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Source Capital

SCHEDULE OF INVESTMENTS

As of September 30, 2025 (Unaudited)

 

 

Principal        
Amount      Value 
     BONDS & DEBENTURES — 20.2%     
     ASSET-BACKED SECURITIES — 6.7%     
     COLLATERALIZED LOAN OBLIGATION — 2.1%     
     Barings Middle Market Ltd.     
$1,040,000   Series 2021-IA, Class D, 13.237% (3-Month Term SOFR+891.161 basis points), 7/20/2033(a),(b)  $1,041,569 
     Fortress Credit Opportunities Ltd.     
 5,186,000   Series 2017-9A, Class ER, 12.640% (3-Month Term SOFR+832.161 basis points), 10/15/2033(a),(b)   5,212,698 
     Parliament Ltd.     
 1,854,000   Series 2021-2A, Class D, 8.165% (3-Month Term SOFR+396.161 basis points), 8/20/2032(a),(b)   1,848,360 
         8,102,627 
     EQUIPMENT — 0.7%     
     Coinstar Funding LLC     
 2,811,220   Series 2017-1A, Class A2, 5.216%, 4/25/2047(a)   2,618,549 
     Prop 2017-1A     
 226,703   5.300%, 3/15/2042(c),(d)   210,833 
         2,829,382 
     OTHER — 3.9%     
     ABPCI Direct Lending Fund LLC     
 2,836,127   Series 2022-2A, Class C, 8.236%, 3/1/2032(a)   2,795,948 
     ABPCI Direct Lending Fund Ltd.     
 216,555   Series 2020-1A, Class A, 3.199%, 12/29/2030(a)   212,802 
 2,187,820   Series 2020-1A, Class B, 4.935%, 12/29/2030(a)   2,150,367 
     Cologix Data Centers US Issuer LLC     
 1,765,000   Series 2021-1A, Class C, 5.990%, 12/26/2051(a)   1,741,631 
     Diamond Infrastructure Funding LLC     
 384,000   Series 2021-1A, Class C, 3.475%, 4/15/2049(a)   369,129 
     Diamond Issuer LLC     
 1,000,000   Series 2021-1A, Class C, 3.787%, 11/20/2051(a)   933,582 
     Elm Trust     
 8,549   Series 2020-3A, Class A2, 2.954%, 8/20/2029(a)   8,537 
 23,422   Series 2020-3A, Class B, 4.481%, 8/20/2029(a)   23,389 
 244,826   Series 2020-4A, Class B, 3.866%, 10/20/2029(a)   244,401 
     Golub Capital Partners Funding Ltd.     
 545,371   Series 2020-1A, Class B, 4.496%, 1/22/2029(a)   543,406 
 1,059,421   Series 2021-1A, Class B, 3.816%, 4/20/2029(a)   1,048,166 
 2,684,535   Series 2021-2A, Class B, 3.994%, 10/19/2029(a)   2,623,515 
     Hotwire Funding LLC     
 750,000   Series 2021-1, Class C, 4.459%, 11/20/2051(a)   736,907 
     Monroe Capital Funding Ltd.     
 398,588   Series 2021-1A, Class B, 3.908%, 4/22/2031(a)   394,799 

 

 

Source Capital

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2025 (Unaudited)

 

 

