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Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Financial Statements
As of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 and Independent Auditor’s Report







CREDIT OPPORTUNITIES PARTNERS JV, LLC
Index
December 31, 2025
Page
Independent Auditor’s Report
Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities as of December 31, 2025 and 2024
Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023
Consolidated Statements of Changes in Members’ Equity for the years ended December 31, 2025, 2024 and 2023
Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023
Consolidated Schedules of Investments as of December 31, 2025 and 2024
Notes to Consolidated Financial Statements




INDEPENDENT AUDITOR’S REPORT

To the Members of Credit Opportunities Partners JV, LLC:

Opinion

We have audited the consolidated financial statements of Credit Opportunities Partners JV, LLC and subsidiaries (the "Company"), which comprise the consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2025, the financial highlights for each of the five years in the period ended December 31, 2025, and the related notes to the consolidated financial statements (collectively referred to as the “financial statements”).

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, the results of its operations, changes in its net assets, and cash flows for each of the three years in the period ended December 31, 2025, and financial highlights for the five years then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the financial statements are available to be issued.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

•Exercise professional judgment and maintain professional skepticism throughout the audit.

•    Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

•    Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.

•    Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

•    Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

1

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ Deloitte & Touche LLP
San Francisco, California
February 25, 2026
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Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Statements of Assets and Liabilities
December 31,
20252024
Assets
Investments, at fair value (amortized cost of $5,077,384,768 and $3,399,346,755, respectively)
$5,058,005,441 $3,295,542,668 
Cash60,752,083 204,733,295 
Interest receivable61,488,369 42,011,470 
Receivable for investments sold and repaid1,864,421 8,919,111 
Prepaid expenses and other assets9,093,813 38,195,589 
Deferred financing costs, net
14,221,080 10,750,771 
Unrealized appreciation on foreign currency forward contracts1,777,145 17,058,176 
Unrealized appreciation on interest rate swaps
9,743,170 — 
Foreign currency (cost of $37,613,210 and $43,292,553, respectively)
37,676,927 42,115,363 
Total assets$5,254,622,449 $3,659,326,443 
Liabilities
Debt (net of deferred financing costs of $4,475,910 and $1,622,924, respectively)
$2,764,880,968 $1,828,551,746 
Payable for investments purchased188,586,051 183,659,219 
Distributions payable— 60,000,000 
Interest payable25,749,366 22,904,279 
Unrealized depreciation on foreign currency forward contracts22,016,911 552,258 
Administrative services expense payable3,005,271 2,351,386 
Other accrued expenses and liabilities1,300,628 3,208,125 
Total liabilities3,005,539,195 2,101,227,013 
Members' equity (2,591,352 and 1,871,175 units outstanding, respectively)
$2,249,083,254 $1,558,099,430 
Members' equity per unit$867.92 $832.69 
See notes to consolidated financial statements.
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Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Statements of Operations
For the Year Ended December 31,
202520242023
Investment income
Interest income$307,853,632 $304,264,505 $334,593,595 
Paid-in-kind interest income59,578,500 22,290,782 11,239,073 
Dividend income28,379,563 14,195,899 26,707,168 
Fee income4,233,847 8,444,095 8,281,165 
Total investment income400,045,542 349,195,281 380,821,001 
Operating expenses
Interest expense133,620,825 120,871,388 123,490,771 
Administrative services expenses11,128,848 9,291,303 9,273,205 
Custody and administrative fees1,469,581 1,615,862 1,632,951 
Professional services expenses660,496 609,517 566,527 
Other expenses2,029,922 376,913 695,486 
Total operating expenses148,909,672 132,764,983 135,658,940 
Income tax expense590,789 663,696 430,135 
Net operating expenses149,500,461 133,428,679 136,089,075 
Net investment income250,545,081 215,766,602 244,731,926 
Net realized and unrealized gain (loss)
Net realized gain (loss) on investments(41,979,536)(163,530,019)(8,563,462)
Net realized gain (loss) on foreign currency forward contracts(516,140)1,723,869 13,037,709 
Net realized gain (loss) on interest rate swaps(671,652)— — 
Net realized gain (loss) on foreign currency transactions(12,019,009)3,457,409 1,289,848 
Net realized gain (loss)(55,186,337)(158,348,741)5,764,095 
Net change in unrealized appreciation (depreciation) on investments84,424,760 94,208,271 (5,370,465)
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts(36,745,684)24,537,375 (19,912,502)
Net change in unrealized appreciation (depreciation) on interest rate swaps
9,743,170 — — 
Net change in unrealized gain (loss) on foreign currency translation(28,974,252)17,505,365 (11,084,910)
Net change in unrealized appreciation (depreciation)28,447,994 136,251,011 (36,367,877)
Total net realized and unrealized gain (loss)(26,738,343)(22,097,730)(30,603,782)
Net increase (decrease) in Members' equity resulting from operations$223,806,738 $193,668,872 $214,128,144 
See notes to consolidated financial statements.
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Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Statements of Changes in Members’ Equity
For the Year Ended December 31,
202520242023
Operations
Net investment income$250,545,081 $215,766,602 $244,731,926 
Net realized gain (loss) on investments, foreign currency forward contracts and foreign currency transactions(55,186,337)(158,348,741)5,764,095 
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation28,447,994 136,251,011 (36,367,877)
Net increase (decrease) in Members' equity resulting from operations223,806,738 193,668,872 214,128,144 
Distributions to shareholders from
Net investment income(253,000,000)(232,000,000)(250,000,000)
Net decrease in Members' equity resulting from shareholders' distributions(253,000,000)(232,000,000)(250,000,000)
Issuance of units720,177,086 — — 
Net increase in Members' equity720,177,086 — — 
Total increase (decrease) in Members' equity690,983,824 (38,331,128)(35,871,856)
Members' equity at beginning of year1,558,099,430 1,596,430,558 1,632,302,414 
Members' equity at end of year$2,249,083,254 $1,558,099,430 $1,596,430,558 
See notes to consolidated financial statements.
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Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Statements of Cash Flows
As of December 31, 2025
Year Ended December 31,
202520242023
Operating Activities:
Net increase (decrease) in net assets resulting from operations$223,806,738 $193,668,872 $214,128,144 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments(2,771,718,093)(1,162,182,594)(634,538,919)
Payment-in-kind interest capitalized(59,578,500)(22,290,782)(11,239,073)
Proceeds from sales of investments1,118,343,302 1,313,892,995 725,921,542 
Proceeds from principal payments— — 7,181,875 
Net realized (gains) losses on investments41,979,536 163,530,019 8,563,462 
Net change in unrealized (appreciation) depreciation on investments(84,424,760)(94,208,271)5,370,465 
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts36,745,684 (24,537,375)19,912,502 
Net change in unrealized (appreciation) depreciation on interest rate swaps
(9,743,170)— — 
Net change in unrealized (gain) loss on foreign currency translation33,482,205 (19,169,096)11,021,415 
Amortization of premium/discount - net(7,064,258)(9,965,572)(9,225,649)
Amortization of deferred financing costs5,404,048 4,026,677 3,847,446 
Decrease (increase) in receivable for investments sold and repaid7,054,690 5,314,199 (11,129,618)
Decrease (increase) in interest receivable(19,476,899)3,129,056 (13,696,419)
Decrease (increase) in prepaid expenses and other assets29,101,776 (38,195,589)— 
Increase (decrease) in payable for investments purchased4,926,832 (22,859,179)28,210,961 
Increase (decrease) in interest payable2,845,087 (2,396,459)4,976,390 
Increase (decrease) in administrative services expense payable653,885 65,459 (150,558)
Increase (decrease) in other accrued expenses and liabilities(1,907,497)1,879,916 (344,537)
Net cash provided by (used in) operating activities(1,449,569,394)289,702,276 348,809,429 
Financing Activities:
Contributions720,177,086 — — 
Distributions paid(313,000,000)(230,000,000)(252,000,000)
Deferred financing costs paid(11,727,343)(3,895,368)(3,088,941)
Borrowing under revolving credit facilities1,434,778,832 772,735,830 281,302,213 
Repayments of revolving credit facilities(530,319,736)(766,311,790)(366,683,400)
Net cash provided by (used in) financing activities1,299,908,839 (227,471,328)(340,470,128)
Effect of exchange rate changes on cash1,240,907 — — 
Net increase (decrease) in cash(148,419,648)62,230,948 8,339,301 
Cash, cash equivalents and cash denominated in foreign currency, beginning of year
246,848,658 184,617,710 176,278,409 
Cash, cash equivalents and cash denominated in foreign currency, end of year (1)
$98,429,010 $246,848,658 $184,617,710 
Supplemental disclosure:
Cash paid for interest$125,371,690 $119,241,170 $114,666,935 
Local and excise taxes paid$589,018 $663,696 $424,407 
_______________
(1)As of December 31, 2025, 2024 and 2023, balance includes cash and cash equivalents of $60,752,083, $204,733,295 and $171,010,458, respectively, and cash denominated in foreign currency of $37,676,927, $42,115,363 and $13,607,252, respectively.

