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Financial Services Acquisition Date 12/27/20242026-01-012026-03-310001987221us-gaap:FairValueInputsLevel3Memberck0001987221:RecentTransactionPriceValuationTechniqueMemberck0001987221:MeasurementInputRecentTransactionPriceMemberck0001987221:FirstLienSeniorSecuredMember2025-12-310001987221First Lien Senior Secured Cooper's Hawk Intermediate Holding,LLC - Delayed Draw Term Loan Consumer Services Spread Above Index SOFR + 5.50% (0.75% floor) Interest Rate 9.32% Maturity Date 7/29/20312025-12-310001987221Affiliated investments ORECV, LLC - Membership Interest Equity Investment2026-01-012026-03-310001987221First Lien Senior Secured Nuclear Care Partners Holdings, Inc. - Revolving Credit Line Industry Health Care Equipment & Services Spread Above Index SOFR + 4.50% (1.00% floor) Interest Rate 7.92% Maturity Date 10/1/20302026-03-310001987221Compu-Link Corporation First Lien Senior Secured, Revolving Credit Line2025-12-310001987221First Lien Senior Secured Pansophic Learning US, LLC - Revolving Credit Line Industry Consumer Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.47% Maturity Date 5/15/20292025-12-310001987221First Lien Senior Secured Discovery SL Management, LLC - Term Loan Health Care Equipment & Services Spread Above Index SOFR + 4.75% (1.00% floor) Interest Rate 8.47% Maturity 3/18/20302025-12-310001987221Aspire General Holding Company LLC First Lien Senior Secured, Delayed Draw Loan2026-03-310001987221First Lien Senior Secured OL Texas Restaurants, LLC - Term Loan Industry Consumer Services Spread Above Index SOFR + 5.00% (1.00% floor) Interest Rate 9.08% Maturity Date 8/29/20292025-12-310001987221us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberck0001987221:FirstLienSeniorSecuredMember2026-03-310001987221First Lien Senior Secured Cardiology Management Holdings, LLC - Term Loan Health Care Equipment & Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.62% Maturity Date 1/31/20292025-12-310001987221First Lien Senior Secured BHP Management Holdings, LLC - Delayed Draw Term Loan Health Care Equipment & Services Spread Above Index SOFR + 4.50% (1.00% floor) Interest Rate 8.32% Maturity Date 10/27/20282025-12-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMemberck0001987221:FirstLienSeniorSecuredMembersrt:MaximumMember2026-03-310001987221us-gaap:FairValueInputsLevel1Memberus-gaap:WarrantMember2026-03-310001987221Fullsteam Operations LLC First Lien Senior Secured, Revolving Credit Line2026-03-310001987221First Lien Senior Secured Spartan CP, LLC - Term Loan B Industry Consumer Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.42% Maturity Date 6/28/20292026-03-310001987221First Lien Senior Secured Salisbury House, LLC - Term Loan Industry Consumer Services Spread Above Index SOFR + 4.75% (0.75% floor) Interest Rate 8.48% Maturity Date 8/18/20322026-03-310001987221Equity Investments Private Companies CyberMaxx Holdings, LLC - Class A-1 Preferred Units Software & Services Spread Above Index FIXED 8.00% Interest Rate 8.00% PIK Acquisition Date 11/4/20242025-01-012025-12-310001987221First Lien Senior Secured Palmetto Longevity Fund, LLC – Delayed Draw Term Loan Industry Insurance Spread Above Index SOFR + 6.50% (1.50% floor) Interest Rate 10.17% Maturity Date 4/11/20302026-03-310001987221ck0001987221:CreditFacilityMemberck0001987221:SeniorSecuredRevolvingCreditAgreementMember2025-01-012025-12-310001987221us-gaap:FairValueInputsLevel3Member2026-01-012026-03-3100019872212025-01-012025-12-310001987221ck0001987221:CapitalGoodsMemberck0001987221:InvestmentsAndCashEquivalentsMember2026-03-310001987221ORECV, LLC Equity Membership Interest2025-12-310001987221ck0001987221:InvestmentAdvisoryAgreementMember2026-01-012026-03-310001987221us-gaap:FairValueInputsLevel3Member2024-12-310001987221Warrants GRAM ABF Vision Holdings, L.P. 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Series E Preferred Units Consumer Services Acquisition Date 4/28/20252025-12-310001987221First Lien Senior Secured Pansophic Learning US, LLC - Term Loan Industry Consumer Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.42% Maturity Date 5/15/20292026-03-310001987221First Lien Senior Secured Peer Advisors LLC - Term Loan Industry Financial Services Spread Above Index SOFR + 6.00% (1.00% floor) Interest Rate 9.77% Maturity Date 4/4/20302025-12-310001987221First Lien Senior Secured Brown & Root Industrial Services, LLC - Term Loan Commercial & Professional Services Spread Above Index SOFR + 5.00% (1.00% floor) Interest Rate 8.67% Maturity Date 10/3/20302025-12-310001987221CheckedUp, Inc First Lien Senior Secured, Revolving Credit Line2026-03-310001987221Aspire General Holding Company LLC First Lien Senior Secured, Delayed Draw Loan2025-12-310001987221ck0001987221:CommonClassFMember2026-03-310001987221First Lien Senior Secured Bishop Street Underwriters LLC - Delayed Draw Term Loan Financial Services Spread Above Index SOFR + 5.50% (1.00% floor) Interest Rate 9.22% Maturity Date 7/31/20312025-12-310001987221XDimensional Technologies, Inc. First Lien Senior Secured Revolving Credit Line2026-03-310001987221First Lien Senior Secured CrossLink Professional Tax Solutions, LLC - Revolving Credit Line Software & Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.95% Maturity 6/30/20282026-03-310001987221First Lien Senior Secured Allied OMS Intermediate Company, LLC - Revolving Credit Line Health Care Equipment & Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.89% Maturity Date 12/12/20302026-03-310001987221First Lien Senior Secured Cooper's Hawk Intermediate Holding,LLC - Revolving Credit Line Consumer Services Spread Above Index SOFR + 5.50% (0.75% floor) Interest Rate 9.17% Maturity Date 7/29/20312026-03-310001987221ck0001987221:SecuredLoanFacilityMemberck0001987221:AmgComvestSeniorLendingFundLliSpvLlcMember2024-07-160001987221us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:EquityFundsMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001987221ck0001987221:TelecommunicationServicesMemberck0001987221:InvestmentsAndCashEquivalentsMember2026-03-310001987221First Lien Senior Secured Spartan CP, LLC - Delayed Draw Term Loan B Industry Consumer Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.42% Maturity Date 6/28/20292026-03-310001987221First Lien Senior Secured Rails International, LLC - Revolving Credit Line Industry Consumer Discretionary Distribution & Retail Spread Above Index SOFR + 6.25% (2.00% floor) Interest Rate 9.97% Maturity Date 12/20/20292025-12-310001987221Nuclear Care Partners Holdings, Inc. First Lien Senior Secured, Revolving Credit Line2025-12-310001987221First Lien Senior Secured National Debt Relief, LLC - Delayed Draw Term Loan Financial Services Spread Above Index SOFR + 6.50% (2.50% floor) Interest Rate 10.28% Maturity Date 2/7/20282026-03-310001987221First Lien Senior Secured Discovery SL Management, LLC - Revolving Credit Line Health Care Equipment & Services Spread Above Index SOFR + 4.75% (1.00% floor) Interest Rate 8.47% Maturity 3/18/20302025-12-310001987221Learn-it Systems, LLC First Lien Senior Secured, Delayed Draw Loan2025-12-310001987221First Lien Senior Secured Seatex Merger Sub, LLC - Delayed Draw Term Loan Industry Materials Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.44% Maturity Date 10/22/20292025-12-310001987221First Lien Senior Secured KCK Ltd - Revolving Credit Line Financial Services Spread Above Index SOFR + 5.55% Interest Rate 9.22% Maturity Date 9/27/20272025-12-310001987221Integrity Marketing Acquisition, LLC First Lien Senior Secured, Delayed Draw Loan2025-12-310001987221Learn-it Systems, LLC First Lien Senior Secured, Revolving Credit Line2025-12-310001987221Pansophic Learning US, LLC First Lien Senior Secured, Revolving Credit Line2025-12-310001987221First Lien Senior Secured Salisbury House, LLC - Delayed Draw Term Loan Industry Consumer Services Spread Above Index SOFR + 4.75% (0.75% floor) Interest Rate 8.48% Maturity Date 8/18/20322026-03-310001987221ck0001987221:SecuredLoanFacilityMemberck0001987221:AmgComvestSeniorLendingFundLliSpvLlcMemberus-gaap:SubsequentEventMember2026-04-160001987221us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2025-12-310001987221us-gaap:CommonStockMember2026-03-310001987221Hasa Acquisition, LLC First Lien Senior Secured, Revolving Credit Line2025-12-310001987221Sportime Clubs, LLC First Lien Senior Secured Revolving Credit Line2025-12-310001987221First Lien Senior Secured OL Texas Restaurants, LLC - Revolving Credit Line Industry Consumer Services Spread Above Index SOFR + 5.00% (1.00% floor) Interest Rate 8.93% Maturity Date 8/29/20292026-03-310001987221ck0001987221:InvestmentsAndCashEquivalentsMemberck0001987221:MaterialsMember2025-12-310001987221Integrity Marketing Acquisition, LLC First Lien Senior Secured, Delayed Draw Loan2026-03-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001987221First Lien Senior Secured Project Pathfinder Borrower, LLC - 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Delayed Draw Loan Industry Health Care Equipment & Services Spread Above Index SOFR + 5.25% (1% floor) Interest Rate 8.94% Maturity Date 3/20/20302025-12-310001987221First Lien Senior Secured National Debt Relief, LLC - Revolving Credit Line Financial Services Spread Above Index SOFR + 6.50% (2.50% floor) Interest Rate 10.33% Maturity Date 2/7/20282025-12-310001987221First Lien Senior Secured Hornblower Sub LLC - Revolving Credit Line Transportation Spread Above Index SOFR + 5.50% (1.00% floor) Interest Rate 9.18% Maturity 7/3/20292026-03-310001987221us-gaap:FairValueInputsLevel2Member2025-12-310001987221First Lien Senior Secured Allbridge, LLC - Revolving Credit Line Telecommunication Services Spread Above Index SOFR + 5.50% (1.00% floor) Interest Rate 9.20% Maturity Date 6/5/20302026-03-310001987221First Lien Senior Secured CRA Funding 1, LLC - Term Loan Financial Services Spread Above Index SOFR + 4.75% (2.00% floor) Interest Rate 8.47% Maturity Date 3/16/20292025-12-310001987221Equity Investments Private Companies Sparkle Aggregator, LP - Common Units Industry Consumer Services Acquisition Date 1/16/20262026-01-012026-03-3100019872212026-01-012026-03-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:WarrantMember2026-03-310001987221ck0001987221:FirstLienSeniorSecuredMember2026-03-310001987221us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-03-310001987221Sylmar Group Holdco LLC First Lien Senior Secured Revolving Credit Line2025-12-310001987221Hornblower Sub LLC First Lien Senior Secured, Revolving Credit Line2026-03-310001987221First Lien Senior Secured Allbridge, LLC - Term Loan Telecommunication Services Spread Above Index SOFR + 5.50% (1.00% floor) Interest Rate 9.20% Maturity Date 6/5/20302026-03-310001987221ck0001987221:O2025M1DividendsMember2025-01-292025-01-290001987221First Lien Senior Secured Palmetto Longevity Fund, LLC - Term Loan Industry Insurance Spread Above Index SOFR + 6.50% (1.50% floor) Interest Rate 10.17% Maturity Date 4/11/20302026-03-310001987221First Lien Senior Secured DMA Holding Company - Term Loan Software & Services Spread Above Index SOFR + 7.00% (1.00% floor) Interest Rate 10.77% Maturity 7/19/20282026-03-310001987221ck0001987221:InvestmentsAndCashEquivalentsMemberck0001987221:ConsumerServicesMember2025-12-310001987221us-gaap:FairValueInputsLevel3Memberck0001987221:SecondLienSeniorSecuredMember2026-03-310001987221Ampler QSR Holdings LLC First Lien Senior Secured, Revolving Credit Line2026-03-310001987221us-gaap:InvestmentAffiliatedIssuerMember2025-01-012025-12-310001987221ck0001987221:TemporaryCommitmentMaturingOnDecemberTwoTwoThousandAndTwentySixMemberck0001987221:CreditFacilityMember2025-12-020001987221First Lien Senior Secured Ensemble Music Schools LLC - Revolving Credit Line Consumer Services Spread Above Index SOFR + 5.50% (1.00% floor) Interest Rate 9.17% Maturity 3/28/20302026-03-310001987221First Lien Senior Secured Sportime Clubs, LLC - Delayed Draw Term Loan A Industry Consumer Services Spread Above Index FIXED 12.25% Interest Rate 12.25% Maturity Date 10/17/20292026-03-310001987221us-gaap:FairValueInputsLevel3Member2025-01-012025-03-3100019872212025-03-310001987221First Lien Senior Secured Cooper's Hawk Intermediate Holding,LLC - 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Delayed Draw Term Loan Financial Services Spread Above Index SOFR + 6.50% (2.50% floor) Interest Rate 10.33% Maturity Date 2/7/20282025-12-310001987221us-gaap:AdditionalPaidInCapitalMember2024-12-310001987221ck0001987221:DrawDownDateThirtyOneMarch2025Memberck0001987221:DividendReinvestmentPlanMember2025-01-012025-03-310001987221First Lien Senior Secured Military Retail Solutions, LLC - Term Loan Consumer Staples Distribution & Retail Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.92% Maturity Date 6/28/20292026-03-310001987221us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2025-12-310001987221Equity Investments Private Companies Allied OMS Intermediate Company, LLC - Preferred Unit Health Care Equipment & Services Acquisition Date 6/9/20252025-01-012025-12-310001987221ck0001987221:MembershipInterestMember2026-03-310001987221First Lien Senior Secured Fullsteam Operations LLC - 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First Lien Senior Secured, Revolving Credit Line2026-03-310001987221First Lien Senior Secured U.S. Anesthesia Partners, Inc. - Term Loan Industry Health Care Equipment & Services Spread Above Index SOFR + 7.50% (0.50% floor) Interest Rate 11.49% Maturity Date 10/1/20292025-12-310001987221us-gaap:InvestmentAffiliatedIssuerMember2026-03-310001987221First Lien Senior Secured Billhighway, LLC - Revolving Credit Line Software & Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.97% Maturity Date 2/8/20292025-12-3100019872212023-09-292023-12-310001987221First Lien Senior Secured KCK Ltd - Revolving Credit Line Financial Services Spread Above Index SOFR + 5.55% Interest Rate 9.25% Maturity Date 9/27/20272026-03-310001987221First Lien Senior Secured Sylmar Group Holdco LLC - Revolving Credit Line Industry Utilities Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.92% Maturity Date 11/24/20312026-03-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001987221First Lien Senior Secured Compu-Link Corporation - Revolving Credit Line Financial Services Spread Above Index SOFR + 6.25% (1.00% floor) Interest Rate 9.77% Maturity 4/4/20302025-12-310001987221First Lien Senior Secured Juvare, LLC - Revolving Credit Line Software & Services Spread Above Index SOFR + 5.25% (0.50% floor) Interest Rate 8.91% Maturity Date 5/1/20312026-03-310001987221Discovery SL Management, LLC First Lien Senior Secured, Delayed Draw Loan One2026-03-310001987221Pediatric Home Respiratory Services, LLC First Lien Senior Secured, Revolving Credit Line2026-03-310001987221First Lien Senior Secured Sylmar Group Holdco LLC - Revolving Credit Line Industry Utilities Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.97% Maturity Date 11/24/20312025-12-310001987221The Mutual Group LLC First Lien Senior Secured Revolving Credit Line2025-12-310001987221ck0001987221:O2025M2DividendsMember2025-02-270001987221Equity Investments Private Companies Senior Support Holdings, LP - Class A-1 Units Industry Health Care Equipment & Services Acquisition Date 3/20/20242026-03-310001987221ck0001987221:FirstAmericanGovernmentObligationsFundXClassMember2026-03-310001987221ck0001987221:InsuranceMemberck0001987221:InvestmentsAndCashEquivalentsMember2026-03-310001987221ck0001987221:TechnologyHardwareEquipmentMemberck0001987221:InvestmentsAndCashEquivalentsMember2025-12-310001987221First Lien Senior Secured Armanino Advisory LLC - Revolving Credit Line Commercial & Professional Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.43% Maturity Date 10/18/20292026-03-310001987221Equity Investments Private Companies iCreditWorks Inc. - Series D Preferred Stock Industry Financial Services Spread Above Index FIXED 10.00% + 7.50% PIK Interest Rate 17.50% Acquisition Date 12/27/20242025-01-012025-12-310001987221First Lien Senior Secured BHP Management Holdings, LLC - Delayed Draw Term Loan Health Care Equipment & Services Spread Above Index SOFR + 4.50% (1.00% floor) Interest Rate 8.35% Maturity Date 10/27/20282026-03-310001987221Warrants GRAM ABF Vision Holdings, L.P. 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Term Loan B Industry Insurance Spread Above Index SOFR + 5.25% (1.50% floor) Interest Rate 10.23% Maturity Date 1/10/20312025-12-310001987221First Lien Senior Secured Restaurant Holding Company, LLC - Term Loan Industry Consumer Services Spread Above Index SOFR + 6.25% (1.00% floor) Interest Rate 10.03% Maturity Date 2/25/20282026-03-310001987221First Lien Senior Secured Batteries Plus Holding Corporation - Term Loan Technology Hardware & Equipment Spread Above Index SOFR + 6.75% (1.00% floor) Interest Rate 10.57% Maturity Date 6/27/20282025-12-310001987221First Lien Senior Secured Solidcore Topco, LLC - Delayed Draw Term Loan Industry Consumer Services Spread Above Index SOFR + 5.75% (1.50% floor) Interest Rate 9.65% Maturity Date 11/4/20302025-12-310001987221ck0001987221:TransportationMemberck0001987221:InvestmentsAndCashEquivalentsMember2025-12-310001987221ck0001987221:CreditFacilityMember2025-12-020001987221Palmetto Longevity Fund, LLC First Lien Senior Secured, Revolving Credit Line2025-12-310001987221Equity Investments Private Companies CyberMaxx Holdings, LLC - Class A-1 Preferred Units Software & Services Spread Above Index FIXED 8.00% Interest Rate 8.00% PIK Acquisition Date 11/4/20242025-12-310001987221Armanino Advisory LLC First Lien Senior Secured, Revolving Credit Line2026-03-310001987221First Lien Senior Secured DMA Holding Company - Term Loan Software & Services Spread Above Index SOFR + 7.00% (1.00% floor) Interest Rate 10.82% Maturity 7/19/20282025-12-310001987221First Lien Senior Secured Senior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Loan Industry Health Care Equipment & Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.90% Maturity Date 3/20/20302026-03-310001987221Equity Investments Private Companies CyberMaxx Holdings, LLC - Class A Common Units Software & Services Acquisition Date 11/4/20242025-01-012025-12-310001987221Equity Investments Private Companies Amplify FG Holdco, L.P. - Class A Units Commercial & Professional Services Acquisition Date 10/18/20242026-03-310001987221us-gaap:WarrantMember2025-12-310001987221us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001987221us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001987221First Lien Senior Secured OmniMax International, LLC - Term Loan Industry Capital Goods Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.42% Maturity Date 12/6/20302025-12-310001987221Equity Investments Private CompaniesORECV, LLC - Membership Interest Industry Real Estate Management & Development Acquisition Date 3/20/20242025-01-012025-12-310001987221First Lien Senior Secured Allied OMS Intermediate Company, LLC - Term Loan Health Care Equipment & Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 9.01% Maturity Date 12/12/20302025-12-310001987221Salt US Holdco, LLC First Lien Senior Secured Delayed Draw Loan2026-03-310001987221Batteries Plus Holding Corporation First Lien Senior Secured, Revolving Credit Line2025-12-310001987221First Lien Senior Secured Petvet Care Centers, LLC - Revolving Credit Line Industry Health Care Equipment & Services Spread Above Index SOFR + 6.00% (0.75% floor) Interest Rate 9.67% Maturity Date 11/15/20302026-03-310001987221ck0001987221:FirstAmericanGovernmentObligationsFundXClassMember2025-12-310001987221First Lien Senior Secured Bishop Street Underwriters LLC - Delayed Draw Term Loan Financial Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.92% Maturity Date 7/31/20312026-03-310001987221us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001987221First Lien Senior Secured Spartan CP, LLC - Delayed Draw Term Loan Industry Consumer Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.4% Maturity Date 6/28/20292025-12-310001987221D4C Dental Brands, Inc. First Lien Senior Secured, Revolving Credit Line2025-12-310001987221First Lien Senior Secured Kemper Sports Management, LLC - Term Loan Consumer Services Spread Above Index SOFR + 4.50% (0.75% floor) Interest Rate 8.17% Maturity Date 10/11/20292026-03-310001987221First Lien Senior Secured Solidcore Topco, LLC - Delayed Draw Term Loan Industry Consumer Services Spread Above Index SOFR + 5.75% (1.50% floor) Interest Rate 9.41% Maturity Date 11/4/20302026-03-310001987221ck0001987221:O2026M2DividendsMember2026-02-260001987221First Lien Senior Secured Total Fleet Buyer, LLC - Revolving Credit Line Industry Capital Goods Spread Above Index SOFR + 4.50% (1.00% floor) Interest Rate 8.13% Maturity Date 7/15/20302026-03-310001987221Equity Investments Private Companies Calidris Investment Partners Holdings Ltd - Preferred Equity Insurance Acquisition Date 12/31/20252026-01-012026-03-310001987221First Lien Senior Secured Fullsteam Operations LLC - Delayed Draw Term Loan Software & Services Spread Above Index SOFR + 5.25% (0.75% floor) Interest Rate 9.11% Maturity 8/8/20312025-12-310001987221First Lien Senior Secured GRAM ABF Vision Holdings, L.P. - Promissory Note Industry Insurance Spread Above Index FIXED 15.00% Interest Rate 15.00% Maturity Date 1/10/20312025-12-310001987221First Lien Senior Secured WildBrain Ltd. - Revolving Credit Line Industry Media & Entertainment Spread Above Index SOFR + 6.00% (1.00% floor) Interest Rate 9.36% Maturity Date 7/23/20292025-12-310001987221First Lien Senior Secured Rialto Management Group, LLC - Revolving Credit Line Industry Financial Services Spread Above Index SOFR + 4.75% (0.75% floor) Interest Rate 8.42% Maturity Date 12/5/20302026-03-310001987221First Lien Senior Secured Univista Intermediate Holdco LLC - Term Loan A Industry Insurance Spread Above Index SOFR + 3.85% (1.50% floor) Interest Rate 7.57% Maturity Date 1/10/20312025-12-310001987221ck0001987221:SecuredBorrowingFacilityMember2025-01-012025-03-310001987221First Lien Senior Secured Sarasota US Intermediate, Inc. - Term Loan Industry Consumer Services Spread Above Index SOFR + 4.75% (1.00% floor) Interest Rate 8.47% Maturity Date 12/15/20312025-12-310001987221First Lien Senior Secured Drive Assurance Corporation - Term Loan Insurance Spread Above Index SOFR + 7.00% (2.00% floor) Interest Rate 10.67% Maturity 7/10/20302026-03-310001987221First Lien Senior Secured Spartan CP, LLC – Revolving Credit Line Industry Consumer Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.42% Maturity Date 6/28/20292026-03-310001987221us-gaap:FairValueInputsLevel3Memberck0001987221:FirstLienSeniorSecuredMember2024-12-310001987221srt:MaximumMember2026-01-012026-03-310001987221First Lien Senior Secured DMA Holding Company - Revolving Credit Line Software & Services Spread Above Index SOFR + 7.00% (1.00% floor) Interest Rate 10.77% Maturity 7/19/20282026-03-310001987221us-gaap:InvestmentAffiliatedIssuerMember2026-01-012026-03-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:WarrantMember2025-12-310001987221First Lien Senior Secured KCK Ltd - Term Loan B Financial Services Spread Above Index SOFR + 5.55% Interest Rate 9.22% Maturity Date 9/27/20272025-12-310001987221Total Support2025-12-310001987221First Lien Senior Secured PURIS, LLC - Term Loan Industry Commercial & Professional Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.45% Maturity Date 6/27/20312026-03-310001987221ck0001987221:FourAmendedAndRestatedExpenseLimitationAndReimbursementAgreementMember2026-03-310001987221ck0001987221:DividendReinvestmentPlanMember2026-01-012026-03-310001987221us-gaap:InvestmentAffiliatedIssuerMember2025-12-310001987221First Lien Senior Secured Heathos LLC - Term Loan Health Care Equipment & Services Spread Above Index SOFR + 4.75% (1.00% floor) Interest Rate 8.47% Maturity 9/19/20312025-12-310001987221First Lien Senior Secured Diesco Industries Ltd. - Term Loan Food, Beverage & Tobacco Spread Above Index SOFR + 6.50% (2.00% floor) Interest Rate 10.20% Maturity Date 12/31/20292026-03-310001987221First Lien Senior Secured Periscope Cybermaxx Buyer, Inc - Delayed Draw Term Loan Industry Software & Services Spread Above Index SOFR + 5.50% (1.00% floor) Interest Rate 9.17% Maturity Date 11/5/20292026-03-310001987221First Lien Senior Secured OpCo Borrower, LLC - Term Loan B Industry Health Care Equipment & Services Spread Above Index SOFR + 6.25% (1.00% floor) Interest Rate 10.53% Maturity Date 4/26/20292025-12-310001987221ck0001987221:DrawDownDateTwentySevenFebruary2026Member2026-01-012026-03-310001987221First Lien Senior Secured Kemper Sports Management, LLC - Delayed Draw Term Loan Consumer Services Spread Above Index SOFR + 4.50% (0.75% floor) Interest Rate 8.17% Maturity Date 10/11/20292026-03-310001987221First Lien Senior Secured Heathos LLC - Revolving Credit Line Health Care Equipment & Services Spread Above Index SOFR + 4.75% (1.00% floor) Interest Rate 8.42% Maturity 9/19/20312026-03-310001987221First Lien Senior Secured Aspire General Holding Company LLC - Delayed Draw Term Loan Insurance Spread Above Index SOFR + 6.00% (2.00% floor) Interest Rate 9.70% Maturity Date 8/1/20302026-03-310001987221First Lien Senior Secured Billhighway, LLC - Revolving Credit Line Software & Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.92% Maturity Date 2/8/20292026-03-310001987221us-gaap:EquitySecuritiesMember2026-03-310001987221ck0001987221:O2026M2DividendsMember2026-02-262026-02-260001987221First Lien Senior Secured Juvare, LLC - Delayed Draw Term Loan Software & Services Spread Above Index SOFR + 5.25% (0.50% floor) Interest Rate 8.91% Maturity Date 5/1/20312026-03-310001987221Seatex Merger Sub, LLC First Lien Senior Secured Revolving Credit Line2025-12-310001987221Sarasota US Intermediate, Inc. First Lien Senior Secured Revolving Credit Line2025-12-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001987221:FirstLienSeniorSecuredMember2025-12-310001987221ck0001987221:FinancialServicesMemberck0001987221:InvestmentsAndCashEquivalentsMember2026-03-310001987221ck0001987221:SecuredLoanFacilityMemberck0001987221:UndrawnCommitmentLessThanOrEqualToFiftyPercentageOfAggregateCommitmentMemberck0001987221:AmgComvestSeniorLendingFundLliSpvLlcMember2024-07-162024-07-160001987221First Lien Senior Secured Salisbury House, LLC - Delayed Draw Term Loan Industry Consumer Services Spread Above Index SOFR + 5.00% (0.75% floor) Interest Rate 8.72% Maturity Date 8/18/20322025-12-310001987221ck0001987221:SoftwareAndServicesMemberck0001987221:InvestmentsAndCashEquivalentsMember2025-12-310001987221ck0001987221:AdministrationAgreementMemberus-gaap:SubsequentEventMember2026-05-032026-05-030001987221us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001987221:SecondLienSeniorSecuredMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-12-310001987221First Lien Senior Secured Seatex Merger Sub, LLC - Revolving Credit Line Industry Materials Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.42% Maturity Date 10/22/20292026-03-310001987221us-gaap:FairValueInputsLevel3Memberck0001987221:SecondLienSeniorSecuredMember2025-01-012025-03-310001987221Salisbury House, LLC First Lien Senior Secured Revolving Credit Line2025-12-310001987221First Lien Senior Secured Select Rehabilitation, LLC - Term Loan B Industry Health Care Equipment & Services Spread Above Index FIXED 7.50% + Interest Rate 7.50% PIK Maturity Date 12/29/20282025-12-310001987221Palmetto Longevity Fund, LLC First Lien Senior Secured, Revolving Credit Line2026-03-310001987221Equity Investments Private Companies Senior Support Holdings, LP - Class B Units Industry Health Care Equipment & Services Acquisition Date 3/20/20242026-01-012026-03-310001987221First Lien Senior Secured Archtop Fiber Intermediate LLC - Term Loan Telecommunication Services Spread Above Index SOFR + 6.25% (2.75% floor) Interest Rate 10.12% Maturity Date 4/1/20302025-12-310001987221us-gaap:AdditionalPaidInCapitalMember2026-03-310001987221First Lien Senior Secured Billhighway, LLC - Delayed Draw Term Loan Software & Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.97% Maturity Date 2/8/20292025-12-310001987221Equity Investments Private Companies CyberMaxx Holdings, LLC - Class A Common Units Software & Services Acquisition Date 11/4/20242025-12-310001987221us-gaap:CommonStockMember2025-12-310001987221First Lien Senior Secured Periscope Cybermaxx Buyer, Inc - Term Loan Industry Software & Services Spread Above Index SOFR + 5.50% (1.00% floor) Interest Rate 9.22% Maturity Date 11/5/20292025-12-310001987221ck0001987221:SixMonthSofrRateMember2025-12-310001987221ck0001987221:InvestmentsAndCashEquivalentsMember2026-03-310001987221Spartan CP, LLC First Lien Senior Secured Delayed Draw Loan2025-12-310001987221First Lien Senior Secured PF Carrus Careers, LLC - Term Loan B Industry Health Care Equipment & Services Spread Above Index SOFR +8.93.75% (3.00% floor) Interest Rate 12.60% Maturity Date 11/13/20312025-12-310001987221ck0001987221:AmgComvestSeniorLendingFeederFundIiLlcMemberck0001987221:CommonClassIMember2025-12-310001987221Solidcore Topco, LLC First Lien Senior Secured Revolving Credit Line2026-03-310001987221First Lien Senior Secured Rialto Management Group, LLC - Term Loan Industry Financial Services Spread Above Index SOFR + 5.00% (0.75% floor) Interest Rate 8.72% Maturity Date 12/5/20302025-12-310001987221First Lien Senior Secured Complete Paper Inc. - Term Loan Materials Spread Above Index SOFR + 5.00% (0.75% floor) Interest Rate 8.67% Maturity 2/4/20312025-12-310001987221First Lien Senior Secured Petvet Care Centers, LLC - Term Loan Industry Health Care Equipment & Services Spread Above Index SOFR + 6.00% (0.75% floor) Interest Rate 9.67% Maturity Date 11/15/20302026-03-310001987221First Lien Senior Secured Diesco Industries Ltd. - Term Loan Food, Beverage & Tobacco Spread Above Index SOFR + 6.50% (2.00% floor) Interest Rate 10.19% Maturity Date 12/31/20292025-12-310001987221us-gaap:FairValueInputsLevel2Memberus-gaap:EquityFundsMember2026-03-310001987221First Lien Senior Secured Integrity Marketing Acquisition, LLC - Delayed Draw Term Loan Financial Services Spread Above Index SOFR + 5.00% (0.75% floor) Interest Rate 8.82% Maturity Date 8/25/20282025-12-310001987221ck0001987221:SecuredLoanFacilityMember2025-12-310001987221First Lien Senior Secured Sportime Clubs, LLC - Delayed Draw Term Loan A Industry Consumer Services Spread Above Index FIXED 12.25% Interest Rate 12.25% Maturity Date 10/17/20292025-12-310001987221PF Carrus Careers, LLC First Lien Senior Secured Revolving Credit Line2026-03-310001987221ck0001987221:InvestmentsAndCashEquivalentsMemberck0001987221:ConsumerServicesMember2026-03-310001987221ck0001987221:CommonClassDMember2026-03-310001987221us-gaap:FairValueInputsLevel2Memberus-gaap:WarrantMember2025-12-310001987221First Lien Senior Secured KCK Ltd - Term Loan Financial Services Spread Above Index SOFR + 5.55% Interest Rate 9.22% Maturity Date 9/27/20272025-12-310001987221First Lien Senior Secured Senior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Loan B Industry Health Care Equipment & Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.90% Maturity Date 3/20/20302026-03-310001987221ck0001987221:SecuredLoanFacilityMemberck0001987221:AmgComvestSeniorLendingFundLliSpvLlcMember2025-01-012025-03-310001987221First Lien Senior Secured Hometown Food Company - Term Loan B Industry Consumer Staples Distribution & Retail Spread Above Index SOFR + 7.50% (1.50% floor) Interest Rate 11.28% Maturity Date 6/3/20312025-12-310001987221Discovery SL Management, LLC First Lien Senior Secured, Revolving Credit Line2026-03-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2026-03-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:WarrantMember2026-03-310001987221us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001987221:SecondLienSeniorSecuredMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001987221First Lien Senior Secured Total Fleet Buyer, LLC - Revolving Credit Line Industry Capital Goods Spread Above Index SOFR + 4.50% (1.00% floor) Interest Rate 8.28% Maturity Date 7/15/20302025-12-310001987221Cooper's Hawk Intermediate Holding,LLC First Lien Senior Secured, Delayed Draw Loan2026-03-310001987221Sportime Clubs, LLC First Lien Senior Secured Delayed Draw Loan2025-12-310001987221First Lien Senior Secured CheckedUp, Inc - Delayed Draw Term Loan Media & Entertainment Spread Above Index SOFR + 5.00% (1.00% floor) Interest Rate 8.82% Maturity 10/20/20272025-12-310001987221First Lien Senior Secured Select Rehabilitation, LLC - Term Loan A Industry Health Care Equipment & Services Spread Above Index SOFR + 5.00% (5.00% floor) Interest Rate 10.00% Maturity Date 12/29/20282026-03-310001987221Fullsteam Operations LLC First Lien Senior Secured, Delayed Draw Loan2025-12-310001987221us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityFundsMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001987221First Lien Senior Secured Armanino Advisory LLC - Revolving Credit Line Commercial & Professional Services Spread Above Index SOFR + 6.00% (1.00% floor) Interest Rate 9.73% Maturity Date 10/18/20292025-12-310001987221ck0001987221:DrawDownDateThirtyJanuary2026Memberck0001987221:DividendReinvestmentPlanMember2026-01-012026-03-310001987221First Lien Senior Secured The Mutual Group LLC - Term Loan Industry Insurance Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.42% Maturity Date 1/31/20302026-03-310001987221First Lien Senior Secured Compu-Link Corporation - Revolving Credit Line Financial Services Spread Above Index SOFR + 6.00% (1.00% floor) Interest Rate 9.68% Maturity 4/4/20302026-03-310001987221us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001987221:FirstLienSeniorSecuredMember2025-12-310001987221Project Pathfinder Borrower, LLC First Lien Senior Secured Revolving Credit Line2026-03-310001987221ck0001987221:FourAmendedAndRestatedExpenseLimitationAndReimbursementAgreementMember2025-12-310001987221us-gaap:WarrantMember2026-03-310001987221First Lien Senior Secured Sportime Clubs, LLC - Term Loan A Industry Consumer Services Spread Above Index SOFR + 6.50% (1.00% floor) Interest Rate 10.22% Maturity Date 10/17/20292025-12-310001987221Equity Investments Private Companies Ensemble Performing Arts Partners LLC - Series E Preferred Units Consumer Services Acquisition Date 3/28/20252026-01-012026-03-310001987221ck0001987221:CreditFacilityMemberck0001987221:SeniorSecuredRevolvingCreditAgreementMember2025-12-310001987221First Lien Senior Secured Integrity Marketing Acquisition, LLC - Revolving Credit Line Financial Services Spread Above Index SOFR + 5.00% (0.75% floor) Interest Rate 8.82% Maturity Date 8/25/20282025-12-310001987221First Lien Senior Secured Sparta Capital Management, LLC - Term Loan Industry Financial Services Spread Above Index SOFR + 5.25% (1.50% floor) Interest Rate 8.92% Maturity Date 8/17/20292026-03-310001987221srt:MaximumMember2025-12-310001987221First Lien Senior Secured CheckedUp, Inc - Delayed Draw Term Loan Media & Entertainment Spread Above Index SOFR + 5.00% (1.00% floor) Interest Rate 