Please wait
Alternative Credit Income Fund Consolidated Schedule of Investments

 

December 31, 2025 (Unaudited)

 

   Coupon   Reference Rate & Spread  Maturity  Principal   Value 

BANK LOANS (67.16%)(a)(n)

Communication Services (3.11%)

                     
Next Flight Ventures, Delayed Draw Term Loan(b)(c)(d)   14.02%  3M SOFR + 10.00%  12/26/2026  $1,105,829   $1,067,594 
Next Flight Ventures, First Lien Term Loan(b)(d)   13.95%  13.95% PIK  12/26/2026   4,911,188    4,764,835 
                    5,832,429 
Consumer Discretionary (4.62%)                     
Arrow Purchaser, Inc., First Lien Initial Term Loan(b)   10.42%  3M SOFR + 6.75%, 1.00% Floor  04/15/2026   1,958,333    1,956,767 
Lucky Bucks Holdings LLC, Subordinated Note(b)(e)   –%   3M SOFR + 4.75%, 0.75% Floor  05/29/2028   10,013,460    1,938,606 
Needle Holdings LLC, First Lien Term Loan(b)(e)   –%   1M SOFR + 9.50%  06/22/2027   171,384    – 
PMP OPCO, LLC, Delayed Draw Term Loan(b)(c)(f)   12.28%  1M SOFR + 8.50%, 2.00% Floor  05/31/2029   383,660    349,281 
PMP OPCO, LLC, First Lien Term Loan(b)(f)   12.70%  1M SOFR + 8.50%, 2.00% Floor  05/31/2029   1,120,078    1,043,129 
PMP OPCO, LLC, Revolver(b)(c)(f)   –%   1M SOFR + 8.50%, 2.00% Floor  05/31/2029   –    (9,661)
Riddell Inc., First Lien Term Loan(b)(f)   9.74%  1M SOFR + 6.00%, 1.00% Floor  03/29/2029   3,384,124    3,384,123 
                    8,662,245 
Consumer Staples (6.85%)                     
BrightPet, First Lien Term Loan(b)(d)   10.99%  3M SOFR + 4.00%, 3.00% PIK, 1.00% Floor  01/04/2028   1,920,851    1,685,547 
BrightPet, Revolver(b)(d)   11.00%  3M SOFR + 4.00%, 3.00% PIK, 1.00% Floor  01/04/2028   522,777    458,737 
Florida Food Products, LLC, Second Lien Term Loan C(b)(d)   9.05%  3M SOFR + 3.00%, 2.00% PIK  10/15/2030   890,217    578,641 
Florida Food Products, LLC, Third Lien Term Loan(b)(d)   12.49%  8.00% PIK  04/15/2031   4,761,956    3,214,321 
Middle West Spirits Holdings, LLC, First Lien Term Loan(b)   10.11%  3M SOFR + 6.25%  04/23/2030   1,871,528    1,835,033 
Middle West Spirits Holdings, LLC, Revolver(b)(c)   –%   3M SOFR + 6.25%  04/23/2030   –    (10,834)
Phillips Feed Service, Inc., First Lien Term Loan(b)   10.82%  1M SOFR + 7.00%  12/31/2026   5,250,000    5,079,375 
                    12,840,820 
Financials (13.72%)                     
BetaNXT, Inc., First Lien Term Loan(b)   9.42%  3M SOFR + 5.75%  07/01/2029   2,026,796    1,966,843 