Supplemental disclosure of non-cash operating activities:
Pursuant to the COPJV Agreement, FSK’s capital contributions to the Company may be payable, in part or in full, in property through the contribution of investments that have been approved by the Company’s board of managers. During the year ended December 31, 2025, FSK contributed $531 million of investments at fair value to the Company.
See notes to consolidated financial statements.
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Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Schedule of Investments
As of December 31, 2025
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Senior Secured Loans—First Lien—152.3%
48Forty Solutions LLC(e)(g)(n)Commercial & Professional ServicesSF+6.0%(3.5% PIK/ 3.5% PIK)1.0%11/2029$19,115,951 $18,957,792 $9,118,326 
Aareon AG(e)(h)(i)(j)(m)Software & ServicesE+4.5%(0.0% PIK/ 1.8% PIK)0.0%09/2031€60,022,519 66,652,836 71,189,301 
Advania Sverige AB(e)(h)(i)(m)Software & ServicesSA+5.0%0.0%06/2031£52,793,589 66,861,719 71,099,664 
Advania Sverige AB(e)(m)Software & ServicesSR+5.0%0.0%06/2031SEK123,389,317 11,428,117 13,402,413 
Affordable Care Inc(e)(h)Health Care Equipment & ServicesSF+6.0%(3.3% PIK/ 3.3% PIK)0.8%08/2028$78,072,443 77,849,570 72,770,774 
Alacrity Solutions Group LLC(e)InsuranceSF+5.3%1.0%02/2030198,923 — 198,923 
Alacrity Solutions Group LLC(e)InsuranceSF+6.3%(5.3% PIK/ 5.3% PIK)1.0%02/203014,884,581 14,654,552 14,884,581 
Alacrity Solutions Group LLC(e)(f)InsuranceSF+5.3%1.0%02/20302,388,838 2,388,838 2,388,838 
Alacrity Solutions Group LLC(e)(f)InsuranceSF+5.3%1.0%02/20303,179,263 3,179,263 3,179,263 
Alpha Financial Markets Consulting PLC(e)(m)Commercial & Professional ServicesSF+4.8%(0.0% PIK/ 1.5% PIK)0.0%08/203110,334,758 10,314,014 10,334,758 
Alpha Financial Markets Consulting PLC(e)(m)Commercial & Professional ServicesSA+4.8%(0.0% PIK/ 1.5% PIK)0.0%08/2031£8,756,210 11,269,527 11,802,937 
Alpha Financial Markets Consulting PLC(e)(m)Commercial & Professional ServicesE+4.8%(0.0% PIK/ 1.5% PIK)0.0%08/2031€4,666,917 5,004,197 5,484,561 
American Vision Partners(e)(j)(m)Health Care Equipment & ServicesSF+5.8%0.8%09/2027$38,985,177 38,634,134 38,985,177 
Amerivet Partners Management Inc(e)(h)Health Care Equipment & ServicesSF+5.5%0.8%02/202817,430,488 17,127,379 17,076,701 
Apex Group Limited(h)Financial ServicesSF+3.5%0.0%02/20324,064,779 4,064,779 3,841,216 
Arcfield Acquisition Corp(e)(i)(j)(m)Capital GoodsSF+5.0%0.5%10/203157,363,156 57,363,156 57,363,156 
Arcfield Acquisition Corp(e)(f)Capital GoodsSF+5.0%0.5%10/20311,252,900 1,252,900 1,252,900 
Area Wide Protective Inc(e)(j)Commercial & Professional ServicesSF+4.5%1.0%12/20308,741,539 $8,714,042 8,741,539 
Arrotex Australia Group Pty Ltd(e)(h)(i)(m)Pharmaceuticals, Biotechnology & Life SciencesB+5.0%0.5%10/2032A$37,157,703 £24,235,461 24,543,280 
Arrotex Australia Group Pty Ltd(e)(h)(o)Pharmaceuticals, Biotechnology & Life SciencesB+5.3%0.5%10/20324,794,542 €3,143,835 3,165,250 
Arrotex Australia Group Pty Ltd(e)(f)(o)Pharmaceuticals, Biotechnology & Life SciencesB+5.3%0.5%10/20327,191,814 $4,806,977 4,764,023 
Avetta LLC(e)(h)Software & ServicesSF+4.2%(0.0% PIK/ 2.6% PIK)0.5%07/2031$6,600,983 €6,532,812 6,600,983 
BCA Marketplace Ltd(e)(h)(j)(m)Commercial & Professional ServicesSA+6.3%(0.0% PIK/ 2.5% PIK)0.0%03/2031£44,526,030 $57,063,141 59,260,354 
BCA Marketplace Ltd(e)(j)Commercial & Professional ServicesE+6.3%(0.0% PIK/ 2.5% PIK)0.0%04/2031€21,654,243 24,081,860 25,129,597 
BGB Group LLC(e)(h)Media & EntertainmentSF+5.3%1.0%02/2030$12,569,599 12,569,599 12,569,599 
Bloom Fresh International Limited(e)(h)(i)Food, Beverage & TobaccoSF+4.8%(0.0% PIK/ 2.3% PIK)0.0%08/203039,571,768 39,378,692 39,373,909 
Bonterra LLC(e)(h)(j)(m)Software & ServicesSF+4.8%0.8%03/203239,067,512 38,887,348 39,067,512 
Cadence Education LLC(e)(h)(i)(j)(m)Consumer ServicesSF+5.0%0.8%05/203154,539,329 54,315,439 54,637,500 
Cambrex Corp(e)(h)(j)(m)Pharmaceuticals, Biotechnology & Life SciencesSF+4.5%(0.0% PIK/ 2.8% PIK)0.8%03/203232,177,653 32,033,489 32,499,429 
See notes to consolidated financial statements.
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Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Statements of Cash Flows
As of December 31, 2025
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Circana Group (f.k.a. NPD Group)(e)(i)(m)Consumer ServicesSF+4.3%0.8%12/2029$41,533,294 $41,922,597 $41,948,627 
Cision LtdSoftware & ServicesSF+6.0%(1.0% PIK/ 1.0% PIK)0.0%04/2030803,110 768,590 817,791 
Cision Ltd(g)(n)Software & ServicesSF+4.3%(0.0% PIK/ 1.0% PIK)0.0%05/20303,368,015 3,368,015 1,810,308 
Civica Group Ltd(e)(j)(m)Software & ServicesSA+5.5%(0.0% PIK/ 2.1% PIK)0.0%08/2030£17,680,771 22,329,929 23,730,892 
Civica Group Ltd(e)(m)Software & ServicesBW+5.5%(0.0% PIK/ 2.1% PIK)0.0%08/2030A$978,645 639,398 651,140 
Clarience Technologies LLC(e)(i)(j)Capital GoodsSF+4.8%(0.0% PIK/ 3.1% PIK)0.8%02/2032$46,482,785 46,509,338 46,622,233 
ClubCorp Club Operations Inc(e)(i)(j)Consumer ServicesSF+5.0%1.0%07/203234,337,152 34,093,339 34,411,457 
Consilium Safety Group AB(e)(i)Capital GoodsE+5.5%(0.0% PIK/ 2.5% PIK)0.0%04/2031€33,524,536 36,216,107 39,398,034 
Consilium Safety Group AB(e)(j)Capital GoodsSF+5.5%(0.0% PIK/ 2.5% PIK)0.8%04/2031$16,261,179 16,103,600 16,261,179 
Creation Technologies Inc(j)Technology Hardware & EquipmentSF+5.5%0.5%10/20282,211,635 2,078,647 2,214,399 
CSafe Global(e)(h)TransportationSF+5.8%0.8%12/202831,833,000 31,792,500 31,833,000 
Cubic Corp(g)(n)Software & ServicesSF+4.3%0.8%05/20297,310,033 7,237,365 3,787,109 
Cubic Corp(g)(n)Software & ServicesSF+4.3%(3.3% PIK/ 3.3% PIK)0.8%05/20291,060,884 1,438,659 549,612 
Cyncly Refinancing(e)(j)(m)Software & ServicesSF+4.8%(0.0% PIK/ 1.9% PIK)0.0%04/203221,930,270 22,039,810 21,787,723 
Cyncly Refinancing(e)(m)Software & ServicesE+4.8%(0.0% PIK/ 1.9% PIK)0.0%04/2032€14,199,456 16,752,031 16,578,734 
DuBois Chemicals Inc(e)(h)(i)(j)(m)MaterialsSF+5.0%0.8%06/2031$48,283,225 48,345,253 48,616,379 
Eagle Railcar Services Roscoe Inc(e)(i)(j)(m)TransportationSF+4.5%0.5%06/203249,316,120 49,197,674 49,661,333 
Envirotainer Ltd(e)(h)TransportationE+5.0%(0.0% PIK/ 2.5% PIK)0.0%07/2029€14,851,248 14,125,455 17,426,461 
Envirotainer Ltd(e)(h)TransportationSF+5.0%(0.0% PIK/ 2.5% PIK)0.8%07/2029$7,557,582 7,463,438 7,557,582 
Excelitas Technologies Corp(e)(j)Technology Hardware & EquipmentE+5.3%0.0%08/2029€3,930,205 4,123,999 4,611,704 
Excelitas Technologies Corp(e)(i)(j)Technology Hardware & EquipmentSF+5.3%0.8%08/2029$21,265,954 21,127,836 21,265,954 
Flexera Software LLC(e)(h)Software & ServicesSF+4.5%(0.0% PIK/ 2.5% PIK)0.5%08/203220,000,000 19,958,000 19,982,827 
Flexera Software LLC(e)(m)Software & ServicesE+4.5%(0.0% PIK/ 2.5% PIK)0.5%08/2032€24,069,390 28,268,971 28,262,059 
Follett Software Co(e)(h)Software & ServicesSF+4.5%0.5%08/2031$33,000,625 32,820,703 33,330,631 
Fortnox AB(e)(m)Software & ServicesSR+4.3%(0.0% PIK/ 2.6% PIK)0.0%06/2032SEK316,456,472 33,792,014 34,373,157 
Foundation Consumer Brands LLC(e)(i)Pharmaceuticals, Biotechnology & Life SciencesSF+5.0%1.0%02/2029$7,103,852 7,103,852 7,103,852 
Frontline Road Safety LLC(e)(h)(i)(j)Capital GoodsSF+4.8%(2.0% PIK/ 2.0% PIK)0.0%03/203247,001,331 46,712,312 47,203,437 
Galaxy Universal LLC(e)(h)Consumer Durables & ApparelSF+5.5%1.0%05/20287,578,635 7,578,635 7,398,642 
Galaxy Universal LLC(e)Consumer Durables & ApparelSF+5.8%1.0%05/20281,022,145 993,440 1,001,702 
Galaxy Universal LLC(e)(f)Consumer Durables & ApparelSF+5.8%1.0%05/2028413,113 413,113 404,850 
Galway Partners Holdings LLC(e)(j)(m)InsuranceSF+4.5%0.8%09/202832,149,518 31,816,229 32,149,518 
General Datatech LP(e)(h)(i)Software & ServicesSF+6.0%1.0%06/202730,234,559 29,753,906 30,234,559 
Gigamon Inc(e)(i)(j)Software & ServicesSF+5.8%0.8%03/202935,429,924 35,186,606 34,739,040 
Grant Thornton UK LLP(e)(h)(i)(j)(m)Financial ServicesSA+5.0%(0.0% PIK/ 2.3% PIK)0.0%04/2032£46,399,144 60,883,654 62,195,102 
See notes to consolidated financial statements.
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Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Statements of Cash Flows
As of December 31, 2025
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Hargreaves Lansdown Ltd(e)(h)(j)Financial ServicesSA+5.0%(0.0% PIK/ 2.3% PIK)0.0%03/2032£64,359,554 $82,411,582 $86,531,410 
Heniff Transportation Systems LLC(e)(i)(j)TransportationSF+6.0%1.0%12/2026$33,833,788 33,557,116 33,089,445 
Heniff Transportation Systems LLC(e)(i)TransportationSF+6.5%1.0%12/20265,227,789 5,207,154 5,148,849 
Higginbotham Insurance Agency Inc(e)(h)(j)(m)InsuranceSF+4.5%1.0%06/203130,322,978 30,322,978 30,359,365 
Higginbotham Insurance Agency Inc(e)(f)InsuranceSF+4.5%1.0%06/20315,172,436 5,172,436 5,178,643 
HKA(e)(i)Commercial & Professional ServicesSF+5.3%(0.0% PIK/ 1.8% PIK)0.5%08/20294,617,834 4,612,001 4,617,834 
Homrich & Berg Inc(e)(i)Financial ServicesSF+4.8%0.8%11/20317,562,214 7,540,228 7,577,006 
Industria Chimica Emiliana Srl(e)(i)(j)(m)Pharmaceuticals, Biotechnology & Life SciencesE+5.8%(1.0% PIK/ 1.0% PIK)0.0%09/2028€96,328,510 107,348,535 111,724,296 
Inhabit IQ(e)(h)(j)Software & ServicesSF+4.5%(0.0% PIK/ 2.3% PIK)0.8%01/2032$12,810,865 12,781,173 12,938,973 
iNova Pharmaceuticals (Australia) Pty Limited(e)(j)Pharmaceuticals, Biotechnology & Life SciencesB+4.8%(0.0% PIK/ 1.8% PIK)0.5%11/2031A$33,822,105 21,662,323 22,779,808 
Insight Global LLC(e)(h)(m)Commercial & Professional ServicesSF+5.0%0.8%09/2028$61,954,900 61,541,047 61,954,900 
Integrated Power Services LLC(e)(h)(i)(j)Commercial & Professional ServicesSF+4.8%0.8%11/202874,407,887 74,240,392 74,407,887 
Integrated Power Services LLC(e)(f)Commercial & Professional ServicesSF+4.8%0.8%11/202814,918,823 14,881,526 14,918,823 
Integrity Marketing Group LLC(e)(h)(j)InsuranceSF+5.0%0.8%08/202873,980,922 73,629,607 73,980,922 
Integrity Marketing Group LLC(e)(f)InsuranceSF+5.0%0.8%08/20281,642,540 1,642,540 1,642,540 
Integrity Marketing Group LLC(e)(f)InsuranceSF+5.0%0.8%08/20285,014,848 4,989,773 5,014,848 
Jeppesen Holdings LLC(e)(h)(i)(j)(o)Software & ServicesSF+4.8%(0.0% PIK/ 2.6% PIK)0.5%10/203247,088,060 46,913,835 46,911,480 
KBP Investments LLC(e)(h)Consumer Staples Distribution & RetailSF+5.5%(0.0% PIK/ 0.5% PIK)0.8%05/202723,378,675 23,328,551 22,915,777 
Kellermeyer Bergensons Services LLC(e)Commercial & Professional ServicesSF+5.3%PIK1.0%11/202817,420,576 17,186,431 17,420,576 
Kellermeyer Bergensons Services LLC(e)(g)(n)Commercial & Professional ServicesSF+8.0%PIK1.0%11/20288,045,485 7,352,309 3,182,794 
Keystone Agency Partners LLC(e)(h)InsuranceSF+4.3%(0.0% PIK/ 2.3% PIK)0.8%08/203211,000,000 10,947,200 10,945,000 
Laboratoires Vivacy SAS(e)(h)Pharmaceuticals, Biotechnology & Life SciencesE+6.7%(0.0% PIK/ 2.4% PIK)0.0%03/2030€8,083,816 8,404,141 9,061,254 
Legends Hospitality LLC(e)(h)(m)Consumer ServicesSF+5.5%(2.8% PIK/ 2.8% PIK)0.8%08/2031$47,883,524 48,003,232 48,003,232 
Lionbridge Technologies Inc(e)(g)(i)(n)Media & EntertainmentSF+7.0%1.0%04/202620,097,744 20,034,214 17,079,063 
Lloyd's Register Quality Assurance Ltd(e)(h)(m)Commercial & Professional ServicesE+5.0%(0.0% PIK/ 3.0% PIK)0.0%12/2028€44,315,170 49,351,571 52,048,723 
MAI Capital Management LLC(e)(j)Financial ServicesSF+4.8%(0.0% PIK/ 2.4% PIK)0.8%08/2031$18,034,147 18,051,171 18,214,488 
MB2 Dental Solutions LLC(e)(h)Health Care Equipment & ServicesSF+5.5%0.8%02/203131,440,000 31,188,991 31,754,400 
Med-Metrix(e)(m)Software & ServicesSF+4.8%(0.0% PIK/ 2.9% PIK)0.8%07/203211,578,947 11,524,081 11,605,126 
Misys Ltd(e)(j)Software & ServicesSF+7.3%1.0%09/20294,047,815 3,988,410 4,088,294 
NEP Broadcasting LLCMedia & EntertainmentSF+4.5%0.0%10/20316,607,599 6,607,599 6,087,251 
See notes to consolidated financial statements.
3
Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Statements of Cash Flows
As of December 31, 2025
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
New Era Technology Inc(e)Software & ServicesSF+6.3%PIK0.0%06/2030$13,441,861 $13,434,514 $13,441,861 
Nordic Climate Group Holding AB(e)(m)(o)Commercial & Professional ServicesSR+5.4%(0.0% PIK/ 2.2% PIK)0.0%06/2031SEK313,847,205 32,787,537 34,089,741 
Nordic Climate Group Holding AB(e)(m)Commercial & Professional ServicesE+5.3%(0.0% PIK/ 2.2% PIK)0.0%06/2031€25,775,254 27,941,897 30,291,078 
OEConnection LLC(e)(h)(i)Software & ServicesSF+4.5%(0.0% PIK/ 2.5% PIK)0.5%12/2032$49,375,000 49,162,619 49,868,750 
Orion Services Group(e)(h)Capital GoodsSF+4.5%(0.0% PIK/ 2.8% PIK)0.8%11/203212,271,544 12,179,508 12,179,508 
PCI Pharma Services(e)(h)(i)(j)(m)Health Care Equipment & ServicesSF+5.0%0.8%10/203282,923,367 82,769,865 83,105,799 
Peraton CorpCapital GoodsSF+3.8%0.8%02/20288,474,328 8,288,738 7,882,651 
Project Marron(e)(i)(j)Consumer ServicesB+6.8%(2.5% PIK/ 2.5% PIK)1.0%01/2029A$37,651,145 25,950,086 24,029,535 
Project Marron(e)(h)(i)Consumer ServicesC+6.8%(2.5% PIK/ 2.5% PIK)1.0%01/2029C$47,175,509 34,585,376 32,893,431 
PSKW LLC (dba ConnectiveRx)(e)(i)(j)Health Care Equipment & ServicesSF+5.5%1.0%03/2028$20,721,521 20,721,521 20,721,521 
Reliant Rehab Hospital Cincinnati LLC(e)Health Care Equipment & ServicesSF+6.3%0.0%02/202813,707,883 13,287,097 13,707,883 
Reliant Rehab Hospital Cincinnati LLC(e)(g)(n)Health Care Equipment & ServicesSF+6.3%(0.0% PIK/ 8.3% PIK)0.0%02/202815,382,718 11,721,941 3,511,874 
Revere Superior Holdings Inc(e)(j)Software & ServicesSF+5.0%1.0%10/202919,309,920 19,333,037 19,309,920 
Rockefeller Capital Management LP(e)(h)(i)(m)Financial ServicesSF+4.5%0.5%12/203265,391,831 65,068,501 65,064,872 
Safe-Guard Products International LLC(e)(h)(i)(j)Financial ServicesSF+4.8%0.8%04/203066,261,286 66,479,313 66,923,898 
SAMBA Safety Inc(e)(h)Software & ServicesSF+4.8%(0.0% PIK/ 2.9% PIK)1.0%12/20322,537,734 2,531,419 2,531,390 
SI Group Inc(o)MaterialsSF+5.0%PIK12/2030267,410 240,749 240,749 
SIRVA Worldwide Inc(e)Commercial & Professional ServicesSF+8.0%2.0%02/20292,581,383 2,542,798 2,581,383 
SIRVA Worldwide Inc
(e)(h)
Commercial & Professional ServicesSF+8.0%2.0%02/20293,942,207 3,897,057 3,942,207 
SIRVA Worldwide Inc(e)Commercial & Professional ServicesSF+8.0%(5.0% PIK/ 5.0% PIK)2.0%08/20295,363,503 5,145,584 5,363,503 
Source Code LLC(e)(m)Software & ServicesSF+6.5%1.0%07/20279,816,861 9,816,861 9,816,861 
Sphera Solutions Inc(e)(h)Software & ServicesSF+4.5%0.5%09/203223,492,378 23,433,647 23,433,647 
Spins LLC(e)(m)Software & ServicesSF+4.8%1.0%01/20299,052,315 9,052,315 9,052,315 
Spins LLC(e)(f)Software & ServicesSF+4.8%1.0%01/2029879,422 879,422 879,422 
STV Group Inc(e)(i)(j)(m)Capital GoodsSF+4.8%0.8%03/203130,930,556 31,033,965 30,930,556 
Summit Interconnect Inc(e)Capital GoodsSF+6.0%1.0%09/202818,928,892 18,802,330 17,619,012 
Time Manufacturing Co(e)Capital GoodsE+6.5%0.8%12/2027€29,485,838 33,036,430 27,963,816 
Trackunit ApS(e)(h)(m)Software & ServicesSF+5.0%(0.0% PIK/ 2.8% PIK)05/2032$49,766,461 49,398,278 49,343,446 
Turnpoint Services Inc(e)(i)Capital GoodsSF+5.0%(0.0% PIK/ 3.0% PIK)0.8%06/20314,526,405 4,528,203 4,478,877 
Ultra Electronics Holdings Ltd(j)Capital GoodsE+3.8%0.0%08/2029€1,378,000 1,479,800 1,634,465 
Veriforce LLC(e)(h)(i)(j)Software & ServicesSF+4.8%0.8%11/2031$36,680,974 36,680,974 36,680,974 
Veriforce LLC(e)(m)Software & ServicesSA+4.8%0.8%11/2031£13,431,809 18,061,081 18,105,414 
See notes to consolidated financial statements.
4
Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Statements of Cash Flows
As of December 31, 2025
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Vermont Information Processing Inc(e)(h)(j)Software & ServicesSF+4.8%(0.0% PIK/ 2.4% PIK)0.5%01/2032$14,606,525 $14,539,233 $14,617,495 
Version1 Software Ltd(e)(j)Software & ServicesE+4.7%(0.0% PIK/ 1.6% PIK)0.0%07/2029€2,477,331 2,576,569 2,906,901 
Version1 Software Ltd(e)(j)Software & ServicesE+4.9%(0.0% PIK/ 1.7% PIK)0.0%07/20292,359,363 2,627,554 2,768,477 
Version1 Software Ltd(e)(j)Software & ServicesSA+4.7%(0.0% PIK/ 1.7% PIK)0.0%07/2029£4,032,564 4,742,255 5,421,781 
Vitu(e)(m)Software & ServicesSF+4.5%0.8%01/2032$28,289,388 28,572,282 28,572,282 
Vytalogy Wellness LLC (fka Jarrow Formulas Inc)(e)(i)(m)Household & Personal ProductsSF+6.3%1.0%11/202731,321,515 31,059,323 31,321,515 
Waste Services Group Pty Ltd(e)(h)(m)Commercial & Professional ServicesB+5.0%(0.0% PIK/ 2.4% PIK)0.8%03/2032A$50,257,752 30,911,837 33,292,254 
Wealth Enhancement Group LLC(e)(j)Financial ServicesSF+4.5%1.0%10/2028$8,935,967 8,949,845 8,935,967 
Wedgewood Weddings(e)(h)Consumer ServicesSF+4.5%0.8%06/203221,175,234 21,151,941 21,151,941 
West Corp(g)(n)Commercial & Professional ServicesSF+4.0%1.0%04/20272,079,919 1,974,025 672,074 
West Star Aviation Inc(e)(i)(j)(m)Capital GoodsSF+4.5%(0.0% PIK/ 2.8% PIK)0.8%05/203265,044,236 65,062,980 65,434,501 
Wittur Holding GmbH
(e)
Capital Goods6.0%(5.9% PIK/ 5.9% PIK)12/2028€60,953,597 65,627,592 69,748,727 
Wittur Holding GmbH
(e)
Capital Goods6.0%(5.9% PIK/ 5.9% PIK)12/202812,422,498 6,671,802 14,214,968 
Woolpert Inc(e)(h)(i)Capital GoodsSF+4.5%1.0%04/2032$51,415,586 51,415,586 51,815,494 
Worldwise Inc(e)(g)(n)Household & Personal ProductsSF+5.0%(4.0% PIK/ 4.0% PIK)1.0%03/203020,776,751 20,075,872 4,890,847 
Worldwise Inc(e)(g)(n)Household & Personal ProductsSF+5.0%PIK1.0%03/2032593,289 579,439 593,289 
Worldwise Inc(e)(f)(g)(n)Household & Personal ProductsSF+5.0%PIK1.0%03/2032579,439 579,439 579,439 
Zellis Holdings Ltd(e)(i)(m)Software & ServicesSA+4.7%(0.0% PIK/ 1.9% PIK)0.0%08/2031£28,232,194 37,106,474 38,245,878 
Zellis Holdings Ltd(e)(m)Software & ServicesSR+4.7%(0.0% PIK/ 1.9% PIK)0.0%08/2031SEK110,761,107 10,957,205 12,090,905 
Total Senior Secured Loans—First Lien3,459,596,346 3,464,725,592 
Unfunded Loan Commitments(40,253,603)(40,253,603)
Net Senior Secured Loans—First Lien3,419,342,743 3,424,471,989 
Senior Secured Loans—Second Lien—1.2%
Peraton Corp(e)Capital GoodsSF+7.8%0.8%02/2029$21,399,977 21,292,684 17,278,342 
Pretium Packaging LLC(e)(g)(n)MaterialsSF+6.8%0.5%10/202939,900,250 37,562,894 1,995,013 
Valeo Foods Group Ltd(e)(h)Food, Beverage & TobaccoSA+8.0%0.0%10/2030£5,847,875 7,501,677 7,750,034 
Worldwise Inc(e)(g)(n)Household & Personal ProductsSF+5.2%PIK1.0%03/2032$935,966 240,257 935,966 
Total Senior Secured Loans—Second Lien66,597,512 27,959,355 
Other Senior Secured Debt—1.6%
Cubic Corp(e)(g)(n)Software & ServicesSF+7.6%(0.0% PIK/ 7.6% PIK)0.8%05/20297,739,016 6,957,877 5,173,532 
One Call Care Management Inc(e)Health Care Equipment & Services8.5%PIK05/203232,833,017 32,507,003 28,279,078 
Recordati Industria Chimica e Farmaceutica SpAPharmaceuticals, Biotechnology & Life Sciences6.8%12/2029€1,000,000 1,232,524 1,237,971 
See notes to consolidated financial statements.
5
Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Statements of Cash Flows
As of December 31, 2025
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Recordati Industria Chimica e Farmaceutica SpAPharmaceuticals, Biotechnology & Life SciencesE+3.9%0.0%12/2029€1,000,000 $1,187,015 $1,199,227 
Total Other Senior Secured Debt41,884,419 35,889,808 
Subordinated Debt—13.3%
Accuride Corp(e)Capital GoodsSF+4.5%(3.0% PIK/ 3.0% PIK)0.0%03/2030$7,721,293 10,213,473 14,859,969 
Alacrity Solutions Group LLC(e)InsuranceSF+8.0%PIK1.0%02/20305,227,200 5,227,200 5,227,200 
Apex Service Partners LLC(e)Commercial & Professional Services14.3%PIK04/203126,087,634 26,841,094 26,870,263 
Colosseum AG(e)Health Care Equipment & ServicesE+8.5%PIK0.0%04/2033€11,686,378 12,588,255 13,791,513 
Cyncly Refinancing(e)Software & ServicesSF+7.5%PIK0.0%04/2033$3,676,395 3,629,896 3,629,337 
Cyncly Refinancing(e)Software & ServicesE+7.5%PIK0.0%04/2033€2,483,436 2,877,458 2,881,177 
Dedalus Finance GmbH(e)Software & ServicesE+8.3%PIK0.0%05/203117,591,000 20,255,825 20,292,561 
Encora Digital LLC(e)Commercial & Professional Services9.8%PIK12/2029$31,759,079 29,743,576 31,092,139 
Fullsteam Holdings LLC(e)Software & Services13.0%PIK08/203259,362,957 58,294,586 58,235,061 
Recordati Industria Chimica e Farmaceutica SpA(e)Pharmaceuticals, Biotechnology & Life SciencesE+7.0%PIK0.0%03/2030€53,756,943 62,077,864 62,038,006 
Ultra Electronics Holdings Ltd(e)Capital GoodsSF+7.3%0.5%08/2030$6,324,788 6,324,788 6,324,788 
Ultra Electronics Holdings Ltd(e)Capital GoodsSF+9.0%PIK0.5%08/203154,252,174 53,203,374 54,252,174 
Total Subordinated Debt291,277,389 299,494,188 
Asset Based Finance—42.9%
Abacus JV, ABF Equity(e)(n)Insurance5,605,930 5,744,396 515,645 
Altavair AirFinance, ABF Equity(e)Capital Goods10,180,939 11,982,965 12,644,288 
Bankers Healthcare Group LLC, Term Loan(e)(h)Financial ServicesSF+3.9%0.0%11/2027$8,812,532 8,566,662 8,786,822 
Builders Capital Loan Acquisition Trust 2022-RTL1, Structured Mezzanine(e)Real Estate Management & Development8.0%07/2030$4,761,772 4,733,213 4,780,343 
Builders Capital Loan Acquisition Trust 2022-RTL1, Term Loan(e)Real Estate Management & Development7.3%07/2030$28,570,638 28,373,502 28,682,063 
Capital Automotive LP, ABF Equity(e)Equity Real Estate Investment Trusts (REITs)9,351,391 16,126,473 22,965,360 
Capital Automotive LP, Structured Mezzanine(e)Equity Real Estate Investment Trusts (REITs)11.0%12/2028$18,702,781 18,702,781 18,702,781 
Curia Receivables II SPV LLC (FKA Curia Global Inc), Revolver(e)(o)Pharmaceuticals, Biotechnology & Life SciencesSF+6.3%1.0%01/2029$21,000,000 21,000,000 21,210,000 
Curia Receivables II SPV LLC (FKA Curia Global Inc), Revolver(e)(f)(o)Pharmaceuticals, Biotechnology & Life SciencesSF+6.3%1.0%01/2029$20,666,667 20,666,667 20,873,333 
See notes to consolidated financial statements.
6
Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Statements of Cash Flows
As of December 31, 2025
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Discover Financial Services, ABF Equity(e)Financial Services17,235,785 $17,706,494 $18,297,406 
Discover Financial Services, Subordinated Loan(e)Financial Services15.0%09/2034$31,583,203 31,583,203 31,583,203 
FFP RECEIVABLES SPV LLC (FKA Florida Food Products LLC), Revolver(e)Food, Beverage & TobaccoSF+4.8%1.0%06/2028$20,535,710 20,535,710 20,535,710 
FFP RECEIVABLES SPV LLC (FKA Florida Food Products LLC), Revolver(e)(f)Food, Beverage & TobaccoSF+4.8%1.0%06/2028$4,025,693 4,025,693 4,025,693 
Fortna AR LLC (FKA Fortna Group Inc),
 Revolver		(e)(o)Capital GoodsSF+4.8%0.8%06/2029$45,153,934 45,153,934 45,153,934 
Global Lending Services LLC, ABF Equity
(e)
Financial Services1,549,842 2,510,731 2,531,357 
Global Lending Services LLC, ABF Equity(e)Financial Services13,042,543 14,747,018 11,242,672 
Global Lending Services LLC, ABF Equity(e)Financial Services49,531,082 40,982,018 41,918,155 
Global Lending Services LLC, ABF Equity(e)(n)Financial Services201,046 332,131 327,779 
Global Lending Services LLC, Bond(e)Financial Services12.5%12/2032$267,306 267,306 267,306 
Global Lending Services LLC, Bond(e)Financial Services12.5%02/2033$168,723 168,723 168,723 
Global Lending Services LLC, Bond(e)Financial Services12.5%05/2033$101,484 101,484 101,484 
Global Lending Services LLC, Bond(e)Financial Services12.5%08/2033$97,588 97,588 97,588 
Global Lending Services LLC, Bond(e)Financial Services12.5%11/2033$169,085 169,085 169,085 
Home Partners JV 2, ABF Equity(e)(n)Equity Real Estate Investment Trusts (REITs)4,471,509 4,154,926 1,916,489 
Home Partners JV 2, ABF Equity(e)(n)Equity Real Estate Investment Trusts (REITs)168,710 166,601 68,007 
Home Partners JV 2, Structured Mezzanine(e)Equity Real Estate Investment Trusts (REITs)11.0%PIK03/2030$13,200,762 11,930,885 12,582,966 
Home Partners JV 2, Structured Mezzanine(e)Equity Real Estate Investment Trusts (REITs)11.0%PIK03/2030$507,075 469,826 479,439 
Income Contingent Student Loans 1 2002-2006 PLC, ABS(e)Financial Services8.0%07/2056£9,415,252 12,203,573 14,139,370 
Income Contingent Student Loans 2 2007-2009 PLC, ABS(e)Financial Services8.0%07/2058£28,082,065 36,398,552 41,074,544 
IQUW UK Ltd, Bond(e)Insurance8.8%03/2035$5,829,139 5,829,139 5,995,270 
Kilter Finance, Preferred Stock(e)Insurance12.0%(9.0% PIK/ 9.0% PIK)$20,915,536 20,911,893 20,915,536 
See notes to consolidated financial statements.
7
Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Statements of Cash Flows
As of December 31, 2025
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
KKR Altitude II Offshore Aggregator LP, Partnership Interest(e)Capital Goods51,668,614 $55,242,435 $55,863,847 
KKR Chord IP Aggregator LP, Partnership Interest(e)Media & Entertainment7,871 3,966 26,121 
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest
(e)
Capital Goods2,744 3,414 800,995 
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABSReal Estate Management & Development7.3%03/2070$1,024,000 1,011,975 1,014,539 
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABSReal Estate Management & Development0.3%03/2070$36,759,795 221,670 217,320 
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABSReal Estate Management & Development7.3%03/2070$922,000 935,946 937,655 
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABSReal Estate Management & Development1.1%03/2070$36,759,795 1,125,882 1,007,329 
Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABSReal Estate Management & Development7.3%03/2070$676,000 640,280 645,133 
My Community Homes PropCo 2, ABF Equity(e)(n)Equity Real Estate Investment Trusts (REITs)10,453,046 10,453,046 4,584,058 
My Community Homes PropCo 2, Term Loan(e)Equity Real Estate Investment Trusts (REITs)7.5%PIK03/2034$28,594,812 28,594,812 28,594,812 
My Community Homes PropCo 2, Term Loan(e)Equity Real Estate Investment Trusts (REITs)7.5%PIK06/2035$8,617,419 8,617,419 8,617,419 
NewStar Clarendon 2014-1A Class D
(e)(j)(n)
Financial Services01/2027$30,040,000 1,224,719 2,063,748 
Opendoor Labs Inc, Structured Mezzanine(e)(h)Real Estate Management & Development12.5%02/2029$26,429,227 26,328,796 26,759,592 
Opendoor Labs Inc, Structured Mezzanine(e)(f)Real Estate Management & Development12.5%02/2029$13,214,613 13,214,613 13,379,796 
Pretium Partners LLC P1, Structured Mezzanine(e)(h)Equity Real Estate Investment Trusts (REITs)8.0%(5.3% PIK/ 5.3% PIK)10/2026$27,401,408 26,923,531 27,401,408 
Pretium Partners LLC P2, ABF Equity(e)Equity Real Estate Investment Trusts (REITs)16,772,368 16,165,208 19,461,146 
Pretium Partners LLC P2, Term Loan(e)Equity Real Estate Investment Trusts (REITs)11.0%12/2029$33,544,735 33,032,521 32,873,841 
Progress Residential 2024-SFR4 Trust, Structured MezzanineReal Estate Management & Development3.4%07/2041$6,250,000 5,169,289 5,720,383 
Roemanu LLC, ABF Equity(e)Financial Services36,206,862 45,399,784 32,347,210 
Rosemawr Management LLC, ABS(e)Utilities5.0%08/2054$3,278,676 2,953,536 3,044,251 
See notes to consolidated financial statements.
8
Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Statements of Cash Flows
As of December 31, 2025
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Rosemawr Management LLC, Structured Mezzanine(e)Utilities7.3%08/2054$1,598,805 $1,444,077 $1,484,490 
Saluda Grade Alternative Mortgage Trust 2023-LOC2, Structured Mezzanine(e)(o)Real Estate Management & Development18.9%10/2053$5,199,630 6,146,616 6,318,070 
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS(e)Real Estate Management & Development1.4%01/2065$34,631,351 1,130,819 1,489,148 
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS(e)Real Estate Management & Development0.4%01/2065$34,631,351 240,251 225,104 
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS(e)Real Estate Management & Development7.3%01/2065$640,979 594,288 596,431 
Santander Mortgage Asset Receivable Trust 2025-NQM1, ABS(e)Real Estate Management & Development7.3%01/2065$621,380 572,187 598,637 
SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver(e)(o)Media & EntertainmentSF+6.3%0.8%03/2028$30,053,368 30,053,368 30,221,646 
SCRIPPS SPV LLC (FKA EW Scripps Co/The), Revolver(e)(f)(o)Media & EntertainmentSF+6.3%0.8%03/2028$15,689,962 15,689,962 15,777,815 
Star Mountain Strategic Credit Income Fund IV LP, ABF Equity(e)Financial Services47,000,000 47,000,000 49,162,000 
Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver(e)(o)MaterialsSF+4.8%1.0%01/2028$36,839,024 36,839,024 37,207,415 
Styron Receivables Funding Designated Activity Company (FKA Trinseo Materials), Revolver(e)(f)(o)MaterialsSF+4.8%1.0%01/2028$9,990,244 9,990,244 10,090,146 
Synovus Financial Corp, ABF Equity(e)Banks1,510,392 1,616,572 1,842,678 
TDC LLP, ABF Equity(e)(n)Financial Services1,576,060 1,976,009 2,060,144 
TDC LLP, Preferred Equity(e)Financial Services8.0%$32,185,899 41,862,765 43,557,086 
TPSI Receivables LLC (Tropicana Products Inc), Revolver(e)(o)Food, Beverage & TobaccoSF+4.8%1.0%01/2029$37,930,418 37,930,418 38,021,451 
TPSI Receivables LLC (Tropicana Products Inc), Revolver(e)(f)(o)Food, Beverage & TobaccoSF+4.8%1.0%01/2029$8,045,846 8,045,846 8,065,156 
Vehicle Secured Funding Trust, ABF Equity(e)Financial Services10,555,713 10,724,604 14,314,940 
Vehicle Secured Funding Trust, Term Loan(e)Financial Services15.0%01/2046$31,667,138 31,667,138 31,667,138 
See notes to consolidated financial statements.
9
Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Statements of Cash Flows
As of December 31, 2025
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Vietjet Aviation JSC, Term Loan(e)Transportation9.4%03/2037$30,713,640 $30,713,640 $31,411,575 
Vietjet Aviation JSC, Term Loan(e)Transportation9.4%12/2037$32,520,325 32,520,325 33,259,284 
Vontive Mortgage Trust 2025-RTL1, ABSReal Estate Management & Development8.0%03/2030$468,000 442,963 473,530 
Vontive Mortgage Trust 2025-RTL1, ABSReal Estate Management & Development9.5%03/2030$1,137,000 1,051,861 1,140,386 
Total Asset Based Finance1,031,858,991 1,037,097,224 
Unfunded Loan Commitments(71,633,025)(71,633,025)
Net Asset Based Finance960,225,966 965,464,199 
Equity/Other—13.6%
48Forty Solutions LLC, Common Stock(e)(n)Commercial & Professional Services2,512 — — 
Accuride Corp, Common Stock(e)(h)(i)(n)Capital Goods9,895,868 — — 
Accuride Corp, Preferred Stock(e)(h)(i)(n)Capital Goods5,662,956 — — 
Alacrity Solutions Group LLC, Common Stock(e)(n)Insurance2,973 2,650,925 — 
Alacrity Solutions Group LLC, Preferred Equity(e)(g)(n)InsuranceSF+8.0%PIK1.0%3,179,417 3,179,417 1,017,617 
athenahealth Inc, Preferred Stock(e)Health Care Equipment & Services10.8%PIK96,301,124 93,744,436 98,352,936 
Belk Inc, Common Stock
(e)(n)
Consumer Discretionary Distribution & Retail51,640 883,456 1,515,800 
Cubic Corp, Common Stock(e)(n)Software & Services8 73,510 — 
Cubic Corp, Preferred Stock(e)(n)Software & Services1,844,397 1,450,085 241,800 
Cubic Corp, Warrant(e)(n)Software & Services8 — — 
Dentix, Private Equity
(e)(n)
Health Care Equipment & Services24,234,907 242,303 160,871 
Kellermeyer Bergensons Services LLC, Common Stock(e)(n)Commercial & Professional Services2,074,030 — — 
Kellermeyer Bergensons Services LLC, Preferred Stock(e)(n)Commercial & Professional Services2,074,030 3,816,215 — 
Misys Ltd, Preferred Stock(e)Software & ServicesSF+13.3%PIK0.0%92,340,566 91,306,221 89,876,417 
New Era Technology Inc, Common Stock(e)(n)Software & Services12,417 — — 
New Era Technology Inc, Preferred Stock(e)(n)Software & Services12,417 6,305,601 5,904,644 
One Call Care Management Inc, Common Stock(e)(n)Health Care Equipment & Services34,873 2,220,193 860,551 
One Call Care Management Inc, Preferred Stock A(e)(n)Health Care Equipment & Services371,993 23,682,302 17,461,947 
See notes to consolidated financial statements.
10
Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Statements of Cash Flows
As of December 31, 2025
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
One Call Care Management Inc, Preferred Stock B(e)Health Care Equipment & Services9.0%PIK10/202912,907,868 $13,680,703 $13,236,896 
Pure Gym Ltd, Private Equity(e)(n)Consumer Services30,218,000 39,390,642 59,847,837 
SI Group Inc, Common Stock(e)(n)Materials9,490 116,063 116,063 
SIRVA Worldwide Inc, Class A Common Stock(e)(h)(n)Commercial & Professional Services9,809 98,092 484 
SIRVA Worldwide Inc, Class A Preferred Equity(e)(h)(n)Commercial & Professional Services08/20302,254,430 1,803,541 451,816 
SIRVA Worldwide Inc, Class B Common Stock(e)(h)(i)(n)Commercial & Professional Services2,870,061 2,870,061 1,416 
SIRVA Worldwide Inc, Class B Preferred Equity(e)(h)(i)(n)Commercial & Professional Services08/20302,572 2,057,414 515,415 
Wittur Holding GmbH, Common Stock
(e)(n)
Capital Goods12,426 8,484,584 15,163,323 
Yak Access LLC, Common Stock
(n)
Capital Goods1,256 974 69 
Total Equity/Other298,056,738 304,725,902 
TOTAL INVESTMENTS—224.9%
$5,077,384,767 $5,058,005,441 
LIABILITIES IN EXCESS OF OTHER ASSETS—(124.9)%
(2,808,922,187)
MEMBERS’ EQUITY—100.0%$2,249,083,254 