8.77% Maturity 10/20/20272026-03-310001987221First Lien Senior Secured Lindstrom, LLC - Revolving Credit Line Capital Goods Spread Above Index SOFR + 5.50% (0.75% floor) Interest Rate 9.20% Maturity Date 12/30/20322025-12-310001987221First Lien Senior Secured FloWorks International, LLC - 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Term Loan Technology Hardware & Equipment Spread Above Index SOFR + 6.75% (1.00% floor) Interest Rate 10.52% Maturity Date 6/27/20282026-03-310001987221First Lien Senior Secured Univista Intermediate Holdco LLC - Term Loan A Industry Insurance Spread Above Index SOFR + 3.85% (1.50% floor) Interest Rate 7.52% Maturity Date 1/10/20312026-03-310001987221First Lien Senior Secured Allbridge, LLC - Delayed Draw Term Loan Telecommunication Services Spread Above Index SOFR + 5.50% (1.00% floor) Interest Rate 9.20% Maturity Date 6/5/20302026-03-310001987221First Lien Senior Secured Pansophic Learning US, LLC - Delayed Draw Term Loan Industry Consumer Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.47% Maturity Date 5/15/20292025-12-310001987221us-gaap:WarrantMember2026-03-310001987221First Lien Senior Secured enior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Loan B Industry Health Care Equipment & Services Spread Above Index SOFR + 5.25% (1% floor) Interest Rate 8.94% Maturity Date 3/20/20302025-12-310001987221Total Fleet Buyer, LLC First Lien Senior Secured Revolving Credit Line2026-03-310001987221First Lien Senior Secured Project Pathfinder Borrower, LLC - 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Term Loan Industry Consumer Services Spread Above Index SOFR + 5.75% (1.50% floor) Interest Rate 9.41% Maturity Date 11/4/20302026-03-310001987221ck0001987221:ComvestGroupHoldingsLPMemberck0001987221:PriorInvestmentManagementAgreementMemberck0001987221:ManulifeFinancialCorporationMember2025-11-030001987221First Lien Senior Secured Pediatric Home Respiratory Services, LLC - Delayed Draw Term Loan Industry Health Care Equipment & Services Spread Above Index SOFR + 5.50% (0.75% floor) Interest Rate 9.19% Maturity Date 12/23/20302026-03-310001987221Periscope Cybermaxx Buyer, Inc First Lien Senior Secured Delayed Draw Loan2025-12-310001987221First Lien Senior Secured Periscope Cybermaxx Buyer, Inc - Delayed Draw Term Loan Industry Software & Services Spread Above Index SOFR + 5.50% (1.00% floor) Interest Rate 9.22% Maturity Date 11/5/20292025-12-310001987221First Lien Senior Secured Allied OMS Intermediate Company, LLC - Revolving Credit Line Health Care Equipment & Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 9.01% Maturity Date 12/12/20302025-12-310001987221Ensemble Music Schools LLC First Lien Senior Secured, Delayed Draw Loan2025-12-310001987221First Lien Senior Secured WildBrain Ltd. - 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Term Loan Capital Goods Spread Above Index SOFR + 5.50% (0.75% floor) Interest Rate 9.20% Maturity Date 12/30/20322025-12-310001987221First Lien Senior Secured Drive Assurance Corporation - Term Loan Insurance Spread Above Index SOFR + 7.00% (2.00% floor) Interest Rate 10.72% Maturity 7/10/20302025-12-310001987221First Lien Senior Secured National Debt Relief, LLC - Revolving Credit Line Financial Services Spread Above Index SOFR + 6.50% (2.50% floor) Interest Rate 10.28% Maturity Date 2/7/20282026-03-310001987221First Lien Senior Secured Sportime Clubs, LLC - Revolving Credit Line Industry Consumer Services Spread Above Index SOFR + 6.50% (1.00% floor) Interest Rate 10.22% Maturity Date 10/17/20292025-12-310001987221First Lien Senior Secured Sarasota US Intermediate, Inc. - Term Loan Industry Consumer Services Spread Above Index SOFR + 4.75% (1.00% floor) Interest Rate 8.45% Maturity Date 12/15/20312026-03-310001987221First Lien Senior Secured BHP Management Holdings, LLC - Term Loan Health Care Equipment & Services Spread Above Index SOFR + 4.50% (1.00% floor) Interest Rate 8.35% Maturity Date 10/27/20282026-03-310001987221First Lien Senior Secured Military Retail Solutions, LLC - Revolving Credit Line Consumer Staples Distribution & Retail Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.92% Maturity Date 6/28/20292026-03-310001987221First Lien Senior Secured Calidris Investment Partners Holdings Ltd - Term Loan Insurance Spread Above Index SOFR + 7.50% Interest Rate 11.17% Maturity Date 12/31/20302025-12-310001987221First Lien Senior Secured Discovery SL Management, LLC - Delayed Draw Term Loan B Health Care Equipment & Services Spread Above Index SOFR + 4.75% (1.00% floor) Interest Rate 8.42% Maturity 3/18/20302026-03-310001987221ck0001987221:SubscriptionsMember2026-01-012026-03-310001987221First Lien Senior Secured Juvare, LLC - Term Loan Software & Services Spread Above Index SOFR +5.25% (0.50% floor) Interest Rate 8.91% Maturity Date 5/1/20312026-03-310001987221First Lien Senior Secured Total Fleet Buyer, LLC - Term Loan B Industry Capital Goods Spread Above Index SOFR + 4.50% (1.00% floor) Interest Rate 8.13% Maturity Date 7/15/20302026-03-310001987221ck0001987221:FinancialServicesMemberck0001987221:InvestmentsAndCashEquivalentsMember2025-12-310001987221First Lien Senior Secured U.S. Anesthesia Partners, Inc. - Term Loan Industry Health Care Equipment & Services Spread Above Index SOFR + 7.50% (0.50% floor) Interest Rate 11.28% Maturity Date 10/1/20292026-03-310001987221Batteries Plus Holding Corporation First Lien Senior Secured, Revolving Credit Line2026-03-310001987221us-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001987221First Lien Senior Secured XDimensional Technologies, Inc. - Term Loan Industry Software & Services Spread Above Index SOFR + 7.25% (2.00% floor) Interest Rate 11.07% Maturity Date 6/13/20282025-12-310001987221Sylmar Group Holdco LLC First Lien Senior Secured Delayed Draw Loan2025-12-310001987221First Lien Senior Secured Sparta Capital Management, LLC - Delayed Draw Term Loan Industry Financial Services Spread Above Index SOFR + 5.25% (1.50% floor) Interest Rate 8.92% Maturity Date 8/17/20292026-03-310001987221Compu-Link Corporation First Lien Senior Secured, Revolving Credit Line2026-03-310001987221Solidcore Topco, LLC First Lien Senior Secured Revolving Credit Line2025-12-310001987221First Lien Senior Secured Solidcore Topco, LLC - 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Delayed Draw Term Loan Industry Health Care Equipment & Services Spread Above Index SOFR + 5.50% (0.75% floor) Interest Rate 9.10% Maturity Date 12/23/20302025-12-310001987221First Lien Senior Secured Univista Intermediate Holdco LLC - Term Loan B Industry Insurance Spread Above Index SOFR + 5.25% (1.50% floor) Interest Rate 8.92% Maturity Date 1/10/20312026-03-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-12-310001987221Pediatric Home Respiratory Services, LLC First Lien Senior Secured, Revolving Credit Line2025-12-310001987221First Lien Senior Secured Salisbury House, LLC - Revolving Credit Line Industry Consumer Services Spread Above Index SOFR + 5.00% (0.75% floor) Interest Rate 8.72% Maturity Date 8/18/20322025-12-310001987221First Lien Senior Secured Integrity Marketing Acquisition, LLC - Revolving Credit Line Financial Services Spread Above Index SOFR + 5.00% (0.75% floor) Interest Rate 8.67% Maturity Date 8/25/20282026-03-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2026-03-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMemberck0001987221:RecentTransactionPriceValuationTechniqueMemberck0001987221:MeasurementInputRecentTransactionPriceMember2025-12-310001987221First Lien Senior Secured Ensemble Music Schools LLC - Delayed Draw Term Loan B Consumer Services Spread Above Index SOFR + 5.50% (1.00% floor) Interest Rate 9.23% Maturity 3/28/20302025-12-310001987221Armanino Advisory LLC First Lien Senior Secured, Delayed Draw Loan2025-12-310001987221First Lien Senior Secured Pansophic Learning US, LLC - Term Loan Industry Consumer Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.47% Maturity Date 5/15/20292025-12-310001987221Equity Investments Private CompaniesORECV, LLC - Membership Interest Industry Real Estate Management & Development Acquisition Date 3/20/20242025-12-310001987221First Lien Senior Secured Military Retail Solutions, LLC - Revolving Credit Line Consumer Staples Distribution & Retail Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 9.00% Maturity Date 6/28/20292025-12-310001987221Sparta Capital Management, LLC First Lien Senior Secured Delayed Draw Loan2026-03-310001987221Equity Investments Private Companies iCreditWorks Inc. - Series D Preferred Stock Industry Financial Services Spread Above Index FIXED 10.00% + 7.50% PIK Interest Rate 17.50% Acquisition Date 12/27/20242026-01-012026-03-310001987221us-gaap:FairValueInputsLevel3Memberck0001987221:FirstLienSeniorSecuredMember2026-01-012026-03-310001987221us-gaap:CommonStockMember2026-01-012026-03-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001987221:SecondLienSeniorSecuredMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001987221ck0001987221:SecuredLoanFacilityMemberck0001987221:AmgComvestSeniorLendingFundLliSpvLlcMember2026-01-012026-03-3100019872212024-12-310001987221us-gaap:DebtSecuritiesMember2026-03-310001987221First Lien Senior Secured Salt US Holdco, LLC - 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Term Loan Industry Financial Services Spread Above Index SOFR + 6.50% (2.50% floor) Interest Rate 10.33% Maturity Date 2/7/20282025-12-310001987221First Lien Senior Secured Cardiology Management Holdings, LLC - Delayed Draw Term Loan B Health Care Equipment & Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.62% Maturity Date 1/31/20292025-12-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2026-01-012026-03-310001987221SL Buyer Corp. 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First Lien Senior Secured Revolving Credit Line2026-03-310001987221First Lien Senior Secured Fullsteam Operations LLC - Revolving Credit Line Software & Services Spread Above Index SOFR + 5.25% (0.75% floor) Interest Rate 9.11% Maturity 8/8/20312025-12-310001987221Learn-it Systems, LLC First Lien Senior Secured, Delayed Draw Loan One2026-03-310001987221Salt US Holdco, LLC First Lien Senior Secured Delayed Draw Loan2025-12-310001987221ck0001987221:O2025M1DividendsMember2025-01-290001987221First Lien Senior Secured Seatex Merger Sub, LLC - Delayed Draw Term Loan Industry Materials Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.42% Maturity Date 10/22/20292026-03-310001987221First Lien Senior Secured Fullsteam Operations LLC - Term Loan Software & Services Spread Above Index SOFR + 5.25% (0.75% floor) Interest Rate 9.11% Maturity 8/8/20312025-12-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2026-03-310001987221Discovery SL Management, LLC First Lien Senior Secured, Delayed Draw Loan2026-03-310001987221First Lien Senior Secured National Debt Relief, LLC - Term Loan Industry Financial Services Spread Above Index SOFR + 6.50% (2.50% floor) Interest Rate 10.28% Maturity Date 2/7/20282026-03-310001987221First Lien Senior Secured Discovery SL Management, LLC - Revolving Credit Line Health Care Equipment & Services Spread Above Index SOFR + 4.75% (1.00% floor) Interest Rate 8.42% Maturity 3/18/20302026-03-310001987221us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001987221First Lien Senior Secured Sportime Clubs, LLC - Delayed Draw Term Loan B Industry Consumer Services Spread Above Index FIXED 18.00% Interest Rate 18.00% Maturity Date 10/17/20292025-12-310001987221First Lien Senior Secured Ag Bells LLC - Term Loan Consumer Services Spread Above Index SOFR + 4.75% (0.75% floor) Interest Rate 8.42% Maturity Date 8/19/20312026-03-310001987221Military Retail Solutions, LLC First Lien Senior Secured, Delayed Draw Loan2026-03-310001987221First Lien Senior Secured Pediatric Home Respiratory Services, LLC - Term Loan Industry Health Care Equipment & Services Spread Above Index SOFR + 5.50% (0.75% floor) Interest Rate 9.10% Maturity Date 12/23/20302026-03-310001987221Equity Investments Private Companies Senior Support Holdings, LP - Class A-1 Units Industry Health Care Equipment & Services Acquisition Date 3/20/20242025-12-310001987221First Lien Senior Secured BHP Management Holdings, LLC - Term Loan Health Care Equipment & Services Spread Above Index SOFR + 4.50% (1.00% floor) Interest Rate 8.32% Maturity Date 10/27/20282025-12-310001987221First Lien Senior Secured Learn-it Systems, LLC - Delayed Draw Term Loan A Health Care Equipment & Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 9.12% Maturity Date 7/10/20312025-12-310001987221ck0001987221:AdministrationAgreementMember2026-01-012026-03-310001987221ck0001987221:PerformingMember2026-03-310001987221Equity Investments Private Companies Sparkle Aggregator, LP - Preferred Units Industry Consumer Services Acquisition Date 1/16/20262026-03-310001987221First Lien Senior Secured Discovery SL Management, LLC - Delayed Draw Term Loan A Health Care Equipment & Services Spread Above Index SOFR + 4.75% (1.00% floor) Interest Rate 8.47% Maturity 3/18/20302025-12-310001987221ck0001987221:SecuredLoanFacilityMemberck0001987221:LoanAndServicingAgreementMember2025-01-012025-03-310001987221First Lien Senior Secured KCK Ltd - Term Loan C Financial Services Spread Above Index SOFR + 5.55% Interest Rate 9.25% Maturity Date 9/27/20272026-03-310001987221Equity Investments Private CompaniesORECV, LLC - Membership Interest Industry Real Estate Management & Development Acquisition Date 8/8/20252026-03-310001987221ck0001987221:InvestmentsAndCashEquivalentsMemberck0001987221:CommercialAndProfessionalServicesMember2025-12-310001987221us-gaap:FairValueInputsLevel3Member2026-03-310001987221Warrants iCreditWorks Inc. Financial Services Acquisition Date 12/27/20242026-03-310001987221Military Retail Solutions, LLC First Lien Senior Secured, Revolving Credit Line2026-03-310001987221ck0001987221:O2025Q1DividendsMember2025-03-270001987221us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001987221:SecondLienSeniorSecuredMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001987221Affiliated investments Calidris Investment Partners Holdings Ltd - Term Loan First Lien Senior Secured2026-01-012026-03-310001987221ck0001987221:ConsumerDiscretionaryDistributionAndRetailMemberck0001987221:InvestmentsAndCashEquivalentsMember2025-12-310001987221First Lien Senior Secured Juvare, LLC - Delayed Draw Term Loan Software & Services Spread Above Index SOFR + 5.25% (0.50% floor) Interest Rate 9.10% Maturity Date 5/1/20312025-12-310001987221First Lien Senior Secured Archtop Fiber Intermediate LLC - Term Loan Telecommunication Services Spread Above Index SOFR + 6.25% (2.75% floor) Interest Rate 9.92% Maturity Date 4/1/20302026-03-310001987221Kemper Sports Management, LLC First Lien Senior Secured, Revolving Credit Line2025-12-310001987221First Lien Senior Secured Sparkle Holdco 2 Corp. - Term Loan - Industry Consumer Services Spread Above Index SOFR + 7.25% (1.00% floor) Interest Rate 10.93% Maturity Date 1/16/20312026-03-310001987221First Lien Senior Secured OEP Wheeler Buyer, LLC – Term Loan Industry Capital Goods Spread Above Index SOFR + 5.25%(1.00% floor) Interest Rate 9.16% Maturity Date 4/1/20302025-12-310001987221First Lien Senior Secured Salt US Holdco, LLC - Delayed Draw Term Loan B Industry Transportation Spread Above Index SOFR + 5.00% (1.00% floor) Interest Rate 9.43% Maturity Date 7/31/20292026-03-310001987221ck0001987221:PrivateCompaniesMemberus-gaap:EquitySecuritiesMember2026-03-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:EquityFundsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2026-03-310001987221ck0001987221:FourAmendedAndRestatedExpenseLimitationAndReimbursementAgreementMember2025-01-012025-03-310001987221First Lien Senior Secured Learn-it Systems, LLC - Delayed Draw Term Loan B Health Care Equipment & Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.89% Maturity Date 7/10/20312026-03-310001987221Equity Investments Private Companies Calidris Investment Partners Holdings Ltd - Preferred Equity Insurance Acquisition Date 12/31/20252025-12-310001987221First Lien Senior Secured SitusAMC Holdings Corporation - Term Loan Industry Financial Services Spread Above Index SOFR + 5.50% (0.75% floor) Interest Rate 9.20% Maturity Date 5/14/20312026-03-310001987221Juvare, LLC First Lien Senior Secured, Delayed Draw Loan2026-03-310001987221ck0001987221:ComvestGroupHoldingsSpvIiLlcMemberck0001987221:CommonClassIMember2026-03-310001987221First Lien Senior Secured Learn-it Systems, LLC - Revolving Credit Line Health Care Equipment & Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.89% Maturity Date 7/10/20312026-03-310001987221First Lien Senior Secured Hasa Acquisition, LLC - Delayed Draw Term Loan Capital Goods Spread Above Index SOFR + 4.50% (1.00% floor) Interest Rate 8.17% Maturity 1/10/20292026-03-310001987221us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2026-03-310001987221us-gaap:AdditionalPaidInCapitalMember2025-12-310001987221ck0001987221:CreditFacilityMemberck0001987221:SeniorSecuredRevolvingCreditAgreementMember2026-01-012026-03-310001987221First Lien Senior Secured eHealthInsurance services, Inc. - Revolving Credit Line Insurance Spread Above Index SOFR + 6.50% (2.00% floor) Interest Rate 10.17% Maturity 12/29/20282026-03-310001987221First Lien Senior Secured Integrity Marketing Acquisition, LLC - Term Loan Financial Services Spread Above Index SOFR + 5.00% (0.75% floor) Interest Rate 8.67% Maturity Date 8/25/20282026-03-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityFundsMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001987221First Lien Senior Secured Pansophic Learning US, LLC - Revolving Credit Line Industry Consumer Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.42% Maturity Date 5/15/20292026-03-310001987221us-gaap:FairValueInputsLevel1Member2025-12-310001987221First Lien Senior Secured Sylmar Group Holdco LLC - Delayed Draw Term Loan Industry Utilities Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.92% Maturity Date 11/24/20312026-03-310001987221ck0001987221:O2025Q1DividendsMember2025-03-272025-03-270001987221us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMemberck0001987221:FirstLienSeniorSecuredMembersrt:MaximumMember2025-12-310001987221WildBrain Ltd. First Lien Senior Secured Revolving Credit Line2025-12-310001987221Allied OMS Intermediate Company, LLC First Lien Senior Secured, Revolving Credit Line2025-12-310001987221First Lien Senior Secured Rails International, LLC - Term Loan Industry Consumer Discretionary Distribution & Retail Spread Above Index SOFR + 6.25% (2.00% floor) Interest Rate 9.97% Maturity Date 12/20/20292025-12-310001987221Salisbury House, LLC First Lien Senior Secured Revolving Credit Line2026-03-310001987221Periscope Cybermaxx Buyer, Inc First Lien Senior Secured Revolving Credit Line2025-12-310001987221us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:WarrantMember2025-12-310001987221ck0001987221:O2026Q1DividendsMember2026-03-302026-03-300001987221First Lien Senior Secured Armanino Advisory LLC - Term Loan Commercial & Professional Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.89% Maturity Date 10/18/20292025-12-310001987221First Lien Senior Secured PF Carrus Careers, LLC - Term Loan A Industry Health Care Equipment & Services Spread Above Index SOFR +4.75% (3.00% floor) Interest Rate 8.42% Maturity Date 11/13/20312025-12-310001987221First Lien Senior Secured PF Carrus Careers, LLC - Revolving Credit Line Industry Consumer Services Spread Above Index SOFR +4.75% (3.00% floor) Interest Rate 8.45% Maturity Date 11/13/20312026-03-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2024-12-310001987221First Lien Senior Secured Sportime Clubs, LLC - Revolving Credit Line Industry Consumer Services Spread Above Index SOFR + 6.50% (1.00% floor) Interest Rate 10.17% Maturity Date 10/17/20292026-03-310001987221First Lien Senior Secured KCK Ltd - Term Loan C Financial Services Spread Above Index SOFR + 5.55% Interest Rate 9.22% Maturity Date 9/27/20272025-12-310001987221ck0001987221:InvestmentsAndCashEquivalentsMemberus-gaap:CashEquivalentsMember2026-03-310001987221Affiliated investments ORECV, LLC - Membership Interest Equity Investment2025-12-310001987221Discovery SL Management, LLC First Lien Senior Secured, Revolving Credit Line2025-12-310001987221First Lien Senior Secured Salisbury House, LLC - Revolving Credit Line Industry Consumer Services Spread Above Index SOFR + 4.75% (0.75% floor) Interest Rate 8.48% Maturity Date 8/18/20322026-03-310001987221us-gaap:CommonStockMember2024-12-310001987221ck0001987221:HealthCareEquipmentAndServicesMemberck0001987221:InvestmentsAndCashEquivalentsMember2025-12-310001987221First Lien Senior Secured Allied OMS Intermediate Company, LLC - Term Loan Health Care Equipment & Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.89% Maturity Date 12/12/20302026-03-310001987221us-gaap:RetainedEarningsMember2024-12-310001987221Pediatric Home Respiratory Services, LLC First Lien Senior Secured, Delayed Draw Loan2026-03-310001987221us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001987221:FirstLienSeniorSecuredMember2025-12-310001987221First Lien Senior Secured Bishop Street Underwriters LLC - Term Loan Financial Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.92% Maturity Date 7/31/20312026-03-310001987221us-gaap:FairValueInputsLevel2Member2026-01-012026-03-310001987221Rialto Management Group, LLC First Lien Senior Secured Revolving Credit Line2025-12-310001987221Senior Support Holdings (Franchise) Acquisition, Inc. First Lien Senior Secured Delayed Draw Loan2025-12-310001987221Armanino Advisory LLC First Lien Senior Secured, Revolving Credit Line2025-12-310001987221Total Fleet Buyer, LLC First Lien Senior Secured Revolving Credit Line2025-12-310001987221First Lien Senior Secured Allbridge, LLC - Delayed Draw Term Loan Telecommunication Services Spread Above Index SOFR + 5.50% (1.00% floor) Interest Rate 9.17% Maturity Date 6/5/20302025-12-310001987221Affiliated investments ORECV, LLC - Membership Interest Equity Investment2026-03-310001987221ck0001987221:O2026M1DividendsMember2026-01-290001987221First Lien Senior Secured Cardiology Management Holdings, LLC - Term Loan Health Care Equipment & Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.60% Maturity Date 1/31/20292026-03-310001987221First Lien Senior Secured SL Buyer Corp. - Revolving Credit Line Industry Software & Services Spread Above Index SOFR + 7.25% (1.00% floor) Interest Rate 11.09% Maturity Date 4/16/20302025-12-310001987221us-gaap:EquityFundsMember2025-12-310001987221First Lien Senior Secured Ampler QSR Holdings LLC - Revolving Credit Line Consumer Services Spread Above Index SOFR + 5.00% (0.75% floor) Interest Rate 8.72% Maturity Date 8/19/20302025-12-310001987221ck0001987221:SecondAmendedAndRestatedExpenseLimitationAndReimbursementAgreementMember2026-03-310001987221ck0001987221:CapitalGoodsMemberck0001987221:InvestmentsAndCashEquivalentsMember2025-12-310001987221Cooper's Hawk Intermediate Holding,LLC First Lien Senior Secured, Revolving Credit Line2025-12-310001987221Allbridge, LLC First Lien Senior Secured, Revolving Credit Line2025-12-310001987221First Lien Senior Secured Kemper Sports Management, LLC - Revolving Credit Line Consumer Services Spread Above Index SOFR + 4.50% (0.75% floor) Interest Rate 8.17% Maturity Date 10/11/20292026-03-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001987221:SecondLienSeniorSecuredMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2026-03-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:WarrantMember2025-12-310001987221Warrants GRAM ABF Vision Holdings, L.P. Industry Insurance Acquisition Date 1/10/20252026-01-012026-03-310001987221First Lien Senior Secured The Mutual Group LLC - Revolving Credit Line Industry Insurance Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.51% Maturity Date 1/24/20302025-12-310001987221ck0001987221:TransportationMemberck0001987221:InvestmentsAndCashEquivalentsMember2026-03-310001987221First Lien Senior Secured XDimensional Technologies, Inc. - Term Loan Industry Software & Services Spread Above Index SOFR + 7.50% (2.00% floor) Interest Rate 11.27% Maturity Date 6/13/20282026-03-310001987221ck0001987221:O2026M1DividendsMember2026-01-292026-01-290001987221First Lien Senior Secured2026-03-310001987221Sparta Capital Management, LLC First Lien Senior Secured Delayed Draw Loan2025-12-310001987221ck0001987221:CreditFacilityMember2025-01-012025-12-310001987221us-gaap:FairValueInputsLevel3Member2025-03-310001987221srt:MinimumMemberus-gaap:InvestmentAffiliatedIssuerMember2026-01-012026-03-310001987221First Lien Senior Secured FloWorks International, LLC - Delayed Draw Term Loan Capital Goods Spread Above Index SOFR + 4.75% (0.75% floor) Interest Rate 8.57% Maturity 11/26/20312025-12-310001987221Sylmar Group Holdco LLC First Lien Senior Secured Revolving Credit Line2026-03-310001987221Spartan CP, LLC First Lien Senior Secured Delayed Draw Loan2026-03-310001987221Equity Investments Private Companies CyberMaxx Holdings, LLC - Class A-1 Preferred Units Software & Services Spread Above Index FIXED 8.00% Interest Rate 8.00% PIK Acquisition Date 11/4/20242026-01-012026-03-310001987221First Lien Senior Secured Lindstrom, LLC - Term Loan Capital Goods Spread Above Index SOFR + 5.50% (0.75% floor) Interest Rate 9.24% Maturity Date 12/30/20322026-03-310001987221srt:MinimumMember2026-01-012026-03-310001987221First Lien Senior Secured XDimensional Technologies, Inc. - Delayed Draw Term Loan Industry Software & Services Spread Above Index SOFR + 7.50% (2.00% floor) Interest Rate 11.27% Maturity Date 6/13/20282026-03-310001987221First Lien Senior Secured Spartan CP, LLC - Delayed Draw Term Loan Industry Consumer Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.42% Maturity Date 6/28/20292026-03-310001987221Equity Investments Private Companies iCreditWorks Inc. - Series D Preferred Stock Industry Financial Services Spread Above Index FIXED 10.00% + 7.50% PIK Interest Rate 17.50% Acquisition Date 12/27/20242026-03-310001987221ck0001987221:NonAccrualMember2025-12-310001987221ck0001987221:AdministrationAgreementMember2025-01-012025-03-310001987221ck0001987221:RealEstateManagementAndDevelopmentMemberck0001987221:InvestmentsAndCashEquivalentsMember2025-12-310001987221ck0001987221:InsuranceMemberck0001987221:InvestmentsAndCashEquivalentsMember2025-12-310001987221First Lien Senior Secured FloWorks International, LLC - Term Loan Capital Goods Spread Above Index SOFR + 4.75% (0.75% floor) Interest Rate 8.42% Maturity 11/26/20312026-03-310001987221First Lien Senior Secured Cardiology Management Holdings, LLC - Delayed Draw Term Loan A Health Care Equipment & Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.60% Maturity Date 1/31/20292026-03-310001987221First Lien Senior Secured Billhighway, LLC - Delayed Draw Term Loan Software & Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.92% Maturity Date 2/8/20292026-03-310001987221First Lien Senior Secured Kemper Sports Management, LLC - Revolving Credit Line Consumer Services Spread Above Index SOFR + 5.00% (1.00% floor) Interest Rate 8.72% Maturity Date 10/11/20292025-12-310001987221ck0001987221:CapitalDrawdownsMemberck0001987221:DrawDownDateTwoJanuary2025Member2025-01-012025-03-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberck0001987221:FirstLienSeniorSecuredMember2025-12-310001987221First Lien Senior Secured Senior Support Holdings (Franchise) Acquisition, Inc. - Term Loan B Industry Health Care Equipment & Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.90% Maturity Date 3/20/20302026-03-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-03-310001987221Equity Investments Private Companies Senior Support Holdings, LP - Class B Units Industry Health Care Equipment & Services Acquisition Date 3/20/20242025-01-012025-12-310001987221First Lien Senior Secured Ensemble Music Schools LLC - Revolving Credit Line Consumer Services Spread Above Index SOFR + 5.50% (1.00% floor) Interest Rate 9.22% Maturity 3/28/20302025-12-310001987221ck0001987221:DrawDownDateTwentySevenFebruary2026Memberck0001987221:DividendReinvestmentPlanMember2026-01-012026-03-310001987221Equity Investments Private Companies Senior Support Holdings, LP - Class A-1 Units Industry Health Care Equipment & Services Acquisition Date 3/20/20242025-01-012025-12-310001987221First Lien Senior Secured Spartan CP, LLC – Term Loan Industry Consumer Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.42% Maturity Date 6/28/20292026-03-310001987221ck0001987221:InvestmentsAndCashEquivalentsMemberck0001987221:UtilitiesMember2025-12-310001987221First Lien Senior Secured D4C Dental Brands, Inc. - Revolving Credit Line Health Care Equipment & Services Spread Above Index SOFR + 4.50% (3.00% floor) Interest Rate 8.21% Maturity Date 11/27/20292025-12-310001987221us-gaap:WarrantMember2025-12-310001987221Archtop Fiber Intermediate LLC First Lien Senior Secured, Delayed Draw Loan2026-03-310001987221Equity Investments Private Companies iCreditWorks Inc. - Series D Preferred Stock Industry Financial Services Spread Above Index FIXED 10.00% + 7.50% PIK Interest Rate 17.50% Acquisition Date 12/27/20242025-12-310001987221Sportime Clubs, LLC First Lien Senior Secured Delayed Draw Loan2026-03-310001987221First Lien Senior Secured D4C Dental Brands, Inc. - Revolving Credit Line Health Care Equipment & Services Spread Above Index SOFR + 4.50% (3.00% floor) Interest Rate 8.21% Maturity Date 11/27/20292026-03-310001987221First Lien Senior Secured Cooper's Hawk Intermediate Holding,LLC - Delayed Draw Term Loan Consumer Services Spread Above Index SOFR + 5.50% (0.75% floor) Interest Rate 9.17% Maturity Date 7/29/20312026-03-310001987221ck0001987221:DrawDownDateThirtyOneMarch2025Member2025-01-012025-03-310001987221Equity Investments Private Companies Sparkle Aggregator, LP - Common Units Industry Consumer Services Acquisition Date 1/16/20262026-03-310001987221srt:AffiliatedEntityMember2025-12-310001987221First Lien Senior Secured Cardiology Management Holdings, LLC - Delayed Draw Term Loan B Health Care Equipment & Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.60% Maturity Date 1/31/20292026-03-310001987221ck0001987221:CreditFacilityMember2025-12-310001987221us-gaap:RetainedEarningsMember2025-01-012025-03-310001987221ORECV, LLC Equity Membership Interest2026-03-310001987221First Lien Senior Secured SitusAMC Holdings Corporation - Term Loan Industry Financial Services Spread Above Index SOFR + 5.50% (0.75% floor) Interest Rate 9.17% Maturity Date 5/14/20312025-12-310001987221First Lien Senior Secured Spartan CP, LLC – Term Loan Industry Consumer Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.47% Maturity Date 6/28/20292025-12-310001987221First Lien Senior Secured Hasa Acquisition, LLC - Term Loan Capital Goods Spread Above Index SOFR + 4.50% (1.00% floor) Interest Rate 8.16% Maturity 1/10/20292026-03-310001987221First Lien Senior Secured SL Buyer Corp. - Revolving Credit Line Industry Software & Services Spread Above Index SOFR + 7.25% (1.00% floor) Interest Rate 10.92% Maturity Date 4/16/20302026-03-310001987221First Lien Senior Secured Ag Bells LLC - Term Loan Consumer Services Spread Above Index SOFR + 5.00% (0.75% floor) Interest Rate 8.72% Maturity Date 8/19/20312025-12-310001987221Warrants iCreditWorks Inc. Financial Services Acquisition Date 12/27/20242025-12-310001987221First Lien Senior Secured Learn-it Systems, LLC - Revolving Credit Line Health Care Equipment & Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 9.46% Maturity Date 7/10/20312025-12-310001987221Integrity Marketing Acquisition, LLC First Lien Senior Secured, Revolving Credit Line2026-03-310001987221First Lien Senior Secured Cardiology Management Holdings, LLC - Delayed Draw Term Loan A Health Care Equipment & Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 9.62% Maturity Date 1/31/20292025-12-310001987221First Lien Senior Secured Obra CICS Finance, LLC - Term Loan Industry Insurance Spread Above Index SOFR + 4.75% (3.00% floor) Interest Rate 8.42 % Maturity Date 12/31/20302026-03-310001987221Salisbury House, LLC First Lien Senior Secured Delayed Draw Loan2026-03-310001987221us-gaap:FairValueInputsLevel1Member2026-03-310001987221Equity Investments Private Companies Allied OMS Intermediate Company, LLC - Preferred Unit Health Care Equipment & Services Acquisition Date 6/9/20252025-12-310001987221ck0001987221:InvestmentAdvisoryAgreementMember2026-03-310001987221srt:MinimumMember2025-01-012025-12-310001987221us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2026-03-310001987221ck0001987221:DrawDownDateThirtyOneJanuary2025Member2025-01-012025-03-310001987221First Lien Senior Secured Discovery SL Management, LLC - Delayed Draw Term Loan C Health Care Equipment & Services Spread Above Index SOFR + 4.75% (1.00% floor) Interest Rate 8.47% Maturity 3/18/20302025-12-310001987221First Lien Senior Secured CrossLink Professional Tax Solutions, LLC - Revolving Credit Line Software & Services Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.92% Maturity 6/30/20282025-12-310001987221us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMember2025-12-310001987221First Lien Senior Secured Pediatric Home Respiratory Services, LLC - Revolving Credit Line Industry Health Care Equipment & Services Spread Above Index SOFR + 5.50% (0.75% floor) Interest Rate 9.10% Maturity Date 12/23/20302025-12-310001987221First Lien Senior Secured Salt US Holdco, LLC - Delayed Draw Term Loan Industry Transportation Spread Above Index SOFR + 5.73% (1.00% floor) Interest Rate 9.40% Maturity Date 7/31/20292025-12-310001987221First Lien Senior Secured Fullsteam Operations LLC - Revolving Credit Line Software & Services Spread Above Index SOFR + 5.25% (0.75% floor) Interest Rate 8.89% Maturity 8/8/20312026-03-310001987221First Lien Senior Secured SL Buyer Corp. - Delayed Draw Term Loan Industry Software & Services Spread Above Index SOFR + 7.25% (1.00% floor) Interest Rate 10.92% Maturity Date 4/16/20302026-03-310001987221First Lien Senior Secured Sylmar Group Holdco LLC - Delayed Draw Term Loan Industry Utilities Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 8.97% Maturity Date 11/24/20312025-12-310001987221First Lien Senior Secured CheckedUp, Inc - Term Loan Media & Entertainment Spread Above Index SOFR + 5.00% (1.00% floor) Interest Rate 8.82% Maturity 10/20/20272025-12-310001987221srt:MaximumMember2026-03-310001987221Armanino Advisory LLC First Lien Senior Secured, Delayed Draw Loan2026-03-310001987221First Lien Senior Secured Pediatric Home Respiratory Services, LLC - Term Loan B Industry Health Care Equipment & Services Spread Above Index SOFR + 5.50% (0.75% floor) Interest Rate 9.10% Maturity Date 12/23/20302026-03-310001987221First Lien Senior Secured Calidris Investment Partners Holdings Ltd - Term Loan Insurance Spread Above Index SOFR + 7.50% Interest Rate 11.20% Maturity Date 12/31/20302026-03-310001987221Fullsteam Operations LLC First Lien Senior Secured, Revolving Credit Line2025-12-31xbrli:pureiso4217:USDxbrli:sharesxbrli:sharesck0001987221:Segmentiso4217:USD