Principal        
Amount      Value 
     BONDS & DEBENTURES (Continued)     
     ASSET-BACKED SECURITIES (Continued)     
     OTHER (Continued)     
     VCP RRL Ltd.     
$521,449   Series 2021-1A, Class B, 2.848%, 10/20/2031(a)  $491,454 
 1,098,413   Series 2021-1A, Class C, 5.425%, 10/20/2031(a)   1,004,926 
         15,322,959 
     TOTAL ASSET-BACKED SECURITIES     
     (Cost $26,590,763)   26,254,968 
     COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.4%     
     NON-AGENCY — 0.4%     
     BX Commercial Mortgage Trust     
 1,270,134   Series 2021-VOLT, Class F, 6.665% (1-Month Term SOFR+251.448 basis points), 9/15/2036(a),(b)   1,267,752 
     Eleven Madison Mortgage Trust     
 344,000   Series 2015-11MD, Class A, 3.673%, 9/10/2035(a),(b)   341,885 
         1,609,637 
     TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES     
     (Cost $1,580,272)   1,609,637 
     CONVERTIBLE BONDS — 1.6%     
     Delivery Hero AG     
 500,000   1.000%, 1/23/2027   562,880 
 100,000   1.500%, 1/15/2028   108,061 
 1,200,000   3.250%, 2/21/2030   1,390,628 
     Wayfair, Inc.     
 3,933,000   0.625%, 10/1/2025   3,933,000 
 122,000   1.000%, 8/15/2026   119,560 
     TOTAL CONVERTIBLE BONDS     
     (Cost $5,752,657)   6,114,129 
     CORPORATE BANK DEBT — 6.5%     
     Banner Commercial Funding LP Term Loan     
 5,343,750   10.634% (1-Month Term SOFR+650 basis points), 5/27/2028(b),(c),(d),(e)   5,250,235 
     Capstone Acquisition Holdings, Inc. Term Loan     
 2,273,798   8.763% (1-Month Term SOFR+460 basis points), 11/12/2029(b),(c),(d),(e),(f)   2,286,172 
     Cornerstone OnDemand, Inc.     
 71,769   8.013% (1-Month Term SOFR+375 basis points), 10/16/2028(b),(d),(e)   68,808 
     Delta Commercial Funding LP     
 3,100,000   9.119% (1-Month Term SOFR+480 basis points), 12/31/2027(b),(c),(d),(e),(f),(g)   3,050,400 
     EQS Legacy Holdings LLC Term Loan     
 8,575,000   11.000%, 3/27/2032(b),(c),(d),(e)   8,575,000 
     JC Penney Corp., Inc.     
 459,336   5.568% (3-Month USD Libor+425 basis points), 6/23/2027*,(b),(c),(d),(e),(h)   46 
     Lealand Finance Company B.V. Senior Exit LC     
 1,363,749   3.500%, 6/30/2027(b),(c),(d),(e),(f),(g)   (409,125)
 4,296,753   5.250%, 6/30/2027(b),(c),(d),(e),(f),(g)   (429,675)

 

 

Source Capital

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2025 (Unaudited)

 

 

Principal        
Amount      Value 
     CORPORATE BANK DEBT (Continued)     
     Lealand Reficar LC Term Loan     
$33,066   11.763% (3-Month Term SOFR+750 basis points), 6/30/2027(b),(c),(d),(e),(f),(i)  $29,098 
     McDermott LC     
 912,667   8.572% (3-Month Term SOFR+426.16 basis points), 6/30/2027(b),(c),(d),(e),(f)   730,134 
     McDermott Technology Americas, Inc.     
 141,927   7.278% (1-Month Term SOFR+300 basis points), 6/30/2027(b),(d),(e)   120,638 
 1,604,421   8.278% (1-Month Term SOFR+400 basis points), 12/31/2027(b),(c),(d),(e),(i)   1,267,492 
     Plantation Loan     
 3,500,000   10.555%, 1/25/2027(b),(c),(d),(e)   3,500,000 
     Vision Solutions, Inc.     
 71,758   8.570% (3-Month Term SOFR+400 basis points), 4/24/2028(b),(d),(e)   69,067 
     WH Borrower LLC     
 1,206,975   8.884% (3-Month Term SOFR+475 basis points), 2/20/2032(b),(d),(e)   1,206,227 
     TOTAL CORPORATE BANK DEBT     
     (Cost $26,077,685)   25,314,517 
     CORPORATE BONDS — 5.0%     
     COMMUNICATIONS — 1.0%     
     Consolidated Communications, Inc.     
 1,272,000   6.500%, 10/1/2028(a)   1,290,482 
     EchoStar Corp.     
 846,895   3.875%, 11/30/2030   2,083,361 
     Frontier Communications Holdings LLC     
 453,000   5.875%, 10/15/2027(a)   452,434 
         3,826,277 
     CONSUMER DISCRETIONARY — 0.5%     
     Air Canada Pass Through Trust     
 1,500,000   Series 2020-1, Class C, 10.500%, 7/15/2026(a)   1,563,704 
     VT Topco, Inc.     
 421,000   8.500%, 8/15/2030(a)   428,368 
         1,992,072 
     FINANCIALS — 3.4%     
     Apollo Debt Solutions BDC Senior Notes     
 2,333,000   8.620%, 9/28/2028(c),(d)   2,333,000 
     Charles Schwab Corp.     
 549,000   4.000% (USD 5 Year Tsy+316.8 basis points)(b),(j)   542,616 
 75,000   5.000% (3-Month USD Libor+257.5 basis points)(b),(j)   73,594 
     Five Point Operating Co. LP     
 100,000   8.000%, 10/1/2030(a)   101,480 
     Hlend Senior Notes     
 3,500,000   8.170%, 3/15/2028(c),(d)   3,500,000 
     HPS Corporate Lending Fund     
 520,000   6.750%, 1/30/2029   541,948 