See notes to consolidated financial statements.
11
Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Statements of Cash Flows
As of December 31, 2025
Foreign Currency Forward Contracts
December 31, 2025
Foreign CurrencySettlement DateCounterpartyNotional Amount and TransactionUS $ Value at Settlement Date
US $ Value at December 31, 2025
Unrealized Appreciation (Depreciation)
AUDApril 30, 2026Morgan Stanley and Co.A$7,850,000 Sold$5,223,390 $5,233,555 $(10,165)
AUDJune 21, 2027Morgan Stanley and Co.A$10,279,000 Sold6,849,734 6,790,412 59,322 
AUDJune 21, 2027Goldman Sachs BankA$1,000,000 Sold648,800 660,610 (11,810)
AUDJune 21, 2027Goldman Sachs BankA$69,500,000 Sold46,551,795 45,912,408 639,387 
AUDJune 21, 2027Morgan Stanley and Co.A$1,200,000 Sold801,024 792,732 8,292 
AUDJune 21, 2027Morgan Stanley and Co.A$1,400,000 Sold899,640 924,854 (25,214)
AUDJune 21, 2027Goldman Sachs BankA$24,000,000 Sold14,966,400 15,854,644 (888,244)
AUDMarch 30, 2028Morgan Stanley and Co.A$10,000,000 Sold6,498,000 6,557,407 (59,407)
CADMarch 11, 2026Goldman Sachs BankC$30,994,375 Sold22,288,491 22,666,534 (378,043)
EURApril 30, 2026Morgan Stanley and Co.€4,000,000 Sold4,464,632 4,718,378 (253,746)
EURApril 30, 2026BNP Paribas€123,000,000 Sold142,838,215 145,090,113 (2,251,898)
EURAugust 28, 2026Goldman Sachs Bank€9,000,000 Sold10,773,900 10,667,484 106,416 
EURJanuary 19, 2027Morgan Stanley and Co.€5,000,000 Sold5,621,350 5,955,700 (334,350)
EURJuly 15, 2027Goldman Sachs Bank€52,448,238 Sold63,399,430 62,795,032 604,398 
EURAugust 6, 2027Morgan Stanley and Co.€12,700,000 Sold13,978,890 15,215,151 (1,236,261)
EURAugust 6, 2027Goldman Sachs Bank€18,590,620 Sold20,806,622 22,272,370 (1,465,748)
EURSeptember 10, 2027Goldman Sachs Bank€30,540,000 Sold34,705,656 36,625,578 (1,919,922)
EURSeptember 10, 2027Morgan Stanley and Co.€40,780,000 Sold43,736,550 48,906,061 (5,169,511)
EURSeptember 10, 2027Morgan Stanley and Co.€1,200,000 Sold1,433,400 1,439,119 (5,719)
EURSeptember 10, 2027Morgan Stanley and Co.€2,500,000 Sold3,030,500 2,998,165 32,335 
EURJanuary 28, 2028Goldman Sachs Bank€17,131,484 Sold20,809,100 20,628,743 180,357 
EURMarch 30, 2028Goldman Sachs Bank€15,900,000 Sold19,232,640 19,179,018 53,622 
EURMarch 30, 2028Morgan Stanley and Co.€31,200,000 Sold37,703,640 37,634,299 69,341 
EURMarch 30, 2028Goldman Sachs Bank€2,320,278 Sold2,822,456 2,798,783 23,673 
GBPJanuary 20, 2026Morgan Stanley and Co.£440,000 Sold556,404 591,570 (35,167)
GBPJanuary 20, 2026Morgan Stanley and Co.£9,381,472 Sold11,322,499 12,613,175 (1,290,676)
GBPApril 30, 2026Morgan Stanley and Co.£87,500,000 Sold117,103,875 117,605,235 (501,360)
GBPSeptember 14, 2026Goldman Sachs Bank£6,600,000 Sold8,423,580 8,866,112 (442,532)
GBPDecember 31, 2026Goldman Sachs Bank£5,100,000 Sold6,255,660 6,846,292 (590,632)
GBPDecember 31, 2026Goldman Sachs Bank£9,400,000 Sold11,974,660 12,618,656 (643,996)
GBPDecember 31, 2026Goldman Sachs Bank£22,600,000 Sold27,382,160 30,338,471 (2,956,311)
GBPJune 21, 2027Goldman Sachs Bank£9,000,000 Sold11,512,800 12,065,182 (552,382)
GBPMarch 30, 2028Morgan Stanley and Co.£7,250,000 Sold9,692,525 9,699,266 (6,741)
SEKApril 30, 2026Morgan Stanley and Co.SEK213,744,105 Sold22,580,789 23,305,730 (724,941)
SEKSeptember 14, 2026Goldman Sachs BankSEK119,905,000 Sold12,889,130 13,151,263 (262,133)
$769,778,337 $790,018,102 $(20,239,766)
See notes to consolidated financial statements.
12
Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Statements of Cash Flows
As of December 31, 2025
Interest rate swaps
DescriptionHedged ItemCompany ReceivesCompany PaysCounterpartyMaturity DateNotional AmountFair ValueUpfront Payments/ReceiptsChange in Unrealized Appreciation/(Depreciation)
Interest Rate Swap6.74% Notes6.74%SOFR + 2.532%Morgan Stanley & Co. International PLC3/20/2030$170,000,000 $4,304,606 $— $4,304,606 
Interest Rate Swap6.93% Notes6.93%SOFR + 2.779%Morgan Stanley & Co. International PLC3/20/2032185,000,0005,438,564—5,438,564
Total$355,000,000 $9,743,170 $— $9,743,170 
____________
(a)Security may be an obligation of one or more entities affiliated with the named company.
(b)Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2025, the Euro Interbank Offered Rate, or EURIBOR or “E”, was 2.03%, Canadian Overnight Repo Rate Average, or CORRA or “C”, was 2.26%, the Australian Bank Bill Swap Bid Rate, or BBSY or “B”, was 3.79%, the Stockholm Interbank Offered Rate, or STIBOR or “SR”, was 1.96%, the Sterling Interbank Offered Rate, or SONIA or “SA”, was 3.72%, the Secured Overnight Financing Rate, or SOFR or “SF”, was 3.65%, and the Australian Bank Bill Swap Rate, or BBSW or “BW”, was 3.74%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the performance of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.
(c)Denominated in U.S. dollars unless otherwise noted.
(d)Fair value is determined in accordance with the Company’s valuation process.
(e)Investments classified as Level 3.
(f)Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.
(g)Asset is on non-accrual status.
(h)Security or portion thereof held within Big Cedar Creek LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with BNP Paribas.
(i)Security or portion thereof held within Chestnut Street Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Citibank, N.A.
(j)Security or portion thereof held within Green Creek LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Goldman Sachs Bank.
(k)Not used.
(l)Not used.
(m)Security or portion thereof held within Magnolia Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Morgan Stanley.
(n)Security is non-income producing.
(o)Position or portion thereof unsettled as of December 31, 2025.


