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Alternative Credit Income Fund Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

 

   Coupon   Reference Rate & Spread  Maturity  Principal   Value 
BANK LOANS (58.32%)(a)(b)                  
Communication Services (2.72%)                     
Next Flight Ventures, Delayed Draw Term Loan(c)(d)(e)   14.59%  3M SOFR + 10.00%  12/26/2025  $1,028,931   $973,295 
Next Flight Ventures, First Lien Term Loan(c)(d)   14.56%  14.56% PIK  12/26/2025   4,783,415    4,568,161 
                    5,541,456 
Consumer Discretionary (4.23%)                     
Arrow Purchaser, Inc., First Lien Initial Term Loan(c)   11.19%  1M SOFR + 6.75%, 1.00% Floor  04/15/2026   2,020,833    1,998,806 
Lucky Bucks Holdings LLC, Subordinated Note(c)(f)   –%  3M SOFR + 4.75%, 0.75% Floor  05/29/2028   10,013,460    1,938,606 
Needle Holdings LLC, First Lien Term Loan(c)(f)   –%  1M SOFR + 9.50%  06/22/2027   529,175    140,231 
PMP OPCO, LLC, Delayed Draw Term Loan(c)(e)(g)   –%  1M SOFR + 8.50%, 2.00% Floor  05/31/2029   –    (38,053)
PMP OPCO, LLC, First Lien Term Loan(c)(g)   12.83%  1M SOFR + 8.50%, 2.00% Floor  05/31/2029   1,252,969    1,183,930 
PMP OPCO, LLC, Revolver(c)(e)(g)   –%  1M SOFR + 8.50%, 2.00% Floor  05/31/2029   –    (7,748)
Riddell Inc., Delayed Draw Term Loan(c)(e)(g)   –%  1M SOFR + 6.00%, 1.00% Floor  03/29/2029   –    (1,345)
Riddell Inc., First Lien Term Loan(c)(g)   10.31%  1M SOFR + 6.00%, 1.00% Floor  03/29/2029   3,429,578    3,416,889 
                    8,631,316 
Consumer Staples (7.35%)                     
8th Avenue Food & Provisions, Inc., Second Lien Term Loan(c)    14.15%  PRIME + 6.65%  10/01/2026   2,500,000    2,501,250 
BrightPet, First Lien Term Loan(c)(d)   11.43%  3M SOFR + 4.00%, 3.00% PIK, 1.00% Floor  10/06/2026   1,882,150    1,857,117 
BrightPet, Revolver(c)(d)   11.43%  3M SOFR + 4.00%, 3.00% PIK, 1.00% Floor  10/06/2026   512,275    505,461 
Florida Food Products LLC, Second Lien Term Loan(c)   12.56%  3M SOFR + 8.00%, 0.75% Floor  10/08/2029   5,652,174    3,681,261 
Middle West Spirits Holdings, LLC, First Lien Term Loan(c)   10.53%  3M SOFR + 6.25%  04/23/2030   1,920,139    1,881,096 
Middle West Spirits Holdings, LLC, Revolver(c)(e)   –%  3M SOFR + 6.25%  04/23/2030   –    – 
Phillips Feed Service, Inc., First Lien Term Loan(c)   11.43%  1M SOFR + 7.00%  12/31/2026   5,250,000    4,555,425 
                    14,981,610 
Financials (9.05%)                     
BetaNXT, Inc., First Lien Term Loan(c)   10.05%  3M SOFR + 5.75%  07/01/2029   2,328,106    2,242,897 