Cor Leonis Limited, Revolver(b)(c)   10.92%  3M SOFR + 7.25%, 1.50% Floor  05/15/2028   2,807,863    2,807,863 
DeltaDx Limited, LP - Barri/Dolex(b)(d)   15.00%  15.00% PIK  06/14/2028   412,124    410,064 
Hunter Point Capital Structured Notes Issuer, LLC, Subordinated Delayed Draw Notes(b)(c)   –%   N/A  07/15/2052   4,056,505    6,072,993 
Money Transfer Acquisition Inc., First Lien Term Loan(b)   12.07%  1M SOFR + 8.25%, 1.00% Floor  12/14/2027   5,851,039    5,821,784 
PMA Parent Holdings LLC, First Lien Term Loan(b)   8.42%  3M SOFR + 4.75%, 0.75% Floor  01/31/2031   2,742,918    2,717,409 
PMA Parent Holdings LLC, Revolver(b)(c)   –%   3M SOFR + 4.75%, 0.75% Floor  01/31/2031   –    (2,326)
PocketWatch, Inc., First Lien Term Loan(b)   14.99%  N/A  07/15/2027   1,428,351    1,428,351 
SouthStreet Securities Holdings, Inc., First Lien Term Loan(b)   9.00%  N/A  09/20/2027   2,700,000    2,484,000 
TA/WEG HOLDINGS, LLC, Delayed Draw Term Loan(b)   8.49%  3M SOFR + 4.50%, 5.50% Floor  10/02/2028   1,994,893    1,994,893 
TA/WEG HOLDINGS, LLC, Revolver(b)(c)   10.75%  3M SOFR + 4.50%, 5.50% Floor  10/02/2028   –    – 
                    25,701,874 
Health Care (10.61%)                     
American Academy Holdings, LLC, Delayed Draw Term Loan(b)(d)   13.58%  3M SOFR + 4.50%, 5.25% PIK, 1.00% Floor  06/30/2027   420,204    444,912 
American Academy Holdings, LLC, First Lien Term Loan(b)(d)   13.58%  3M SOFR + 4.50%, 5.25% PIK, 1.00% Floor  06/30/2027   2,117,829    2,242,358 
American Academy Holdings, LLC, Second Lien Term Loan(b)(d)   14.50%  14.50% PIK  03/01/2028   4,888,061    4,814,740 
PhyNet Dermatology LLC, First Lien Term Loan(b)   10.38%  3M SOFR + 6.50%, 1.00% Floor  10/20/2029   2,046,977    2,000,919 
Upstream Newco, Inc., Amended Second Lien Term Loan(b)(d)   12.70%  3M SOFR + 9.00% PIK  05/20/2030   2,312,583    2,312,583 
Upstream Rehabilitation, Inc., Second Lien Term Loan(b)(d)   12.44%  3M SOFR + 8.50%  05/20/2030   7,500,000    4,687,500 
VBC Spine Opco LLC (DxTX Pain and Spine LLC), Delayed Draw Term Loan(b)   10.43%  1M SOFR + 6.50%, 2.00% Floor  06/14/2028   1,088,588    1,088,588 
VBC Spine Opco LLC (DxTX Pain and Spine LLC), First Lien Term Loan(b)   10.52%  1M SOFR + 6.50%, 2.00% Floor  06/14/2028   1,875,122    1,875,122 
VBC Spine Opco LLC (DxTX Pain and Spine LLC), Revolver(b)   10.46%  1M SOFR + 6.50%, 2.00% Floor  06/14/2028   403,226    403,226 
                    19,869,948 