See notes to consolidated financial statements.
13
Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Schedule of Investments
As of December 31, 2024
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Senior Secured Loans—First Lien—160.8%
48Forty Solutions LLC(e)(m)Commercial & Professional Services2.0%, SF+410 PIK (SF+410 Max PIK)1.0%11/30/29$18,496,269 $18,412,542 $15,748,834 
Accuride Corp(e)(h)(i)Capital GoodsSF+1,000 PIK (SF+1,000 Max PIK)2.0%4/19/256,048,077 5,798,871 6,048,077 
Accuride Corp(e)(h)(i)Capital GoodsSF+1,000, 0.0% PIK (10.0% Max PIK)2.0%4/19/251,685,462 1,433,431 1,685,462 
Accuride Corp(e)(g)(h)(i)(n)Capital GoodsSF+100, 5.9% PIK (5.9% Max PIK)1.0%5/18/2618,098,649 18,078,069 4,977,129 
Accuride Corp(e)(f)Capital GoodsSF+1,000, 0.0% PIK (10.0% Max PIK)2.0%4/19/25842,731 842,731 842,731 
Advania Sverige AB(e)(h)(i)(m)Software & ServicesSA+5500.0%6/2/31£52,793,589 66,825,930 66,094,127 
Advania Sverige AB(e)(m)Software & ServicesSR+5500.0%6/2/31SEK123,389,317 11,414,103 11,152,476 
Affordable Care Inc(e)(h)(m)Health Care Equipment & ServicesSF+550, 0.0% PIK (3.3% Max PIK)0.8%8/2/2875,545,190 75,271,152 75,439,440 
Alacrity Solutions Group LLC(e)(g)(i)(m)(n)InsuranceSF+5250.8%12/22/2831,332,037 30,873,600 22,289,656 
Alera Group Intermediate Holdings Inc(e)(j)(m)InsuranceSF+5250.8%10/2/2831,604,509 31,316,947 31,604,509 
American Vision Partners(e)(j)(m)Health Care Equipment & ServicesSF+6000.8%9/30/2739,392,333 38,862,993 39,136,283 
Amerivet Partners Management Inc(e)(h)Health Care Equipment & ServicesSF+5250.8%2/25/2817,611,584 17,191,949 17,611,584 
Apex Group Limited(h)Financial ServicesSF+3750.5%7/27/284,095,495 4,095,495 4,139,010 
Apex Group Limited(h)Financial ServicesE+4000.0%7/27/28€3,600,000 4,087,747 3,740,935 
Arcfield Acquisition Corp(e)(i)(j)(m)Capital GoodsSF+5000.5%10/28/31$53,313,899 53,313,899 53,608,225 
Arcos LLC/VA(e)(h)(i)Software & ServicesSF+300, 3.3% PIK (3.3% Max PIK)1.0%4/20/2823,219,340 23,107,498 21,435,858 
Ardonagh Group Ltd/The(e)(h)(i)(j)InsuranceSF+4750.5%2/17/3123,890,391 23,549,907 24,129,295 
Area Wide Protective Inc(e)(j)Commercial & Professional ServicesSF+4751.0%12/23/304,081,672 4,049,711 4,076,887 
Arrotex Australia Group Pty Ltd(e)(h)(i)Pharmaceuticals, Biotechnology & Life SciencesB+6751.0%6/30/28A$70,822,383 44,763,382 44,156,805 
Arrotex Australia Group Pty Ltd(e)(m)Pharmaceuticals, Biotechnology & Life SciencesB+5750.5%6/30/288,627,888 5,845,000 5,225,418 
BGB Group LLC(e)(h)(m)Media & EntertainmentSF+5251.0%8/16/27$53,251,063 53,007,148 52,677,000 
Bloom Fresh International Limited(e)(h)(i)Food, Beverage & TobaccoSF+5250.5%8/9/3033,038,301 32,429,542 33,368,684 
Cadence Education LLC(e)(h)(i)(j)(m)(o)Consumer ServicesSF+5000.8%5/1/3155,091,626 54,832,695 55,141,995 
CFC Underwriting Ltd(e)(h)(i)InsuranceSF+495, 0.0% PIK (2.5% Max PIK)0.5%5/16/2939,458,838 39,217,515 39,458,838 
Cision LtdSoftware & ServicesSF+3750.0%1/29/273,737,190 3,502,054 2,226,281 
Civica Group Ltd(e)(j)(m)Software & ServicesSA+525, 0.0% PIK (2.1% Max PIK)0.0%8/30/30£17,680,771 22,329,929 22,135,440 
Civica Group Ltd(e)(m)Software & ServicesBW+525, 0.0% PIK (2.1% Max PIK)0.0%8/30/30A$978,645 639,398 605,733 
See notes to consolidated financial statements.
14
Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Schedule of Investments (continued)
As of December 31, 2024
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Clarience Technologies LLC(e)(i)(j)Capital GoodsSF+575, 0.0% PIK (2.5% Max PIK)0.8%2/13/31$40,196,250 $39,831,513 $40,598,213 
ClubCorp Club Operations Inc(i)(j)Consumer ServicesSF+5000.0%9/18/2624,194,800 23,427,800 24,298,233 
Consilium Safety Group AB(e)(i)Capital GoodsE+600, 0.0% PIK (0.0% Max PIK)0.0%4/7/31€8,500,000 9,383,122 8,779,017 
Consilium Safety Group AB(e)(j)Capital GoodsSF+600, 0.0% PIK (0.0% Max PIK)0.0%4/7/31$16,261,179 16,083,336 16,213,704 
Creation Technologies Inc(j)Technology Hardware & EquipmentSF+5500.5%10/5/282,234,553 2,065,716 2,198,242 
CSafe Global(e)(h)TransportationSF+5750.8%12/14/2832,157,000 32,116,500 32,478,570 
Cubic Corp(h)Software & ServicesSF+4250.8%5/25/288,887,071 8,912,189 6,014,325 
Dechra Pharmaceuticals Ltd(e)(m)Pharmaceuticals, Biotechnology & Life SciencesE+625, 0.0% PIK (3.3% Max PIK)0.0%1/24/31€13,810,428 15,311,955 14,448,583 
Dechra Pharmaceuticals Ltd(e)(j)Pharmaceuticals, Biotechnology & Life SciencesSF+625, 0.0% PIK (3.3% Max PIK)0.8%1/24/31$15,229,310 15,125,846 15,381,603 
DOC Generici Srl(e)(m)Pharmaceuticals, Biotechnology & Life SciencesE+5500.0%10/27/28€11,563,237 12,523,285 12,037,664 
DuBois Chemicals Inc(e)(h)(i)(j)(m)MaterialsSF+4500.8%6/13/31$44,000,000 44,034,329 44,107,470 
Envirotainer Ltd(e)(h)TransportationE+575, 0.0% PIK (3.0% Max PIK)0.0%7/30/29€14,851,248 14,026,762 15,371,783 
Envirotainer Ltd(e)(h)TransportationSF+575, 0.0% PIK (3.0% Max PIK)0.8%7/30/29$7,557,582 7,444,043 7,557,582 
Excelitas Technologies Corp(e)(j)Technology Hardware & EquipmentE+5250.0%8/12/29€3,970,723 4,150,784 4,117,669 
Excelitas Technologies Corp(e)(i)(j)Technology Hardware & EquipmentSF+5250.8%8/12/29$21,265,954 21,099,550 21,306,173 
Follett Software Co(e)(h)Software & ServicesSF+5000.8%8/31/2836,765,000 36,532,224 37,113,283 
Foundation Consumer Brands LLC(e)(i)Pharmaceuticals, Biotechnology & Life SciencesSF+6251.0%2/12/297,400,635 7,400,635 7,400,635 
Galaxy Universal LLC(e)(h)Consumer Durables & ApparelSF+5501.0%11/30/267,578,635 7,578,635 7,550,215 
Galway Partners Holdings LLC(e)(j)(m)InsuranceSF+450, 0.0% PIK (1.0% Max PIK)0.8%9/29/2832,512,800 32,071,071 32,512,800 
General Datatech LP(e)(h)(i)Software & ServicesSF+6251.0%6/18/2734,330,074 33,501,611 34,206,768 
Gigamon Inc(e)(i)(j)Software & ServicesSF+5751.0%3/9/2935,806,348 35,500,923 34,808,079 
Heniff Transportation Systems LLC(e)(i)(j)TransportationSF+5751.0%12/3/2632,231,837 31,993,021 32,231,837 
Higginbotham Insurance Agency Inc(e)(h)(j)(m)InsuranceSF+4501.0%11/24/2867,430,484 67,645,620 66,924,755 
HKA(e)(i)Commercial & Professional ServicesSF+575, 0.0% PIK (1.8% Max PIK)0.5%8/9/291,108,280 1,100,633 1,103,578 
Industria Chimica Emiliana Srl(e)(i)(j)(m)Pharmaceuticals, Biotechnology & Life SciencesE+475, 2.5% PIK (2.5% Max PIK)0.0%9/27/26€113,856,600 126,381,336 110,776,423 
iNova Pharmaceuticals (Australia) Pty Limited(e)(j)Pharmaceuticals, Biotechnology & Life SciencesB+475, 0.0% PIK (1.8% Max PIK)0.5%11/15/31A$33,822,105 21,639,648 20,704,761 
Insight Global LLC(e)(h)(m)Commercial & Professional ServicesSF+5000.8%9/22/28$62,580,802 62,037,198 62,580,802 
Integrated Power Services LLC(e)(j)Commercial & Professional ServicesSF+4500.8%11/22/2861,268,539 61,063,695 60,962,196 
See notes to consolidated financial statements.
15
Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Schedule of Investments (continued)
As of December 31, 2024
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Integrated Power Services LLC(e)(f)Commercial & Professional ServicesSF+4500.8%11/22/28$28,767,383 $28,695,465 $28,623,546 
Integrity Marketing Group LLC(e)(h)(j)InsuranceSF+5000.8%8/25/2868,594,338 68,134,609 68,594,338 
Integrity Marketing Group LLC(e)(f)InsuranceSF+5000.8%8/28/281,642,540 1,642,540 1,642,540 
Integrity Marketing Group LLC(e)(f)InsuranceSF+5000.8%8/28/2811,130,558 11,074,906 11,130,558 
KBP Investments LLC(e)(h)Consumer Staples Distribution & RetailSF+550, 0.0% PIK (0.0% Max PIK)0.8%5/26/2723,567,453 23,488,685 22,979,940 
Kellermeyer Bergensons Services LLC(e)Commercial & Professional ServicesSF+540 PIK (SF+540 Max PIK)1.0%11/6/2815,936,670 15,627,152 15,936,670 
Kellermeyer Bergensons Services LLC(e)Commercial & Professional ServicesSF+810 PIK (SF+810 Max PIK)1.0%11/6/287,100,602 6,910,365 6,931,213 
Kellermeyer Bergensons Services LLC(e)(f)Commercial & Professional ServicesSF+540 PIK (SF+540 Max PIK)1.0%11/6/28436,638 436,638 436,638 
Laboratoires Vivacy SAS(e)(h)(o)Pharmaceuticals, Biotechnology & Life SciencesE+670, 0.0% PIK (2.4% Max PIK)0.0%3/20/30€7,868,350 8,326,106 7,811,324 
Lakeview Farms Inc(e)(i)Food, Beverage & TobaccoSF+5751.0%6/10/27$22,768,387 22,551,459 22,768,387 
Lexitas Inc(e)(h)Commercial & Professional ServicesSF+6251.0%5/18/2932,946,783 32,850,276 33,276,251 
Lionbridge Technologies Inc(e)(h)(i)Media & EntertainmentSF+7001.0%12/29/2520,842,105 20,713,689 20,842,105 
Lloyd's Register Quality Assurance Ltd(e)(h)(m)Commercial & Professional ServicesE+600, 0.0% PIK (3.0% Max PIK)0.0%12/2/28€44,315,170 49,139,472 46,073,878 
MAI Capital Management LLC(e)(j)Financial ServicesSF+475, 0.0% PIK (2.4% Max PIK)0.8%8/29/31$11,387,246 11,330,310 11,363,089 
MB2 Dental Solutions LLC(e)(h)Health Care Equipment & ServicesSF+5500.8%2/13/3131,760,000 31,470,788 32,047,219 
Med-Metrix(e)(m)Software & ServicesSF+5001.0%9/15/2711,639,098 11,628,260 11,790,406 
Misys Ltd(e)(j)Software & ServicesSF+7251.0%9/13/2914,692,623 14,434,854 14,986,475 
New Era Technology Inc(e)(h)(i)(j)Software & ServicesSF+6251.0%10/31/2632,854,457 32,467,466 32,197,100 
Nordic Climate Group Holding AB(e)(m)Commercial & Professional ServicesE+5750.0%6/10/31€10,500,000 11,377,592 10,735,029 
NovaTaste Austria GmbH(e)(i)Food, Beverage & TobaccoE+5250.0%4/5/3014,883,810 16,065,606 15,263,216 
NovaTaste Austria GmbH(e)Food, Beverage & TobaccoE+5500.0%4/5/3016,085,206 16,697,750 16,495,238 
OEConnection LLC(e)(h)(i)Software & ServicesSF+500, 0.0% PIK (0.0% Max PIK)0.8%4/22/31$49,750,000 49,520,062 49,264,752 
One Call Care Management Inc(h)Health Care Equipment & ServicesSF+5500.8%4/22/274,825,000 4,849,702 4,680,250 
Pantherx Specialty LLC(e)(i)Pharmaceuticals, Biotechnology & Life SciencesSF+5500.5%7/16/2915,595,485 14,787,043 15,595,485 
Peraton Corp(i)Capital GoodsSF+3750.8%2/1/288,565,270 8,306,547 7,991,568 
Performance Health Holdings Inc(e)(j)Health Care Equipment & ServicesSF+5751.0%7/12/2715,100,000 15,066,450 15,100,000 
Plaskolite, LLC(j)MaterialsSF+4000.8%12/15/251,103,098 1,077,930 1,071,384 
Pretium Packaging LLC(i)MaterialsSF+230, 2.3% PIK (2.3% Max PIK)1.0%10/2/281,513,361 1,513,361 1,210,212 
Pretium Packaging LLC(l)MaterialsSF+250, 2.5% PIK (2.5% Max PIK)1.0%10/2/281,268,334 1,233,418 1,311,146 
Project Marron(e)(i)(j)Consumer ServicesB+6250.5%1/31/29A$37,107,840 25,409,815 22,500,710 
See notes to consolidated financial statements.
16
Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Schedule of Investments (continued)
As of December 31, 2024
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Project Marron(e)(h)(i)Consumer ServicesC+6250.5%1/31/29C$46,586,541 $34,162,573 $31,724,812 
PSKW LLC (dba ConnectiveRx)(e)(i)(j)Health Care Equipment & ServicesSF+5501.0%3/9/28$20,930,829 20,930,829 20,930,829 
Reliant Rehab Hospital Cincinnati LLC(e)Health Care Equipment & ServicesSF+6250.0%2/28/2614,104,006 13,679,814 13,819,691 
Reliant Rehab Hospital Cincinnati LLC(e)(g)(n)Health Care Equipment & ServicesSF+625, 0.0% PIK (8.3% Max PIK)0.0%2/28/2615,778,840 13,489,264 4,996,317 
Reliant Rehab Hospital Cincinnati LLC(e)(f)Health Care Equipment & ServicesSF+6250.0%2/28/26649,703 649,703 636,606 
Revere Superior Holdings Inc(e)(j)Software & ServicesSF+5001.0%10/1/2919,309,920 19,337,544 19,259,714 
RSC Insurance Brokerage Inc(e)(j)InsuranceSF+4750.8%11/1/2918,418,218 18,404,653 18,568,663 
Safe-Guard Products International LLC(e)(h)(i)(j)Financial ServicesSF+4750.8%4/3/3069,452,748 69,726,612 69,938,917 
SAMBA Safety Inc(e)(h)(i)Software & ServicesSF+5251.0%9/1/2718,371,133 18,267,767 18,371,133 
SI Group IncMaterialsSF+475, 0.8% PIK (0.8% Max PIK)0.0%10/16/281,415,454 1,381,552 1,027,620 
SIRVA Worldwide Inc(e)Commercial & Professional ServicesSF+8002.0%2/20/291,632,345 1,581,729 1,632,345 
SIRVA Worldwide Inc(e)(h)(l)Commercial & Professional ServicesSF+8002.0%2/20/293,942,207 3,886,932 3,942,207 
SIRVA Worldwide Inc(e)(h)Commercial & Professional ServicesSF+300, 5.0% PIK (5.0% Max PIK)2.0%8/20/295,100,004 4,846,527 5,100,004 
SIRVA Worldwide Inc(e)(f)Commercial & Professional ServicesSF+8002.0%2/20/29949,038 949,038 949,038 
SitusAMC Holdings Corp(e)(i)(m)Real Estate Management & DevelopmentSF+5501.0%12/22/2720,946,979 20,731,823 21,115,485 
Source Code LLC(e)(m)Software & ServicesSF+6501.0%6/30/279,922,126 9,922,126 9,922,126 
Spins LLC(e)(m)Software & ServicesSF+5501.0%1/20/2710,020,205 10,020,205 10,020,205 
STV Group Inc(e)(i)(j)(m)Capital GoodsSF+5000.8%3/20/3131,245,371 31,364,103 31,441,064 
Summit Interconnect Inc(e)(m)Capital GoodsSF+6001.0%9/22/2819,126,582 18,958,918 17,432,402 
Time Manufacturing Co(e)(h)Capital GoodsE+6500.8%12/1/27€29,219,845 32,602,288 27,486,155 
Trescal SA(e)(h)Commercial & Professional ServicesE+5500.0%4/29/307,898,516 8,505,824 8,287,361 
Trescal SA(e)(h)Commercial & Professional ServicesSF+5500.5%4/29/30$8,634,207 8,592,141 8,752,496 
Ultra Electronics Holdings Ltd(j)(o)Capital GoodsE+3750.0%8/6/29€1,378,000 1,468,931 1,404,904 
Version1 Software Ltd(e)(j)Software & ServicesE+515, 0.0% PIK (1.5% Max PIK)0.0%7/11/292,477,331 2,561,074 2,569,768 
Version1 Software Ltd(e)(j)Software & ServicesE+515, 0.0% PIK (1.7% Max PIK)0.0%7/11/292,359,358 2,626,428 2,447,394 
Version1 Software Ltd(e)(j)Software & ServicesSA+515, 0.0% PIK (1.7% Max PIK)0.0%7/11/29£4,032,564 4,713,806 5,059,810 
Version1 Software Ltd(e)(f)Software & ServicesE+515, 0.0% PIK (1.7% Max PIK)0.0%7/11/29€4 4 4 
Vytalogy Wellness LLC (fka Jarrow Formulas Inc)(e)(i)(m)Household & Personal ProductsSF+6251.0%11/30/26$33,234,279 32,711,179 32,493,155 
Wealth Enhancement Group LLC(e)(j)Financial ServicesSF+5001.0%10/4/289,027,823 9,039,597 9,087,964 
West Corp(h)Commercial & Professional ServicesSF+4001.0%4/10/273,851,697 3,821,343 2,860,366 
Wittur Holding GmbH(e)(l)Capital Goods0.1%, 5.9% PIK (5.9% Max PIK)12/29/28€57,455,542 61,581,784 57,877,794 
Woolpert Inc(e)(h)(i)Capital GoodsSF+5001.0%4/5/30$51,935,595 51,723,822 52,621,123 
See notes to consolidated financial statements.
17
Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Schedule of Investments (continued)
As of December 31, 2024
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Worldwise Inc(e)Household & Personal ProductsSF+400 PIK (SF+400 Max PIK)2.0%3/29/30$19,887,712 $19,887,712 $19,887,712 
Worldwise Inc(e)(f)Household & Personal ProductsSF+500 PIK (SF+500 Max PIK)2.0%3/29/321,158,877 1,158,877 1,158,877 
Zellis Holdings Ltd(e)(i)(m)Software & ServicesSA+500, 0.0% PIK (5.0% Max PIK)0.0%8/13/31£28,232,194 37,022,976 34,813,719 
Total Senior Secured Loans—First Lien2,622,214,032 2,550,830,122 
Unfunded Loan Commitments(45,577,473)(45,577,473)
Net Senior Secured Loans—First Lien2,576,636,559 2,505,252,649 
Senior Secured Loans—Second Lien—4.3%
Cubic Corp(e)(j)Software & ServicesSF+7630.8%5/25/29$10,000,000 9,768,129 7,668,368 
NEP Broadcasting LLC(h)Media & EntertainmentSF+7000.0%10/19/266,847,253 6,791,846 5,573,150 
Peraton Corp(e)(h)Capital GoodsSF+7750.8%2/1/2921,399,977 21,267,612 20,469,078 
Pretium Packaging LLC(e)MaterialsSF+6750.5%10/1/2939,900,250 39,778,515 22,743,143 
Valeo Foods Group Ltd(e)(h)Food, Beverage & TobaccoSA+8000.0%10/1/30£9,289,917 11,912,329 11,054,378 
Total Senior Secured Loans—Second Lien89,518,431 67,508,117 
Other Senior Secured Debt—1.6%
One Call Care Management Inc(e)Health Care Equipment & Services8.5% PIK (8.5% Max PIK)11/1/28$30,210,553 29,792,558 25,080,801 
Total Other Senior Secured Debt29,792,558 25,080,801 
Subordinated Debt—4.2%
Encora Digital LLC(e)(o)Commercial & Professional Services9.8% PIK (9.8% Max PIK)12/20/2928,830,441 28,060,669 28,125,221 
Ultra Electronics Holdings Ltd(e)(o)Capital GoodsSF+900 PIK (SF+900 Max PIK)0.5%1/31/3138,000,000 36,960,129 37,543,775 
Total Subordinated Debt65,020,798 65,668,996 
Asset Based Finance—25.4%
Abacus JV, ABF Equity(e)(n)Insurance22,808,895 23,372,275 15,706,205 
Altavair AirFinance, ABF Equity(e)Capital Goods31,634,366 37,233,649 33,373,402 
Callodine Commercial Finance LLC, 2L Term Loan A(e)(h)(o)Financial ServicesSF+9001.0%11/3/25$22,096,774 22,249,242 22,096,774 
Global Lending Services LLC, ABF Equity(e)(l)Financial Services365,303 365,303 735,111 
Global Lending Services LLC, ABF Equity(e)Financial Services9,790,901 12,868,181 9,406,021 
Home Partners JV 2, ABF Equity(e)(n)(o)Equity Real Estate Investment Trusts (REITs)4,471,509 4,154,926 3,805,809 
Home Partners JV 2, ABF Equity(e)(n)(o)Equity Real Estate Investment Trusts (REITs)168,710 166,601 153,703 
See notes to consolidated financial statements.
18
Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Schedule of Investments (continued)
As of December 31, 2024
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Home Partners JV 2, Structured Mezzanine(e)(o)Equity Real Estate Investment Trusts (REITs)11.0% PIK (11.0% Max PIK)3/20/30$12,759,337 $12,759,337 $12,759,337 
Kilter Finance, Preferred Stock(e)Insurance12.0%$20,177,189 20,177,189 20,177,189 
KKR Chord IP Aggregator LP, Partnership Interest(e)Media & Entertainment7,871 3,966 31,754 
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest(e)(l)Capital Goods2,406,305 2,994,166 5,971,990 
My Community Homes PropCo 2, ABF Equity(e)(n)Equity Real Estate Investment Trusts (REITs)8,352,273 8,352,273 6,417,686 
My Community Homes PropCo 2, Term Loan(e)Equity Real Estate Investment Trusts (REITs)7.5% PIK (7.5% Max PIK)3/15/34$26,519,954 26,519,954 26,519,954 
NewStar Clarendon 2014-1A Class D(e)(j)(l)Financial Services1/25/2730,040,000 1,605,180 7,005,193 
Opendoor Labs Inc, Structured Mezzanine(e)(h)(o)Real Estate Management & Development10.0%4/1/26$14,214,957 13,833,608 14,013,123 
Pretium Partners LLC P1, Structured Mezzanine(e)(h)Equity Real Estate Investment Trusts (REITs)2.8%, 5.3% PIK (5.3% Max PIK)10/22/26$32,837,228 31,318,949 32,837,228 
Pretium Partners LLC P2, ABF Equity(e)Equity Real Estate Investment Trusts (REITs)16,772,368 16,165,208 18,516,174 
Pretium Partners LLC P2, Term Loan(e)Equity Real Estate Investment Trusts (REITs)11.0%12/16/29$33,544,735 32,936,904 32,873,841 
Progress Residential 2024-SFR4 Trust, Structured MezzanineReal Estate Management & Development3.4%7/17/41$6,250,000 4,928,830 5,001,213 
Roemanu LLC (FKA Toorak Capital Partners LLC), ABF Equity(e)Financial Services40,000,000 50,156,000 43,289,960 
Rosemawr Management LLC, Structured Mezzanine(e)Utilities7.3%8/15/54$2,091,000 1,887,374 1,880,835 
Rosemawr Management LLC, Term Loan(e)Utilities5.0%8/15/54$3,526,000 3,168,321 3,170,975 
Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine(e)Real Estate Management & Development8.0%7/25/30$5,002,647 4,966,640 4,994,252 
Saluda Grade Alternative Mortgage Trust 2022-BC2, Term Loan(e)Real Estate Management & Development7.3%7/25/30$30,015,889 29,768,122 30,073,256 
Star Mountain Strategic Credit Income Fund IV LP, ABF Equity(e)Financial Services47,000,000 47,000,000 44,086,000 
Total Asset Based Finance408,952,198 394,896,985 
Equity/Other—15.2%
48Forty Solutions LLC, Common Stock(e)(m)(n)Commercial & Professional Services2,512 — — 
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock(e)(k)(n)Energy13,556 3,592,223 3,833,173 
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim(e)(k)(n)Energy1,151,785 28,824,172 32,569,600 
athenahealth Inc, Preferred Stock(e)Health Care Equipment & Services10.8% PIK (10.8% Max PIK)66,180,438 64,027,366 67,531,455 
Belk Inc, Common Stock(e)(l)(n)Consumer Discretionary Distribution & Retail45,597 762,596 1,178,649 
See notes to consolidated financial statements.
19
Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Schedule of Investments (continued)
As of December 31, 2024
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Darwin Investment SCA(l)(n)Health Care Equipment & Services24,234,907 $— $— 
Kellermeyer Bergensons Services LLC, Common Stock(e)(n)Commercial & Professional Services2,074,030 — — 
Kellermeyer Bergensons Services LLC, Preferred Stock(e)(n)Commercial & Professional Services2,074,030 3,816,215 1,195,826 
Misys Ltd, Preferred Stock(e)Software & ServicesL+1,225 PIK (L+1,225 Max PIK)0.0%35,095,149 34,615,449 32,284,839 
One Call Care Management Inc, Common Stock(e)(n)Health Care Equipment & Services34,873 2,220,193 1,943,503 
One Call Care Management Inc, Preferred Stock A(e)(n)Health Care Equipment & Services371,993 23,682,302 20,730,883 
One Call Care Management Inc, Preferred Stock B(e)Health Care Equipment & Services9.0% PIK (9.0% Max PIK)10/25/2911,672,135 12,453,382 12,173,507 
Pure Gym Ltd, Private Equity(e)(n)Consumer Services30,218,000 39,390,642 50,077,390 
SIRVA Worldwide Inc, Class A Common Stock(e)(h)(n)Commercial & Professional Services9,809 98,092 3,325 
SIRVA Worldwide Inc, Class A Preferred Equity(e)(h)Commercial & Professional Services15.3% PIK (15.3% Max PIK)8/20/302,254 1,803,541 520,931 
SIRVA Worldwide Inc, Class B Common Stock(e)(h)(i)(n)Commercial & Professional Services287,006 2,870,061 97,278 
SIRVA Worldwide Inc, Class B Preferred Equity(e)(h)(i)Commercial & Professional Services15.3% PIK (15.3% Max PIK)8/20/302,572 2,057,414 594,258 
Wittur Holding GmbH, Common Stock(e)(l)(n)Capital Goods12,426 8,546,754 11,673,372 
Worldwise Inc, Common Stock(e)(n)Household & Personal Products10,143 664,835 725,089 
Yak Access LLC, Common Stock(l)(n)Capital Goods1,256 974 2,042 
Total Equity/Other229,426,211 237,135,120 
TOTAL INVESTMENTS—211.5%$3,399,346,755 $3,295,542,668 
See notes to consolidated financial statements.
20
Table of Contents
Credit Opportunities Partners JV, LLC and Subsidiaries
Consolidated Schedule of Investments (continued)
As of December 31, 2024
Foreign Currency Forward Contracts
December 31, 2024
Foreign CurrencySettlement DateCounterpartyNotional Amount and TransactionUS $ Value at Settlement Date
US $ Value at December 31, 2024
Unrealized Appreciation (Depreciation)
AUDApril 30, 2026Morgan Stanley and Co.A$28,500,000 Sold$18,963,900 $17,673,005 $1,290,895 
AUDJune 21, 2027Morgan Stanley and Co.A$10,279,000 Sold6,849,734 6,388,683 461,051 
AUDJune 21, 2027Goldman Sachs BankA$1,000,000 Sold648,800 621,528 27,272 
AUDJune 21, 2027Goldman Sachs BankA$69,500,000 Sold46,551,795 43,196,174 3,355,621 
AUDJune 21, 2027Morgan Stanley and Co.A$1,200,000 Sold801,024 745,833 55,191 
AUDJune 21, 2027Morgan Stanley and Co.A$1,400,000 Sold899,640 870,139 29,501 
AUDJune 21, 2027Goldman Sachs BankA$24,000,000 Sold14,966,400 14,916,664 49,736 
CADOctober 31, 2025Goldman Sachs BankC$32,619,875 Sold24,287,004 22,915,736 1,371,268 
EURJanuary 21, 2025Morgan Stanley and Co.€34,680,000 Sold37,541,100 35,921,298 1,619,802 
EURMarch 31, 2025Goldman Sachs Bank€10,990,620 Sold12,117,159 11,420,674 696,485 
EURMarch 31, 2025Goldman Sachs Bank€7,600,000 Sold8,318,200 7,897,382 420,818 
EURSeptember 16, 2025Morgan Stanley and Co.€51,300,000 Sold55,981,797 53,826,649 2,155,148 
EURSeptember 16, 2025Goldman Sachs Bank€15,900,000 Sold17,345,310 16,683,113 662,197 
EURApril 30, 2026Morgan Stanley and Co.€4,000,000 Sold4,464,632 4,253,448 211,184 
EURJanuary 19, 2027Morgan Stanley and Co.€5,000,000 Sold5,621,350 5,398,540 222,810 
EURAugust 6, 2027Morgan Stanley and Co.€12,700,000 Sold13,978,890 13,848,721 130,169 
EURSeptember 10, 2027Goldman Sachs Bank€30,540,000 Sold34,705,656 33,360,735 1,344,921 
GBPJanuary 31, 2025Goldman Sachs Bank£22,600,000 Sold29,732,560 28,288,458 1,444,102 
GBPJanuary 20, 2026Morgan Stanley and Co.£10,500,000 Sold12,672,450 13,112,746 (440,296)
GBPJanuary 20, 2026Morgan Stanley and Co.£440,000 Sold556,404 549,486 6,918 
GBPSeptember 14, 2026Goldman Sachs Bank£6,600,000 Sold8,423,580 8,241,029 182,551 
GBPDecember 31, 2026Goldman Sachs Bank£5,100,000 Sold6,255,660 6,367,622 (111,962)
GBPDecember 31, 2026Goldman Sachs Bank£9,400,000 Sold11,974,660 11,736,401 238,259 
GBPJune 21, 2027Goldman Sachs Bank£9,000,000 Sold11,512,800 11,248,092 264,708 
SEKOctober 27, 2025Goldman Sachs BankSEK122,155,000 Sold12,032,604 11,215,035 817,569 
$397,203,109 $380,697,191 $16,505,918 
___________
(a)Security may be an obligation of one or more entities affiliated with the named company.
(b)Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2024, the three-month London Interbank Offered Rate, or LIBOR or “L”, was 4.85%, the Euro Interbank Offered Rate, or EURIBOR or “E”, was 2.71%, Canadian Dollar Offer Rate, or CDOR or “C”, was 4.97%, the Bank Bill Swap Bid Rate, or BBSY or “B”, was 4.47%, the Stockholm Interbank Offered Rate, or STIBOR or “SR”, was 2.54%, the Sterling Overnight Index Average, or SONIA or “SA”, was 4.62%, the Secured Overnight Financing Rate, or SOFR or “SF”, was 4.31%, and the Australian Bank Bill Swap Rate, or BBSW or “BW”, was 4.42%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the performance of the underlying investment.
(c)Denominated in U.S. dollars unless otherwise noted.
See notes to consolidated financial statements.
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Consolidated Schedule of Investments (continued)
As of December 31, 2024
(d)Fair value is determined in accordance with the Company’s valuation process.
(e)Investments classified as Level 3.
(f)Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.
(g)Asset is on non-accrual status.
(h)Security or portion thereof held within Big Cedar Creek LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with BNP Paribas.
(i)Security or portion thereof held within Chestnut Street Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Citibank, N.A.
(j)Security or portion thereof held within Green Creek LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Goldman Sachs Bank.
(k)Security or portion thereof held within IC II American Energy Investment, Inc., a wholly-owned subsidiary of the company.
(l)Security or portion thereof held within Jersey City Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Goldman Sachs.
(m)Security or portion thereof held within Magnolia Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Morgan Stanley.
(n)Security is non-income producing.
(o)Position or portion thereof unsettled as of December 31, 2024.
See notes to consolidated financial statements.
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Credit Opportunities Partners JV, LLC and Subsidiaries
Notes to Consolidated Financial Statements
Note 1. Principal Business and Organization
Credit Opportunities Partners JV, LLC (“COPJV” or the “Company”), is a joint venture between FS KKR Capital Corp. (“FSK”) and South Carolina Retirement Systems Group Trust (“SCRS” and, together with FSK, the “Members”).
Effective March 24, 2025, the Second Amended and Restated Limited Liability Company Agreement, or, as amended, the COPJV Agreement, between the Company and SCRS was amended, increasing the capital commitments of each member. The COPJV Agreement requires FSK and SCRS to provide capital to COPJV of up to $2.8 billion in the aggregate where FSK and SCRS would provide 87.5% and 12.5%, respectively, of the committed capital. Pursuant to the terms of the COPJV Agreement, FSK and SCRS each have 50% voting control of COPJV and are required to agree on all investment decisions as well as certain other significant actions for COPJV. COPJV invests its capital in a range of investments, including senior secured loans (both first lien and second lien) to middle market companies, broadly syndicated loans, equity, warrants and other investments. As administrative agent of COPJV, FSK performs certain day-to-day management responsibilities on behalf of COPJV and is entitled to a fee of 0.25% of COPJV’s assets under administration, calculated and payable quarterly in arrears. As of December 31, 2025, FSK and SCRS have funded approximately $2,520 million to COPJV.