Cor Leonis Limited, Revolver(c)(e)   11.55%  3M SOFR + 7.25%, 1.50% Floor  05/15/2028   2,784,634    2,784,634 
DeltaDx Limited, LP - Barri/Dolex(c)(d)   15.00%  15.00% PIK  06/14/2028   358,369    358,369 
Hunter Point Capital Structured Notes Issuer, LLC, Subordinated Delayed Draw Notes(c)(e)   N/A   N/A  07/15/2052   2,729,679    3,626,377 
Money Transfer Acquisition Inc., First Lien Term Loan(c)   12.68%  1M SOFR + 8.25%, 1.00% Floor  12/14/2027   5,926,255    5,804,767 
PocketWatch, Inc., First Lien Term Loan(c)   16.00%  N/A  07/15/2027   1,208,897    1,208,897 
SouthStreet Securities Holdings, Inc., First Lien Term Loan(c)   9.00%  N/A  09/20/2027   2,700,000    2,409,750 
                    18,435,691 
Health Care (8.22%)                     
American Academy Holdings, LLC, Delayed Draw Term Loan(c)(d)   14.19%  1M SOFR + 4.50%, 5.25% PIK, 1.00% Floor  06/30/2027   411,598    435,265 
American Academy Holdings, LLC, First Lien Term Loan(c)(d)   14.19%  1M SOFR + 4.50%, 5.25% PIK, 1.00% Floor  06/30/2027   2,074,454    2,193,735 
American Academy Holdings, LLC, Second Lien Term Loan(c)(d)    14.50%  14.50% PIK  03/01/2028   4,549,439    4,481,198 
PhyNet Dermatology LLC, Delayed Draw Term Loan(c)(e)   –%  3M SOFR + 6.50%, 1.00% Floor  10/20/2029   –    5,172 
PhyNet Dermatology LLC, First Lien Term Loan(c)   10.77%  3M SOFR + 6.50%, 1.00% Floor  10/20/2029   1,931,194    1,911,882 
Upstream Rehabilitation, Inc., Second Lien Term Loan(c)   12.88%  3M SOFR + 8.50%  11/22/2027   7,500,000    5,067,188 
VBC Spine Opco LLC (DxTX Pain and Spine LLC), Delayed Draw Term Loan(c)   12.46%  1M SOFR + 8.00%, 2.00% Floor  06/14/2028   617,960    617,960 
VBC Spine Opco LLC (DxTX Pain and Spine LLC), First Lien Term Loan(c)   12.46%  1M SOFR + 8.00%, 2.00% Floor  06/14/2028   1,886,115    1,886,115 
VBC Spine Opco LLC (DxTX Pain and Spine LLC), Revolver(c)(e)   12.46%  1M SOFR + 8.00%, 2.00% Floor  06/14/2028   161,291    161,290 
                    16,759,805 
Industrials (6.49%)                     
Epic Staffing Group, First Lien Term Loan(c)   10.29%  3M SOFR + 6.00%, 0.50% Floor  06/28/2029   1,944,185    1,754,627 
Marvel APS, (Autorola Group Holding A/S), Delayed Draw Term Loan(c)(d)(h)   10.00%  10.00% PIK  12/21/2027   3,536,970    4,640,521 
Material Handling Systems, Inc., First Lien Term Loan(c)   9.72%  3M SOFR + 5.50%, 0.50% Floor  06/08/2029   1,882,436    1,493,167 
Newbury Franklin Industrials, LLC, Delayed Draw Term Loan(c)(e)   –%  3M SOFR + 7.00%, 2.00% Floor  12/11/2029   –    (7,697)
Newbury Franklin Industrials, LLC, First Lien Term Loan(c)   11.18%  3M SOFR + 7.00%, 2.00% Floor  12/11/2029   3,993,092    3,912,032 