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 10-Q

 

 

 

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2026

OR

 

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number: 814-01669

 

John Hancock Comvest Private Income Fund

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware	93-4109571
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
360 S Rosemary Avenue, Suite 1700,
West Palm Beach, FL	33401
(Address of Principal Executive Offices)	(Zip Code)

 

(561) 727-2001

(Registrant’s telephone number, including area code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
None	None	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No ☒

There were 18,631,636 issued and outstanding shares of the registrant’s Class I common shares of beneficial interest, $0.001 par value per share, on May 11, 2026.

 

---

 

 

John Hancock Comvest Private Income Fund

Quarterly Report on Form 10-Q

TABLE OF CONTENTS

		Page
PART I.	FINANCIAL INFORMATION	1
Item 1.	Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	54
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	65
Item 4.	Controls and Procedures	66
PART II.	OTHER INFORMATION	66
Item 1.	Legal Proceedings	66
Item 1A.	Risk Factors	67
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	67
Item 3.	Defaults Upon Senior Securities	68
Item 4.	Mine Safety Disclosures	68
Item 5.	Other Information	68
Item 6.	Exhibits	69
SIGNATURES		70

 

 

 

 

 

1

---

 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(amounts in thousands, except share and per share data)

		March 31, 2026
		(Unaudited)				December 31, 2025
Assets
Non-controlled, non-affiliated investments, at fair value (amortized cost of $875,057 and $920,814, respectively)		$	871,888			$	921,760
Non-controlled, affiliated investments (amortized cost of $1,941 and $2,510, respectively)			1,963				2,458
Controlled, affiliated investments (amortized cost of $13,529 and $13,500, respectively)			13,756				13,507
Total investments, at fair value (amortized cost of $890,527 and $936,824, respectively)			887,607				937,725
Cash			893				94
Cash Equivalents			6,567				3,334
Restricted cash			6,722				6,807
Receivables:
Receivable for paydowns of investments			759				613
Interest receivable			6,236				7,853
Due from affiliates (Note 4)			1,140				1,437
Prepaid expenses and other assets			1,024				1,549
Total Assets		$	910,948			$	959,412
Liabilities
Secured Loan Facility (net of deferred financing costs of $2,548 and $2,740, respectively)		$	331,334			$	390,565
Credit Facility (net of deferred financing costs of $556 and $630, respectively)			100,444				87,370
Payables:
Dividend distributions payable			3,935				4,052
Management fee payable, net (Note 4)			1,450				1,443
Deferred tax liability			95				88
Interest payable			2,862				2,297
Incentive fee payable			1,679				1,440
Accrued other general and administrative expenses			1,865				1,519
Total Liabilities		$	443,664			$	488,774
Commitments and contingencies (Note 6)
Net Assets
Class I shares, $0.001 par value; unlimited authorized; 18,631,636 and 18,631,405 shares issued and outstanding, respectively		$	19			$	19
Additional paid-in capital			469,998				469,992
Total distributable earnings (accumulated deficit)			(2,733	)			627
Total Net Assets		$	467,284			$	470,638
Total Liabilities and Net Assets		$	910,948			$	959,412
Net Asset Value Per Share		$	25.08			$	25.26

The accompanying notes are an integral part of these consolidated financial statements.

1

---

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except share and per share data)

(Unaudited)

 

	For the Three Months Ended March 31,
	2026				2025
Income:
Investment income from non-controlled, non-affiliated investments:
Interest income	$	22,632			$	12,211
Payment-in-kind interest income		713				199
Fee income		837				196
Total investment income from non-controlled/non-affiliate company investments		24,182				12,606
Investment income from controlled, affiliated investments:
Interest income		29				—
Payment-in-kind interest income		20				—
Total investment income from controlled/affiliate company investments		49				—
Total Investment Income		24,231				12,606
Expenses:
Management fees		1,450				837
Incentive fees		1,574				924
Administrative expenses		290				168
Interest expense		7,589				4,098
Professional fees		659				331
Trustees’ fees		65				53
Organizational and offering expenses		198				436
Other general expenses		572				209
Total Expenses		12,397				7,056
Less: Expense reimbursement (Note 4)		(255	)			(267	)
Net expenses		12,142				6,789
Net Investment Income (Loss)		12,089				5,817
Realized and unrealized gains (losses) on investments and foreign currency transactions
Net realized gains (losses):
Non-controlled, non-affiliated investments		88				—
Total net realized gains (losses)		88				—
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments		(4,115	)			904
Non-controlled, affiliated investments		74				—
Controlled, affiliated investments		220				—
Net change in deferred tax liability		(8	)			(8	)
Total net change in unrealized gains (losses)		(3,829	)			896
Total realized and unrealized gains (losses)		(3,741	)			896
Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,348			$	6,713
Per Share Data:
Basic and diluted net investment income/(loss) per share	$	0.65			$	0.54
Basic and diluted net increase/(decrease) in net assets resulting from operations per share	$	0.45			$	0.63
Weighted Average Shares Outstanding - Basic and Diluted		18,631,485				10,684,405

 

The accompanying notes are an integral part of these consolidated financial statements.