 

 

Alternative Credit Income Fund Consolidated Schedule of Investments

 

December 31, 2025 (Unaudited)

 

   Coupon   Reference Rate & Spread  Maturity  Principal   Value 

BANK LOANS (67.16%)(a)(n)

Industrials (8.12%)

                     
Accordion Partners LLC, Delayed Draw Term Loan(b)   8.70%  3M SOFR + 5.00%, 0.75% Floor  11/17/2031  $335,195   $333,787 
Accordion Partners LLC, First Lien Term Loan(b)   8.70%  3M SOFR + 5.00%, 0.75% Floor  11/17/2031   1,664,805    1,664,805 
Accordion Partners LLC, Revolver(b)(c)   –%   3M SOFR + 5.00%, 0.75% Floor  11/17/2031   –    – 
Epic Staffing Group, First Lien Term Loan(b)   9.73%  3M SOFR + 6.00%, 0.50% Floor  06/28/2029   1,934,185    1,648,893 
Marvel APS, (Autorola Group Holding A/S), Delayed Draw Term Loan(b)(d)(g)   10.00%  10.00% PIK  12/21/2027   3,719,051    5,020,972 
Material Handling Systems, Inc., First Lien Term Loan(b)   9.36%  3M SOFR + 5.50%, 0.50% Floor  06/08/2029   1,867,956    1,215,339 
Newbury Franklin Industrials, LLC, Delayed Draw Term Loan(b)(c)   10.97%  6M SOFR + 7.00%, 2.00% Floor  12/11/2029   452,813    442,716 
Newbury Franklin Industrials, LLC, First Lien Term Loan(b)   10.86%  3M SOFR + 7.00%, 2.00% Floor  12/11/2029   3,973,026    3,905,485 
VORTEX OPCO, LLC, First Lien Term Loan (First Out)(b)   9.92%  3M SOFR + 6.25%, 0.50% Floor  04/30/2030   720,000    730,800 
VORTEX OPCO, LLC, First Lien Term Loan (Second Out)(b)(e)   –%   3M SOFR + 4.25%, 0.50% Floor  12/15/2028   1,575,926    230,085 
                    15,192,882 
Information Technology (20.13%)                     
Accurate Background, LLC, First Lien Term Loan(b)   19.86%  3M SOFR + 6.00%, 1.00% Floor  03/26/2029   4,321,809    4,321,808 
Ancile Solutions, Inc., First Lien Term Loan(b)   13.97%  3M SOFR + 10.00%, 1.00% Floor  06/11/2026   3,279,735    3,279,735 
Colonnade Intermediate, LLC, Delayed Draw Term Loan(b)(e)   –%   1M SOFR + 7.00%, 1.00% Floor  09/30/2026   1,698,897    1,180,564 
Colonnade Intermediate, LLC, First Lien Term Loan(b)(e)   –%   1M SOFR + 7.00%, 1.00% Floor  09/30/2026   1,777,572    1,235,235 
DCert Buyer, Inc. First Amendment Term Loan Refinancing, Second Lien Term Loan(b)   10.72%  1M SOFR + 7.00%  02/16/2029   3,600,000    3,258,018 
Diamanti, Inc., Subordinated Note(b)(d)   17.50%  17.50% PIK  04/01/2026   4,829,279    5,122,416 
Dun & Bradstreet Holdings, Inc., First Lien Term Loan(b)   9.23%  1M SOFR + 5.50%, 0.75% Floor  08/26/2032   1,696,690    1,680,232 
Dun & Bradstreet Holdings, Inc., Revolver(b)(c)   –%   1M SOFR + 5.50%, 0.75% Floor  08/26/2032   –    (1,629)
Ivanti Security Holdings LLC, NewCo First Lien Term Loan(b)   9.64%  3M SOFR + 5.75%, 2.00% Floor  06/01/2029   295,320    305,596 
Ivanti Software, Inc., Second Lien Initial Term Loan(b)   11.40%  3M SOFR + 7.25%, 1.00% Floor  06/01/2029   4,040,000    1,688,720 
Kofax, Inc., Second Lien Term Loan(b)   11.59%  3M SOFR + 7.75%, 0.50% Floor  07/20/2030   4,000,000    3,580,000 
Metrc Inc., Delayed Draw Term Loan(b)(c)   –%   3M SOFR + 5.50%, 1.00% Floor  09/30/2031   –    44 
Metrc Inc., First Lien Term Loan(b)   9.17%  3M SOFR + 5.50%, 1.00% Floor  09/30/2031   294,975    281,082 
Metrc Inc., Revolver(b)(c)   –%   3M SOFR + 5.50%, 1.00% Floor  09/30/2031   –    (7,301)
Phoenix Finance, Inc., First Lien Term Loan(b)   12.67%  12.67% PIK, 1.00% Floor  08/14/2028   916,755    895,212 
Phoenix Finance, Inc., Second Lien Term Loan(b)   11.32%  11.32% PIK, 1.00% Floor  08/14/2028   1,637,269    1,502,031 
Precisely Software Incorporated, Second Lien Term Loan(b)   11.35%  3M SOFR + 7.25%, 0.75% Floor  04/23/2029   3,000,000    2,840,625 
Spectrio, Delayed Draw Term Loan(b)(d)   9.82%  3M SOFR + 6.00%, 1.00% Floor  12/09/2026   1,180,667    1,008,054 
Spectrio, First Lien Term Loan(b)(d)   9.82%  3M SOFR + 6.00%, 1.00% Floor  12/09/2026   2,830,556    2,416,729 
VTX Intermediate Holdings, Inc., First Lien Term Loan(b)(d)   10.98%  1M SOFR + 6.00%, 1.00% PIK, 2.00% Floor  12/12/2029   1,156,218    1,141,765 
VTX Intermediate Holdings, Inc., Second Lien Term Loan(b)(d)   12.50%  12.50% PIK  12/12/2030   2,050,757    1,994,361 
                    37,723,297 
TOTAL BANK LOANS                     
(Cost $139,166,239)                   125,823,495 
                      