 

 

Alternative Credit Income Fund Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

 

   Coupon   Reference Rate & Spread  Maturity  Principal Value 
VORTEX OPCO, LLC, First Lien Term Loan (First Out)(c)   10.55%  3M SOFR + 6.25%, 0.50% Floor  04/30/2030  $720,000   $723,600 
VORTEX OPCO, LLC, First Lien Term Loan (Second Out)(c)(f)   –%  3M SOFR + 4.25%, 0.50% Floor  12/15/2028   1,575,926    713,894 
                    13,230,144 
Information Technology (20.26%)                     
Accurate Background, LLC, First Lien Term Loan(c)   10.56%  3M SOFR + 6.00%, 1.00% Floor  03/26/2029   4,344,537    4,344,537 
Ancile Solutions, Inc., First Lien Term Loan(c)   14.57%  3M SOFR + 10.00%, 1.00% Floor  06/11/2026   3,316,557    3,316,557 
Colonnade Intermediate, LLC, Delayed Draw Term Loan(c)(f)   –%  1M SOFR + 7.00%, 1.00% Floor  09/30/2026   1,701,616    1,180,751 
Colonnade Intermediate, LLC, First Lien Term Loan(c)(f)   –%  1M SOFR + 7.00%, 1.00% Floor  09/30/2026   1,780,406    1,235,424 
DCert Buyer, Inc. First Amendment Term Loan Refinancing, Second Lien Term Loan(c)   11.33%  1M SOFR + 7.00%  02/16/2029   3,600,000    3,163,500 
Diamanti, Inc., Subordinated Note(c)(d)   15.00%  15.00% PIK  02/28/2025   4,420,200    4,472,358 
Dun & Bradstreet Holdings, Inc., First Lien Term Loan(c)   9.84%  3M SOFR + 5.25%  05/21/2032   1,696,690    1,681,473 
Dun & Bradstreet Holdings, Inc., Revolver(c)(e)   –%  3M SOFR + 5.25%  05/21/2032   –    – 
Fulcrum US Holdings, Inc., Revolver(c)   13.50%  PRIME + 6.00%  07/15/2025   4,000,000    4,000,000 
Ivanti Security Holdings LLC, NewCo First Lien Term Loan(c)   10.02%  3M SOFR + 5.75%, 2.00% Floor  06/01/2029   296,060    305,312 
Ivanti Software, Inc., Second Lien Initial Term Loan(c)   11.78%  3M SOFR + 7.25%, 0.50% Floor  06/01/2029   4,040,000    2,326,353 
Kofax, Inc., Second Lien Term Loan(c)   12.03%  3M SOFR + 7.75%, 0.50% Floor  07/20/2030   4,000,000    3,620,000 
Phoenix Finance, Inc., First Lien Term Loan(c)   13.30%  3M SOFR + 9.00%, 1.00% Floor  08/14/2028   858,118    833,661 
Phoenix Finance, Inc., Second Lien Term Loan(c)   11.95%  3M SOFR + 7.50%, 1.00% Floor  08/14/2028   1,495,652    1,344,591 
Precisely Software Incorporated, Second Lien Term Loan(c)   11.79%  3M SOFR + 7.25%, 0.75% Floor  04/23/2029   3,000,000    2,794,380 
Spectrio, Delayed Draw Term Loan(c)(d)   10.33%  3M SOFR + 3.50%, 2.50% PIK, 1.00% Floor  12/09/2026   1,176,169    1,071,843 
Spectrio, First Lien Term Loan(c)(d)   10.33%  3M SOFR + 3.50%, 2.50% PIK, 1.00% Floor  12/09/2026   2,819,745    2,569,634 
VTX Intermediate Holdings, Inc., First Lien Term Loan(c)(d)   11.58%  1M SOFR + 7.00%, 1.00% PIK, 2.00% Floor  12/12/2029   1,150,390    1,141,762 
VTX Intermediate Holdings, Inc., Second Lien Term Loan(c)(d)   12.50%  12.50% PIK  12/12/2030   1,926,406    1,875,934 
                    41,278,070 
TOTAL BANK LOANS                     
(Cost 133,443,859)                   118,858,092 

 

   Shares   Value 
COMMON EQUITY (5.73%)(b)          
Communication Services (0.07%)          
Next Flight Ventures(c)(i)   88    24,634 
NFV Co-Pilot, Inc.(c)(i)   441    123,447 
         148,081 
Consumer Discretionary (0.50%)          
CEC Entertainment, Inc.(i)   79,564    1,014,441 
JoAnn Inc.(c)(i)   1,570,371    – 
         1,014,441 
Consumer Staples (0.00%)          
Middle West Spirits Holdings, LLC, Common Stock(c)(i)   34    5,403 
           
Diversified (1.19%)          
CION Investment Corp.   120,800    1,156,056 
Portman Ridge Finance Corp.(g)   25,504    319,310 
WhiteHorse Finance, Inc.   107,328    935,900 
         2,411,266 
Financials (1.23%)          
AIP Capital, LLC(c)(i)(j)   30    12,368 
Aperture Dodge 18 LLC(c)(i)   2,054,689    1,657,404 

 

 

Alternative Credit Income Fund Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

 

             Shares   Value 
COMMON EQUITY (5.73%)(b) (continued)                  
Financials (1.23%) (continued)                     
Franklin BSP Capital Corp.(c)              60,385   $843,480 
                    2,513,252 
Health Care (0.24%)                     
American Academy Holdings. Inc., Common Units(c)(i)(j)              0.05    266,783 
DxTx Pain and Spine LLC, Common Units(c)(i)(j)              98,854    232,167 
                    498,950 
Industrials (0.55%)                     
GreenPark Infrastructure, LLC Series M-1(c)(g)(i)(j)              2,565    878,444 
Incora Top Holdco LLC(c)(i)              5,350    93,625 
Phoenix Aviation Capital LLC, Common Stock(c)(i)(j)              1.26    137,241 
                    1,109,310 
Information Technology (0.01%)                     
VTX Holdings, LLC(c)(i)              932,474    22,191 
                      