2

---

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(amounts in thousands)

(Unaudited)

 

		For the Three Months Ended March 31,
		2026				2025
Increase (Decrease) in Net Assets Resulting from Operations:
Net investment income (loss)		$	12,089			$	5,817
Net realized gains (losses) on investments			88				—
Net change in unrealized gains (losses) on investments			(3,829	)			896
Net Increase (Decrease) in Net Assets Resulting from Operations			8,348				6,713
Net Decrease in Net Assets Resulting from Shareholder Distributions			(11,708	)			(5,656	)
Increase in Net Assets Resulting from Capital Share Transactions
Proceeds of issuance of common shares			—				70,150
Reinvestment of distributions			6				3
Proceeds from issuance of shares			6				70,153
Total Increase (Decrease) in Net Assets			(3,354	)			71,210
Net Assets, Beginning of Period			470,638				201,270
Net Assets, End of Period		$	467,284			$	272,480

The accompanying notes are an integral part of these consolidated financial statements.

3

---

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(Unaudited)

		For the Three Months Ended March 31,
		2026				2025
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations		$	8,348			$	6,713
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gains) losses on investments			(88	)			—
Net change in unrealized (gains) losses (net of the change in deferred tax liability)			3,829				(896	)
Net accretion of discount on investments			(739	)			(408	)
Amortization of deferred financing costs			266				150
Payment in-kind interest income			(733	)			(199	)
Purchases of portfolio investments			(24,456	)			(153,097	)
Sales or repayments of portfolio investments			72,314				4,486
Increase (decrease) in operating assets and liabilities:
(Decrease) increase in interest receivable			1,617				(1,944	)
(Decrease) increase in due from affiliates			297				(268	)
Increase in receivable for paydowns of investments			(146	)			—
(Increase) Decrease in prepaid expenses and other assets			525				505
Increase in payable for investments purchased			—				9,893
Increase in management fees payable			7				332
Increase in interest payable			565				222
Increase in incentive fee payable			239				480
Decrease in due to affiliates			—				(271	)
Increase in accrued other general and administrative expenses			346				574
Net cash provided by (used in) operating activities			62,191				(133,728	)
Cash Flows provided by (used in) Financing Activities:
Borrowings on Secured Loan Facility			3,000				157,000
Repayments on Secured Loan Facility			(62,423	)			(54,000	)
Borrowings on Credit Facility			13,000				—
Proceeds from Secured Borrowing			—				35,434
Repayments on Secured Borrowing			—				(67,969	)
Deferred financing costs paid			—				(2,750	)
Distributions paid in cash			(11,821	)			(3,517	)
Proceeds from issuance of shares			—				70,150
Net cash provided by (used in) financing activities			(58,244	)			134,348
Net increase (decrease) in cash and cash equivalents			3,947				620
Cash and cash equivalents and restricted cash, beginning of period			10,235				22,885
Cash and cash equivalents and restricted cash, end of period		$	14,182			$	23,505
Supplemental and Non-Cash Information:
Interest paid during the period		$	7,024			$	3,876
Reinvestment of distributions during the period		$	6			$	3

The accompanying notes are an integral part of these consolidated financial statements.

4

---

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

(amounts in thousands, except per share data)

March 31, 2026

(Unaudited)

Portfolio Company (1)(2)(3)		Industry		Spread Above Index		Interest Rate		Maturity Date		Principal/ Shares				Amortized Cost				Fair Value				Percentage of Net Assets (4)
Debt Investments (5)
First Lien Senior Secured
Ag Bells LLC - Revolving Credit Line (6)		Consumer Services		SOFR + 4.75% (0.75% floor)		8.42%		8/19/2030		$	-			$	(10	)		$	-				0.0	%
Ag Bells LLC - Term Loan		Consumer Services		SOFR + 4.75% (0.75% floor)		8.42%		8/19/2031			10,306				10,211				10,306				2.2	%
Allbridge, LLC - Delayed Draw Term Loan (6)		Telecommunication Services		SOFR + 5.50% (1.00% floor)		9.20%		6/5/2030			-				(1	)			-				0.0	%
Allbridge, LLC - Revolving Credit Line (6)		Telecommunication Services		SOFR + 5.50% (1.00% floor)		9.20%		6/5/2030			-				(1	)			-				0.0	%
Allbridge, LLC - Term Loan (7)		Telecommunication Services		SOFR + 5.50% (1.00% floor)		9.20%		6/5/2030			1,759				1,743				1,759				0.4	%
Allied OMS Intermediate Company, LLC - Delayed Draw Term Loan (6)		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		8.89%		12/12/2030			-				(13	)			(27	)			0.0	%
Allied OMS Intermediate Company, LLC - Revolving Credit Line (6)		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		8.89%		12/12/2030			-				(8	)			(9	)			0.0	%
Allied OMS Intermediate Company, LLC - Term Loan		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		8.89%		12/12/2030			8,114				8,041				8,041				1.7	%
Ampler QSR Holdings LLC - Revolving Credit Line (6)		Consumer Services		SOFR + 5.00% (0.75% floor)		8.67%		8/19/2030			-				(14	)			(6	)			0.0	%
Ampler QSR Holdings LLC - Term Loan		Consumer Services		SOFR + 5.00% (0.75% floor)		8.67%		8/19/2031			10,468				10,372				10,426				2.2	%
Archtop Fiber Intermediate LLC - Delayed Draw Term Loan (6)		Telecommunication Services		SOFR + 6.25% (2.75% floor)		9.92%		4/1/2030			3,005				2,907				2,923				0.6	%
Archtop Fiber Intermediate LLC - Term Loan		Telecommunication Services		SOFR + 6.25% (2.75% floor)		9.92%		4/1/2030			4,508				4,432				4,454				1.0	%
Armanino Advisory LLC - Delayed Draw Term Loan (6)(13)		Commercial & Professional Services		SOFR + 5.75% (1.00% floor)		9.42%		10/18/2029			498				473				498				0.1	%
Armanino Advisory LLC - Revolving Credit Line (6)(13)		Commercial & Professional Services		SOFR + 5.75% (1.00% floor)		9.43%		10/18/2029			1,037				1,010				1,037				0.2	%
Armanino Advisory LLC - Term Loan (13)		Commercial & Professional Services		SOFR + 5.75% (1.00% floor)		9.42%		10/18/2029			13,274				13,081				13,274				2.8	%
Aspire General Holding Company LLC - Delayed Draw Term Loan (6)		Insurance		SOFR + 6.00% (2.00% floor)		9.70%		8/1/2030			-				(23	)			(5	)			0.0	%
Aspire General Holding Company LLC - Revoling Credit Line (6)		Insurance		SOFR + 6.00% (2.00% floor)		9.70%		8/1/2030			-				(6	)			(1	)			0.0	%
Aspire General Holding Company LLC - Term Loan		Insurance		SOFR + 6.00% (2.00% floor)		9.70%		8/1/2030			18,066				17,902				18,030				3.9	%
Batteries Plus Holding Corporation - Revolving Credit Line (6)(8)		Technology Hardware & Equipment		SOFR + 6.75% (1.00% floor)		10.52%		6/27/2028			12				12				12				0.0	%
Batteries Plus Holding Corporation - Term Loan (7)(8)		Technology Hardware & Equipment		SOFR + 6.75% (1.00% floor)		10.52%		6/27/2028			470				467				470				0.1	%
BHP Management Holdings, LLC - Delayed Draw Term Loan (7)(8)		Health Care Equipment & Services		SOFR + 4.50% (1.00% floor)		8.35%		10/27/2028			718				715				711				0.2	%
BHP Management Holdings, LLC - Term Loan (7)(8)		Health Care Equipment & Services		SOFR + 4.50% (1.00% floor)		8.35%		10/27/2028			1,243				1,238				1,232				0.3	%
Billhighway, LLC - Delayed Draw Term Loan (8)		Software & Services		SOFR + 5.25% (1.00% floor)		8.92%		2/8/2029			60				60				60				0.0	%
Billhighway, LLC - Revolving Credit Line (6)(8)		Software & Services		SOFR + 5.25% (1.00% floor)		8.92%		2/8/2029			-				(1	)			-				0.0	%
Billhighway, LLC - Term Loan (8)		Software & Services		SOFR + 5.25% (1.00% floor)		8.92%		2/8/2029			958				949				957				0.2	%

 

5

---

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2026

(Unaudited)

Portfolio Company (1)(2)(3)		Industry		Spread Above Index		Interest Rate		Maturity Date		Principal/ Shares				Amortized Cost				Fair Value				Percentage of Net Assets (4)
Debt Investments (5)
First Lien Senior Secured
Bishop Street Underwriters LLC - Delayed Draw Term Loan		Financial Services		SOFR + 5.25% (1.00% floor)		8.92%		7/31/2031		$	6,829			$	6,767			$	6,788				1.5	%
Bishop Street Underwriters LLC - Term Loan		Financial Services		SOFR + 5.25% (1.00% floor)		8.92%		7/31/2031			10,217				10,122				10,156				2.2	%
Brown & Root Industrial Services, LLC - Revolving Credit Line (6)		Commercial & Professional Services		SOFR + 5.00% (1.00% floor)		8.67%		10/3/2030			1,644				1,586				1,580				0.3	%
Brown & Root Industrial Services, LLC - Term Loan		Commercial & Professional Services		SOFR + 5.00% (1.00% floor)		8.70%		10/3/2030			18,723				18,466				18,442				3.9	%
Calidris Investment Partners Holdings Ltd - Term Loan (9)(23)		Insurance		SOFR + 7.50%		11.20%		12/31/2030			8,251				8,129				8,146				1.7	%
Cardiology Management Holdings, LLC - Delayed Draw Term Loan A (7)(8)		Health Care Equipment & Services		SOFR + 5.75% (1.00% floor)		9.60%		1/31/2029			483				477				483				0.1	%
Cardiology Management Holdings, LLC - Delayed Draw Term Loan B (7)(8)		Health Care Equipment & Services		SOFR + 5.75% (1.00% floor)		9.60%		1/31/2029			473				468				473				0.1	%
Cardiology Management Holdings, LLC - Term Loan (7)(8)		Health Care Equipment & Services		SOFR + 5.75% (1.00% floor)		9.60%		1/31/2029			685				676				685				0.1	%
CheckedUp, Inc - Delayed Draw Term Loan (7)(8)		Media & Entertainment		SOFR + 5.00% (1.00% floor)		8.77%		10/20/2027			242				241				242				0.1	%
CheckedUp, Inc - Revolving Credit Line (6)(8)		Media & Entertainment		SOFR + 5.00% (1.00% floor)		8.77%		10/20/2027			110				110				110				0.0	%
CheckedUp, Inc - Term Loan (7)(8)		Media & Entertainment		SOFR + 5.00% (1.00% floor)		8.77%		10/20/2027			864				862				864				0.2	%
Complete Paper Inc. - Term Loan		Materials		SOFR + 5.00% (0.75% floor)		8.67%		2/4/2031			19,800				19,553				18,473				4.0	%
Compu-Link Corporation - Revolving Credit Line (6)		Financial Services		SOFR + 6.00% (1.00% floor)		9.68%		4/4/2030			-				(19	)			(24	)			0.0	%
Cooper's Hawk Intermediate Holding,LLC - Delayed Draw Term Loan (6)		Consumer Services		SOFR + 5.50% (0.75% floor)		9.17%		7/29/2031			-				(12	)			(31	)			0.0	%
Cooper's Hawk Intermediate Holding,LLC - Revolving Credit Line (6)		Consumer Services		SOFR + 5.50% (0.75% floor)		9.17%		7/29/2031			-				(25	)			(31	)			0.0	%
Cooper's Hawk Intermediate Holding,LLC - Term Loan		Consumer Services		SOFR + 5.50% (0.75% floor)		9.17%		7/29/2031			21,263				20,979				20,901				4.5	%
CRA Funding 1, LLC - Term Loan		Financial Services		SOFR + 4.75% (2.00% floor)		8.42%		3/16/2029			26,952				26,744				26,917				5.8	%
CrossLink Professional Tax Solutions, LLC - Revolving Credit Line (6)		Software & Services		SOFR + 5.25% (1.00% floor)		8.95%		6/30/2028			-				(10	)			(8	)			0.0	%
CrossLink Professional Tax Solutions, LLC - Term Loan		Software & Services		SOFR + 5.25% (1.00% floor)		8.95%		6/30/2028			9,020				8,949				8,966				1.9	%
D4C Dental Brands, Inc. - Revolving Credit Line (6)		Health Care Equipment & Services		SOFR + 4.50% (3.00% floor)		8.21%		11/27/2029			713				699				711				0.2	%
D4C Dental Brands, Inc. - Term Loan		Health Care Equipment & Services		SOFR + 4.50% (3.00% floor)		8.23%		11/27/2029			19,681				19,531				19,662				4.2	%
Diesco Industries Ltd. - Term Loan (9)(19)		Food, Beverage & Tobacco		SOFR + 6.50% (2.00% floor)		10.20%		12/31/2029			25,334				25,046				24,878				5.3	%
Diesco Industries Ltd. - Term Loan B (9)(19)		Food, Beverage & Tobacco		SOFR + 6.50% (2.00% floor)		10.20%		12/31/2029			1,378				1,360				1,353				0.3	%

 

6

---

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2026

(Unaudited)

Portfolio Company (1)(2)(3)		Industry		Spread Above Index		Interest Rate		Maturity Date		Principal/ Shares				Amortized Cost				Fair Value				Percentage of Net Assets (4)
Debt Investments (5)
First Lien Senior Secured
Discovery SL Management, LLC - Delayed Draw Term Loan A (7)		Health Care Equipment & Services		SOFR + 4.75% (1.00% floor)		8.42%		3/18/2030		$	354			$	352			$	354				0.1	%
Discovery SL Management, LLC - Delayed Draw Term Loan B (6)		Health Care Equipment & Services		SOFR + 4.75% (1.00% floor)		8.42%		3/18/2030			1,162				1,155				1,162				0.2	%
Discovery SL Management, LLC - Delayed Draw Term Loan C (6)		Health Care Equipment & Services		SOFR + 4.75% (1.00% floor)		8.42%		3/18/2030			-				(14	)			-				0.0	%
Discovery SL Management, LLC - Revolving Credit Line (6)		Health Care Equipment & Services		SOFR + 4.75% (1.00% floor)		8.42%		3/18/2030			-				(6	)			-				0.0	%
Discovery SL Management, LLC - Term Loan (7)		Health Care Equipment & Services		SOFR + 4.75% (1.00% floor)		8.42%		3/18/2030			2,115				2,097				2,115				0.5	%
DMA Holding Company - Revolving Credit Line		Software & Services		SOFR + 7.00% (1.00% floor)		10.77%		7/19/2028			115				113				110				0.0	%
DMA Holding Company - Term Loan		Software & Services		SOFR + 7.00% (1.00% floor)		10.77%		7/19/2028			1,039				1,025				992				0.2	%
Drive Assurance Corporation - Term Loan (7)(9)		Insurance		SOFR + 7.00% (2.00% floor)		10.67%		7/10/2030			3,645				3,618				3,645				0.8	%
eHealthInsurance Services, Inc. - Revolving Credit Line		Insurance		SOFR + 6.50% (2.00% floor)		10.17%		12/29/2028			13,148				12,967				12,938				2.8	%
Ensemble Music Schools LLC - Delayed Draw Term Loan B		Consumer Services		SOFR + 5.50% (1.00% floor)		9.17%		3/28/2030			4,209				4,154				4,180				0.9	%
Ensemble Music Schools LLC - Revolving Credit Line (6)		Consumer Services		SOFR + 5.50% (1.00% floor)		9.17%		3/28/2030			-				(17	)			(10	)			0.0	%
Ensemble Music Schools LLC - Term Loan		Consumer Services		SOFR + 5.50% (1.00% floor)		9.17%		3/28/2030			9,066				8,953				9,003				1.9	%
FloWorks International, LLC - Delayed Draw Term Loan		Capital Goods		SOFR + 4.75% (0.75% floor)		8.42%		11/26/2031			2,409				2,399				2,380				0.5	%
FloWorks International, LLC - Term Loan		Capital Goods		SOFR + 4.75% (0.75% floor)		8.42%		11/26/2031			19,080				18,922				18,851				4.0	%
Fullsteam Operations LLC - Delayed Draw Term Loan (6)		Software & Services		SOFR + 5.25% (0.75% floor)		8.89%		8/8/2031			-				(26	)			(190	)			0.0	%
Fullsteam Operations LLC - Revolving Credit Line (6)		Software & Services		SOFR + 5.25% (0.75% floor)		8.89%		8/8/2031			-				(17	)			(63	)			0.0	%
Fullsteam Operations LLC - Term Loan		Software & Services		SOFR + 5.25% (0.75% floor)		8.89%		8/8/2031			17,308				17,149				16,737				3.6	%
HAH Group Holding Company, LLC - Term Loan (10)		Health Care Equipment & Services		SOFR + 5.00%		8.67%		9/24/2031			9,875				9,752				8,487				1.8	%
Handgards, LLC - Term Loan		Materials		SOFR + 4.75% (1.00% floor)		8.42%		4/10/2031			21,465				21,374				21,465				4.6	%
Hasa Acquisition, LLC - Delayed Draw Term Loan (6)(8)		Capital Goods		SOFR + 4.50% (1.00% floor)		8.17%		1/10/2029			12				10				11				0.0	%
Hasa Acquisition, LLC - Revolving Credit Line (6)(8)		Capital Goods		SOFR + 4.50% (1.00% floor)		8.16%		1/10/2029			103				101				102				0.0	%
Hasa Acquisition, LLC - Term Loan (7)(8)		Capital Goods		SOFR + 4.50% (1.00% floor)		8.16%		1/10/2029			1,382				1,364				1,377				0.3	%
Heathos LLC - Revolving Credit Line (6)		Health Care Equipment & Services		SOFR + 4.75% (1.00% floor)		8.42%		9/19/2031			-				(10	)			(13	)			0.0	%
Heathos LLC - Term Loan		Health Care Equipment & Services		SOFR + 4.75% (1.00% floor)		8.42%		9/19/2031			12,128				11,962				11,910				2.5	%
Hornblower Sub LLC - Revolving Credit Line (6)		Transportation		SOFR + 5.50% (1.00% floor)		9.18%		7/3/2029			455				452				431				0.1	%

 

7

---

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2026

(Unaudited)

Portfolio Company (1)(2)(3)		Industry		Spread Above Index		Interest Rate		Maturity Date		Principal/ Shares				Amortized Cost				Fair Value				Percentage of Net Assets (4)
Debt Investments (5)
First Lien Senior Secured
Hornblower Sub LLC - Term Loan (7)		Transportation		SOFR + 5.50% (1.00% floor) + 1.50% PIK		9.15%		7/3/2029		$	2,874			$	2,854			$	2,725				0.6	%
Integrity Marketing Acquisition, LLC - Delayed Draw Term Loan (6)		Financial Services		SOFR + 5.00% (0.75% floor)		8.67%		8/25/2028			-				(3	)			-				0.0	%
Integrity Marketing Acquisition, LLC - Revolving Credit Line (6)		Financial Services		SOFR + 5.00% (0.75% floor)		8.67%		8/25/2028			-				(1	)			-				0.0	%
Integrity Marketing Acquisition, LLC - Term Loan		Financial Services		SOFR + 5.00% (0.75% floor)		8.67%		8/25/2028			17,936				17,928				17,936				3.8	%
Juvare, LLC - Delayed Draw Term Loan (6)		Software & Services		SOFR + 5.25% (0.50% floor)		8.91%		5/1/2031			-				-				(16	)			0.0	%
Juvare, LLC - Revolving Credit Line (6)		Software & Services		SOFR + 5.25% (0.50% floor)		8.91%		5/1/2031			501				494				474				0.1	%
Juvare, LLC - Term Loan		Software & Services		SOFR + 5.25% (0.50% floor)		8.91%		5/1/2031			11,850				11,796				11,672				2.5	%
KCK Ltd - Revolving Credit Line (9)(20)		Financial Services		SOFR + 5.55%		9.25%		9/27/2027			7,026				7,009				7,026				1.5	%
KCK Ltd - Term Loan (9)(20)		Financial Services		SOFR + 5.55%		9.25%		9/27/2027			12,495				12,465				12,495				2.7	%
KCK Ltd - Term Loan B (9)(20)		Financial Services		SOFR + 5.55%		9.25%		9/27/2027			1,608				1,608				1,608				0.3	%
KCK Ltd - Term Loan C (9)(20)		Financial Services		SOFR + 5.55%		9.25%		9/27/2027			26				26				26				0.0	%
Kemper Sports Management, LLC - Delayed Draw Term Loan (7)(8)		Consumer Services		SOFR + 4.50% (0.75% floor)		8.17%		10/11/2029			440				438				439				0.1	%
Kemper Sports Management, LLC - Revolving Credit Line (6)(8)		Consumer Services		SOFR + 4.50% (0.75% floor)		8.17%		10/11/2029			-				(1	)			1				0.0	%
Kemper Sports Management, LLC - Term Loan (7)(8)		Consumer Services		SOFR + 4.50% (0.75% floor)		8.17%		10/11/2029			1,813				1,804				1,808				0.4	%
Learn-it Systems, LLC - Delayed Draw Term Loan A (6)		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		8.89%		7/10/2031			305				279				305				0.1	%
Learn-it Systems, LLC - Delayed Draw Term Loan B (6)		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		8.89%		7/10/2031			-				-				-				0.0	%
Learn-it Systems, LLC - Revolving Credit Line (6)		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		8.89%		7/10/2031			-				(24	)			-				0.0	%
Learn-it Systems, LLC - Term Loan		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		8.89%		7/10/2031			13,761				13,567				13,761				2.9	%
Lindstrom, LLC - Revolving Credit Line (6)(8)		Capital Goods		SOFR + 5.50% (0.75% floor)		9.24%		12/30/2032			360				332				321				0.1	%
Lindstrom, LLC - Term Loan (8)		Capital Goods		SOFR + 5.50% (0.75% floor)		9.24%		12/30/2032			13,071				12,884				12,809				2.7	%
Military Retail Solutions, LLC - Delayed Draw Term Loan (6)(8)		Consumer Staples Distribution & Retail		SOFR + 5.25% (1.00% floor)		8.92%		6/28/2029			-				(10	)			-				0.0	%
Military Retail Solutions, LLC - Revolving Credit Line (6)(8)		Consumer Staples Distribution & Retail		SOFR + 5.25% (1.00% floor)		8.92%		6/28/2029			404				394				404				0.1	%
Military Retail Solutions, LLC - Term Loan (8)		Consumer Staples Distribution & Retail		SOFR + 5.25% (1.00% floor)		8.92%		6/28/2029			12,422				12,247				12,422				2.7	%
National Debt Relief, LLC - Delayed Draw Term Loan (7)(8)		Financial Services		SOFR + 6.50% (2.50% floor)		10.28%		2/7/2028			598				596				598				0.1	%
National Debt Relief, LLC - Revolving Credit Line (8)		Financial Services		SOFR + 6.50% (2.50% floor)		10.28%		2/7/2028			120				119				120				0.0	%

 

8

---

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2026

(Unaudited)