CORPORATE BONDS (2.12%)(a)                      
Communications (1.05%)                     
Spanish Broadcasting System, Inc.(h)   9.75%  9.75%  03/01/2026   3,000,000    1,987,500 
Consumer Discretionary (–%)                     
Monitronics - Escrow(b)   –%   N/A  12/31/2049   2,650,000    – 
Financials (1.04%)                     
EJF CRT 2024-R1 LLC, Class R1(b)   11.52%  1M CMTR + 7.75%, 7.75% Floor  12/17/2055   1,941,803    1,941,803 
Industrials (0.03%)                     
VORTEX OPCO, LLC(e)(h)   –%   8.00%  04/30/2030   3,135,000    47,025 
TOTAL CORPORATE BONDS                     
(Cost $6,151,783)                   3,976,328 

 

 

Alternative Credit Income Fund Consolidated Schedule of Investments

 

December 31, 2025 (Unaudited)

 

 

   Coupon   Reference Rate & Spread  Maturity  Principal/Shares     Value 

ASSET-BACKED SECURITIES (3.79%)(a)

Financials (3.79%)

                     
Canyon Capital CLO 2014-1, Ltd., Class ER(e)(h)   –%   3M SOFR + 7.70%  01/30/2031  $1,000,000   $523,739 
JMP Credit Advisors CLO IV, Ltd.(b)(e)   –%   N/A  07/17/2029   4,836,540    22,248 
JMP Credit Advisors CLO V, Ltd.(b)(e)   –%   N/A  07/17/2030   4,486,426    286,234 
Mount Logan Funding 2018-1 LP(b)(f)(h)   22.14%  N/A  01/22/2033   7,798,575    4,868,650 
Octagon Investment Partners 36, Ltd., Class F(h)   11.92%  3M SOFR + 7.75%  04/15/2031   1,000,000    605,452 
Saranac CLO VII, Ltd., Class ER(e)(h)   –%   3M SOFR + 6.72%  11/20/2029   508,648    60,695 
Tralee CLO II, Ltd., Class ER, Class ER(h)   12.00%  3M SOFR + 7.85%  07/20/2029   1,000,000    736,843 
Tralee CLO II, Ltd., Class FR, Class FR(e)(h)   –%   3M SOFR + 8.85%  07/20/2029   1,000,000    139 
                    7,104,000 
TOTAL ASSET-BACKED SECURITIES                     
(Cost $13,076,746)                   7,104,000 
                      
EQUIPMENT FINANCING (0.39%)(a)                     
Financials (0.39%)                     
White Oak Equipment Finance 1, LLC(b)(i)   10.75%  N/A  01/01/2027   721,431    721,431 
TOTAL EQUIPMENT FINANCING                     
(Cost $721,431)                   721,431 
                      