Note 2. Significant Accounting Policies
Basis of Presentation — The accompanying consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC Topic 946”).
Principles of Consolidation — COPJV owns all of the outstanding limited liability company interests of Chestnut Street Funding LLC (“Chestnut Street Funding”), Big Cedar Creek LLC (“Big Cedar Creek Funding”), Green Creek LLC (“Green Creek Funding”), Jersey City Funding LLC (“Jersey City Funding”) and Magnolia Funding LLC (“Magnolia Funding”). The financial position and results of operations of Chestnut Street Funding, Big Cedar Creek Funding, Green Creek Funding, Jersey City Funding and Magnolia Funding have been consolidated in the accompanying consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates — The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the consolidated financial statements, (ii) the reported amounts of income and expenses during the reporting periods presented and (iii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates.
Cash and Cash Equivalents — Cash and cash equivalents include funds from time to time deposited with financial institutions and short-term, liquid investments in a money market account. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. All cash balances are maintained with high credit quality financial institutions, which are members of the Federal Deposit Insurance Corporation. The Company’s cash and cash equivalents are held with major financial institutions and generally exceeds federally insured limits.
Valuation of Investments — The Company measures the value of its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosure (“ASC Topic 820”), issued by FASB. ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities where there is little or no activity in the market; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.
Valuation of the Company’s assets is completed in a manner consistent with the Company’s valuation guidelines approved by the board of managers and to the extent required, determined by a third-party valuation expert in accordance with such valuation guidelines. The Company’s valuation guidelines and the third-party valuation expert shall be subject to board approval on an annual basis.
Valuation of fixed income investments, such as loans and debt securities, depends upon a number of factors, including prevailing interest rates for like securities, expected volatility in future interest rates, call features, put features and other relevant terms
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Notes to Consolidated Financial Statements (continued)
of the debt. For investments without readily available market prices, we may incorporate these factors into discounted cash flow models to arrive at fair value. Other factors that may be considered include the borrower’s ability to adequately service its debt, the fair market value of the borrower in relation to the face amount of its outstanding debt and the quality of collateral securing the Company’s debt investments.
For convertible debt securities, fair value generally approximates the fair value of the debt plus the fair value of an option to purchase the underlying security (i.e., the security into which the debt may convert) at the conversion price. To value such an option, a standard option pricing model may be used.
Equity interests in portfolio companies for which there is no liquid public market are valued at fair value. The Company may consider various factors, such as multiples of EBITDA, cash flows, net income, revenues or, in limited instances, book value or liquidation value. All of these factors may be subject to adjustments based upon the particular circumstances of a portfolio company or actual investment position. For example, adjustments to EBITDA may take into account compensation to previous owners or acquisition, recapitalization, restructuring or other related items.
The Company may consider private merger and acquisition statistics, public trading multiples discounted for illiquidity and other factors, valuations implied by third-party investments in the portfolio companies or industry practices in determining fair value. The Company may also consider the size and scope of a portfolio company and its specific strengths and weaknesses, and may apply discounts or premiums, where and as appropriate, due to the higher (or lower) financial risk and/or the smaller size of portfolio companies relative to comparable firms, as well as such other factors may be relevant in assessing fair value. Generally, the value of equity interests in public companies for which market quotations are readily available is based upon the most recent closing public market price.
When the Company receives warrants or other equity securities at nominal or no additional cost in connection with an investment in a debt security, the cost basis in the investment will be allocated between the debt securities and any such warrants or other equity securities received at the time of origination. These warrants or other equity securities received are subsequently recorded at fair value.
Security Transactions, Realized/Unrealized Gains or Losses, and Income Recognition— Investment transactions are recorded on trade date. The Company measures realized gains or losses from the sale of investments using the specific identification method. Realized gains or losses are measured by the difference between the net proceeds from the sale and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized. The amortized cost basis of investments includes (i) the original cost and (ii) adjustments for the accretion/amortization of market discounts and premiums, original issue discount and loan origination fees. The Company reports changes in fair value of investments as a component of net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.
Revenue Recognition — Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company (“LLC”) and limited partnership (“LP”) investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company holds investments in certain
preferred securities that accumulate PIK to be paid upon the redemption, liquidation or maturity of the underlying investment. Such
PIK income is accumulated onto the principal balance of the respective security. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company's policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company's judgment.
Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income.
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Credit Opportunities Partners JV, LLC and Subsidiaries
Notes to Consolidated Financial Statements (continued)
Structuring and other non-recurring upfront fees are recorded as fee income when earned. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts.
Derivative Instruments — The Company’s derivative instruments consist of foreign currency forward contracts and interest rate swaps. The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on derivative instruments in the statements of operations. Realized gains and losses that occur upon the cash settlement of the derivative instruments are included in net realized gains (losses) on derivative instruments in the statements of operations.
Income Taxes — No provision has been made in the accompanying consolidated financial statements for federal, state or local income taxes of the Members. Each Member is individually responsible for reporting its share of the Company’s taxable income or loss. Interest and other income realized by the Company from non—U.S. sources and capital gains realized on the sale of securities of non—U.S. issuers may be subject to withholding and other taxes levied by the jurisdiction in which the income is sourced. The Company reports on the accrual basis of accounting for financial statement and tax purposes.
As of December 31, 2025, the Company had a deferred tax asset of $8 million resulting from a combination of unrealized depreciation on investments held by and net operating losses and other tax attributes of the Company’s wholly-owned taxable subsidiary. As of December 31, 2025, a certain wholly-owned taxable subsidiary anticipated that it would be unable to fully utilize its generated net operating losses, therefore the deferred tax asset was offset by a valuation allowance of $8 million.
Deferred Financing Costs — Financing costs, including upfront fees, commitment fees and legal fees related to the Company’s credit facilities are deferred and amortized over the life of the related financing instrument using either the effective interest method or straight-line method. The amortization of deferred financing costs is included in interest expense in the consolidated statements of operations.
Distributions — COPJV intends to make distributions quarterly based on the Company’s net investment income earned in the preceding quarter. Distributions are made pro rata in accordance with each Member’s proportionate share.
Distributions of 253.00 million and 232.00 million were made during the years ended December 31, 2025 and 2024, respectively.
Recent Accounting Pronouncements — In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, or ASU 2023-09, which requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company adopted ASU 2023-09 effective December 31, 2025 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