Real Estate (1.94%)                     
Copper Property CTL Pass Through Trust(j)              319,520    3,958,853 
                      
TOTAL COMMON EQUITY                     
(Cost $16,749,475)                   11,681,747 
                      
ASSET BACKED SECURITIES (3.64%)(a)(b)                     
Financials (3.64%)                     
Canyon Capital CLO 2014-1, Ltd., Class ER(f)(k)   –%  3M SOFR + 7.70%  01/30/2031   1,000,000    598,381 
JMP Credit Advisors CLO IV, Ltd.(c)(f)   –%  N/A  07/17/2029   4,836,540    159,606 
JMP Credit Advisors CLO V, Ltd.(c)(f)   –%  N/A  07/17/2030   4,486,426    222,975 
Mount Logan Funding 2018-1 LP(c)(g)(k)   22.14%  N/A  01/22/2033   7,798,575    4,319,631 
Octagon Investment Partners 36, Ltd., Class F(k)   12.31%  3M SOFR + 7.75%  04/15/2031   1,000,000    711,453 
Octagon Investment Partners XIV, Ltd., Class ER(f)(k)   –%  3M SOFR + 8.35%  07/15/2029   2,132,000    591,916 
Saranac CLO VII, Ltd., Class ER(f)(k)   –%  3M SOFR + 6.72%  11/20/2029   508,648    64,799 
Tralee CLO II, Ltd., Class ER(k)   12.40%  3M SOFR + 7.85%  07/20/2029   1,000,000    739,372 
Tralee CLO II, Ltd., Class FR(f)(k)   –%  3M SOFR + 8.35%  07/20/2029   1,000,000    139 
                    7,408,272 
TOTAL ASSET BACKED SECURITIES                     
(Cost $14,650,266)                   7,408,272 
                      
CORPORATE BONDS (2.23%)(a)(b)                     
Communications (0.98%)                     
Spanish Broadcasting System, Inc.(k)   9.75%  N/A  03/01/2026   3,000,000    1,983,750 
                      
Consumer Discretionary (–%)                     
Monitronics - Escrow(c)   –%  N/A  12/31/2049   2,650,000    – 
                      
Financials (1.00%)                     
EJF CRT 2024-R1 LLC, Class R1(c)   12.12%  1M CMTR + 7.75%  12/17/2055   2,044,771    2,044,771 
                      
Industrials (0.25%)                     
VORTEX OPCO, LLC(f)(k)   –%  8.00%  04/30/2030   3,135,000    517,275 
                      
TOTAL CORPORATE BONDS                     
(Cost $6,060,911)                   4,545,796 

 

 

Alternative Credit Income Fund Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

 

             Shares     Value 
EQUIPMENT FINANCING (0.50%)                     
Financials (0.50%)                     
White Oak Equipment Finance 1, LLC(b)(c)(j)   10.75%  N/A  01/01/2027   1,027,216    1,027,216 
TOTAL EQUIPMENT FINANCING                     
(Cost $1,027,216)                   1,027,216 

 

   Shares   Value 
INTERVAL FUND (2.07%)(b)          
Diversified (2.07%)          
Opportunistic Credit Interval Fund(g)   362,837    4,212,534 
           
TOTAL INTERVAL FUND          
(Cost $4,368,554)        4,212,534 

 

   Shares   Value 
JOINT VENTURE (0.16%)(b)          
Joint Venture (0.16%)          
Great Lakes Funding II LLC, Series A(e)(g)(l)(m)   358,236    333,517 
           
TOTAL JOINT VENTURE          
(Cost $358,236)        333,517 

 

