR INDEX SHS FDS	—	12,523.0	$935K	0.04%	NEW	—	$74.67	-1.0%
27	DVA	DAVITA INC	Healthcare	5,043.0	$775K	0.03%	NEW	—	$153.69	+29.3%
28	FSCC	FEDERATED HERMES ETF TRUST	—	24,692.0	$733K	0.03%	NEW	—	$29.69	+15.4%
29	ISPY	PROSHARES TR	—	15,808.0	$685K	0.03%	NEW	—	$43.35	+11.6%
30	SCIO	FIRST TR EXCHANGE-TRADED FD	—	32,679.0	$674K	0.03%	NEW	—	$20.64	-0.6%
31	—	PROSHARES TR	—	15,689.0	$654K	0.02%	NEW	—	$41.69	—
32	FN	FABRINET	Technology	1,134.0	$591K	0.02%	NEW	—	$521.52	+34.8%
33	FBT	FIRST TR EXCHANGE-TRADED FD	—	2,920.0	$587K	0.02%	NEW	—	$200.87	+5.8%
34	DY	DYCOM INDS INC	Industrials	1,728.0	$585K	0.02%	NEW	—	$338.82	+22.3%
35	BKGI	BNY MELLON ETF TRUST	—	12,350.0	$550K	0.02%	NEW	—	$44.54	+4.4%
36	EXI	ISHARES TR	—	3,039.0	$550K	0.02%	NEW	—	$181.01	+6.5%
37	MMIT	NEW YORK LIFE INVTS ACTIVE E	—	22,208.0	$535K	0.02%	NEW	—	$24.11	+0.1%
38	EOG	EOG RES INC	Energy	3,609.0	$522K	0.02%	NEW	—	$144.61	-3.2%
39	PSCF	INVESCO EXCH TRADED FD TR II	—	9,100.0	$517K	0.02%	NEW	—	$56.85	+8.5%
40	IVZ	INVESCO LTD	Financial Services	20,353.0	$494K	0.02%	NEW	—	$24.29	+11.1%

Page 2 of 6 · 108 positions

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① Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation

Technology 29.5%

Financial Services 21.2%

Industrials 9.8%

Consumer Cyclical 8.8%

Communication Services 8.3%

Healthcare 8.3%

Energy 5.7%

Consumer Defensive 4.5%

Utilities 1.7%

Basic Materials 1.2%