Note 3. Investments
As of December 31, 2025 and 2024, the Company’s investment portfolio consisted of the following:
December 31, 2025
Investment Type
Amortized Cost(1)
Fair Value% of Investment Portfolio% of Net Assets
Senior Secured Loans—First Lien$3,419,342,743 $3,424,471,989 67.7 %152.3 %
Senior Secured Loans—Second Lien66,597,512 27,959,355 0.6 %1.2 %
Other Senior Secured Debt41,884,419 35,889,808 0.7 %1.6 %
Subordinated Debt291,277,389 299,494,188 5.9 %13.3 %
Asset Based Finance960,225,967 965,464,199 19.1 %42.9 %
Equity/Other298,056,738 304,725,902 6.0 %13.6 %
Total Investments$5,077,384,768 $5,058,005,441 100.0 %224.9 %
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Credit Opportunities Partners JV, LLC and Subsidiaries
Notes to Consolidated Financial Statements (continued)
December 31, 2024
Investment Type
Amortized Cost(1)
Fair Value% of Investment Portfolio% of Net Assets
Senior Secured Loans—First Lien$2,576,636,559 $2,505,252,649 76.0 %160.8 %
Senior Secured Loans—Second Lien89,518,431 67,508,117 2.0 %4.3 %
Other Senior Secured Debt29,792,558 25,080,801 0.8 %1.6 %
Subordinated Debt65,020,798 65,668,996 2.0 %4.2 %
Asset Based Finance408,952,198 394,896,985 12.0 %25.4 %
Equity/Other229,426,211 237,135,120 7.2 %15.2 %
Total Investments$3,399,346,755 $3,295,542,668 100.0 %211.5 %
____________
(1)Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts and PIK interest or dividends, as applicable, on investments.