 

 

Source Capital

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2025 (Unaudited)

 

 

Principal        
Amount      Value 
     CORPORATE BONDS (Continued)     
     FINANCIALS (Continued)     
     Midcap Financial Issuer Trust     
$3,466,000   6.500%, 5/1/2028(a)  $3,442,362 
     Oaktree Strategic Credit Fund     
 1,615,000   8.400%, 11/14/2028   1,753,704 
     OCREDIT BDC Senior Notes     
 552,000   7.770%, 3/7/2029(c),(d)   552,000 
     Vornado Realty LP     
 250,000   2.150%, 6/1/2026   245,563 
         13,086,267 
     HEALTH CARE — 0.1%     
     Heartland Dental LLC/Heartland Dental Finance Corp.     
 381,000   10.500% (1-Month Term SOFR+500 basis points), 4/30/2028(a),(d)   401,479 
     TOTAL CORPORATE BONDS     
     (Cost $17,647,792)   19,306,095 
     TOTAL BONDS & DEBENTURES     
     (Cost $77,649,169)   78,599,346 

 

Number        
of Shares        
     CLOSED-END FUNDS — 0.0%     
 142,220   Altegrity, Inc.(c),(d)   163,553 
     TOTAL CLOSED-END FUNDS     
     (Cost $0)   163,553 
     COMMON STOCKS — 40.6%     
     AEROSPACE & DEFENSE — 1.7%     
 5,819   Howmet Aerospace, Inc.   1,141,862 
 15,343   Safran S.A.   5,405,535 
         6,547,397 
     APPAREL & TEXTILE PRODUCTS — 0.7%     
 14,586   Cie Financiere Richemont S.A. - Class A   2,777,588 
     ASSET MANAGEMENT — 0.0%     
 14,610   Pershing Square Tontine Holdings Ltd.(c),(d)   — 
     BANKING — 2.2%     
 66,508   Citigroup, Inc.   6,750,562 
 22,932   Wells Fargo & Co.   1,922,160 
         8,672,722 
     BEVERAGES — 3.7%     
 86,811   Heineken Holding N.V.   5,946,727 
 167,093   JDE Peet's N.V.   6,120,335 
 22,509   Pernod Ricard S.A.   2,207,563 
         14,274,625 

 

 

Source Capital

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2025 (Unaudited)

 

 

