All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), except for Apex Group Treasury LLC, Barings Middle Market CLO Ltd., Best Egg Asset Structured Pass Through Master Trust, Churchill Middle Market CLO Ltd., Claros Mortgage Trust Inc., Coller Private Equity Backed Notes & Loans II-A L.P., Flow Traders Holdings, LLC, Inizio Group Limited, Ivy Hill Middle Market Credit Fund XII Ltd., LendingTree Inc., MC CIF Wealth Management (UK) Ltd. and New Mountain Guardian IV Income Rated Feeder II, Ltd. As of December 31, 2025, non-qualifying assets totaled 8.8% of the Fund's total assets.

[2]

All of the Fund's investments are domiciled in the United States, except for Apex Group Treasury LLC, Barings Middle Market CLO Ltd., Flow Traders Holdings, LLC, Inizio Group Limited, MC CIF Wealth Management (UK) Ltd. and New Mountain Guardian IV Income Rated Feeder II, Ltd., which are domiciled in Ireland, Cayman Islands, Bermuda, United Kingdom, United Kingdom and Bermuda, respectively.

[3]

As of December 31, 2025, all investments are pledged as collateral except for Barings Middle Market CLO Ltd., Best Egg Asset Structured Pass Through Master Trust, Churchill Middle Market CLO Ltd., Ivy Hill Middle Market Credit Fund XII Ltd., MC CIF Wealth Management (UK) Ltd. and SPV CA IX, LLC.

[4]

Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy.

[5]

Cost represents the original cost adjusted for amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

[6]

The majority of the securities bear interest at a rate that may be determined by reference Secured Overnight Financing Rate ("SOFR"), which at December 31, 2025 was 3.87%; Alternate Base Rate ("ABR"), which at December 31, 2025 was 6.75%; and the Euro Interbank Offered Rate ("EURIBOR"), which at December 31, 2025 was 1.94%. For each such security, the Fund has provided the applicable spread over SOFR, ABR and EURIBOR and the current contractual interest rate in effect at December 31, 2025. Certain

investments contain a Payment-in-Kind (“PIK”) provision. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

[7]

This investment has an unfunded commitment as of December 31, 2025. For further details, see Note 5. Fair value includes an analysis of the unfunded commitment.

[8]

Percentage is based on net assets of $280,198,619 as of December 31, 2025.

[9]

Represents securities categorized as Level 2 assets under the definition of ASC 820 fair value hierarchy.

[10]

Security is exempt from registration under Rule 144A of the Securities Act of 1933.

[11]

As defined in the 1940 Act, the Fund is deemed to be an "affiliated person" because it owns more than 5% but less than 25% of the portfolio company's voting securities, or it has power to exercise control over the management or policies of such portfolio company ('non-controlled affiliate"). Transactions for the year ended December 31, 2025 in which the portfolio company is deemed to be a “Non-Control/Affiliated Investment” of the Fund were as follows:


	Fair Value as of January 22, 2025 (Commencement of Operations)		Gross Additions		Gross Reductions		Change in Unrealized Gains (Losses)		Net Realized Gains (Losses)		Fair Value as of December 31, 2025		Income
Non-Controlled/Affiliated Investments
SPV CA IX, LLC	$	-	$	1,652,037	$	-	$	84,056	$	-	$	1,736,093	$	-
Total Non-Controlled/Affiliated Investments	$	-	$	1,652,037	$	-	$	84,056	$	-	$	1,736,093	$	-

[12]

Investment measured at net asset value ("NAV").