Portfolio Company (1)(2)(3)		Industry		Spread Above Index		Interest Rate		Maturity Date		Principal/ Shares				Amortized Cost				Fair Value				Percentage of Net Assets (4)
Debt Investments (5)
First Lien Senior Secured
National Debt Relief, LLC - Term Loan (7)(8)		Financial Services		SOFR + 6.50% (2.50% floor)		10.28%		2/7/2028		$	718			$	716			$	718				0.2	%
Nuclear Care Partners Holdings, Inc. - Revolving Credit Line (6)		Health Care Equipment & Services		SOFR + 4.25% (1.00% floor)		7.92%		10/1/2030			-				(18	)			-				0.0	%
Nuclear Care Partners Holdings, Inc. - Term Loan		Health Care Equipment & Services		SOFR + 4.25% (1.00% floor)		7.92%		10/1/2030			6,541				6,464				6,541				1.4	%
Obra CICS Finance, LLC - Term Loan (9)		Insurance		SOFR + 4.75% (3.00% floor)		8.42%		12/31/2030			23,571				23,497				23,570				5.0	%
OEP Wheeler Buyer, LLC - Revolving Credit Line (6)		Capital Goods		SOFR + 5.25% (1.00% floor)		8.92%		4/1/2030			-				(38	)			(82	)			0.0	%
OEP Wheeler Buyer, LLC - Term Loan		Capital Goods		SOFR + 5.25% (1.00% floor)		8.92%		4/1/2030			9,406				9,286				9,161				2.0	%
OL Texas Restaurants, LLC - Revolving Credit Line (6)(8)		Consumer Services		SOFR + 5.00% (1.00% floor)		8.93%		8/29/2029			163				162				146				0.0	%
OL Texas Restaurants, LLC - Term Loan (7)		Consumer Services		SOFR + 5.00% (1.00% floor)		8.93%		8/29/2029			1,435				1,430				1,330				0.3	%
OpCo Borrower, LLC - Term Loan B		Health Care Equipment & Services		SOFR + 6.00% (1.00% floor)		9.66%		4/26/2029			10,041				9,923				10,041				2.1	%
Palmetto Longevity Fund, LLC - Delayed Draw Term Loan (6)		Insurance		SOFR + 6.50% (1.50% floor)		10.17%		4/11/2030			2,061				2,032				2,056				0.4	%
Palmetto Longevity Fund, LLC - Revolving Credit Line (6)		Insurance		SOFR + 6.50% (1.50% floor)		10.17%		4/11/2030			1,102				1,053				1,093				0.2	%
Palmetto Longevity Fund, LLC - Term Loan		Insurance		SOFR + 6.50% (1.50% floor)		10.17%		4/11/2030			13,583				13,421				13,556				2.9	%
Pansophic Learning US, LLC - Delayed Draw Term Loan		Consumer Services		SOFR + 5.75% (1.00% floor)		9.42%		5/15/2029			1,474				1,451				1,475				0.3	%
Pansophic Learning US, LLC - Revolving Credit Line (6)		Consumer Services		SOFR + 5.75% (1.00% floor)		9.42%		5/15/2029			-				(14	)			-				0.0	%
Pansophic Learning US, LLC - Term Loan (7)		Consumer Services		SOFR + 5.75% (1.00% floor)		9.42%		5/15/2029			11,786				11,603				11,786				2.5	%
Pediatric Home Respiratory Services, LLC - Delayed Draw Term Loan (6)		Health Care Equipment & Services		SOFR + 5.50% (0.75% floor)		9.19%		12/23/2030			-				(4	)			(10	)			0.0	%
Pediatric Home Respiratory Services, LLC - Revolving Credit Line (6)		Health Care Equipment & Services		SOFR + 5.50% (0.75% floor)		9.19%		12/23/2030			213				209				208				0.0	%
Pediatric Home Respiratory Services, LLC - Term Loan		Health Care Equipment & Services		SOFR + 5.50% (0.75% floor)		9.10%		12/23/2030			9,696				9,659				9,647				2.1	%
Pediatric Home Respiratory Services, LLC - Term Loan B (8)		Health Care Equipment & Services		SOFR + 5.50% (0.75% floor)		9.10%		12/23/2030			988				984				983				0.2	%
Peer Advisors LLC - Term Loan		Financial Services		SOFR + 6.00% (1.00% floor)		9.68%		4/4/2030			20,507				20,245				20,199				4.3	%
Periscope Cybermaxx Buyer, Inc - Delayed Draw Term Loan (6)(14)		Software & Services		SOFR + 5.50% (1.00% floor)		9.17%		11/5/2029			278				265				230				0.0	%
Periscope Cybermaxx Buyer, Inc - Revolving Credit Line (6)(14)		Software & Services		SOFR + 5.50% (1.00% floor)		9.17%		11/5/2029			413				405				397				0.1	%
Periscope Cybermaxx Buyer, Inc - Term Loan (14)		Software & Services		SOFR + 5.50% (1.00% floor)		9.17%		11/5/2029			7,565				7,481				7,391				1.6	%

 

9

---

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2026

(Unaudited)

Portfolio Company (1)(2)(3)		Industry		Spread Above Index		Interest Rate		Maturity Date		Principal/ Shares				Amortized Cost				Fair Value				Percentage of Net Assets (4)
Debt Investments (5)
First Lien Senior Secured
Petvet Care Centers, LLC - Revolving Credit Line (6)		Health Care Equipment & Services		SOFR + 6.00% (0.75% floor)		9.67%		11/15/2030		$	354			$	331			$	145				0.0	%
Petvet Care Centers, LLC - Term Loan		Health Care Equipment & Services		SOFR + 6.00% (0.75% floor)		9.67%		11/15/2030			13,254				13,062				11,690				2.5	%
PF Carrus Careers, LLC - Revolving Credit Line (6)(8)		Consumer Services		SOFR + 4.75% (3.00% floor)		8.45%		11/13/2031			357				349				354				0.1	%
PF Carrus Careers, LLC - Term Loan A (8)		Consumer Services		SOFR + 4.75% (3.00% floor)		8.45%		11/13/2031			3,621				3,587				3,610				0.8	%
PF Carrus Careers, LLC - Term Loan B (8)		Consumer Services		SOFR + 8.93% (3.00% floor)		12.63%		11/13/2031			1,657				1,606				1,631				0.3	%
Project Pathfinder Borrower, LLC - Revolving Credit Line (6)		Software & Services		SOFR + 2.37% (0.75% floor)		8.68%		1/22/2032			-				(16	)			(20	)			0.0	%
Project Pathfinder Borrower, LLC - Term Loan		Software & Services		SOFR + 2.37% (0.75% floor) + 2.67% PIK		8.68%		1/22/2032			20,077				19,910				19,876				4.3	%
Project Pathfinder Borrower, LLC - Term Loan B		Software & Services		SOFR + 2.37% (0.75% floor) + 2.67% PIK		8.68%		1/22/2032			1,503				1,490				1,488				0.3	%
PURIS, LLC - Term Loan		Commercial & Professional Services		SOFR + 5.75% (1.00% floor)		9.45%		6/27/2031			19,789				19,986				19,611				4.2	%
Rails International, LLC - Revolving Credit Line (6)		Consumer Discretionary Distribution & Retail		SOFR + 6.25% (2.00% floor)		9.92%		12/20/2029			-				(35	)			(40	)			0.0	%
Rails International, LLC - Term Loan		Consumer Discretionary Distribution & Retail		SOFR + 6.25% (2.00% floor)		9.92%		12/20/2029			13,039				12,836				12,817				2.7	%
Restaurant Holding Company, LLC - Term Loan (7)(8)(21)		Consumer Services		SOFR + 6.25% (1.00% floor)		10.03%		2/25/2028			1,965				1,961				1,965				0.4	%
Rialto Management Group, LLC - Revolving Credit Line (6)		Financial Services		SOFR + 4.75% (0.75% floor)		8.42%		12/5/2030			-				(9	)			(6	)			0.0	%
Rialto Management Group, LLC - Term Loan		Financial Services		SOFR + 4.75% (0.75% floor)		8.42%		12/5/2030			17,867				17,722				17,759				3.8	%
Rialto Management Group, LLC - Term Loan B		Financial Services		SOFR + 4.75% (0.75% floor)		8.42%		12/5/2030			4,000				3,982				3,976				0.9	%
Salisbury House, LLC - Delayed Draw Term Loan (6)		Consumer Services		SOFR + 4.75% (0.75% floor)		8.48%		8/18/2032			-				(11	)			-				0.0	%
Salisbury House, LLC - Revolving Credit Line (6)		Consumer Services		SOFR + 4.75% (0.75% floor)		8.48%		8/18/2032			-				(14	)			-				0.0	%
Salisbury House, LLC - Term Loan		Consumer Services		SOFR + 4.75% (0.75% floor)		8.48%		8/18/2032			11,762				11,654				11,762				2.5	%
Salt US Holdco, LLC - Delayed Draw Term Loan (6)		Transportation		SOFR + 5.73% (1.00% floor)		9.43%		7/31/2029			569				564				569				0.1	%
Salt US Holdco, LLC - Delayed Draw Term Loan B (6)		Transportation		SOFR + 5.00% (1.00% floor)		9.43%		7/31/2029			-				(13	)			-				0.0	%
Salt US Holdco, LLC - Term Loan (7)		Transportation		SOFR + 5.73% (1.00% floor)		9.43%		7/31/2029			1,974				1,960				1,974				0.4	%
Sarasota US Intermediate, Inc. - Term Loan		Consumer Services		SOFR + 4.75% (1.00% floor)		8.45%		12/15/2031			12,198				12,051				12,100				2.6	%
Seatex Merger Sub, LLC - Delayed Draw Term Loan		Materials		SOFR + 5.75% (1.00% floor)		9.42%		10/22/2029			2,845				2,810				2,817				0.6	%
Seatex Merger Sub, LLC - Revolving Credit Line		Materials		SOFR + 5.75% (1.00% floor)		9.42%		10/22/2029			1,426				1,411				1,412				0.3	%
Seatex Merger Sub, LLC - Term Loan		Materials		SOFR + 5.75% (1.00% floor)		9.42%		10/22/2029			7,746				7,660				7,669				1.6	%
Select Rehabilitation, LLC - Term Loan A		Health Care Equipment & Services		SOFR + 5.00% (5.00% floor)		10.00%		12/29/2028			617				617				617				0.1	%
Select Rehabilitation, LLC - Term Loan B (11)		Health Care Equipment & Services		FIXED 7.50% PIK		7.50%		12/29/2028			1,309				620				301				0.1	%

 

10

---

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2026

(Unaudited)

Portfolio Company (1)(2)(3)		Industry		Spread Above Index		Interest Rate		Maturity Date		Principal/ Shares				Amortized Cost				Fair Value				Percentage of Net Assets (4)
Debt Investments (5)
First Lien Senior Secured
Senior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Loan		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		8.90%		3/20/2030		$	1,508			$	1,485			$	1,508				0.3	%
Senior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Loan B (6)		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		8.90%		3/20/2030			-				(27	)			-				0.0	%
Senior Support Holdings (Franchise) Acquisition, Inc. - Term Loan (7)		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		8.90%		3/20/2030			3,475				3,426				3,475				0.7	%
Senior Support Holdings (Franchise) Acquisition, Inc. - Term Loan B		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		8.90%		3/20/2030			8,868				8,776				8,868				1.9	%
SitusAMC Holdings Corporation - Term Loan		Financial Services		SOFR + 5.50% (0.75% floor)		9.20%		5/14/2031			21,574				21,474				21,444				4.6	%
SL Buyer Corp. - Delayed Draw Term Loan (6)		Software & Services		SOFR + 7.25% (1.00% floor)		10.92%		4/16/2030			578				558				466				0.1	%
SL Buyer Corp. - Revolving Credit Line (6)		Software & Services		SOFR + 7.25% (1.00% floor)		10.92%		4/16/2030			-				(8	)			(22	)			0.0	%
SL Buyer Corp. - Term Loan		Software & Services		SOFR + 7.50% (1.00% floor)		11.17%		4/16/2030			17,807				17,615				17,291				3.7	%
Solidcore Topco, LLC - Delayed Draw Term Loan (6)		Consumer Services		SOFR + 5.75% (1.50% floor)		9.41%		11/4/2030			-				(25	)			-				0.0	%
Solidcore Topco, LLC - Revolving Credit Line (6)		Consumer Services		SOFR + 5.75% (1.50% floor)		9.41%		11/4/2030			389				364				389				0.1	%
Solidcore Topco, LLC - Term Loan		Consumer Services		SOFR + 5.75% (1.50% floor)		9.41%		11/4/2030			16,057				15,801				16,057				3.4	%
Sparkle Holdco 2 Corp. - Revolving Credit Line (6)		Consumer Services		SOFR + 7.25% (1.00% floor)		10.93%		1/16/2031			-				(17	)			(17	)			0.0	%
Sparkle Holdco 2 Corp. - Term Loan		Consumer Services		SOFR + 7.25% (1.00% floor)		10.93%		1/16/2031			4,503				4,375				4,373				0.9	%
Sparta Capital Management, LLC - Term Loan		Financial Services		SOFR + 5.25% (1.50% floor)		8.92%		8/17/2029			6,182				6,129				6,133				1.3	%
Sparta Capital Management, LLC - Delayed Draw Term Loan (6)		Financial Services		SOFR + 5.25% (1.50% floor)		8.92%		8/17/2029			2,705				2,659				2,661				0.6	%
Spartan CP, LLC - Delayed Draw Term Loan		Consumer Services		SOFR + 5.75% (1.00% floor)		9.42%		6/28/2029			2,042				2,018				2,032				0.4	%
Spartan CP, LLC - Delayed Draw Term Loan B (6)		Consumer Services		SOFR + 5.75% (1.00% floor)		9.42%		6/28/2029			2,685				2,629				2,665				0.6	%
Spartan CP, LLC - Revolving Credit Line (6)		Consumer Services		SOFR + 5.75% (1.00% floor)		9.42%		6/28/2029			248				240				246				0.1	%
Spartan CP, LLC - Term Loan (7)		Consumer Services		SOFR + 5.75% (1.00% floor)		9.42%		6/28/2029			4,474				4,411				4,453				1.0	%
Spartan CP, LLC - Term Loan B		Consumer Services		SOFR + 5.75% (1.00% floor)		9.42%		6/28/2029			3,969				3,905				3,949				0.8	%
Sportime Clubs, LLC - Delayed Draw Term Loan A (6)		Consumer Services		FIXED 12.25%		12.25%		10/17/2029			97				44				89				0.0	%
Sportime Clubs, LLC - Delayed Draw Term Loan B (6)		Consumer Services		FIXED 18.00%		18.00%		10/17/2029			427				427				403				0.1	%
Sportime Clubs, LLC - Revolving Credit Line (6)		Consumer Services		SOFR + 6.50% (1.00% floor)		10.17%		10/17/2029			-				(4	)			(1	)			0.0	%
Sportime Clubs, LLC - Term Loan A		Consumer Services		SOFR + 6.50% (1.00% floor)		10.17%		10/17/2029			6,759				6,657				6,746				1.4	%
Sportime Clubs, LLC - Term Loan B		Consumer Services		FIXED 18.00%		18.00%		10/17/2029			1,443				1,409				1,424				0.3	%
Sylmar Group Holdco LLC - Delayed Draw Term Loan (6)(8)		Utilities		SOFR + 5.25% (1.00% floor)		8.92%		11/24/2031			-				(20	)			(25	)			0.0	%
Sylmar Group Holdco LLC - Revolving Credit Line (6)(8)		Utilities		SOFR + 5.25% (1.00% floor)		8.92%		11/24/2031			623				609				614				0.1	%
Sylmar Group Holdco LLC - Term Loan (8)		Utilities		SOFR + 5.25% (1.00% floor)		8.92%		11/24/2031			7,791				7,717				7,744				1.7	%
The Mutual Group LLC - Revolving Credit Line (6)		Insurance		SOFR + 5.75% (1.00% floor)		9.42%		1/31/2030			-				(8	)			-				0.0	%
The Mutual Group LLC - Term Loan		Insurance		SOFR + 5.75% (1.00% floor)		9.42%		1/31/2030			9,311				9,204				9,311				2.0	%
Total Fleet Buyer, LLC - Revolving Credit Line (6)		Capital Goods		SOFR + 4.50% (1.00% floor)		8.13%		7/15/2030			-				(14	)			-				0.0	%
Total Fleet Buyer, LLC - Term Loan (7)		Capital Goods		SOFR + 4.50% (1.00% floor)		8.13%		7/15/2030			5,592				5,517				5,592				1.2	%
Total Fleet Buyer, LLC - Term Loan B		Capital Goods		SOFR + 4.50% (1.00% floor)		8.13%		7/15/2030			1,548				1,525				1,548				0.3	%

 

 

 

11

---

 

 

 

 

 

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2026

(Unaudited)

Portfolio Company (1)(2)(3)		Industry		Spread Above Index		Interest Rate		Maturity Date		Principal/ Shares				Amortized Cost				Fair Value				Percentage of Net Assets (4)
Debt Investments (5)
First Lien Senior Secured
U.S. Anesthesia Partners, Inc. - Term Loan		Health Care Equipment & Services		SOFR + 7.50% (0.50% floor)		11.28%		10/1/2029		$	9,926			$	9,059			$	9,618				2.1	%
Univista Intermediate Holdco LLC - Term Loan A		Insurance		SOFR + 3.85% (1.50% floor)		7.52%		1/10/2031			4,695				4,667				4,592				1.0	%
Univista Intermediate Holdco LLC - Term Loan B		Insurance		SOFR + 5.25% (1.50% floor)		8.92%		1/10/2031			7,837				7,758				7,578				1.6	%
XDimensional Technologies, Inc. - Delayed Draw Term Loan (8)		Software & Services		SOFR + 7.50% (2.00% floor)		11.27%		6/13/2028			12				12				12				0.0	%
XDimensional Technologies, Inc. - Revolving Credit Line (6)(8)		Software & Services		SOFR + 7.50% (2.00% floor)		11.27%		6/13/2028			-				-				(2	)			0.0	%
XDimensional Technologies, Inc. - Term Loan (8)		Software & Services		SOFR + 7.50% (2.00% floor)		11.27%		6/13/2028			885				881				862				0.2	%
Total First Lien Senior Secured											877,318				866,376				863,375				184.5	%
Second Lien Senior Secured
GRAM ABF Vision Holdings, L.P. - Promissory Note		Insurance		FIXED 15.00%		15.00%		1/10/2031		$	774			$	754			$	674				0.1	%
Mitchell International, Inc. - Term Loan (10)		Software & Services		SOFR + 5.25% (0.50% floor)		8.92%		6/17/2032			4,080				4,006				3,708				0.8	%
Total Second Lien Senior Secured											4,854				4,760				4,382				0.9	%
Total Debt Investments										$	882,172			$	871,136			$	867,757				185.4	%

 

12

---

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2026

(Unaudited)

Portfolio Company (1)(2)(3)		Industry		Spread Above Index		Interest Rate		Acquisition Date		Principal/ Shares				Amortized Cost				Fair Value				Percentage of Net Assets (4)
Equity Investments
Private Companies
Allied OMS Intermediate Company, LLC - Preferred Units		Health Care Equipment & Services		NA		NA		6/9/2025			12,148			$	650			$	768				0.2	%
Amplify FG Holdco, L.P. - Class A Units (12)(13)		Commercial & Professional Services		NA		NA		10/18/2024			384				385				442				0.1	%
Calidris Investment Partners Holdings Ltd - Preferred Equity (9)(23)		Insurance		NA		NA		12/31/2025			275,806				5,400				5,610				1.2	%
CyberMaxx Holdings, LLC - Class A Common Units (14)		Software & Services		NA		NA		11/4/2024			90,374				-				-				0.0	%
CyberMaxx Holdings, LLC - Class A-1 Preferred Units (14)		Software & Services		FIXED 8.00%		8.00% PIK		11/4/2024			344				383				237				0.1	%
Ensemble Performing Arts Partners LLC - Series E Preferred Units		Consumer Services		NA		NA		3/28/2025			6,110				703				703				0.2	%
iCreditWorks Inc. - Series D Preferred Stock		Financial Services		FIXED 10.00% + 7.50% PIK		17.50%		12/27/2024			28,542				5,391				5,370				1.1	%
ORECV, LLC - Membership Interest (6)(9)(22)		Real Estate Management & Development		NA		NA		8/8/2025		NA					1,941				1,963				0.4	%
Senior Support Holdings, LP - Class A-1 Units (12)(15)		Health Care Equipment & Services		NA		NA		3/20/2024			371				371				452				0.1	%
Senior Support Holdings, LP - Class B Units (12)(15)		Health Care Equipment & Services		NA		NA		3/20/2024			371				-				117				0.0	%
Sparkle Aggregator, LP - Common Units		Consumer Services		NA		NA		1/16/2026			115				-				462				0.1	%
Sparkle Aggregator, LP - Preferred Units		Consumer Services		NA		NA		1/16/2026			4,167				4,167				3,675				0.8	%
Total Private Companies															19,391				19,799				4.3	%
Total Equity Investments														$	19,391			$	19,799				4.3	%
Warrants
GRAM ABF Vision Holdings, L.P. (16)		Insurance		NA		NA		1/10/2025			47			$	-			$	51				0.0	%
iCreditWorks Inc. (16)		Financial Services		NA		NA		12/27/2024			11,372				-				-				0.0	%
Total Warrants															-				51				0.0	%
Total Investments														$	890,527			$	887,607				189.7	%
Cash Equivalents
First American Government Obligations Fund - X Class (10)(17)		Cash Equivalents		NA		5.05%		NA		$	6,567			$	6,567			$	6,567				1.4	%
Cash Equivalents Total														$	6,567			$	6,567				1.4	%
Investments and Cash Equivalents Total														$	897,094			$	894,174				191.1	%
Other Assets, Less Liabilities (18)																		$	(426,890	)			(91.1	)%
Net Assets																		$	467,284				100.0	%

(1)

Unless otherwise noted, the fair value of investments with respect to securities for which market quotations are not readily available are valued using significant unobservable inputs (See Note 3—Fair Value of Financial Instruments).

(2)

All investments domiciled in the United States unless otherwise noted.

13

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(3)

The Fund updated certain descriptions of its portfolio companies presented in the consolidated financial statements as of March 31, 2026 to align with the legal issuer name, where applicable. These updates had no impact on the Consolidated Statements of Assets and Liabilities as of March 31, 2026.

(4)

Percentages are based on net assets as of March 31, 2026.

(5)

The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR") which resets monthly, quarterly, semiannually, or annually. For each, the Fund has provided the spread over the reference rate and the current interest rate in effect at the reporting date. As of March 31, 2026, the reference rates for the Fund's variable rate loans were the 1 month SOFR at 3.66%, the 3 month SOFR at 3.68%, and the 6 month SOFR at 3.70%. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

(6)

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative fair value until the commitments are called and funded. Please refer to Note 6—Commitments and Contingencies for details of these unfunded commitments.

(7)

Investment held in Comvest Senior Lending Fund LL1 SPV, LLC, a wholly-owned subsidiary of the Fund, as collateral for the Secured Loan Facility. Please refer to Note 7—Borrowings.

(8)

Positions that have a SOFR reference rate, from time to time have an additional spread adjustment. This spread adjustment ranges from 0.00% - 0.37% depending on the contractual arrangement. These spread adjustments have been included in the all-in rate shown.

(9)

The investment is not a qualifying asset, under Section 55(a) of the Investment Company Act of 1940. The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund’s total assets. As of March 31, 2026, 9.92% of the Fund's total assets are represented by investments at fair value that are considered non-qualifying assets.

(10)

Security's value was determined by using significant observable inputs.

(11)

Investment is on non-accrual status.

(12)

Investment is held by Comvest Senior Lending Blocker MF SPV, LLC, a wholly-owned subsidiary of the Fund.

(13)

This security is restricted and not available for resale. On October 18, 2023, the Fund purchased Armanino Advisory LLC – Delayed Draw Term Loan, Armanino Advisory LLC – Revolving Credit Line and Armanino Advisory LLC – Term Loan. These investments are offered by the same issuer and are not restricted to resale.

(14)

This security is restricted and not available for resale. On November 4, 2024, the Fund purchased Periscope Cybermaxx Buyer, Inc – Delayed Draw Term Loan, Periscope Cybermaxx Buyer, Inc – Revolving Credit Line and Periscope Cybermaxx Buyer, Inc –Term Loan. These investments are offered by the same issuer and are not restricted to resale.

(15)

This security is restricted and not available for resale. On March 20, 2024, the Fund purchased Senior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Loan and Senior Support Holdings (Franchise) Acquisition, Inc. – Term Loan. These investments are offered by the same issuer and are not restricted to resale.

(16)

This security is restricted and not available for resale.

(17)

A copy of the security's annual report to shareholders may be obtained without charge on the SEC's website (http://www.sec.gov).

(18)

Included in the total is an amount of $6,722 held for collateral to meet requirements associated with the Secured Loan Facility. Please refer to Note 7—Borrowings.

(19)

Domiciled in the Dominican Republic.

(20)

Domiciled in Bermuda.

(21)

Domiciled in Puerto Rico.

(22)

Investment is deemed an affiliated investment. Affiliated Investments generally are defined by the 1940 Act as investments in portfolio companies in which the Fund owns between 5% and 25% of the voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the portfolio company was an affiliated investment (but not a portfolio company that the Fund is deemed to control).

(23)

As defined in the 1940 Act, the Fund is deemed to be both an “Affiliated Person” of and to “Control” this portfolio company as it owns more than 25% of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was both an Affiliated Person and a portfolio company that the
Fund is deemed to Control.

 

PIK - Payment-in-kind

14

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JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2026

(Unaudited)

The following table shows the portfolio composition by industry grouping based on fair value at March 31, 2026.

Industry		Investments and Cash Equivalents at Fair Value				Percentage of Fair Value
Financial Services		$	161,900				18.1	%
Consumer Services			150,793				16.9	%
Health Care Equipment & Services			135,012				15.1	%
Insurance			110,844				12.4	%
Software & Services			91,605				10.3	%
Commercial & Professional Services			54,884				6.2	%
Capital Goods			52,070				5.8	%
Materials			51,836				5.8	%
Food, Beverage & Tobacco			26,231				3.0	%
Consumer Staples Distribution & Retail			12,826				1.4	%
Consumer Discretionary Distribution & Retail			12,777				1.4	%
Telecommunication Services			9,136				1.0	%
Utilities			8,333				0.9	%
Cash Equivalents			6,567				0.7	%
Transportation			5,699				0.6	%
Real Estate Management & Development			1,963				0.2	%
Media & Entertainment			1,216				0.1	%
Technology Hardware & Equipment			482				0.1	%
		$	894,174				100.0	%

 

The accompanying notes are an integral part of these consolidated financial statements.