Note 4. Derivative Instruments
The following is a summary of the fair value and location of the Company’s derivative instruments in the consolidated statements of assets and liabilities held as of December 31, 2025 and 2024:
Derivative InstrumentStatement Location
December 31, 2025
December 31, 2024
Foreign currency forward contractsUnrealized appreciation on foreign currency forward contracts$1,777,145 $17,058,176 
Foreign currency forward contractsUnrealized depreciation on foreign currency forward contracts(22,016,911)(552,258)
Interest rate swaps
Unrealized appreciation on interest rate swaps
9,743,170 — 
Total$(10,496,596)$16,505,918 
Net realized and unrealized gains and losses on derivative instruments recorded by the Company for the year ended December 31, 2025 and 2024 are in the following locations in the consolidated statements of operations:
Net Realized Gains (Losses)
Derivative InstrumentStatement Location
December 31, 2025
December 31, 2024
Foreign currency forward contractsNet realized gain (loss) on foreign currency forward contracts$(516,140)$1,723,869 
Interest rate swaps
Net realized gain (loss) on interest rate swaps(671,652)— 
Total$(1,187,792)$1,723,869 
Net Unrealized Gains (Losses)
Derivative InstrumentStatement Location
December 31, 2025
December 31, 2024
Foreign currency forward contractsNet change in unrealized appreciation (depreciation) on foreign currency forward contracts$(36,745,684)$24,537,375 
Interest rate swaps
Net change in unrealized appreciation (depreciation) on interest rate swaps9,743,170 — 
Total$(27,002,514)$24,537,375 
Foreign Currency Forward Contracts
The Company may enter into foreign currency forward contracts from time to time to facilitate settlement of purchases and sales of investments denominated in foreign currencies and to economically hedge the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. A foreign currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. These contracts are marked-to-market by recognizing the difference between the contract forward exchange rate and the forward market exchange rate on the last day of the period presented as unrealized appreciation or depreciation. Realized gains or losses are recognized when forward contracts are settled. Risks arise as a result of the potential inability of the counterparties to meet the terms of their contracts. The Company attempts to limit counterparty risk by only dealing with well-known counterparties.
The Company was a party to thirty-five foreign currency forward contracts during the period which related to economic hedging of the Company’s foreign currency denominated debt investments.
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Notes to Consolidated Financial Statements (continued)
The Company’s foreign currency forward contracts are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. As of December 31, 2025, the Company had $(8,503,900), $259,202 and $(2,251,898) of assets (liabilities) with Goldman Sachs Bank, Morgan Stanley and Co. and BNP Paribas, respectively, that were not offset by any collateral. As of December 31, 2024, the Company had $10,763,545 and $5,742,373 and $0, respectively, of assets (liabilities) with Goldman Sachs Bank, Morgan Stanley and Co. and BNP Paribas, respectively, that were not offset by any collateral.
Interest Rate Swaps
The Company may enter into interest rate swaps from time to time to economically hedge the impact that an adverse change in interest rates would have on the value of the Company’s fixed rate debt investments. An interest rate swap contract is an exchange of interest rates between counterparties. An interest rate swap generally involves one party making payments based on a fixed interest rate in return for payments from a counterparty based on a variable or floating interest rate. The Fund may enter into either side of such a swap contract. Each interest rate swap is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the consolidated statement of assets and liabilities. When a swap is closed, a realized gain or loss is recorded in the consolidated statement of operations equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of interest rate swaps contains the risk that the value of an interest rate swap changes unfavorably due to movements in interest rates, as well as the risk that the counterparty to the swap will default on its contractual delivery obligations. As of December 31, 2025, the counterparty to the Company’s interest rate swaps was Morgan Stanley. The average notional balance for interest rate swaps during the year ended December 31, 2025 was $355,000,000.

Note 5. Fair Value Measurement
The Company’s investments were categorized in the fair value hierarchy described in Note 2. “Significant Accounting Policies”, as follows as of December 31, 2025 and 2024:
December 31, 2025
Investment TypeLevel 1Level 2Level 3Total
Senior Debt$— $31,974,823 $3,456,346,329 $3,488,321,152 
Subordinated Debt— — 299,494,188 299,494,188 
Asset Based Finance— 11,156,275 954,307,924 965,464,199 
Equity/Other— 69 304,725,833 304,725,902 
Total Investments$— $43,131,167 $5,014,874,274 $5,058,005,441 
December 31, 2024
Investment TypeLevel 1Level 2Level 3Total
Senior Debt$— $69,747,626 $2,528,093,941 $2,597,841,567 
Subordinated Debt— — 65,668,996 65,668,996 
Asset Based Finance— 5,001,213 389,895,772 394,896,985 
Equity/Other— 2,042 237,133,078 237,135,120 
Total Investments$— $74,750,881 $3,220,791,787 $3,295,542,668 
In addition, the Company had foreign currency forward contracts and interest rate swaps, as described in Note 4. “Derivative Instruments,” which were categorized as Level 2 in the fair value hierarchy as of December 31, 2025 and 2024. The carrying value of cash equivalents is classified as Level 1 with respect to the fair value hierarchy.
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Notes to Consolidated Financial Statements (continued)
The following is a reconciliation for the years ended December 31, 2025 and 2024 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:
 
For the Year Ended December 31, 2025
 Senior DebtSubordinated
Debt		Asset Based FinanceEquity/OtherTotal
Fair value at beginning of period$2,528,093,941 $65,668,996 $389,895,772 $237,133,078 $3,220,791,787 
Accretion of discount (amortization of premium)6,332,409 190,598 342,989 (404,839)6,461,157 
Net realized gain (loss)(30,872,653)48,506 (6,685,006)(2,605,286)(40,114,439)
Net change in unrealized appreciation (depreciation)59,806,136 7,568,601 18,809,419 (1,037,772)85,146,384 
Purchases1,831,543,169 216,092,993 663,270,680 82,228,456 2,793,135,298 
Paid-in-kind interest19,654,054 10,995,458 9,005,898 19,888,141 59,543,551 
Sales and repayments(958,210,727)(1,070,964)(120,331,828)(30,475,945)(1,110,089,464)
Transfers into Level 3— — — — — 
Transfers out of Level 3— — — — — 
Fair value at end of period$3,456,346,329 $299,494,188 $954,307,924 $304,725,833 $5,014,874,274 
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date$33,404,944 $7,568,601 $18,836,467 $(1,046,541)$58,763,471 
For the Year Ended December 31, 2024
Senior DebtSubordinated
Debt		Asset Based FinanceEquity/OtherTotal
Fair value at beginning of period$2,687,024,435 $— $426,266,446 $180,615,238 $3,293,906,119 
Accretion of discount (amortization of premium)8,230,445 8,929 280,304 55,324 8,575,002 
Net realized gain (loss)(154,167,839)— 633,535 — (153,534,304)
Net change in unrealized appreciation (depreciation)71,410,571 648,198 3,860,595 11,729,313 87,648,677 
Purchases1,349,003,423 65,011,869 122,705,504 20,619,508 1,557,340,304 
Paid-in-kind interest8,683,456 — 2,285,612 25,702,297 36,671,365 
Sales and repayments(1,459,597,414)— (166,136,224)(1,588,602)(1,627,322,240)
Transfers into Level 317,506,864 — — — 17,506,864 
Transfers out of Level 3— — — — — 
Fair value at end of period$2,528,093,941 $65,668,996 $389,895,772 $237,133,078 $3,220,791,787 
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date$(41,966,436)$648,198 $3,356,371 $11,729,313 $(26,232,554)
There were no transfers between Level 1 and Level 2 during the years ended December 31, 2025 and 2024.
At December 31, 2025, the Company held investment positions classified as Level 3, representing an aggregate fair value of $5,014.9 million and 99.1% of the total investment portfolio. At December 31, 2024, the Company held investment positions classified as Level 3, representing an aggregate fair value of $3,220.8 million and 97.7% of the total investment portfolio. The ranges of unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of December 31, 2025 and 2024 were as follows:
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Notes to Consolidated Financial Statements (continued)
Type of Investment
Fair Value at
December 31, 2025
Valuation
Technique(1)
Unobservable
Input
Range
(Weighted Average)(2)
Impact to Valuation from an Increase in Input(3)
Senior Debt$3,122,891,102 Discounted Cash FlowDiscount Rate5.3% - 24.9% (8.7%)Decrease
212,870,070 WaterfallEBITDA Multiple0.8x - 15.1x (9.5x)Increase
120,585,157 Cost
Subordinated Debt279,407,019 Discounted Cash FlowDiscount Rate9.2% - 14.2% (11.4%)Decrease
20,087,169 WaterfallEBITDA Multiple2.8x - 15.1x (6.0x)Increase
Asset Based Finance866,482,885 Discounted Cash FlowDiscount Rate4.7% - 20.5% (11.2%)Decrease
81,509,210 WaterfallEBITDA Multiple1.0x - 1.3x (1.1x)Increase
Illiquidity Discount10.0% - 10.0% (10.0%)Decrease
4,252,081 
Other(4)
2,063,748 Indicative Dealer Quotes6.9% - 6.9% (6.9%)Increase
Equity/Other188,229,353 Discounted Cash FlowDiscount Rate11.4% - 20.1% (15.5%)Decrease
115,250,415 WaterfallEBITDA Multiple4.5x - 15.1x (11.2x)Increase
Illiquidity Discount10.0% - 15.0% (12.8%)Decrease
969,131 Option Pricing ModelEquity Illiquidity Discount40.0% - 40.0% (40.0%)Decrease
Illiquidity Discount15.0% - 15.0% (15.0%)Decrease
276,934 
Other(4)
Total$5,014,874,274 
Type of Investment
Fair Value at
December 31, 2024
Valuation
Technique(1)		Unobservable
Input		Range
(Weighted Average)(2)		Impact to Valuation from an Increase in Input(3)
Senior Debt$2,338,297,378 Discounted Cash FlowDiscount Rate5.8% - 23.8% (10.1%)Decrease
167,053,420 WaterfallEBITDA Multiple7.0x - 11.3x (9.4x)Increase
22,743,143 Other(4)