PREFERRED STOCK (3.10%)(a)                     
Communication Services (1.60%)                     
Invisible Narratives, LLC, Preferred(b)(j)              8,733,625    3,000,000 
Consumer Discretionary (0.80%)                     
EBSC Holdings LLC (Riddell, Inc.), Preferred(b)(d)(f)   10.00% PIK   N/A      1,188,765    1,337,361 
Princeton Medspa Partners, LLC, Preferred(b)(d)(f)(i)   12.50% PIK   N/A      300,743    169,039 
                    1,506,400 
Consumer Staples (0.29%)                     
Middle West Spirits Holdings, LLC, Preferred(b)(d)   10.00% PIK   N/A      467,768    536,764 
Health Care (0.10%)                     
American Academy Holdings. Inc., Preferred Units(b)(d)(i)   18.00%  N/A      90,970    178,540 
Industrials (0.31%)                     
GreenPark Infrastructure, LLC Series A(b)(f)(i)(j)              400    200,000 
Phoenix Aviation Capital LLC, Preferred(b)(d)   7.00% PIK   N/A      454,729    400,752 
                    600,752 
TOTAL PREFERRED STOCK                     
(Cost $5,523,092)                   5,822,456 

 

COMMON EQUITY (9.00%)(a)

 

   Shares   Value 
Communication Services (0.07%)          
Next Flight Ventures(b)(j)   88    98,109 
NFV Co-Pilot, Inc.(b)(j)   441    32,149 
         130,258 
Consumer Discretionary (0.57%)          
CEC Entertainment, Inc.(j)   79,564    1,074,114 
JoAnn Inc.(b)(j)   1,570,371    – 
         1,074,114 
Consumer Staples (2.73%)          
Cooper OH Originations, LLC SPV(b)(i)(j)   40,000    5,076,800 
Middle West Spirits Holdings, LLC, Common Stock(b)(j)   46    29,185 
         5,105,985 
Diversified (1.66%)          
BCP Investment Corporation(f)   31,482    372,432 
CION Investment Corp.   120,800    1,168,136 
Franklin BSP Capital Corp.(b)   60,385    825,949 
WhiteHorse Finance, Inc.   107,328    745,930 
         3,112,447 
Financials (0.70%)          
AIP Capital, LLC(b)(f)(i)(j)   30    12,368 

 

 

Alternative Credit Income Fund Consolidated Schedule of Investments

 

December 31, 2025 (Unaudited)

 

   Shares   Value 
Financials (0.70%) (continued)          
Aperture Dodge 18 LLC(b)(j)   2,065,240   $1,293,911 
         1,306,279 
Health Care (0.26%)          
American Academy Holdings. Inc., Common Units(b)(i)(j)   0.05    285,626 
DxTx Pain and Spine LLC, Common Units(b)(i)(j)   98,854    195,467 
         481,093 
Industrials (0.51%)          
GreenPark Infrastructure, LLC Series M-1(b)(f)(i)(j)   2,565    878,444 
Incora Top Holdco LLC(b)(j)   5,350    – 
Phoenix Aviation Capital LLC, Common Stock(b)(i)(j)   1    85,998 
         964,442 
Information Technology (0.59%)          
BGPT Maverick, L.P.(b)(j)   1,000,000    1,090,000 
VTX Holdings, LLC(b)(j)   932,474    6,747 
         1,096,747 
Real Estate (1.91%)          
Copper Property CTL Pass Through Trust(i)   319,520    3,594,600 
Rebound Investment LP(b)(c)   –    – 
         3,594,600 
TOTAL COMMON EQUITY          
(Cost $21,721,010)        16,865,965 
           
WARRANTS (0.26%)(a)          
Consumer Discretionary (0.01%)          
CEC Entertainment, Inc., Warrants   237,941    13,087 
Diamanti, Inc., Class A(b)   146,413    – 
         13,087 
Financials (0.25%)          
SouthStreet Securities Holdings, Inc., Warrants(b)   3,400    463,828 
Information Technology (0.00%)          
Princeton Medspa Partners, LLC, Warrants(b)(f)(i)   0.01    3,983 
TOTAL WARRANTS          
(Cost $390,456)        480,898 