15

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JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

(amounts in thousands, except per share data)

December 31, 2025

 

Portfolio Company (1)(2)(3)		Industry		Spread Above Index		Interest Rate		Maturity Date		Principal/ Shares				Amortized Cost				Fair Value				Percentage of Net Assets (4)
Debt Investments (5)
First Lien Senior Secured
Ag Bells LLC - Revolving Credit Line (6)		Consumer Services		SOFR + 5.00% (0.75% floor)		8.72%		8/19/2030		$	-			$	(11	)		$	(13	)			0.0	%
Ag Bells LLC - Term Loan		Consumer Services		SOFR + 5.00% (0.75% floor)		8.72%		8/19/2031			10,332				10,231				10,218				2.2	%
Allbridge, LLC - Delayed Draw Term Loan (6)		Telecommunication Services		SOFR + 5.50% (1.00% floor)		9.17%		6/5/2030			-				(1	)			-				0.0	%
Allbridge, LLC - Revolving Credit Line (6)		Telecommunication Services		SOFR + 5.50% (1.00% floor)		9.17%		6/5/2030			-				(2	)			-				0.0	%
Allbridge, LLC - Term Loan (7)		Telecommunication Services		SOFR + 5.50% (1.00% floor)		9.17%		6/5/2030			1,763				1,746				1,763				0.4	%
Allied OMS Intermediate Company, LLC - Delayed Draw Term Loan (6)		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		9.01%		12/12/2030			-				(13	)			(9	)			0.0	%
Allied OMS Intermediate Company, LLC - Revolving Credit Line (6)		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		9.01%		12/12/2030			-				(9	)			(3	)			0.0	%
Allied OMS Intermediate Company, LLC - Term Loan		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		9.01%		12/12/2030			8,135				8,058				8,110				1.7	%
Ampler QSR Holdings LLC - Revolving Credit Line (6)		Consumer Services		SOFR + 5.00% (0.75% floor)		8.72%		8/19/2030			-				(15	)			(19	)			0.0	%
Ampler QSR Holdings LLC - Term Loan		Consumer Services		SOFR + 5.00% (0.75% floor)		8.72%		8/19/2031			10,494				10,392				10,369				2.2	%
Archtop Fiber Intermediate LLC - Delayed Draw Term Loan (6)		Telecommunication Services		SOFR + 6.25% (2.75% floor)		10.03%		4/1/2030			1,202				1,107				1,119				0.2	%
Archtop Fiber Intermediate LLC - Term Loan		Telecommunication Services		SOFR + 6.25% (2.75% floor)		10.12%		4/1/2030			4,508				4,427				4,454				0.9	%
Armanino Advisory LLC - Delayed Draw Term Loan (6)		Commercial & Professional Services		SOFR + 6.00% (1.00% floor)		9.72%		10/18/2029			326				300				326				0.1	%
Armanino Advisory LLC - Revolving Credit Line (6)		Commercial & Professional Services		SOFR + 6.00% (1.00% floor)		9.73%		10/18/2029			-				(29	)			-				0.0	%
Armanino Advisory LLC - Term Loan		Commercial & Professional Services		SOFR + 6.00% (1.00% floor)		9.73%		10/18/2029			13,307				13,099				13,307				2.8	%
Aspire General Holding Company LLC - Delayed Draw Term Loan (6)		Insurance		SOFR + 6.00% (2.00% floor)		9.67%		8/1/2030			-				(24	)			(26	)			0.0	%
Aspire General Holding Company LLC - Revoling Credit Line (6)		Insurance		SOFR + 6.00% (2.00% floor)		9.67%		8/1/2030			-				(6	)			(7	)			0.0	%
Aspire General Holding Company LLC - Term Loan		Insurance		SOFR + 6.00% (2.00% floor)		9.67%		8/1/2030			18,112				17,937				17,931				3.8	%
Batteries Plus Holding Corporation - Revolving Credit Line (6)(8)		Technology Hardware & Equipment		SOFR + 6.75% (1.00% floor)		10.57%		6/27/2028			-				-				-				0.0	%
Batteries Plus Holding Corporation - Term Loan (7)(8)		Technology Hardware & Equipment		SOFR + 6.75% (1.00% floor)		10.57%		6/27/2028			471				468				471				0.1	%
BHP Management Holdings, LLC - Delayed Draw Term Loan (7)(8)		Health Care Equipment & Services		SOFR + 4.50% (1.00% floor)		8.32%		10/27/2028			720				716				716				0.2	%
BHP Management Holdings, LLC - Term Loan (7)(8)		Health Care Equipment & Services		SOFR + 4.50% (1.00% floor)		8.32%		10/27/2028			1,246				1,241				1,240				0.3	%
Billhighway, LLC - Delayed Draw Term Loan (8)		Software & Services		SOFR + 5.25% (1.00% floor)		8.97%		2/8/2029			61				60				61				0.0	%
Billhighway, LLC - Revolving Credit Line (6)(8)		Software & Services		SOFR + 5.25% (1.00% floor)		8.97%		2/8/2029			-				(1	)			-				0.0	%
Billhighway, LLC - Term Loan (8)		Software & Services		SOFR + 5.25% (1.00% floor)		8.97%		2/8/2029			960				950				960				0.2	%

 

16

---

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

December 31, 2025

 

Portfolio Company (1)(2)(3)		Industry		Spread Above Index		Interest Rate		Maturity Date		Principal/ Shares				Amortized Cost				Fair Value				Percentage of Net Assets (4)
Debt Investments (5)
First Lien Senior Secured
Bishop Street Underwriters LLC - Delayed Draw Term Loan		Financial Services		SOFR + 5.50% (1.00% floor)		9.22%		7/31/2031		$	6,846			$	6,780			$	6,784				1.4	%
Bishop Street Underwriters LLC - Term Loan		Financial Services		SOFR + 5.50% (1.00% floor)		9.22%		7/31/2031			10,243				10,143				10,151				2.2	%
Brown & Root Industrial Services, LLC - Revolving Credit Line (6)		Commercial & Professional Services		SOFR + 5.00% (1.00% floor)		8.84%		10/3/2030			1,314				1,253				1,250				0.3	%
Brown & Root Industrial Services, LLC - Term Loan		Commercial & Professional Services		SOFR + 5.00% (1.00% floor)		8.67%		10/3/2030			18,723				18,450				18,442				3.9	%
Calidris Investment Partners Holdings Ltd - Term Loan (9)(25)		Insurance		SOFR + 7.50%		11.17%		12/31/2030			8,231				8,100				8,107				1.7	%
Cardiology Management Holdings, LLC - Delayed Draw Term Loan A (7)(8)		Health Care Equipment & Services		SOFR + 5.75% (1.00% floor)		9.62%		1/31/2029			485				478				485				0.1	%
Cardiology Management Holdings, LLC - Delayed Draw Term Loan B (7)(8)		Health Care Equipment & Services		SOFR + 5.75% (1.00% floor)		9.62%		1/31/2029			474				468				474				0.1	%
Cardiology Management Holdings, LLC - Term Loan (7)(8)		Health Care Equipment & Services		SOFR + 5.75% (1.00% floor)		9.62%		1/31/2029			687				677				687				0.1	%
CheckedUp, Inc - Delayed Draw Term Loan (7)(8)		Media & Entertainment		SOFR + 5.00% (1.00% floor)		8.82%		10/20/2027			243				242				243				0.1	%
CheckedUp, Inc - Revolving Credit Line (6)(8)		Media & Entertainment		SOFR + 5.00% (1.00% floor)		8.82%		10/20/2027			128				128				128				0.0	%
CheckedUp, Inc - Term Loan (7)(8)		Media & Entertainment		SOFR + 5.00% (1.00% floor)		8.82%		10/20/2027			866				864				866				0.2	%
Complete Paper Inc. - Term Loan		Materials		SOFR + 5.00% (0.75% floor)		8.67%		2/4/2031			19,850				19,586				19,155				4.1	%
Compu-Link Corporation - Revolving Credit Line (6)		Financial Services		SOFR + 6.25% (1.00% floor)		9.77%		4/4/2030			-				(20	)			(19	)			0.0	%
Cooper's Hawk Intermediate Holding,LLC - Delayed Draw Term Loan (6)		Consumer Services		SOFR + 5.50% (0.75% floor)		9.32%		7/29/2031			-				(20	)			(38	)			0.0	%
Cooper's Hawk Intermediate Holding,LLC - Revolving Credit Line (6)		Consumer Services		SOFR + 5.50% (0.75% floor)		9.32%		7/29/2031			263				237				239				0.1	%
Cooper's Hawk Intermediate Holding,LLC - Term Loan		Consumer Services		SOFR + 5.50% (0.75% floor)		9.32%		7/29/2031			20,263				19,976				20,000				4.2	%
CRA Funding 1, LLC - Term Loan		Financial Services		SOFR + 4.75% (2.00% floor)		8.47%		3/16/2029			26,952				26,718				26,882				5.7	%
CrossLink Professional Tax Solutions, LLC - Revolving Credit Line (6)		Software & Services		SOFR + 5.25% (1.00% floor)		8.92%		6/30/2028			749				738				749				0.2	%
CrossLink Professional Tax Solutions, LLC - Term Loan		Software & Services		SOFR + 5.25% (1.00% floor)		8.92%		6/30/2028			9,020				8,939				9,020				1.9	%
D4C Dental Brands, Inc. - Revolving Credit Line (6)		Health Care Equipment & Services		SOFR + 4.50% (3.00% floor)		8.21%		11/27/2029			713				698				707				0.2	%
D4C Dental Brands, Inc. - Term Loan		Health Care Equipment & Services		SOFR + 4.50% (3.00% floor)		8.23%		11/27/2029			19,731				19,569				19,672				4.2	%
Diesco Industries Ltd. - Term Loan (9)(20)		Food, Beverage & Tobacco		SOFR + 6.50% (2.00% floor)		10.19%		12/31/2029			25,397				25,079				24,991				5.3	%
Diesco Industries Ltd. - Term Loan B (9)(20)		Food, Beverage & Tobacco		SOFR + 6.50% (2.00% floor)		10.19%		12/31/2029			1,381				1,362				1,359				0.3	%

 

17

---

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

December 31, 2025

 

Portfolio Company (1)(2)(3)		Industry		Spread Above Index		Interest Rate		Maturity Date		Principal/ Shares				Amortized Cost				Fair Value				Percentage of Net Assets (4)
Debt Investments (5)
First Lien Senior Secured
Discovery SL Management, LLC - Delayed Draw Term Loan A (7)		Health Care Equipment & Services		SOFR + 4.75% (1.00% floor)		8.47%		3/18/2030		$	355			$	353			$	354				0.1	%
Discovery SL Management, LLC - Delayed Draw Term Loan B (6)		Health Care Equipment & Services		SOFR + 4.75% (1.00% floor)		8.47%		3/18/2030			1,135				1,128				1,132				0.2	%
Discovery SL Management, LLC - Delayed Draw Term Loan C (6)		Health Care Equipment & Services		SOFR + 4.75% (1.00% floor)		8.47%		3/18/2030			-				(15	)			(5	)			0.0	%
Discovery SL Management, LLC - Revolving Credit Line (6)		Health Care Equipment & Services		SOFR + 4.75% (1.00% floor)		8.47%		3/18/2030			-				(6	)			(1	)			0.0	%
Discovery SL Management, LLC - Term Loan (7)		Health Care Equipment & Services		SOFR + 4.75% (1.00% floor)		8.47%		3/18/2030			2,121				2,101				2,117				0.4	%
DMA Holding Company - Revolving Credit Line		Software & Services		SOFR + 7.00% (1.00% floor)		10.82%		7/19/2028			115				113				110				0.0	%
DMA Holding Company - Term Loan		Software & Services		SOFR + 7.00% (1.00% floor)		10.82%		7/19/2028			1,041				1,025				1,001				0.2	%
Drive Assurance Corporation - Term Loan (7)(9)		Insurance		SOFR + 7.00% (2.00% floor)		10.72%		7/10/2030			3,645				3,616				3,645				0.8	%
eHealthInsurance Services, Inc. - Revolving Credit Line		Insurance		SOFR + 6.50% (2.00% floor)		10.22%		12/29/2028			13,148				12,951				12,951				2.8	%
Ensemble Music Schools LLC - Delayed Draw Term Loan B (6)		Consumer Services		SOFR + 5.50% (1.00% floor)		9.23%		3/28/2030			2,811				2,763				2,769				0.6	%
Ensemble Music Schools LLC - Revolving Credit Line (6)		Consumer Services		SOFR + 5.50% (1.00% floor)		9.22%		3/28/2030			-				(18	)			(14	)			0.0	%
Ensemble Music Schools LLC - Term Loan		Consumer Services		SOFR + 5.50% (1.00% floor)		9.22%		3/28/2030			9,089				8,966				8,998				1.9	%
FloWorks International, LLC - Delayed Draw Term Loan		Capital Goods		SOFR + 4.75% (0.75% floor)		8.57%		11/26/2031			2,409				2,399				2,380				0.5	%
FloWorks International, LLC - Term Loan		Capital Goods		SOFR + 4.75% (0.75% floor)		8.57%		11/26/2031			19,128				18,962				18,899				4.0	%
Fullsteam Operations LLC - Delayed Draw Term Loan (6)		Software & Services		SOFR + 5.25% (0.75% floor)		9.11%		8/8/2031			-				(27	)			(69	)			0.0	%
Fullsteam Operations LLC - Revolving Credit Line (6)		Software & Services		SOFR + 5.25% (0.75% floor)		9.11%		8/8/2031			-				(18	)			(23	)			0.0	%
Fullsteam Operations LLC - Term Loan		Software & Services		SOFR + 5.25% (0.75% floor)		9.11%		8/8/2031			17,308				17,139				17,100				3.6	%
HAH Group Holding Company, LLC - Term Loan (10)		Health Care Equipment & Services		SOFR + 5.00%		8.72%		9/24/2031			9,900				9,771				8,715				1.9	%
Handgards, LLC - Term Loan		Materials		SOFR + 4.75% (1.00% floor)		8.47%		4/10/2031			21,519				21,421				21,476				4.6	%
Hasa Acquisition, LLC - Delayed Draw Term Loan (6)(8)		Capital Goods		SOFR + 4.50% (1.00% floor)		8.34%		1/10/2029			12				10				11				0.0	%
Hasa Acquisition, LLC - Revolving Credit Line (6)(8)		Capital Goods		SOFR + 4.50% (1.00% floor)		8.40%		1/10/2029			51				49				51				0.0	%
Hasa Acquisition, LLC - Term Loan (7)(8)		Capital Goods		SOFR + 4.50% (1.00% floor)		8.46%		1/10/2029			1,386				1,365				1,380				0.3	%
Heathos LLC - Revolving Credit Line (6)		Health Care Equipment & Services		SOFR + 4.75% (1.00% floor)		8.47%		9/19/2031			-				(10	)			(11	)			0.0	%
Heathos LLC - Term Loan		Health Care Equipment & Services		SOFR + 4.75% (1.00% floor)		8.47%		9/19/2031			12,158				11,982				11,964				2.5	%
Hornblower Sub LLC - Revolving Credit Line (6)		Transportation		SOFR + 5.50% (1.00% floor)		9.19%		7/3/2029			443				439				418				0.1	%

 

18

---

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

December 31, 2025

 

Portfolio Company (1)(2)(3)		Industry		Spread Above Index		Interest Rate		Maturity Date		Principal/ Shares				Amortized Cost				Fair Value				Percentage of Net Assets (4)
Debt Investments (5)
First Lien Senior Secured
Hornblower Sub LLC - Term Loan (7)		Transportation		SOFR + 5.50% (1.00% floor)		9.46%		7/3/2029		$	2,856			$	2,833			$	2,704				0.6	%
Integrity Marketing Acquisition, LLC - Delayed Draw Term Loan (6)		Financial Services		SOFR + 5.00% (0.75% floor)		8.82%		8/25/2028			-				(4	)			-				0.0	%
Integrity Marketing Acquisition, LLC - Revolving Credit Line (6)		Financial Services		SOFR + 5.00% (0.75% floor)		8.82%		8/25/2028			-				(1	)			-				0.0	%
Integrity Marketing Acquisition, LLC - Term Loan		Financial Services		SOFR + 5.00% (0.75% floor)		8.82%		8/25/2028			17,982				17,970				17,982				3.8	%
Juvare, LLC - Delayed Draw Term Loan (6)		Software & Services		SOFR + 5.25% (0.50% floor)		9.10%		5/1/2031			-				-				(5	)			0.0	%
Juvare, LLC - Revolving Credit Line (6)		Software & Services		SOFR + 5.25% (0.50% floor)		9.10%		5/1/2031			-				(8	)			(9	)			0.0	%
Juvare, LLC - Term Loan		Software & Services		SOFR + 5.25% (0.50% floor)		9.10%		5/1/2031			11,850				11,790				11,790				2.5	%
KCK Ltd - Revolving Credit Line (9)(21)		Financial Services		SOFR + 5.55%		9.22%		9/27/2027			7,026				7,006				7,026				1.5	%
KCK Ltd - Term Loan (9)(21)		Financial Services		SOFR + 5.55%		9.22%		9/27/2027			12,495				12,456				12,495				2.7	%
KCK Ltd - Term Loan B (9)(21)		Financial Services		SOFR + 5.55%		9.22%		9/27/2027			1,608				1,608				1,608				0.3	%
KCK Ltd - Term Loan C (9)(21)		Financial Services		SOFR + 5.55%		9.22%		9/27/2027			26				26				26				0.0	%
Kemper Sports Management, LLC - Delayed Draw Term Loan (7)(8)		Consumer Services		SOFR + 5.00% (1.00% floor)		8.72%		10/11/2029			440				438				440				0.1	%
Kemper Sports Management, LLC - Revolving Credit Line (6)(8)		Consumer Services		SOFR + 5.00% (1.00% floor)		8.72%		10/11/2029			-				(1	)			-				0.0	%
Kemper Sports Management, LLC - Term Loan (7)(8)		Consumer Services		SOFR + 5.00% (1.00% floor)		8.72%		10/11/2029			1,813				1,803				1,813				0.4	%
Learn-it Systems, LLC - Delayed Draw Term Loan A (6)		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		9.12%		7/10/2031			305				277				265				0.1	%
Learn-it Systems, LLC - Delayed Draw Term Loan B (6)		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		9.46%		7/10/2031			-				-				(8	)			0.0	%
Learn-it Systems, LLC - Revolving Credit Line (6)		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		9.46%		7/10/2031			-				(25	)			(20	)			0.0	%
Learn-it Systems, LLC - Term Loan		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		9.46%		7/10/2031			13,761				13,556				13,610				2.9	%
Lindstrom, LLC - Revolving Credit Line (6)(8)		Capital Goods		SOFR + 5.50% (0.75% floor)		9.20%		12/30/2032			707				678				678				0.1	%
Lindstrom, LLC - Term Loan (8)		Capital Goods		SOFR + 5.50% (0.75% floor)		9.20%		12/30/2032			13,071				12,875				12,875				2.7	%
Military Retail Solutions, LLC - Delayed Draw Term Loan (6)(8)		Consumer Staples Distribution & Retail		SOFR + 5.25% (1.00% floor)		9.00%		6/28/2029			-				(11	)			-				0.0	%
Military Retail Solutions, LLC - Revolving Credit Line (6)(8)		Consumer Staples Distribution & Retail		SOFR + 5.25% (1.00% floor)		9.00%		6/28/2029			202				191				202				0.0	%
Military Retail Solutions, LLC - Term Loan (8)		Consumer Staples Distribution & Retail		SOFR + 5.25% (1.00% floor)		8.97%		6/28/2029			12,453				12,265				12,453				2.6	%
National Debt Relief, LLC - Delayed Draw Term Loan (7)(8)		Financial Services		SOFR + 6.50% (2.50% floor)		10.33%		2/7/2028			598				596				597				0.1	%
National Debt Relief, LLC - Revolving Credit Line (8)		Financial Services		SOFR + 6.50% (2.50% floor)		10.33%		2/7/2028			120				119				119				0.0	%

 

19

---

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

December 31, 2025

 

Portfolio Company (1)(2)(3)		Industry		Spread Above Index		Interest Rate		Maturity Date		Principal/ Shares				Amortized Cost				Fair Value				Percentage of Net Assets (4)
Debt Investments (5)
First Lien Senior Secured
National Debt Relief, LLC - Term Loan (7)(8)		Financial Services		SOFR + 6.50% (2.50% floor)		10.33%		2/7/2028		$	718			$	715			$	717				0.2	%
Nuclear Care Partners Holdings, Inc. - Revolving Credit Line (6)		Health Care Equipment & Services		SOFR + 4.50% (1.00% floor)		8.27%		10/1/2030			-				(19	)			(3	)			0.0	%
Nuclear Care Partners Holdings, Inc. - Term Loan		Health Care Equipment & Services		SOFR + 4.50% (1.00% floor)		8.27%		10/1/2030			7,188				7,097				7,174				1.5	%
Obra CICS Finance, LLC - Term Loan (9)		Insurance		SOFR + 4.75% (3.00% floor)		8.47%		12/31/2030			23,571				23,492				23,571				5.0	%
OEP Wheeler Buyer, LLC - Revolving Credit Line (6)		Capital Goods		SOFR + 5.25% (1.00% floor)		9.16%		4/1/2030			-				(40	)			(35	)			0.0	%
OEP Wheeler Buyer, LLC - Term Loan		Capital Goods		SOFR + 5.25% (1.00% floor)		9.16%		4/1/2030			10,978				10,829				10,857				2.3	%
OL Texas Restaurants, LLC - Revolving Credit Line (6)(8)		Consumer Services		SOFR + 5.00% (1.00% floor)		8.92%		8/29/2029			23				22				23				0.0	%
OL Texas Restaurants, LLC - Term Loan (7)		Consumer Services		SOFR + 5.00% (1.00% floor)		9.08%		8/29/2029			1,435				1,430				1,431				0.3	%
OmniMax International, LLC - Delayed Draw Term Loan		Capital Goods		SOFR + 5.75% (1.00% floor)		9.42%		12/6/2030			5,078				4,988				5,068				1.1	%
OmniMax International, LLC - Term Loan		Capital Goods		SOFR + 5.75% (1.00% floor)		9.42%		12/6/2030			16,441				16,157				16,408				3.5	%
OpCo Borrower, LLC - Term Loan B		Health Care Equipment & Services		SOFR + 6.25% (1.00% floor)		10.23%		4/26/2029			10,041				9,913				10,041				2.1	%
Palmetto Longevity Fund, LLC - Delayed Draw Term Loan (6)		Insurance		SOFR + 6.50% (1.50% floor)		10.22%		4/11/2030			2,072				2,041				2,063				0.4	%
Palmetto Longevity Fund, LLC - Revolving Credit Line (6)		Insurance		SOFR + 6.50% (1.50% floor)		10.22%		4/11/2030			1,060				1,008				1,044				0.2	%
Palmetto Longevity Fund, LLC - Term Loan		Insurance		SOFR + 6.50% (1.50% floor)		10.22%		4/11/2030			13,818				13,637				13,763				2.9	%
Pansophic Learning US, LLC - Delayed Draw Term Loan		Consumer Services		SOFR + 5.75% (1.00% floor)		9.47%		5/15/2029			1,478				1,453				1,478				0.3	%
Pansophic Learning US, LLC - Revolving Credit Line (6)		Consumer Services		SOFR + 5.75% (1.00% floor)		9.47%		5/15/2029			-				(15	)			-				0.0	%
Pansophic Learning US, LLC - Term Loan (7)		Consumer Services		SOFR + 5.75% (1.00% floor)		9.47%		5/15/2029			11,816				11,618				11,816				2.5	%
Pediatric Home Respiratory Services, LLC - Delayed Draw Term Loan (6)		Health Care Equipment & Services		SOFR + 5.50% (0.75% floor)		9.10%		12/23/2030			-				(4	)			(4	)			0.0	%
Pediatric Home Respiratory Services, LLC - Revolving Credit Line (6)		Health Care Equipment & Services		SOFR + 5.50% (0.75% floor)		9.10%		12/23/2030			-				(4	)			(2	)			0.0	%
Pediatric Home Respiratory Services, LLC - Term Loan		Health Care Equipment & Services		SOFR + 5.50% (0.75% floor)		9.10%		12/23/2030			9,720				9,679				9,701				2.1	%
Pediatric Home Respiratory Services, LLC - Term Loan B (8)		Health Care Equipment & Services		SOFR + 5.50% (0.75% floor)		9.10%		12/23/2030			990				986				988				0.2	%
Peer Advisors LLC - Term Loan		Financial Services		SOFR + 6.00% (1.00% floor)		9.77%		4/4/2030			21,292				21,000				21,037				4.5	%
Periscope Cybermaxx Buyer, Inc - Delayed Draw Term Loan (6)		Software & Services		SOFR + 5.50% (1.00% floor)		9.22%		11/5/2029			227				213				206				0.0	%
Periscope Cybermaxx Buyer, Inc - Revolving Credit Line (6)		Software & Services		SOFR + 5.50% (1.00% floor)		9.22%		11/5/2029			275				267				268				0.1	%
Periscope Cybermaxx Buyer, Inc - Term Loan		Software & Services		SOFR + 5.50% (1.00% floor)		9.22%		11/5/2029			7,565				7,473				7,490				1.6	%

 

20

---

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

December 31, 2025

 