Number        
of Shares      Value 
     COMMON STOCKS (Continued)     
     CABLE & SATELLITE — 2.2%     
 5,983   Charter Communications, Inc. - Class A*  $1,645,953 
 215,600   Comcast Corp. - Class A   6,774,152 
         8,420,105 
     CHEMICALS — 1.3%     
 83,744   International Flavors & Fragrances, Inc.   5,153,606 
     COMMERCIAL SUPPORT SERVICES — 0.9%     
 47,135   Eurofins Scientific S.E.   3,418,643 
     CONSTRUCTION MATERIALS — 1.4%     
 69,135   Amrize Ltd.*   3,333,869 
 23,170   Holcim AG*   1,959,889 
         5,293,758 
     CONSUMER SERVICES — 0.1%     
 23,300   Shiseido Co. Ltd.   398,141 
     E-COMMERCE DISCRETIONARY — 0.7%     
 12,523   Amazon.com, Inc.*   2,749,675 
     ELECTRIC UTILITIES — 0.0%     
 9,047   PG&E Corp.   136,429 
     ELECTRICAL EQUIPMENT — 2.2%     
 39,535   TE Connectivity Ltd.   8,679,118 
     ENGINEERING & CONSTRUCTION — 1.1%     
 98,014   McDermott International, Ltd.*,(c),(d)   1,470,210 
 21,370   Samsung C&T Corp.   2,811,662 
 10,312   Uniti Group, Inc.*   63,109 
         4,344,981 
     ENTERTAINMENT CONTENT — 0.6%     
 4,347   Epic Games, Inc.(c),(d)   1,156,302 
 44,007   Nexon Co., Ltd.   966,229 
         2,122,531 
     HEALTH CARE FACILITIES & SVCS — 0.4%     
 8,224   ICON PLC*   1,439,200 
     HOME CONSTRUCTION — 0.7%     
 50,623   Fortune Brands Innovations, Inc.   2,702,762 
     INSURANCE — 1.2%     
 13,605   Aon PLC - Class A   4,851,271 
     INTERNET MEDIA & SERVICES — 7.0%     
 31,853   Alphabet, Inc. - Class A   7,743,464 
 19,721   Alphabet, Inc. - Class C   4,803,049 
 8,390   Delivery Hero S.E.*   240,432 
 10,387   Meta Platforms, Inc. - Class A   7,628,005 
 86,481   Prosus N.V.*   6,085,550 

 

 

Source Capital

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2025 (Unaudited)

 

 

Number        
of Shares      Value 
     COMMON STOCKS (Continued)     
     INTERNET MEDIA & SERVICES (Continued)     
 8,195   Uber Technologies, Inc.*  $802,864 
         27,303,364 
     LEISURE FACILITIES & SERVICES — 1.2%     
 8,054   Marriott International, Inc. - Class A   2,097,584 
 18,090   Vail Resorts, Inc.   2,705,721 
         4,803,305 
     METALS & MINING — 0.9%     
 802,359   Glencore PLC*   3,685,931 
     OIL & GAS PRODUCERS — 0.6%     
 2,203   Gulfport Energy Corp.*   398,699 
 70,369   Kinder Morgan, Inc.   1,992,146 
         2,390,845 
     OIL & GAS SERVICES & EQUIP — 0.5%     
 142,889   NOV, Inc.   1,893,279 
     OTHER COMMON STOCK — 2.7%     
 —   Other Common Stock(k)   10,612,063 
     REAL ESTATE OWNERS & DEVELOPERS — 0.1%     
 60,408   Swire Pacific Ltd. - Class A   511,939 
     REAL ESTATE SERVICES — 0.1%     
 16,058   Copper Property CTL Pass Through Trust(d)   199,280 
     RETAIL - DISCRETIONARY — 1.2%     
 23,348   CarMax, Inc.*   1,047,625 
 16,171   Ferguson Enterprises, Inc.   3,631,683 
         4,679,308 
     SEMICONDUCTORS — 3.3%     
 37,249   Analog Devices, Inc.   9,152,079 
 2,117   Broadcom, Inc.   698,419 
 13,587   NXP Semiconductors N.V.   3,094,168 
         12,944,666 
     TECHNOLOGY HARDWARE — 0.3%     
 14,244   Nintendo Co., Ltd.   1,233,353 
     TECHNOLOGY SERVICES — 0.5%     
 41,039   LG Corp.   2,105,989 
     TRANSPORTATION & LOGISTICS — 0.7%     
 84,452   PHI Group, Inc.(c),(d)   2,702,464 
     TRANSPORTATION EQUIPMENT — 0.4%     
 7,391   Westinghouse Air Brake Technologies Corp.   1,481,674 
     TOTAL COMMON STOCKS     
     (Cost $97,173,570)   158,530,012 