      Shares   Value 
PREFERRED STOCK (4.26%)(b)             
Consumer Discretionary (3.73%)             
EBSC Holdings LLC (Riddell, Inc.), Preferred(c)(d)(g)  10.00% PIK   1,131,030    1,292,202 
Pennfoster(c)(d)  3M SOFR + 10.75%   6,106,591    6,106,591 
Princeton Medspa Partners, LLC, Preferred(c)(d)(g)(j)  12.50% PIK   282,746    201,801 
            7,600,594 
Consumer Staples (0.17%)             
Middle West Spirits Holdings, LLC, Preferred(c)(d)  10.00% PIK   350,000    344,480 
              
Health Care (0.08%)             
American Academy Holdings. Inc., Preferred(c)(d)(j)  18.00%   90,970    163,378 
              

Industrials (0.28%)

GreenPark Infrastructure, LLC Series A(c)(g)(i)(j)

      400    200,000 
Phoenix Aviation Capital LLC, Preferred(c)(d)(j)  7.00% PIK   432,930    363,661 
            563,661 
TOTAL PREFERRED STOCK              
(Cost $8,319,690)           8,672,113 

 

   Shares   Value 
PRIVATE INVESTMENT FUNDS (17.53%)(b)          
BlackRock Global Credit Opportunities Fund, LP(e)(l)(n)        7,646,539 
CVC European Mid-Market Solutions Fund(e)(l)(n)        1,271,213 
EJF Financial Debt Strategies Fund LP(l)        807,179 
GSO Credit Alpha Fund II LP(e)(l)(n)        2,034,489 
Monroe Capital Private Credit Fund III LP(e)(l)(n)        4,785,020 
Pelham S2K SBIC II, L.P.(e)(l)(n)        510,156 
Tree Line Credit Strategies LP(l)(n)        18,679,166 
           
TOTAL PRIVATE INVESTMENT FUNDS          
(Cost $37,651,430)        35,733,762 

 

 

Alternative Credit Income Fund Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

 

   Shares   Value 
WARRANTS (0.21%)(b)          
Consumer Discretionary (0.01%)          
CEC Entertainment, Inc., Warrants   237,941    13,087 
Diamanti, Inc., Class A(c)   146,413    – 
         13,087 
Financials (0.20%)          
SouthStreet Securities Holdings, Inc., Warrants(c)   3,400    399,330 
           
Information Technology (0.00%)          
Princeton Medspa Partners, LLC, Warrants(c)(g)(j)   0.09    7,355 
           
TOTAL WARRANTS          
(Cost $390,456)        419,772 
           
SHORT-TERM INVESTMENT (7.24%)          
Money Market Funds (7.24%)          
US BANK MMDA - USBGFS 9, 0.04(b)(o)   14,745,328    14,745,328 
           
TOTAL SHORT-TERM INVESTMENT          
(Cost $14,745,328)        14,745,328 

 

   Number of     
   Contracts   Value 
DERIVATIVES (–%)(b)          
Consumer Discretionary (–%)          
Princeton Medspa Partners, LLC, Put Option(c)(g)(j)   250,000    – 
           
TOTAL DERIVATIVES          
(Cost $–)        – 
           
INVESTMENTS, AT VALUE (101.89%)          
(Cost $237,765,421)        207,638,149 
           
Liabilities In Excess Of Other Assets (-1.89%)        (3,852,606)
           
NET ASSETS (100.00%)       $203,785,543 

 

Investment Abbreviations:
SOFR - Secured Overnight Financing Rate

PIK - Payment in-Kind

CMTR - Constant Maturity Treasury Rate

 

Reference Rates:
1M CMTR - 1 Month Constant Maturity Treasury Rate was 4.18%

1M SOFR - 1 Month US SOFR as of June 30, 2025 was 4.32%.

3M SOFR - 3 Month US SOFR as of June 30, 2025 was 4.34%.

6M SOFR - 6 Month US SOFR as of June 30, 2025 was 4.22%.

PRIME - US Prime Rate as of June 30, 2025 was 7.50%

 

(a)Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at June 30, 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.
(b)These investments are pledged to secure the Fund’s debt obligations.
(c)As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets.
(d)Payment in-kind security which may pay interest in additional par.
(e)All or a portion of this commitment was unfunded as of June 30, 2025.
(f)Non-accrual investment.
(g)Affiliate company.
(h)Principal balance denominated in euros.
(i)Non-income producing security.