Portfolio Company (1)(2)(3)		Industry		Spread Above Index		Interest Rate		Maturity Date		Principal/ Shares				Amortized Cost				Fair Value				Percentage of Net Assets (4)
Debt Investments (5)
First Lien Senior Secured
Petvet Care Centers, LLC - Revolving Credit Line (6)		Health Care Equipment & Services		SOFR + 6.00% (0.75% floor)		9.84%		11/15/2030		$	177			$	152			$	(5	)			0.0	%
Petvet Care Centers, LLC - Term Loan		Health Care Equipment & Services		SOFR + 6.00% (0.75% floor)		9.72%		11/15/2030			13,288				13,086				11,919				2.5	%
PF Carrus Careers, LLC - Revolving Credit Line (6)(8)		Consumer Services		SOFR + 4.75% (3.00% floor)		8.42%		11/13/2031			274				266				266				0.1	%
PF Carrus Careers, LLC - Term Loan A (8)		Consumer Services		SOFR + 4.75% (3.00% floor)		8.42%		11/13/2031			3,621				3,585				3,585				0.8	%
PF Carrus Careers, LLC - Term Loan B (8)		Consumer Services		SOFR + 8.93% (3.00% floor)		12.60%		11/13/2031			1,631				1,592				1,591				0.3	%
Project Pathfinder Borrower, LLC - Revolving Credit Line (6)		Software & Services		SOFR + 5.00% (0.75% floor)		8.86%		1/22/2032			-				(17	)			-				0.0	%
Project Pathfinder Borrower, LLC - Term Loan		Software & Services		SOFR + 5.00% (0.75% floor)		8.86%		1/22/2032			19,985				19,807				19,985				4.2	%
Project Pathfinder Borrower, LLC - Term Loan B		Software & Services		SOFR + 5.00% (0.75% floor)		8.86%		1/22/2032			1,496				1,482				1,496				0.3	%
PURIS, LLC - Term Loan		Commercial & Professional Services		SOFR + 5.75% (1.00% floor)		9.45%		6/27/2031			19,839				20,038				18,966				4.0	%
Rails International, LLC - Revolving Credit Line (6)		Consumer Discretionary Distribution & Retail		SOFR + 6.25% (2.00% floor)		9.97%		12/20/2029			-				(37	)			(45	)			0.0	%
Rails International, LLC - Term Loan		Consumer Discretionary Distribution & Retail		SOFR + 6.25% (2.00% floor)		9.97%		12/20/2029			13,039				12,821				12,791				2.7	%
Restaurant Holding Company, LLC - Term Loan (7)(8)(22)		Consumer Services		SOFR + 6.25% (1.00% floor)		10.08%		2/25/2028			1,978				1,973				1,978				0.4	%
Rialto Management Group, LLC - Revolving Credit Line (6)		Financial Services		SOFR + 5.00% (0.75% floor)		8.72%		12/5/2030			-				(9	)			-				0.0	%
Rialto Management Group, LLC - Term Loan		Financial Services		SOFR + 5.00% (0.75% floor)		8.72%		12/5/2030			17,867				17,713				17,867				3.8	%
Rialto Management Group, LLC - Term Loan B		Financial Services		SOFR + 5.00% (0.75% floor)		8.72%		12/5/2030			4,000				3,980				4,000				0.8	%
Salisbury House, LLC - Delayed Draw Term Loan (6)		Consumer Services		SOFR + 5.00% (0.75% floor)		8.72%		8/18/2032			-				(11	)			(9	)			0.0	%
Salisbury House, LLC - Revolving Credit Line (6)		Consumer Services		SOFR + 5.00% (0.75% floor)		8.72%		8/18/2032			237				222				231				0.0	%
Salisbury House, LLC - Term Loan		Consumer Services		SOFR + 5.00% (0.75% floor)		8.73%		8/18/2032			11,791				11,677				11,744				2.5	%
Salt US Holdco, LLC - Delayed Draw Term Loan (6)		Transportation		SOFR + 5.73% (1.00% floor)		9.40%		7/31/2029			343				340				343				0.1	%
Salt US Holdco, LLC - Term Loan (7)		Transportation		SOFR + 5.73% (1.00% floor)		9.40%		7/31/2029			1,979				1,963				1,979				0.4	%
Sarasota US Intermediate, Inc. - Revolving Credit Line (6)		Consumer Services		SOFR + 4.75% (1.00% floor)		8.47%		12/15/2031			391				371				371				0.1	%
Sarasota US Intermediate, Inc. - Term Loan		Consumer Services		SOFR + 4.75% (1.00% floor)		8.47%		12/15/2031			14,674				14,491				14,490				3.1	%
Seatex Merger Sub, LLC - Delayed Draw Term Loan		Materials		SOFR + 5.75% (1.00% floor)		9.44%		10/22/2029			2,853				2,815				2,838				0.6	%
Seatex Merger Sub, LLC - Revolving Credit Line (6)		Materials		SOFR + 5.75% (1.00% floor)		9.69%		10/22/2029			285				269				278				0.1	%
Seatex Merger Sub, LLC - Term Loan		Materials		SOFR + 5.75% (1.00% floor)		9.61%		10/22/2029			7,766				7,673				7,727				1.6	%
Select Rehabilitation, LLC - Term Loan A		Health Care Equipment & Services		SOFR + 5.00% (5.00% floor)		10.00%		12/29/2028			625				625				625				0.1	%
Select Rehabilitation, LLC - Term Loan B (12)		Health Care Equipment & Services		FIXED 7.50% PIK		7.50%		12/29/2028			1,285				620				678				0.1	%

 

21

---

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

December 31, 2025

 

Portfolio Company (1)(2)(3)		Industry		Spread Above Index		Interest Rate		Maturity Date		Principal/ Shares				Amortized Cost				Fair Value				Percentage of Net Assets (4)
Debt Investments (5)
First Lien Senior Secured
Senior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Loan		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		8.94%		3/20/2030		$	1,512			$	1,487			$	1,512				0.3	%
Senior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Loan B (6)		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		8.94%		3/20/2030			-				(29	)			-				0.0	%
Senior Support Holdings (Franchise) Acquisition, Inc. - Term Loan (7)		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		8.94%		3/20/2030			3,484				3,431				3,484				0.7	%
Senior Support Holdings (Franchise) Acquisition, Inc. - Term Loan B		Health Care Equipment & Services		SOFR + 5.25% (1.00% floor)		8.94%		3/20/2030			8,891				8,791				8,891				1.9	%
SitusAMC Holdings Corporation - Term Loan		Financial Services		SOFR + 5.50% (0.75% floor)		9.17%		5/14/2031			21,628				21,520				21,628				4.6	%
SL Buyer Corp. - Delayed Draw Term Loan (6)		Software & Services		SOFR + 7.25% (1.00% floor)		11.09%		4/16/2030			364				343				310				0.1	%
SL Buyer Corp. - Revolving Credit Line (6)		Software & Services		SOFR + 7.25% (1.00% floor)		11.09%		4/16/2030			-				(8	)			(11	)			0.0	%
SL Buyer Corp. - Term Loan		Software & Services		SOFR + 7.25% (1.00% floor)		11.09%		4/16/2030			17,807				17,602				17,558				3.7	%
Solidcore Topco, LLC - Delayed Draw Term Loan (6)		Consumer Services		SOFR + 5.75% (1.50% floor)		9.65%		11/4/2030			-				(26	)			-				0.0	%
Solidcore Topco, LLC - Revolving Credit Line (6)		Consumer Services		SOFR + 5.75% (1.50% floor)		9.65%		11/4/2030			-				(26	)			-				0.0	%
Solidcore Topco, LLC - Term Loan		Consumer Services		SOFR + 5.75% (1.50% floor)		9.65%		11/4/2030			16,098				15,825				16,098				3.4	%
Sparta Capital Management, LLC - Term Loan		Financial Services		SOFR + 5.25% (1.50% floor)		8.97%		8/20/2029			6,182				6,124				6,139				1.3	%
Sparta Capital Management, LLC - Delayed Draw Term Loan (6)		Financial Services		SOFR + 5.25% (1.50% floor)		8.97%		8/20/2029			1,803				1,754				1,765				0.4	%
Spartan CP, LLC - Delayed Draw Term Loan		Consumer Services		SOFR + 5.75% (1.00% floor)		9.47%		6/28/2029			2,047				2,021				2,041				0.4	%
Spartan CP, LLC - Delayed Draw Term Loan B (6)		Consumer Services		SOFR + 5.75% (1.00% floor)		9.47%		6/28/2029			2,692				2,631				2,680				0.6	%
Spartan CP, LLC - Revolving Credit Line (6)		Consumer Services		SOFR + 5.75% (1.00% floor)		9.47%		6/28/2029			-				(9	)			(1	)			0.0	%
Spartan CP, LLC - Term Loan (7)		Consumer Services		SOFR + 5.75% (1.00% floor)		9.47%		6/28/2029			4,486				4,418				4,472				1.0	%
Spartan CP, LLC - Term Loan B		Consumer Services		SOFR + 5.75% (1.00% floor)		9.47%		6/28/2029			3,979				3,910				3,967				0.8	%
Sportime Clubs, LLC - Delayed Draw Term Loan A (6)		Consumer Services		FIXED 12.25%		12.25%		10/17/2029			97				40				64				0.0	%
Sportime Clubs, LLC - Delayed Draw Term Loan B (6)		Consumer Services		FIXED 18.00%		18.00%		10/17/2029			347				347				300				0.1	%
Sportime Clubs, LLC - Revolving Credit Line (6)		Consumer Services		SOFR + 6.50% (1.00% floor)		10.22%		10/17/2029			-				(4	)			(3	)			0.0	%
Sportime Clubs, LLC - Term Loan A		Consumer Services		SOFR + 6.50% (1.00% floor)		10.22%		10/17/2029			6,776				6,666				6,715				1.4	%
Sportime Clubs, LLC - Term Loan B		Consumer Services		FIXED 18.00%		18.00%		10/17/2029			1,443				1,407				1,407				0.3	%
Sylmar Group Holdco LLC - Delayed Draw Term Loan (6)(8)		Utilities		SOFR + 5.25% (1.00% floor)		8.97%		11/24/2031			-				(21	)			(42	)			0.0	%
Sylmar Group Holdco LLC - Revolving Credit Line (6)(8)		Utilities		SOFR + 5.25% (1.00% floor)		8.97%		11/24/2031			364				348				348				0.1	%
Sylmar Group Holdco LLC - Term Loan (8)		Utilities		SOFR + 5.25% (1.00% floor)		8.97%		11/24/2031			7,791				7,714				7,713				1.6	%
The Mutual Group LLC - Revolving Credit Line (6)		Insurance		SOFR + 5.75% (1.00% floor)		9.51%		1/31/2030			-				(8	)			(8	)			0.0	%
The Mutual Group LLC - Term Loan		Insurance		SOFR + 5.75% (1.00% floor)		9.51%		1/31/2030			9,335				9,220				9,218				2.0	%
Total Fleet Buyer, LLC - Revolving Credit Line (6)		Capital Goods		SOFR + 4.50% (1.00% floor)		8.28%		7/15/2030			-				(15	)			-				0.0	%
Total Fleet Buyer, LLC - Term Loan (7)		Capital Goods		SOFR + 4.50% (1.00% floor)		8.28%		7/15/2030			5,606				5,526				5,606				1.2	%
Total Fleet Buyer, LLC - Term Loan B		Capital Goods		SOFR + 4.50% (1.00% floor)		8.48%		7/15/2030			1,552				1,527				1,552				0.3	%

 

 

 

 

 

22

---

 

 

 

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

December 31, 2025

 

Portfolio Company (1)(2)(3)		Industry		Spread Above Index		Interest Rate		Maturity Date		Principal/ Shares				Amortized Cost				Fair Value				Percentage of Net Assets (4)
Debt Investments (5)
First Lien Senior Secured
U.S. Anesthesia Partners, Inc. - Term Loan		Health Care Equipment & Services		SOFR + 7.50% (0.50% floor)		11.49%		10/1/2029		$	9,926			$	9,008			$	9,648				2.0	%
Univista Intermediate Holdco LLC - Term Loan A		Insurance		SOFR + 3.85% (1.50% floor)		7.57%		1/10/2031			4,745				4,715				4,627				1.0	%
Univista Intermediate Holdco LLC - Term Loan B		Insurance		SOFR + 5.25% (1.50% floor)		10.23%		1/10/2031			7,837				7,754				7,563				1.6	%
WildBrain Ltd. - Revolving Credit Line (6)(9)(23)		Media & Entertainment		SOFR + 5.50% (1.00% floor)		9.36%		7/23/2029			1,237				1,210				1,237				0.3	%
WildBrain Ltd. - Term Loan (7)(9)(23)		Media & Entertainment		SOFR + 5.50% (1.00% floor)		9.36%		7/23/2029			17,403				17,130				17,734				3.8	%
XDimensional Technologies, Inc. - Delayed Draw Term Loan (8)		Software & Services		SOFR + 7.25% (2.00% floor)		11.07%		6/13/2028			12				12				12				0.0	%
XDimensional Technologies, Inc. - Revolving Credit Line (6)(8)		Software & Services		SOFR + 7.25% (2.00% floor)		11.07%		6/13/2028			-				-				(1	)			0.0	%
XDimensional Technologies, Inc. - Term Loan (8)		Software & Services		SOFR + 7.25% (2.00% floor)		11.07%		6/13/2028			887				888				871				0.2	%
Total First Lien Senior Secured											910,824				898,608				899,174				190.8	%
Second Lien Senior Secured
GRAM ABF Vision Holdings, L.P. - Promissory Note		Insurance		FIXED 15.00%		15.00%		1/10/2031		$	746			$	727			$	645				0.1	%
Hometown Food Company - Term Loan B		Consumer Staples Distribution & Retail		SOFR + 7.50% (1.50% floor)		11.28%		6/3/2031			15,000				14,932				14,955				3.2	%
Mitchell International, Inc. - Term Loan (10)		Software & Services		SOFR + 5.25% (0.50% floor)		8.97%		6/17/2032			7,080				6,954				7,045				1.5	%
Total Second Lien Senior Secured											22,826				22,613				22,645				4.8	%
Total Debt Investments										$	933,650			$	921,221			$	921,819				195.6	%

 

23

---

 

JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

December 31, 2025

 

Portfolio Company (1)(2)(3)		Industry		Spread Above Index		Interest Rate		Acquisition Date		Principal/ Shares				Amortized Cost				Fair Value				Percentage of Net Assets (4)
Equity Investments
Private Companies
Allied OMS Intermediate Company, LLC - Preferred Units		Health Care Equipment & Services		NA		NA		6/9/2025			10,780			$	568			$	646				0.1	%
Amplify FG Holdco, L.P. - Class A Units (13)(14)		Commercial & Professional Services		NA		NA		10/18/2024			384				385				432				0.1	%
Calidris Investment Partners Holdings Ltd - Preferred Equity (9)(25)		Insurance		NA		NA		12/31/2025			275,806				5,400				5,400				1.1	%
CyberMaxx Holdings, LLC - Class A Common Units (15)		Software & Services		NA		NA		11/4/2024			90,374				-				-				0.0	%
CyberMaxx Holdings, LLC - Class A-1 Preferred Units (15)		Software & Services		FIXED 8.00%		8.00% PIK		11/4/2024			344				376				313				0.1	%
Ensemble Performing Arts Partners LLC - Series E Preferred Units		Consumer Services		NA		NA		3/28/2025			6,110				703				703				0.1	%
iCreditWorks Inc. - Series D Preferred Stock		Financial Services		FIXED 10.00% + 7.50% PIK		17.50%		12/27/2024			28,542				5,290				5,298				1.1	%
ORECV, LLC - Membership Interest (6)(9)(24)		Real Estate Management & Development		NA		NA		8/8/2025		NA					2,510				2,458				0.5	%
Senior Support Holdings, LP - Class A-1 Units (13)(16)		Health Care Equipment & Services		NA		NA		3/20/2024			371				371				439				0.1	%
Senior Support Holdings, LP - Class B Units (13)(16)		Health Care Equipment & Services		NA		NA		3/20/2024			371				-				167				0.0	%
Total Private Companies															15,603				15,856				3.2	%
Total Equity Investments														$	15,603			$	15,856				3.2	%
Warrants
GRAM ABF Vision Holdings, L.P. (17)		Insurance		NA		NA		1/10/2025			47			$	-			$	50				0.0	%
iCreditWorks Inc. (17)		Financial Services		NA		NA		12/27/2024			11,372				-				-				0.0	%
Total Warrants															-				50				0.0	%
Total Investments														$	936,824			$	937,725				198.8	%
Cash Equivalents
First American Government Obligations Fund - X Class (10)(18)		Cash Equivalents		NA		5.05%		NA		$	3,334			$	3,334			$	3,334				0.7	%
Cash Equivalents Total														$	3,334			$	3,334				0.7	%
Investments and Cash Equivalents Total														$	940,158			$	941,059				199.5	%
Other Assets, Less Liabilities (19)																		$	(470,421	)			(99.5	)%
Net Assets																		$	470,638				100.0	%

(1)

Unless otherwise noted, the fair value of investments with respect to securities for which market quotations are not readily available are valued using significant unobservable inputs (See Note 3—Fair Value of Financial Instruments).

(2)

All investments domiciled in the United States unless otherwise noted.

(3)

The Fund updated certain descriptions of its portfolio companies presented in the consolidated financial statements as of December 31, 2025 to align with the legal issuer name, where applicable. These updates had no impact on the Consolidated Statements of Assets and Liabilities as of December 31, 2025.

24

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(4)

Percentages are based on net assets as of December 31, 2025.

(5)

The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR") which resets monthly, quarterly, semiannually, or annually. For each, the Fund has provided the spread over the reference rate and the current interest rate in effect at the reporting date. As of December 31, 2025, the reference rates for the Fund's variable rate loans were the 1 month SOFR at 3.69%, the 3 month SOFR at 3.65%, and the 6 month SOFR at 3.57%. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

(6)

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative fair value until the commitments are called and funded. Please refer to Note 6—Commitments and Contingencies for details of these unfunded commitments.

(7)

Investment held in Comvest Senior Lending Fund LL1 SPV, LLC, a wholly-owned subsidiary of the Fund, as collateral for the Secured Loan Facility. Please refer to Note 7—Borrowings.

(8)

Positions that have a SOFR reference rate, from time to time have an additional spread adjustment. This spread adjustment ranges from 0.00% - 0.37% depending on the contractual arrangement. These spread adjustments have been included in the all-in rate shown.

(9)

The investment is not a qualifying asset, under Section 55(a) of the Investment Company Act of 1940. The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund’s total assets. As of December 31, 2025, 11.43% of the Fund's total assets are represented by investments at fair value that are considered non-qualifying assets.

(10)

Security's value was determined by using significant observable inputs.

(11)

Investment subject to the Participation Agreement and acts as collateral for the Secured Borrowing. Please refer to Note 7—Borrowings.

(12)

Investment is on non-accrual status.

(13)

Investment is held by Comvest Senior Lending Blocker MF SPV, LLC, a wholly-owned subsidiary of the Fund.

(14)

This security is restricted and not available for resale. On October 18, 2023, the Fund purchased Armanino Advisory LLC – Delayed Draw Term Loan, Armanino Advisory LLC – Revolving Credit Line and Armanino Advisory LLC – Term Loan. These investments are offered by the same issuer as the Private Companies and are not restricted to resale.

(15)

This security is restricted and not available for resale. On November 4, 2024, the Fund purchased Periscope Cybermaxx Buyer, Inc – Delayed Draw Term Loan, Periscope Cybermaxx Buyer, Inc – Revolving Credit Line and Periscope Cybermaxx Buyer, Inc –Term Loan. These investments are offered by the same issuer as the Private Companies and are not restricted to resale.

(16)

This security is restricted and not available for resale. On March 20, 2024, the Fund purchased Senior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Loan and Senior Support Holdings (Franchise) Acquisition, Inc. – Term Loan. These investments are offered by the same issuer as the Private Companies and are not restricted to resale.

(17)

This security is restricted and not available for resale.

(18)

A copy of the security's annual report to shareholders may be obtained without charge on the SEC's website (http://www.sec.gov).

(19)

Included in the total is an amount of $6,807 held for collateral to meet requirements associated with the Secured Loan Facility. Please refer to Note 7—Borrowings.

(20)

Domiciled in the Dominican Republic.

(21)

Domiciled in Bermuda.

(22)

Domiciled in Puerto Rico.

(23)

Domiciled in Canada.

(24)

Investment is deemed an affiliated investment. Affiliated Investments generally are defined by the 1940 Act as investments in portfolio companies in which the Fund owns between 5% and 25% of the voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the portfolio company was an affiliated investment (but not a portfolio company that the Fund is deemed to control).

(25)

As defined in the 1940 Act, the Fund is deemed to be both an “Affiliated Person” of and to “Control” this portfolio company as it owns more than 25% of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was both an Affiliated Person and a portfolio company that the
Fund is deemed to Control.

 

PIK - Payment-in-kind

25

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JOHN HANCOCK COMVEST PRIVATE INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

December 31, 2025

The following table shows the portfolio composition by industry grouping based on fair value at December 31, 2025.

Industry(1)		Investments and Cash Equivalents at Fair Value				Percentage of Fair Value
Financial Services		$	162,102				17.2	%
Consumer Services			142,200				15.1	%
Health Care Equipment & Services			136,090				14.5	%
Insurance			110,537				11.7	%
Software & Services			96,227				10.2	%
Capital Goods			75,730				8.0	%
Commercial & Professional Services			52,723				5.6	%
Materials			51,474				5.5	%
Consumer Staples Distribution & Retail			27,610				2.9	%
Food, Beverage & Tobacco			26,350				2.8	%
Media & Entertainment			20,208				2.1	%
Consumer Discretionary Distribution & Retail			12,746				1.4	%
Utilities			8,019				0.8	%
Telecommunication Services			7,336				0.8	%
Transportation			5,444				0.6	%
Cash Equivalents			3,334				0.4	%
Real Estate Management & Development			2,458				0.3	%
Technology Hardware & Equipment			471				0.1	%
		$	941,059				100.0	%

 

(1)

The Fund reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2025, to align with Global Industry Classification Standards ("GICS"), where applicable. These reclassifications had no impact on the Consolidated Statements of Assets and Liabilities as of December 31, 2025.

The accompanying notes are an integral part of these consolidated financial statements.

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JOHN HANCOCK COMVEST PRIVATE INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except share and per share amounts, percentages, and as otherwise indicated)

March 31, 2026

(Unaudited)

Note 1—Organization and Business Purpose

Organization

John Hancock Comvest Private Income Fund (the "Fund") is a Delaware statutory trust. The Fund was formed under the name Comvest Credit Partners BDC Fund, L.P. as a limited partnership on June 28, 2023, under the laws of the state of Delaware. The Fund changed its name to AMG Comvest Senior Lending Fund on October 23, 2023 and elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act") on October 24, 2023. On November 3, 2025, Manulife Financial Corporation (“Manulife”) acquired 75% of Comvest’s (as defined below) private credit business (the “Manulife Transaction”). In connection with the closing of the Manulife Transaction, the Fund changed its name to John Hancock Comvest Private Income Fund. The Fund is a diversified, closed-end management investment company that has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Fund is managed by Comvest Credit Managers, LLC (the "Investment Adviser"), a Delaware limited liability company. The Investment Adviser is an affiliate of Comvest Capital Advisors LLC, Comvest Credit Advisors LLC and Commonwealth Credit Advisors LLC (collectively with their affiliates, "Comvest"), and Manulife (collectively with Comvest, "Manulife | Comvest Credit Partners"). The Investment Adviser is registered as an investment adviser with the Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940, as amended.

The Fund's seed inception date was September 29, 2023 ("Inception Date"), and the commencement of investment operations date was October 18, 2023.

On March 11, 2024, the Fund established Comvest Senior Lending Blocker MF SPV, LLC ("Subsidiary I"), a wholly-owned subsidiary and Delaware limited liability company to hold equity securities of portfolio companies organized as a pass-through entity while continuing to satisfy the requirements of a RIC under the Code. Subsidiary I has filed an election to be treated as a corporation for tax purposes.

On April 15, 2024, the Fund established Comvest Senior Lending Fund LL1 SPV, LLC ("Subsidiary II"), a wholly-owned financing subsidiary and Delaware limited liability company, for the purpose of holding pledged investments as collateral under a Secured Loan Facility, as defined in Note 7—Borrowings. Subsidiary II is a disregarded entity for tax purposes.

On May 30, 2024, the Fund established Comvest SLF California, LLC ("Subsidiary III", collectively with Subsidiary I and Subsidiary II, the "Subsidiaries"), a wholly-owned subsidiary and Delaware limited liability company, which has been established to acquire investments in the state of California, as required by California law. Subsidiary III is a disregarded entity for tax purposes.

On December 13, 2024, the Fund received a notice of effectiveness from the SEC related to the Fund’s Form N-2 Registration Statement, on the basis of which the Fund publicly offers on a continuous basis up to $2.0 billion of common shares of the Fund pursuant to the Securities Act of 1933, as amended (the "Securities Act") (the "Public Offering"). The Fund has established Class I shares, Class S shares, Class F shares, and Class D shares. Prior to December 13, 2024, the Fund offered its common shares pursuant to the terms set forth in the Fund’s Confidential Private Placement Memorandum and subscription agreements that it entered into with investors in connection with its private offering of common shares (the "Private Offering"). The common shares in the Private Offering were sold under the exemption provided by Section 4(a)(2) of the Securities Act, only to investors that are "accredited investors" in accordance with Rule 506 of Regulation D promulgated under the Securities Act, and other exemptions of similar import in the laws of the states and jurisdictions where the Private Offering was made. All common shares issued under the Private Offering are now classified as Class I shares.

 

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Business Purpose

The Fund’s investment objective is to generate current income and capital appreciation. The Fund's primary focus is to provide risk-adjusted returns and current income to investors by investing primarily in middle-market companies with earnings before interest, taxes, depreciation, and amortization ("EBITDA") generally between $10 million and $100 million within a wide range of industries, although the Fund intends to focus on industries in which the Investment Adviser and its affiliates have investing experience and access to operating resources, including but not limited to healthcare, financial services, business & technology services, industrials, consumer products, and franchisors/retail.

Note 2—Summary of Significant Accounting Policies

Basis of Presentation

The Fund’s consolidated interim financial statements include the accounts of the Subsidiaries and are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Article 6 of Regulation S-X. Accordingly, the Fund’s consolidated interim financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. The consolidated interim financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto in the Fund’s Form 10-K for the year ended December 31, 2025, as filed with the SEC. The Fund is an investment company and accordingly applies specific accounting and financial reporting requirements under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946, Financial Services – Investments Companies.

All intercompany balances and transactions between the Fund and the Subsidiaries have been eliminated.

Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported net investment income, net assets, or changes in net assets. Reclassifications were made within the presentation of the Consolidated Statements of Cash Flows. Specifically, amortization of deferred financing costs has been separately disclosed under operating activities.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these consolidated financial statements. Actual results could differ from those estimates.

Valuation of Portfolio Investments

The Investment Adviser applies fair value accounting in accordance with GAAP and valuation policies and procedures (the "Valuation Policy") adopted by the Board of Trustees of the Fund (the “Board”). Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Fund’s Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Fund’s Consolidated Statements of Operations as "Net change in unrealized gains (losses) of investments".

The Investment Adviser values the Fund’s portfolio investments in accordance with the Valuation Policy and the 1940 Act. For purposes of the 1940 Act, the Board has designated the Investment Adviser as the Fund’s valuation designee (the "Valuation Designee") under Rule 2a-5 under the 1940 Act. The Board provides oversight of the Investment Adviser’s monthly good faith fair value determinations of the Fund’s portfolio investments, including investments that are not publicly traded and those whose market prices are not readily available.