 

   Value 
PRIVATE INVESTMENT FUNDS (16.77%)(a)     
BlackRock Global Credit Opportunities Fund, LP(c)(k)(l)   6,429,972 
CVC European Mid-Market Solutions Fund(c)(k)(l)   1,128,696 
EJF Financial Debt Strategies Fund LP(l)   810,378 
GSO Credit Alpha Fund II LP(c)(k)(l)   1,035,968 
Monroe Capital Private Credit Fund III LP(c)(k)(l)   3,716,460 
Pelham S2K SBIC II, L.P.(c)(k)(l)   518,596 
Tree Line Credit Strategies LP(k)(l)   17,777,838 
    31,417,908 
TOTAL PRIVATE INVESTMENT FUNDS     
(Cost $35,672,624)   31,417,908 

 

   Shares   Value 
INTERVAL FUND (2.27%)(a)          
Diversified (2.27%)          
Opportunistic Credit Interval Fund(f)   362,837    4,252,446 
TOTAL INTERVAL FUND          
(Cost $4,368,554)        4,252,446 

 

 

Alternative Credit Income Fund Consolidated Schedule of Investments

 

December 31, 2025 (Unaudited)

 

   Shares   Value 
JOINT VENTURE (0.18%)(a)           
Joint Venture (0.18%)          
Series B - Great Lakes Funding II LLC(c)(f)(j)(l)(m)   362,064   $340,729 
TOTAL JOINT VENTURE          
(Cost $362,064)        340,729 

 

   Number of     
   Contracts   Value 
DERIVATIVES (–%)(a)           
Consumer Discretionary (–%)          
Princeton Medspa Partners, LLC, Put Option(b)(f)(i)   250,000    – 
TOTAL DERIVATIVES          
(Cost $–)        – 
           
INVESTMENTS, AT VALUE (105.04%)          
(COST $227,153,999)       $196,805,656 
LIABILITIES IN EXCESS OF OTHER ASSETS (-5.04%)        (9,449,818)
NET ASSETS - (100.00%)       $187,355,838 

 

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

PIK - Payment in-Kind

 

Reference Rates:

1M SOFR - 1 Month US SOFR as of December 31, 2025 was 3.69%

3M SOFR - 3 Month US SOFR as of December 31, 2025 was 3.65%

6M SOFR - 6 Month US SOFR as of December 31, 2025 was 3.57%

1M CMTR - 1 Month Constant Maturity Treasury Rate was 3.69%

 

(a)These investments are pledged to secure the Fund’s debt obligations.
(b)As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets.
(c)All or a portion of this commitment was unfunded as of December 31, 2025.
(d)Payment in kind security which may pay interest in additional par.
(e)Non-accrual investment. Beginning during the quarter ended December 31, 2025, the Company recognized interest income to the extent that it is received in cash on its loans to Colonnade Intermediate, LLC (cash basis income recognition).
(f)Affiliate company.
(g)Principal balance denominated in euros.
(h)Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2025, the aggregate market value of those securities was $8,830,043, representing 4.71% of net assets.
(i)Investment is held through ACIF Master Blocker, LLC, wholly-owned subsidiary.
(j)Non-income producing security.
(k)Investment is held through CIF Investments LLC, a wholly-owned subsidiary.
(l)Restricted security.
(m)During the three-month period ended December 31, 2025, the Fund invested $27,429 in Series B – Great Lakes Funding II LLC units, received a return of capital distribution of $-, and reported change in unrealized depreciation of $5,395. Additionally, Series B – Great Lakes Funding II LLC declared distributions of $6,284 during the three-month period ended period ended December 31, 2025.
(n)Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

 

Securities determined to be restricted under the procedures approved by the Fund's Board of Trustees are as follows.