 

 

Source Capital

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2025 (Unaudited)

 

 

Number        
of Shares      Value 
     LIMITED PARTNERSHIPS — 18.4%     
 2,300,000   BH3 Debt Opportunity Fund II-Parallel, LP(d),(l)  $1,071,788 
 55,000   Blue Torch Credit Opportunities Fund II LP(d),(l)   3,540,555 
 3,900,000   Castlelake Asset-Based Private Credit III Evergreen A, L.P.(d),(l)   3,820,772 
 60,000   Clover Private Credit Opportunities Fund LP(d),(l)   3,182,928 
 10,507,864   FPS Holdco II LLC(d),(l),(m)   10,705,317 
 55,000   HIG WhiteHorse Direct Lending 2020 LP(d),(l)   4,114,355 
 6,000,000   Jett Texas LLC(d),(l)   6,000,000 
 80,000   Metro Partners Fund VII LP(d),(l)   8,511,391 
 80,000   MSD Private Credit Opportunities Fund II LP(d),(l)   5,824,123 
 30,000   MSD Real Estate Credit Opportunities Fund(d),(l)   1,403,284 
 55,000   Nebari Natural Resources Credit Fund I LP(d),(l)   2,981,102 
 30,000   Piney Lake Opportunities Fund LP(d),(l)   3,144,352 
 18,000   Post Road Special Opportunity Fund II LP(d),(l)   1,757,223 
 35,000   Silverview Credit Opportunities Onshore Fund LP(d),(l)   1,605,464 
 48,500   Silverview Special Situations Lending LP(d),(l)   4,147,653 
 14,000,000   Tioga Partners IV, LP(d),(l)   6,912,137 
 3,000,000   Trevian Capital Debt Fund, LP(d),(l)   3,000,000 
     TOTAL LIMITED PARTNERSHIPS     
     (Cost $67,250,709)   71,722,444 
     PREFERRED STOCKS — 0.0%     
     INDUSTRIALS — 0.0%     
 65,370   Uniti Group, Inc. - Series A, 11.000%(c),(d)   65,370 
     TOTAL PREFERRED STOCKS     
     (Cost $124,813)   65,370 
     WARRANTS (SPAC) — 0.0%     
 31,567   Electriq Power Holdings, Inc., Expiration Date: January 25, 2028*,(c)   — 
 24,015   MariaDB PLC, Expiration Date: December 16, 2027*,(c)   — 
 5,878   Ross Acquisition Corp. II, Expiration Date: February 12, 2026*,(c)   — 
 1,996   Uniti Group, Inc. , Expiration Date: August 11, 2035*,(c),(d)   — 
     TOTAL WARRANTS (SPAC)     
     (Cost $17,489)   — 
     SHORT-TERM INVESTMENTS — 20.2%     
     MONEY MARKET INVESTMENTS — 0.4%     
 1,448,957   Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.92%(n)   1,448,957 

 

Principal        
Amount        
     TREASURY BILLS — 19.8%     
     U.S. Treasury Bill     
$25,300,000   4.27%, 10/7/2025(o)   25,282,238 
 25,900,000   4.21%, 11/12/2025(o)   25,775,253 

 

 

Source Capital

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2025 (Unaudited)

 

 

Principal       
Amount     Value 
     TREASURY BILLS (Continued)     
$26,600,000   4.01%, 12/11/2025(o)  $26,398,289 
         77,455,780 
     TOTAL SHORT-TERM INVESTMENTS     
     (Cost $78,900,482)   78,904,737 
     TOTAL INVESTMENTS — 99.4%     
     (Cost $321,116,232)   387,985,462 
     Other Assets in Excess of Liabilities — 0.6%   2,045,225 
     TOTAL NET ASSETS — 100.0%  $390,030,687 