 

 

Alternative Credit Income Fund Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

 

(j)Investment is held through ACIF Master Blocker, LLC, wholly-owned subsidiary.
(k)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 June 30, 2025, the aggregate market value of those securities was $9,526,716, representing 4.67% of net assets.
(l)Restricted security.
(m)During the three month period ended June 30, 2025, the Fund invested $0 in Great Lakes Funding II, LLC - Series A units, received a return of capital distribution of $49,815, and reported change in unrealized depreciation of $24,719 on Great Lakes Funding II, LLC - Series A units. Additionally, Great Lakes Funding II LLC - Series A declared distributions of $12,131, during the three month period ended June 30, 2025.
(n)Investment is held through CIF Investments LLC, a wholly-owned subsidiary.
(o)Money market fund; interest rate reflects seven-day effective yield on June 30, 2025.

 

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

 

Date(s) of Purchase  Security  Cost   Value   % of Net
Assets		 
03/31/2018 - 06/30/2025  BlackRock Global Credit Opportunities Fund, LP  $9,158,434   $7,646,539    3.74%
09/30/2017 - 09/30/2021  CVC European Mid-Market Solutions Fund   2,911,406    1,271,213    0.62%
06/30/2024 - 09/30/2024  EJF Financial Debt Strategies Fund LP   750,000    807,179    0.40%
08/05/2022 - 12/31/2024  Great Lakes Funding II LLC, Series A   358,236    333,517    0.16%
06/30/2018 - 03/31/2021  GSO Credit Alpha Fund II LP   875,997    2,034,489    1.00%
09/30/2018 - 12/31/2020  Monroe Capital Private Credit Fund III LP   4,442,922    4,785,020    2.35%
11/14/2022 - 06/30/2025  Pelham S2K SBIC II, L.P.   512,671    510,156    0.25%
12/31/2017 - 06/30/2019  Tree Line Credit Strategies LP   19,000,000    18,679,166    9.17%
   Total  $38,009,666   $36,067,279    17.69%

 

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

 

Security  Value   Redemption
Frequency		  Redemption
Notice(Days)		  Unfunded Commitments
as of June 30, 2025		 
BlackRock Global Credit Opportunities Fund, LP(a)  $7,646,539   N/A  N/A  $3,259,801 
CVC European Mid-Market Solutions Fund(b)   1,271,213   N/A  N/A   206,342 
EJF Financial Debt Strategies Fund LP   807,179   N/A  N/A   N/A 
Great Lakes Funding II LLC, Series A(a)   333,517   N/A  N/A   136,503 
GSO Credit Alpha Fund II LP(a)   2,034,489   N/A  N/A   7,382,124 
Monroe Capital Private Credit Fund III LP(b)   4,785,020   N/A  N/A   1,498,740 
Pelham S2K SBIC II, L.P.   510,156   N/A  N/A   1,487,329 
Tree Line Credit Strategies LP   18,679,166   Quarterly  90   N/A 
Total  $36,067,279         $13,970,839 

 

Unfunded Commitments:

 

Security  Value   Maturity  Unfunded Commitment 
Cor Leonis Limited, Revolver  $2,784,634   05/15/2028  $312,492 
Dun & Bradstreet Holdings, Inc., Revolver   –   05/21/2032   169,669 
Hunter Point Capital Structured Notes Issuer, LLC, Subordinated Delayed Draw Notes   3,626,377   07/15/2052   2,965,027 
Middle West Spirits Holdings, LLC, Revolver   –   04/23/2030   555,556 
Newbury Franklin Industrials, LLC, Delayed Draw Term Loan   (7,697)  12/11/2029   986,842 
Next Flight Ventures, Delayed Draw Term Loan   973,295   12/26/2025   266,700 
PhyNet Dermatology LLC, Delayed Draw Term Loan   5,172   10/20/2029   1,034,483 
PMP OPCO, LLC, Delayed Draw Term Loan   (38,053)  05/31/2029   843,750 
PMP OPCO, LLC, Revolver   (7,748)  05/31/2029   140,625 
Riddell Inc., Delayed Draw Term Loan   (1,345)  03/29/2029   363,636 
VBC Spine Opco LLC (DxTX Pain and Spine LLC), Revolver   161,290   06/14/2028   80,645 
Total  $7,495,925      $7,719,425 
Total Unfunded Commitments          $21,690,264 

 

(a)A voluntary withdrawal may be permitted at the General Partner's discretion with the General Partner's consent.
(b)A voluntary withdrawal may be permitted with the General Partner's prior written consent.