 

Date(s) of Purchases  Security  Cost   Value   % of Net Assets 
03/31/2018 - 06/30/2025  BlackRock Global Credit Opportunities Fund, LP  $9,158,434   $6,429,972    3.43%
09/30/2017 - 09/30/2021  CVC European Mid-Market Solutions Fund   2,911,406    1,128,696    0.60%
06/30/2024 - 09/30/2024  EJF Financial Debt Strategies Fund LP   750,000    810,378    0.43%
06/30/2018 - 03/31/2021  GSO Credit Alpha Fund II LP   –    1,035,968    0.56%
09/30/2018 - 12/31/2020  Monroe Capital Private Credit Fund III LP   3,340,113    3,716,460    1.98%

 

 

Alternative Credit Income Fund Consolidated Schedule of Investments

 

December 31, 2025 (Unaudited)

 

 

Date(s) of Purchases      Cost   Value   % of Net Assets 
11/14/2022 - 06/30/2025  Pelham S2K SBIC II, L.P.  $512,671   $518,596    0.28%
08/05/2022 - 12/31/2025  Series B - Great Lakes Funding II LLC   362,064    340,729    0.18%
12/31/2017 - 06/30/2025  Tree Line Credit Strategies LP   19,000,000    17,777,838    9.49%
   Total  $36,034,688   $31,758,637    16.95%

 

Additional information on investments in private investment funds and unfunded commitments:

 

Security  Value   Redemption
Frequency		  Redemption
Notice(Days)		   Unfunded
Commitments as of
December 31, 2025		 
BlackRock Global Credit Opportunities Fund, LP(a)  $6,429,972   N/A   N/A   $3,259,801 
CVC European Mid-Market Solutions Fund   1,128,696   N/A   N/A    206,342 
EJF Financial Debt Strategies Fund LP   810,378   N/A   N/A    – 
GSO Credit Alpha Fund II LP(a)   1,035,968   N/A   N/A    7,382,124 
Monroe Capital Private Credit Fund III LP   3,716,460   N/A   N/A    1,498,740 
Pelham S2K SBIC II, L.P.   518,596   N/A   N/A    1,487,329 
Series B - Great Lakes Funding II LLC   340,729   N/A   N/A    114,392 
Tree Line Credit Strategies LP   17,777,838   Quarterly   90    – 
Total  $31,758,637           $13,948,728 

 

Unfunded Commitments:

 

Security  Value   Maturity  Unfunded
Commitments as of
December 31, 2025		 
Accordion Partners LLC, Revolver  $–   11/17/2031  $196,285 
Cor Leonis Limited, Revolver   2,807,863   05/15/2028   289,264 
Dun & Bradstreet Holdings, Inc., Revolver   (1,629)  08/26/2032   169,669 
Hunter Point Capital Structured Notes Issuer, LLC, Subordinated Delayed Draw Notes   6,072,993   07/15/2052   1,638,201 
Metrc Inc., Delayed Draw Term Loan   44   09/30/2031   49,286 
Metrc Inc., Revolver   (7,301)  09/30/2031   155,000 
Middle West Spirits Holdings, LLC, Revolver   (10,834)  04/23/2030   555,556 
Newbury Franklin Industrials, LLC, Delayed Draw Term Loan   442,716   12/11/2029   532,895 
Next Flight Ventures, Delayed Draw Term Loan   1,067,594   12/26/2026   266,700 
PMA Parent Holdings LLC, Revolver   (2,326)  01/31/2031   250,075 
PMP OPCO, LLC, Delayed Draw Term Loan   349,281   05/31/2029   136,652 
PMP OPCO, LLC, Revolver   (9,661)  05/31/2029   140,625 
Rebound Investment LP   –   N/A   1,000,000 
TA/WEG HOLDINGS, LLC, Revolver   –   10/02/2028   75,248 
Total  $10,708,740      $5,455,456 
Total Unfunded Commitments          $19,404,184