 

BDC – Business Development Company

LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

US – United States

 

*Non-income producing security.
(a)Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $35,334,081, which represents 9.06% of Total Net Assets.
(b)Variable or floating rate security.
(c)The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.
(d)Restricted securities. These restricted securities, most of which are considered liquid by the Adviser, are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under policies adopted by authority of the Fund's Board of Directors. The total value of these securities is $109,791,452, which represents 28.15% of Total Net Assets.
(e)Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”), (iii) the Certificate of Deposit rate, or (iv) Secured Overnight Financing Rate (“SOFR”). Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.
(f)As of September 30, 2025, the Fund had entered into commitments to fund various delayed draw debt-related investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing those investments and there can be no assurance that such conditions will be satisfied.
(g)All or a portion of the loan is unfunded.
(h)Security is in default.
(i)Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash.
(j)Perpetual security. Maturity date is not applicable.
(k)As permitted by U.S. Securities and Exchange Commission regulations, "Other" Common Stocks include holdings in their first year of acquisition that have not previously been publicly disclosed.
(l)Investment valued using net asset value per share (or its equivalent) as a practical expedient.
(m)Affiliated company.
(n)The rate is the annualized seven-day yield at period end.
(o)Treasury bill discount rate.

 

 

Source Capital

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2025 (Unaudited)

 

 