Subordinated Debt65,668,996 Discounted Cash FlowDiscount Rate10.7% - 13.8% (12.5%)Decrease
Asset Based Finance279,776,659 Discounted Cash FlowDiscount Rate6.6% - 20.0% (11.1%)Decrease
87,375,960 WaterfallEBITDA Multiple0.9x - 1.4x (1.1x)Increase
15,737,960 Other(4)
7,005,193 Indicative Dealer Quotes23.3% - 23.3% (23.3%)Increase
Equity/Other136,100,994 WaterfallEBITDA Multiple4.5x - 13.8x (9.6x)Increase
99,816,294 Discounted Cash FlowDiscount Rate11.6% - 20.9% (14.6%)Decrease
1,215,790 Option Pricing ModelEquity Illiquidity Discount40.0% - 40.0% (40.0%)Decrease
Total$3,220,791,787 
_______________
(1)Certain investment may be valued at cost for a period of time after an acquisition as the best indicator of fair value.
(2)Weighted average amounts are based on the estimated fair values.
(3)This column represents the directional change in the fair value of the Level 3 investments that would result from increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.
(4)Fair value based on expected outcome of proposed corporate transactions and/or other factors.
The above tables represent the significant unobservable inputs as they relate to the Company’s determination of fair values for the majority of its investments categorized within Level 3 as of December 31, 2025 and 2024. In addition to the techniques and inputs noted in the tables above, according to the Company’s valuation policy, it may also use other valuation techniques and methodologies when determining the fair value estimates for the Company’s investments. Any significant increases or decreases in the unobservable inputs would result in significant increases or decreases in the fair value of the Company’s investments.
The Company’s investments consist primarily of debt investments that were acquired directly from the issuer. Debt investments, for which broker quotes are not available, are valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, the borrower’s ability to adequately service its debt, prevailing interest rates for like investments, expected cash flows, call features, anticipated repayments and other relevant terms of the investments. Except as described below, all of the Company’s equity/other investments are also valued by independent valuation firms, which determine the
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Notes to Consolidated Financial Statements (continued)
fair value of such investments by considering, among other factors, contractual rights ascribed to such investments, as well as various income scenarios and multiples of EBITDA, cash flows, net income, revenues or, in limited instances, book value or liquidation value. An investment that is newly issued and purchased near the date of the consolidated financial statements is valued at cost if the Company determines that the cost of such investment is the best indication of its fair value. Such investments described above are typically classified as Level 3 within the fair value hierarchy. Investments that are traded on an active public market are valued at their closing price as of the date of the consolidated financial statements and are classified as Level 1 within the fair value hierarchy. Except as described above, the Company typically values its other investments by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which are provided by independent third-party pricing services and screened for validity by such services and are typically classified as Level 2 within the fair value hierarchy.

Note 6. Significant Agreements and Related Parties
Purchase of Investments from FSK — During the years ended December 31, 2025 and 2024, the Company purchased investments from FSK at fair value, as determined in accordance with ASC 820 and as agreed to by FSK and the Company’s board of managers, for an aggregate amount of approximately $1,829 million and $560 million, respectively.
Pursuant to the COPJV Agreement, FSK’s capital contributions to the Company may be payable, in part or in full, in property through the contribution of investments that have been approved by the Company’s board of managers. During the year ended December 31, 2025, FSK contributed $531 million of investments at fair value to the Company.
Administrative Services — The Company is a party to an administrative services agreement with FSK (the “Administrative Services Agreement”) whereby FSK performs, and oversees the performance of, various administrative services on behalf of the Company. Administrative services may include general ledger accounting services, calculating the Company’s net asset value, maintaining required corporate and financial records, financial reporting for the Company and its subsidiaries, reporting to the Company’s board of managers and lenders, overseeing the payment of the Company’s expenses and member distributions and management and oversight of service providers in their performance of administrative and professional services rendered for the Company. FSK is entitled to a fee of 0.25% of the Company’s assets under administration, calculated and payable quarterly in arrears. For the years ended December 31, 2025 and 2024, the Company accrued $11.1 million and $9.3 million of administrative services fees, respectively.

Note 7. Borrowings
Big Cedar Creek Funding has a revolving credit facility with BNP Paribas, (as amended, the “Big Cedar Creek Funding Credit Facility”), which provides for up to $600 million of borrowings as of December 31, 2025. The Big Cedar Creek Funding Credit Facility provides loans in U.S. dollars, Australian dollars, Canadian dollars, New Zealand dollars, Euros and pounds sterling. U.S. dollar loans bear interest at the rate of term SOFR (subject to a 0% floor) plus a spread of 2.15% during the reinvestment period and 2.65% thereafter. Foreign currency loans bear interest at the applicable floating rate (subject to a 0% floor) plus a spread of 2.25% to 2.35% during the reinvestment period and 2.75% to 2.85% thereafter. Big Cedar Creek Funding also pays a commitment fee of up to 0.50% on undrawn commitments. The Big Cedar Creek Funding Credit Facility matures on December 24, 2029. As of December 31, 2025 and 2024, total outstanding borrowings under the Big Cedar Creek Funding Credit Facility were $579,616,969 and $455,995,037, respectively.
Chestnut Street Funding has a revolving credit facility (the “Chestnut Street Funding Credit Facility”) with Citibank, N.A., as administrative agent and lender, and Wells Fargo Bank, National Association, as collateral agent, which provides for up to $400 million of borrowings as of December 31, 2025. The Chestnut Street Funding Credit Facility provides loans in U.S. dollars, Australian dollars, Canadian dollars, Euros and pounds sterling. U.S. dollar loans bear interest at the rate of SOFR (subject to a 0% floor) plus 2.10%. Foreign currency loans bear interest at the applicable floating rate (subject to a 0% floor) plus 2.10%. Chestnut Street Funding also pays a commitment fee of up to 0.50% on undrawn commitments. The Chestnut Street Funding Credit Facility matures on September 18, 2029. As of December 31, 2025 and 2024, total outstanding borrowings under the Chestnut Street Funding Credit Facility were $383,852,345 and $349,137,946, respectively.
Green Creek Funding, a wholly-owned subsidiary of COPJV, has a revolving credit facility with Goldman Sachs Bank, (as amended, the “Green Creek Funding Credit Facility”), which provides for up to $400 million of borrowings as of December 31, 2025. The Green Creek Credit Facility provides for loans in U.S. dollars, Canadian dollars, Euros and pounds sterling. U.S. dollar loans bear interest at the rate of term SOFR (subject to a 0% floor) plus 2.05%. Foreign currency loans bear interest at the rate of the applicable
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Notes to Consolidated Financial Statements (continued)
floating rate (subject to a 0% floor) plus the spread applicable to the specified currency. Green Creek Funding also pays a commitment fee of up to 0.50% on undrawn commitments. The Green Creek Funding Credit Facility matures on February 21, 2029. As of December 31, 2025 and 2024, total outstanding borrowings under the Green Creek Funding Credit Facility were $377,883,370 and $299,656,457, respectively.
Magnolia Funding LLC has a revolving credit facility with Morgan Stanley Senior Funding, Inc., or the Magnolia Funding Credit Facility, which provides for up to $500 million of borrowings as of December 31, 2025. The Magnolia Funding Credit Facility provides for loans in U.S. dollars, Australian dollars, Canadian dollars, Swedish Krona, Euros and pounds sterling. U.S. dollar loans bear interest at the rate of SOFR (subject to a 0% floor) plus a spread of 1.80%. Foreign currency loans bear interest at the applicable floating rate (subject to a 0% floor) plus the spread applicable to the specified currency. Magnolia Funding also pays a commitment fee of 0.35% on undrawn commitments. The Magnolia Funding Credit Facility matures on August 27, 2029. As of December 31, 2025 and 2024, total outstanding borrowings under the Magnolia Funding Credit Facility were $453,004,194 and $210,385,229, respectively.
On March 31, 2021, COPJV sold in a private placement $300 million of aggregate principal amount of unsecured notes, or the April 2021 COPJV Notes, to qualified institutional buyers in reliance on Section 4(a)(2) of the Securities Act. Interest of the April 2021 COPJV Notes is payable quarterly on the 1st of each of January, April, July and October, at a fixed annual rate of 4.25%, commencing July 1, 2021. This interest rate is subject to increase up to 4.75% in the event that the April 2021 COPJV Notes cease to be rated investment grade, and the April 2021 COPJV Notes will be subject to an additional 2.0% of default interest during the continuance of an event of default. The April 2021 COPJV Notes mature on April 1, 2026, unless redeemed, purchased or prepaid prior to such date by COPJV in accordance with their terms. As of December 31, 2025 and 2024, $300,000,000 of the April 2021 COPJV Notes was outstanding.
On August 17, 2021, COPJV sold in a private placement $225 million of aggregate principal amount of Series B senior unsecured notes, or the August 2021 COPJV Notes, to qualified institutional buyers in reliance on Section 4(a)(2) of the Securities Act. Interest of the August 2021 COPJV Notes is payable semi-annually on the 17th of each of February and August, at a fixed annual rate of 3.62%, commencing February 17, 2022. This interest rate is subject to increase up to 4.12% in the event that the August 2021 COPJV Notes cease to be rated investment grade, and the August 2021 COPJV Notes will be subject to an additional 2.0% of default interest during the continuance of an event of default. The August 2021 COPJV Notes mature on August 17, 2026, unless redeemed, purchased or prepaid prior to such date by COPJV in accordance with their terms. As of December 31, 2025 and 2024, $225,000,000 of the August 2021 COPJV Notes was outstanding.
On March 20, 2025, Credit Opportunities Partners JV, LLC issued (i) $95,000,000 6.52% Series 2025A Senior Unsecured Notes, Tranche A Due March 20, 2028; (ii) $170,000,000 6.74% Series 2025A Senior Unsecured Notes, Tranche B Due March 20, 2030; and (iii) $185,000,000 6.93% Series 2025A Senior Unsecured Notes, Tranche C Due March 20, 2032, or the March 2025 COPJV Notes and together with the April 2021 COPJV Notes and the August 2021 COPJV Notes, the COPJV Notes, to qualified institutional buyers in reliance on Section 4(a)(2) of the Securities Act. Interest of the March 2025 COPJV Notes is payable quarterly on the 20th of each of March, June, September and December, at a fixed annual rate of 6.52%, 6.74% and 6.93% for Tranche A, Tranche B and Tranche C, respectively, commencing June 20, 2025. The March 2025 COPJV Notes mature on March 20, 2028, March 20, 2030 and March 20, 2032 for Tranche A, Tranche B and Tranche C, respectively, unless redeemed, purchased or prepaid prior to such date by COPJV in accordance with their terms. As of December 31, 2025, $95,000,000, 170,000,000 and 185,000,000 of the March 2025 COPJV Notes Tranche A, Tranche B and Tranche C, respectively, were outstanding.
The COPJV Notes are general unsecured obligations that rank pari passu with all outstanding and future unsecured and unsubordinated indebtedness that COPJV may issue. COPJV used the net proceeds from the COPJV Notes for general corporate purposes, including to make investments, repay existing debt and make permitted distributions.
Under its financing arrangements, the Company has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements. The Company was in compliance with all covenants required by its financing arrangements as of December 31, 2025 and December 31, 2024.

Note 8. Commitments and Contingencies
Unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s consolidated statements of assets and liabilities. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company has sufficient liquidity to fund these commitments. December 31, 2025, the Company had seventeen unfunded debt commitments with aggregate unfunded commitments of $111,886,628 and unrealized
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appreciation (depreciation) of $596,276. For additional details regarding the Company’s unfunded debt investments, see the Company’s Consolidated Schedule of Investments as of December 31, 2025.
In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

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Notes to Consolidated Financial Statements (continued)
Note 9. Financial Highlights
Below is the schedule of financial highlights of the Company for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively:
Year Ended December 31,
20252024202320222021
Operating performance per unit:
Members’ equity per unit, beginning of year$832.69 $853.17 $872.34 $954.80 $879.13 
Income from investment operations:
Net investment income(1)
113.98 115.31 130.79 120.87 105.53 
Net realized and unrealized gains (losses)(2)
(16.04)(11.80)(16.35)(80.51)41.95 
Total from investment operations97.94 103.51 114.44 40.36 147.48 
Distributions to members:
Net investment income(107.99)(123.99)(133.61)(122.82)(71.81)
Total from distributions to members(107.99)(123.99)(133.61)(122.82)(71.81)
Issuance of units to members above net asset value(3)
45.28 — — — — 
Members’ equity per unit, end of year$867.92 $832.69 $853.17 $872.34 $954.80 
Ratio/Supplemental Data (in thousands, except ratios)
Total return(4)
17.20 %12.13 %13.12 %4.23 %16.78 %
Total operating expenses to average members’ equity(5)
7.78 %8.43 %8.50 %4.89 %4.00 %
Net investment income to average members’ equity(5)
13.03 %13.64 %15.28 %13.13 %11.43 %
Members’ equity, at end of year (in 000’s)$2,249,083 $1,558,099 $1,596,431 $1,632,302 $1,595,635 
Weighted average units outstanding (in 000’s)2,198 1,871 1,871 1,814 1,332 
Average members’ equity (in 000’s)$1,922,228 $1,582,241 $1,601,306 $1,669,485 $1,230,406 
_______________
(1)The per share data was derived by using the weighted average shares outstanding during the applicable period.
(2)The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio.
(3)Issuance of units to members below members’ equity per share is computed by taking the difference between issuance value ($1,000 per unit) and the members’ equity per share at the time of issuance and dividing that amount by the total outstanding units at the end of the period.
(4)The total return based on members’ equity per unit for each year presented was calculated by taking the members’ equity per unit as of the end of the applicable year, adding the distributions per unit that were declared during the applicable calendar year and dividing the total by the members’ equity per unit at the beginning of the applicable year. The historical calculation of total return based on members’ equity in the table should not be considered a representation of the Company’s future total return based on members’ equity, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Company’s investment portfolio during the applicable period and do not represent an actual return to members.
(5)Ratios are calculated for the Members taken as a whole. The computations of such ratios are based on the amount of income and expenses assessed to a member's equity and may vary from these ratios based on the timing of equity transactions.

Note 10. Subsequent Events
On February 18, 2026, the Company priced a private offering of (i) $270,000,000 of its Senior Unsecured Fixed Rate Notes due March 2029, which will bear interest at a fixed rate of 6.89% per year, payable quarterly, and (ii) $30,000,000 of its Senior Unsecured Floating Rate Notes due March 2029, which will bear interest at a floating rate equal to SOFR plus 356 basis points, payable quarterly. The offerings are expected to close on March 31, 2026.
On February 23, 2026, FSK sold $189 million of its equity interests in the Company to SCRS. In connection therewith, SCRS increased its capital commitment by a net amount of $175 million. Giving effect to the transaction, the Company had total capital commitments of $2.975 billion, $2.45 billion of which was from FSK and the remaining $525 million of which was from SCRS. Based on current funded capital, SCRS’ ownership percentage of the Company increased from 12.5% to 21.1% and FSK’s ownership percentage decreased from 87.5% to 78.9%.


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