Restricted Security  Initial Acquisition Date  Cost   Fair Value   Fair Value as a % of Total Net Assets 
Altegrity, Inc.  9/1/2021  $-   $163,553    0.04%
Apollo Debt Solutions BDC Senior Notes, 8.620%, 9/28/2028  8/10/2023   2,333,000    2,333,000    0.60%
Banner Commercial Funding LP Term Loan, 10.634% (1-Month Term SOFR+650basis points), 5/27/2028  6/10/2025   5,245,557    5,250,235    1.35%
BH3 Debt Opportunity Fund II-Parallel, LP  9/10/2024   1,063,128    1,071,788    0.27%
Blue Torch Credit Opportunities Fund II LP  2/16/2021   4,227,080    3,540,555    0.91%
Capstone Acquisition Holdings, Inc. Term Loan, 8.763% (1-Month Term SOFR+460 basis points), 11/12/2029  11/12/2020   2,260,146    2,286,172    0.59%
Castlelake Asset-Based Private Credit III Evergreen A, L.P.  4/1/2025   3,900,000    3,820,772    0.98%
Clover Private Credit Opportunities Fund LP  12/13/2021   4,046,248    3,182,928    0.82%
Copper Property CTL Pass Through Trust  10/5/2017   528,672    199,280    0.05%
Cornerstone OnDemand, Inc., 8.013% (1-Month Term SOFR+375 basis points), 10/16/2028  12/7/2022   70,967    68,808    0.02%
Delta Commercial Funding LP, 9.119% (1-Month Term SOFR+480 basis points), 12/31/2027  12/31/2024   3,029,481    3,050,400    0.78%
Epic Games, Inc.  6/25/2020   2,499,525    1,156,302    0.30%
EQS Legacy Holdings LLC Term Loan, 11.000%, 3/27/2032  3/27/2025   8,575,000    8,575,000    2.20%
FPS Holdco II LLC  8/9/2024   10,507,864    10,705,317    2.74%
Heartland Dental LLC/Heartland Dental Finance Corp., 10.500% (1-Month Term SOFR+500 basis points), 4/30/2028  5/25/2023   375,813    401,479    0.10%
HIG WhiteHorse Direct Lending 2020 LP  7/30/2021   4,167,244    4,114,355    1.05%
Hlend Senior Notes, 8.170%, 3/15/2028  2/16/2023   3,500,000    3,500,000    0.90%
JC Penney Corp., Inc., 5.568% (3-Month USD Libor+425 basis points), 6/23/2027  2/3/2021   -    46    0.00%
Jett Texas LLC  12/2/2024   6,000,000    6,000,000    1.54%
Lealand Finance Company B.V. Senior Exit LC, 3.500%, 6/30/2027  11/12/2019   (802,897)   (409,125)   -0.10%
Lealand Finance Company B.V. Senior Exit LC, 5.250%, 6/30/2027  2/28/2020   (9,693)   (429,675)   -0.11%
Lealand Reficar LC Term Loan, 11.763% (3-Month Term SOFR+750 basis points), 6/30/2027  4/5/2024   33,066    29,098    0.01%
McDermott International, Ltd.  7/1/2020   2,078,929    1,470,210    0.38%
McDermott LC, 8.572% (3-Month Term SOFR+426.16 basis points), 6/30/2027  12/31/2020   912,668    730,134    0.19%
McDermott Technology Americas, Inc., 7.278% (1-Month Term SOFR+300 basis points), 6/30/2027  7/1/2020   141,925    120,638    0.03%
McDermott Technology Americas, Inc., 8.278% (1-Month Term SOFR+400 basis points), 12/31/2027  7/1/2020   1,879,567    1,267,492    0.32%
Metro Partners Fund VII LP  5/13/2021   6,212,327    8,511,391    2.18%
MSD Private Credit Opportunities Fund II LP  3/8/2021   4,152,941    5,824,123    1.49%
MSD Real Estate Credit Opportunities Fund  6/11/2020   782,435    1,403,284    0.36%
Nebari Natural Resources Credit Fund I LP  8/18/2020   3,619,415    2,981,102    0.76%
OCREDIT BDC Senior Notes, 7.770%, 3/7/2029  2/22/2024   552,000    552,000    0.14%
Pershing Square Tontine Holdings Ltd.  7/26/2022   -    -    0.00%
PHI Group, Inc.  8/19/2019   690,707    2,702,464    0.69%
Piney Lake Opportunities Fund LP  6/30/2021   1,897,369    3,144,352    0.81%
Plantation Loan, 10.555%, 1/25/2027  8/5/2025   3,476,477    3,500,000    0.90%
Post Road Special Opportunity Fund II LP  1/26/2021   1,574,848    1,757,223    0.45%
Prop 2017-1A, 5.300%, 3/15/2042  2/9/2017   226,589    210,833    0.05%
Silverview Credit Opportunities Onshore Fund LP  11/18/2019   892,432    1,605,464    0.41%
Silverview Special Situations Lending LP  9/25/2020   4,207,378    4,147,653    1.06%
Tioga Partners IV, LP  1/15/2025   7,000,000    6,912,137    1.77%
Trevian Capital Debt Fund, LP  3/13/2025   3,000,000    3,000,000    0.77%
Uniti Group, Inc.  11/16/2020   124,813    65,370    0.02%
Uniti Group, Inc. - Series A, 11.000%  11/16/2020   -    -    0.00%
Vision Solutions, Inc., 8.570% (3-Month Term SOFR+400 basis points), 4/24/2028  12/7/2022   64,481    69,067    0.02%
WH Borrower LLC, Term Loan B, 8.884% (3-Month Term SOFR+475 basis points), 2/20/2032  2/12/2025   1,200,940    1,206,227    0.31%
      $106,238,442   $109,791,452    28.15%

 

 

Source Capital

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2025 (Unaudited)

 

 

Affiliated Security  Shares Held as of December 31, 2024   Beginning Value December 31, 2024   Purchases at Cost   Proceeds from Sales   Net Realized Gain (Loss) on Sales Affiliated Investment   Accretion of Discount (Amortization of Premium) and Return of Capital   Change in Unrealized Appreciation (Depreciation)   Transfer In (Out)   Ending Value September 30, 2025   Shares as of September 30, 2025   Income from Affiliated Investments 
FPS Holdco II LLC   7,842,816   $7,842,816   $2,665,048   $       -   $        -   $        -   $197,453   $      -   $10,705,317    10,507,864   $        - 
Total       $7,842,816   $2,665,048   $-   $-   $-   $197,453   $-   $10,705,317        $-