One or more independent valuation firms (each a "Valuation Agent") are engaged to independently value the Fund's investments, in consultation with the Investment Adviser. The Fund's valuation procedures, which are the procedures that are followed by such Valuation Agent are set forth in more detail below:

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1) Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

2) Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

a) Bond quotes are obtained through independent pricing services. Internal reviews are performed by the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and if so, the quote is used. In the event that the Investment Adviser, with the assistance of the Valuation Agent, determines that the bond quotes are not readily available or otherwise not determinable pursuant to the Fund's valuation procedures, or not reliable, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b) For investments other than bonds, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser, look at the number of quotes readily available and perform the following:

i) Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. If quotes from pricing services differ by +/- five points or if the spread between the bid and ask for a quote is greater than 10 points, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, will use one or more of the methodologies outlined below to determine fair value;

ii) Investments for which one quote is received from a pricing service are validated by the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser. The personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser, analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. For assets where a supporting analysis is prepared, the Valuation Agent will document the selection and appropriateness of the indices selected for yield comparison and a conclusion documenting how the yield comparison analysis supports the proposed mark. The quarterly portfolio company monitoring reports which detail the qualitative and quantitative performance of the portfolio company will also be included. If the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser, are unable to sufficiently validate the quote internally and if the investment’s par value exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

3) Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi- step valuation process:

a) Each portfolio company or investment is initially valued by the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser;

b) The Valuation Agent undertakes a comprehensive valuation analysis, which includes an enterprise and/or collateral valuation, and subsequently a fundamental credit analysis and valuation with respect to both credit quality and market factors, for each of the portfolio companies or investments and provides a range of values on such investments to the Investment Adviser. The Valuation Agent also provides analyses to support its valuation methodology and calculations;

c) The Investment Adviser then reviews each valuation recommendation to confirm they have been calculated in accordance with the Valuation Policy;

d) The Investment Adviser determines the fair value of each investment in the portfolio in good faith based on the input of the Investment Adviser's valuation team and, where applicable, the Valuation Agent or other external service providers; and

e) The Board provides oversight of the valuation process in accordance with Rule 2a-5, which includes a review of the quarterly reports prepared by the Investment Adviser or the Valuation Agent and the fair valuation determinations made by the Investment Adviser.

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For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period and the fluctuations could be material.

Investment Classification

The Fund classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, "control" is defined as the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. In addition, in accordance with Section 2(a)(9) of the 1940 Act, any person who owns beneficially, either directly or through one or more controlled companies, more than 25% of the voting securities of a company shall be presumed to control such company. Any person who does not so own more than 25% of the voting securities of any company and/or does not have the power to exercise control over the management or policies of such portfolio company shall be presumed not to control such company. Consistent with the 1940 Act, "Affiliated Investments" are defined as those investments in companies in which the Fund owns 5% or more of the voting securities. Consistent with the 1940 Act, "Non-affiliated Investments" are defined as investments that are neither control investments nor Affiliated Investments. As of March 31, 2026 and December 31, 2025, the Fund did not "control" and was not an "affiliated person" of any of its portfolio companies, each as defined in the 1940 Act, except as noted as of March 31, 2026 and December 31, 2025 in the consolidated schedules of investments.

Security Transactions

Security transactions are accounted for on a trade date basis.

Cash and Cash Equivalents

Cash and cash equivalents include cash held in banks and short-term, liquid investments in a money market account. Such cash and cash equivalents, at times, may exceed federally insured limits. Cash and cash equivalents are carried at cost which approximates fair value. Certain cash amounts are held in a segregated account to collateralize outstanding borrowings under the secured loan facility, and are subject to restrictions of use.

The Fund considers all highly liquid investments that can be converted to cash, or having a maturity date, within three months, when acquired, to be cash equivalents. As of March 31, 2026 and December 31, 2025, the Fund held cash equivalents in the form of money market fund shares held in First American Government Obligations Fund, X Class. The fair value of cash and cash equivalents as of March 31, 2026 and December 31, 2025, were $7,460 and $3,428, respectively, representing 1.6% and 0.7%, respectively, of the Fund’s net assets. Cash equivalents in the form of money market fund shares are valued at their reported net asset value (generally $1 per share) on the measurement date, and are categorized within Level 1 of the fair value hierarchy under ASC Topic 820, Fair Value Measurements and Disclosure ("ASC 820"), as inputs in the valuation are observable.

Organizational Expenses and Offering Costs

The Fund bore the organizational expenses incurred in connection with its formation and will bear offering costs incurred in connection with the offering of its common shares of beneficial interest, including the out-of-pocket expenses of the Investment Adviser and its agents and affiliates. Additionally, the Fund bore the organizational expenses and offering costs incurred in connection with the formation of Comvest Senior Lending Feeder Fund LLC ("Feeder Fund I") and Comvest Senior Lending Feeder Fund II LLC ("Feeder Fund II").

Organizational expenses are expensed as incurred, while offering costs are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of investment operations, or effectiveness of the Public Offering or when the service was rendered. As of March 31, 2026 and December 31, 2025, unamortized offering costs of $71 and $269, respectively, were deferred and are reflected in the Consolidated Statements of Assets and Liabilities as part of prepaid expenses and other assets. For the three months ended March 31, 2026 and 2025, the Fund expensed organizational and offering costs in the amount of $198 and $436, respectively.

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Deferred Financing Costs

Financing costs incurred in connection with the Fund's credit facilities are capitalized and amortized into expenses using the straight-line method, which approximates the effective yield method over the life of the respective facility. See Note 7—Borrowings.

Revenue Recognition

Interest Income

Interest income, including amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium on investments purchased are accreted/amortized over the expected life of the respective investment using the effective yield method. Loan origination fees, original issue discount ("OID") and market discounts or premiums are capitalized and amortized into interest income using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income. The Fund may have loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal balance on the capitalization date and is generally due at maturity or when deemed by the issuer. For the three months ended March 31, 2026 and 2025, the Fund recognized PIK interest from investments of $733 and $199, respectively, which is included in "Payment-in-kind interest income" on the Consolidated Statements of Operations.

Non-accrual

Investments may be placed on non-accrual status when principal or interest payments are past due and/or when there is reasonable doubt that principal or interest will be collected. Accrued cash and PIK interest is generally reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment of the ultimate outcome. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current.

Fee Income

Fee income, such as structuring fees, loan monitoring, amendment, syndication, commitment, termination, and other loan fees are recognized as income when earned, either upon receipt or amortized into fee income. Upon the re-payment of a loan or debt security, any prepayment penalties received, and unamortized loan fees are recorded as fee income.

Net Realized Gain or Loss and Net Change in Unrealized Gain or Loss

Gain or loss on the sale of investments is calculated using the specific identification method. Net change in unrealized gain or loss will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gain or loss, when a gain or loss is realized.

Income Taxes

The Fund has elected to be treated for federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code and intends to operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify and be subject to tax as a RIC, among other things, the Fund is required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its shareholders of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. The Fund intends to make the required distributions to its shareholders to maintain its ability to be taxed as a RIC each year, which will generally relieve the Fund from U.S. federal income taxes with respect to all income distributed to its shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof.

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Additionally, in order to avoid the imposition of a U.S. federal excise tax, the Fund is required to distribute, in respect of each calendar year, dividends to the Fund's shareholders of an amount at least equal to the sum of 98% of the Fund's calendar year net ordinary income (taking into account certain deferrals and elections); 98.2% of the Fund's capital gain net income (adjusted for certain ordinary losses) for the one year period ending on October 31 of such calendar year; and any net ordinary income and capital gain net income for preceding calendar years that were not distributed during such calendar years and on which the Fund previously did not incur any U.S. federal income tax. If the Fund fails to qualify as a RIC for any reason and becomes subject to corporate tax, the resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distribution and the amount of the Fund's distributions.

Subsidiary I filed an election with the Internal Revenue Service to be treated as a corporation for tax purposes and is subject to U.S. federal and state income taxes. The consolidated financial statements include the accounts of Subsidiary I, for which a provision for corporate income taxes has been recorded. Deferred income tax is generally computed by applying the federal statutory income tax rate of 21% and estimated applicable state tax statutory rates (net of federal tax benefit) to unrealized gains/(losses) on investments before taxes. As of March 31, 2026 and December 31, 2025, the deferred tax liability on the Statements of Assets and Liabilities were $95 and $88, respectively. For the three months ended March 31, 2026 and 2025, the net change in deferred tax liability on the Statements of Operations were $8 and $8, respectively. Additionally, the Fund has not paid taxes to any jurisdiction during the three months ended March 31, 2026 and 2025.

Segment Reporting

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) (“ASC 280”), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments were effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. In accordance with ASC 280, the Fund has determined that it has a single operating and reporting segment. As a result, the Fund’s segment accounting policies are the same as described herein and the Fund does not have any intra-segment sales and transfers of assets.

The Fund operates through a single operating and reporting segment with an investment objective to generate current income and capital appreciation primarily by investing in middle-market companies. The chief operating decision maker (the "CODM") is comprised of the Fund’s chief executive officer, and chief financial officer. The CODM assesses the performance and makes operating decisions for the Fund primarily based on the Fund’s change in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes the Fund’s net assets, total return, and ratios of net and gross expenses to average net assets as a key metric in reviewing the performance of the Fund. As the Fund’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as "Total Assets" and the significant segment expenses are listed on the Consolidated Statement of Operations.

Recent Accounting Standards Update

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. The Fund incorporated the provisions of the ASU, and there was no material impact to the Fund's financial statements.

Note 3—Fair Value of Financial Instruments

Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:

•

Level 1—Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.

•

Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.

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•

Level 3—Unobservable inputs that reflect the Fund’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but are instead derived from particular valuation techniques.

The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Fund evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter.

Determination of fair values involves subjective judgments and estimates. Accordingly, the notes to the consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations on the consolidated financial statements.

The following table presents fair value measurements of investments and cash equivalents, by major class, as of March 31, 2026, according to the fair value hierarchy.

		Fair Value Measurements
		Level 1				Level 2				Level 3				Totals
First Lien Senior Secured		$	—			$	8,487			$	854,888			$	863,375
Second Lien Senior Secured			—				3,708				674				4,382
Equity			—				—				19,799				19,799
Warrants			—				—				51				51
Cash Equivalents			6,567				—				—				6,567
Total		$	6,567			$	12,195			$	875,412			$	894,174

The following table presents fair value measurements of investments and cash equivalents, by major class, as of December 31, 2025, according to the fair value hierarchy.

		Fair Value Measurements
		Level 1				Level 2				Level 3				Totals
First Lien Senior Secured		$	—			$	8,715			$	890,459			$	899,174
Second Lien Senior Secured			—				7,045				15,600				22,645
Equity			—				—				15,856				15,856
Warrants			—				—				50				50
Cash Equivalents			3,334				—				—				3,334
Total		$	3,334			$	15,760			$	921,965			$	941,059

 

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The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2026.

		First Lien Senior Secured				Second Lien Senior Secured				Equity				Warrants				Total Investments
Balance as of December 31, 2025		$	890,459			$	15,600			$	15,856			$	50			$	921,965
Purchases and other adjustments to cost			20,805				28				4,357				—				25,190
Sales and repayments			(53,732	)			(15,000	)			(568	)			—				(69,300	)
Net realized gain/ (loss) on investments			(19	)			68				—				—				49
Net change in unrealized gain/ (loss) on investments			(3,356	)			(22	)			154				1				(3,223	)
Net accretion of discount on investments			731				—				—				—				731
Balance as of March 31, 2026		$	854,888			$	674			$	19,799			$	51			$	875,412
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2026		$	(2,402	)		$	2			$	154			$	—			$	(2,246	)

For the three months ended March 31, 2026, there were no transfers between levels of the fair value hierarchy.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2025.

		First Lien Senior Secured				Second Lien Senior Secured				Equity				Warrants				Total Investments
Balance as of December 31, 2024		$	393,203			$	—			$	6,065			$	—			$	399,268
Purchases and other adjustments to cost			142,665				10,520				110				—				153,295
Sales and repayments			(4,541	)			—				—				—				(4,541	)
Net change in unrealized gain/ (loss) on investments			995				(119	)			(44	)			72				904
Net accretion of discount on investments			409				—				—				—				409
Balance as of March 31, 2025		$	532,731			$	10,401			$	6,131			$	72			$	549,335
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2025			1,000				(119	)			(41	)			72				912

For the three months ended March 31, 2025, there were no transfers between levels of the fair value hierarchy.

34

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Significant Unobservable Inputs

The following table summarizes the significant unobservable inputs used to value Level 3 investments as of March 31, 2026. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

										Selected Input Range												Impact to
Asset Category		Fair Value				Primary Valuation Technique		Unobservable Inputs		Minimum				Maximum				Weighted Average (a)				Valuation from an Increase in Input (b)
First Lien Senior Secured		$	853,970			Discounted Cash Flow		Discount Rate			4.9	%			20.1	%			9.1	%		Decrease
First Lien Senior Secured			918			Market Comparables		EBITDA Multiple			7.3	x			8.8	x			8.0	x		Increase
Second Lien Senior Secured			674			Discounted Cash Flow		Discount Rate			19.5	%			19.5	%			19.5	%		Decrease
Equity			12,943			Discounted Cash Flow		Discount Rate			11.0	%			19.8	%			17.4	%		Decrease
Equity			6,619			Market Comparables		EBITDA Multiple			7.5	x			14.0	x			9.8	x		Increase
Equity			237			Market Comparables		Revenue Multiple			2.5	x			3.5	x			3.0	x		Increase
Warrant			51			Market Comparables		EBITDA Multiple			10.8	x			11.8	x			11.3	x		Increase
Total		$	875,412

(a)

Weighted averages are calculated based on fair value of investments.

(b)

Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding inputs as of a period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at the period end.

35

---

 

The following table summarizes the significant unobservable inputs used to value Level 3 investments as of December 31, 2025. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

Selected Input Range

Impact to

Asset Category

Fair Value

Primary Valuation Technique

Unobservable Inputs

Minimum

Maximum

Weighted Average (a)

Valuation from an Increase in Input (b)

First Lien Senior Secured

$

822,454

Discounted Cash Flow

Discount Rate

4.8

%

20.6

%

9.0

%

Decrease

First Lien Senior Secured

66,701

Recent Transaction Price

Recent Transaction Price

N/A

N/A

N/A

Increase

First Lien Senior Secured

1,303

Market Comparables

EBITDA Multiple

6.8

x

8.3

x

7.5

x

Increase

Second Lien Senior Secured

15,600

Discounted Cash Flow

Discount Rate

11.1

%

19.5

%

11.8

%

Decrease

Equity

7,756

Discounted Cash Flow

Discount Rate

11.0

%

19.6

%

17.5

%

Decrease

Equity

5,400

Recent Transaction Price

Recent Transaction Price

N/A

N/A

N/A

Increase

Equity

2,388

Market Comparables

EBITDA Multiple

10.8

x

14.0

x

13.0

x

Increase

Equity

313

Market Comparables

Revenue Multiple

3.0

x

4.0

x

3.5

x

Increase

Warrant

50

Market Comparables

EBITDA Multiple

11.0

x

12.0

x

11.5

x

Increase

Total

$

921,965

(a)

Weighted averages are calculated based on fair value of investments.

(b)

Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding inputs as of a period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at the period end.

There were no significant changes in valuation approach or technique as of March 31, 2026 and December 31, 2025.

Level 3 inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately held entities where the fair value is based on unobservable inputs.

The income and market approaches were used in the determination of fair value of certain Level 3 assets as of March 31, 2026. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments and any other end of term fees, as applicable. Included in the consideration and selection of discount rates are factors such as risk of default, interest rate risk, and changes in credit quality. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies.

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As of March 31, 2026, the Fund had one portfolio investment on a non-accrual status. As of December 31, 2025, the Fund had one portfolio investment on a non-accrual status. Refer to Note 2—Summary of Significant Accounting Policies for additional details regarding the Fund's non-accrual policy.

The following table shows the amortized cost and fair value of the Fund's performing and non-accrual investments as of March 31, 2026 and December 31, 2025.

		March 31, 2026								December 31, 2025
Portfolio Company		Amortized Cost				Fair Value				Amortized Cost				Fair Value
Performing		$	889,907			$	887,306			$	936,204			$	937,047
Non-accrual			620				301				620				678
Total		$	890,527			$	887,607			$	936,824			$	937,725

For a discussion of the fair value measurement of the Fund's borrowings, refer to Note 7—Borrowings.

Note 4—Related Party Transactions

Investment Management Agreement

The Manulife Transaction resulted in the automatic termination of the Fund’s prior investment management agreement with the Investment Adviser (the “Prior Investment Management Agreement”) under the 1940 Act. Prior thereto, on August 27, 2025, the Board approved a new investment management agreement between the Fund and the Investment Adviser (the “Investment Management Agreement”), subject to shareholder approval. At a special meeting of shareholders on September 24, 2025, shareholders approved the Investment Management Agreement, which became effective upon the closing of the Manulife Transaction. All material terms remain unchanged from the Prior Investment Management Agreement to the Investment Management Agreement, including the management and incentive fees payable by the Fund. The Investment Management Agreement was most recently amended and restated as of February 19, 2026.

Management Fee

The Management Fee will be calculated and payable quarterly in arrears at an annual rate of 1.25% of net assets as of the beginning of the first calendar day of the applicable quarter. The Management Fee will be appropriately adjusted for any share issuances or repurchases during the applicable quarter.

For the three months ended March 31, 2026 and 2025, the Fund incurred $1,450.4 and $836.6, respectively, in Management Fees under the Investment Management Agreement. As of March 31, 2026 and December 31, 2025, the payable related to the Management Fees were $1,450 and $1,443, respectively.

Incentive Fee

The Incentive Fee consists of two components that are independent of each other. A portion of the Incentive Fee is based on a percentage of the Fund’s income and a portion is based on a percentage of the Fund’s capital gains, each as described below:

The first part is calculated and payable quarterly in arrears on the Fund’s Pre-Incentive Fee Net Investment Income Returns. For this purpose, Pre-Incentive Fee Net Investment Income Returns means dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fee, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance and fees earned by Investment Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity), accrued during the month, minus the Fund’s operating expenses for the month (including the Management Fee, taxes, any expenses payable under the Investment Management Agreement and Administration Agreement (as defined below), any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred shares, but excluding the incentive fee and shareholder servicing and /or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero-coupon securities), accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment

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Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a percentage of the value of the Fund’s net assets at the end of the immediately preceding quarter, is compared to a hurdle. The Fund will pay the Investment Adviser an incentive fee with respect to Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

•

No incentive fee in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns does not exceed the hurdle rate of 1.25% per quarter (5.00% annualized);

•

100% of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). This portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) is referred to as the "catch-up." The "catch-up" is meant to provide the Investment Adviser with approximately 12.5% of the Fund’s Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

•

12.5% of the amount of Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are paid to the Investment Adviser.

These calculations are pro-rated for any period of less than three months and adjusted for any share issuances or repurchases during the applicable quarter.

The second part of the Incentive Fee, the capital gains incentive fee, will be payable in arrears as of the end of each calendar year and will equal 12.5% of the Fund’s cumulative realized capital gains, if any, from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation, less the aggregate amount of any previously paid incentive fees on fees on capital gains as calculated in accordance with GAAP.

Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. The Fund will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Investment Adviser if the Fund were to sell the relevant investment and realize a capital gain. For purposes of computing the Fund’s Incentive Fee on capital gains, the calculation methodology looks through derivative financial instruments or swaps, if owned, as if the Fund owned the reference assets directly.

The fees that are payable under the Investment Management Agreement for any partial period will be appropriately prorated.

For the three months ended March 31, 2026 and 2025, the Fund incurred $1,680.9 and $810.8, respectively, in Incentive Fees related to the Pre-Incentive Fee Net Investment Income Returns, and recognized a net reversal of previously accrued Incentive Fees of $107.4 and net accrued Incentive Fees of $113.0, respectively, related to the capital gains incentive fee, respectively. Any fees waived under the Investment Management Agreement are not subject to future reimbursement to the Investment Adviser pursuant to the Expense Limitation and Reimbursement Agreement (as defined below). As of March 31, 2026 and December 31, 2025, the payable related to the Pre-Incentive Fee Net Investment Income Returns were $1,679.4 and $1,332.7, respectively, and the payable related to Incentive Fees related to the capital gains incentive fee were $0.0 and $107.4, respectively.

Administration Agreement

The Fund entered into an administration agreement (the "Administration Agreement") with AMG Funds LLC, a Delaware limited liability company and wholly-owned subsidiary of Affiliated Managers Group, Inc. (the "Administrator"), under which the Administrator performs or oversees the performance of certain administrative services for the Fund. Effective December 13, 2024, the Fund pays the Administrator a fee (the "Administration Fee") at the rate of 0.25% per annum of the Fund’s net assets as of the beginning of the first calendar day of the applicable month, adjusted for any share issuances or repurchases during the applicable month. The Administration Fee was accrued monthly and payable quarterly in arrears.

For the three months ended March 31, 2026 and 2025, the Fund incurred $290.0 and $167.6, respectively, in administration fees under its the administration agreement with AMG. Any fees waived under the Administration Agreement are not subject to future reimbursement to the Administrator pursuant to the Expense Limitation and Reimbursement Agreement.

38

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Managing Dealer Agreement

On November 6, 2025, the Fund entered into a managing dealer agreement with John Hancock Investment Management Distributors LLC (the “Managing Dealer” and the “Managing Dealer Agreement”). Under the Managing Dealer Agreement, the Managing Dealer manages the Fund's relationships with third-party brokers engaged by the Managing Dealer to participate in the distribution of shares, which the Fund refers to as "participating brokers," and financial advisors.

Under a Distribution and Servicing Plan, the Fund will pay the Managing Dealer, subject to FINRA and other limitations, with respect to the Class S, Class D and Class F shares, 0.85%, 0.25% and 0.50%, respectively, on an annualized basis as a percentage of the net asset value for such class. Class I shares are not subject to any shareholder servicing or distribution fees. The shareholder servicing and/or distribution fees will be paid monthly in arrears, calculated using the net assets of the applicable class as of the beginning of the first calendar day of the month. No such fees have been incurred to date as there have been no subscriptions to these classes.

Expense Limitation and Reimbursement Agreement

The Fund entered into the Third Amended and Restated Expense Limitation and Reimbursement Agreement with the Investment Adviser effective as of November 3, 2025, which will terminate on May 1, 2026, unless renewed by mutual agreement of the Investment Adviser and the Fund, or unless otherwise terminated by the Fund’s Board upon at least thirty (30) days written notice to the Investment Adviser (the "Expense Limitation and Reimbursement Agreement"). Pursuant to the Expense Limitation and Reimbursement Agreement, the Investment Adviser is obligated to pay, absorb or reimburse all of the Fund's operating costs and expenses incurred, including, but not limited to organization and offering costs and legal, administration, accounting, printing, mailing, subscription processing and filing fees and expenses, as determined in accordance with GAAP ("Operating Expenses") above 1.25% of the value of the Fund’s monthly net assets as of the beginning of the first calendar day of the applicable month adjusted for any share issuances or repurchases during the applicable month during the period of time that the Fund operates as a publicly-offered, non-traded BDC (each such payment, absorption or reimbursement, a "Required Expense Payment"). Any Required Expense Payment must be paid by the Investment Adviser in any combination of cash or other immediately available funds and/or offset against amounts due from the Fund to the Investment Adviser or its affiliates. Prior to November 3, 2025, the Fund operated under the Second Amended Expense Limitation and Reimbursement Agreement, pursuant to which the Investment Adviser and the Administrator were each obligated to pay and absorb the Fund’s operating costs and expenses incurred above 1.25% of the value of the Fund’s monthly net assets as of the beginning of the first calendar day of the applicable month adjusted for any share issuances or repurchases during the applicable month.

For the three months ended March 31, 2026 and 2025, the Fund was reimbursed $255 and $267, respectively, by the Investment Adviser and the Administrator. As of March 31, 2026 and December 31, 2025, the Fund owed the Investment Adviser $0 in recoupment, which is reflected in the Consolidated Statement of Assets and Liabilities under "Due to affiliates". As of March 31, 2026 and December 31, 2025, the Investment Adviser owed the Fund $1,140 and $1,437, respectively, in expense reimbursement, which is reflected in the Consolidated Statements of Assets and Liabilities under "Due from affiliates". At March 31, 2026, the Fund's expiration of reimbursements subject to recoupment was as follows:

 

Expiration Period
Less than 1 year		$	1,482
1-2 years			2,453
2-3 years			2,483
Total		$	6,418

 

39

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SEC Exemptive Relief

As a BDC, the Fund is subject to certain regulatory restrictions in making its investments. The 1940 Act generally prohibits BDCs from entering into negotiated co-investments with affiliates absent an order from the SEC. On May 6, 2026, the SEC granted certain affiliates of Manulife an exemptive order (the "Co-Investment Order") that allows the Fund to enter into certain negotiated co-investment transactions alongside other funds managed by the Investment Adviser or its affiliates in a manner consistent with its investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with conditions. The Co-Investment Order, which supersedes the prior co-investment order issued to certain affiliates of Manulife on December 12, 2023, is a new form of co-investment exemptive relief that adopts a more flexible requirement that allocations be “fair and equitable” to the Fund and that the Investment Adviser considers the interests of the Fund and any other affiliated 1940 Act-regulated funds that rely on the Co-Investment Order in allocations and which minimizes certain board approval requirements as compared to the prior form of co-investment exemptive relief. Among other things, under the Co-Investment Order, the terms, conditions, price, class of securities to be purchased in respect of a particular investment, the date on which such investment is to be made and any registration rights applicable thereto, must be generally the same for the Fund and each other participating affiliated entity. The requirements of the Co-Investment Order (including any requirements for board approval thereunder), as well as other regulatory requirements associated with the Fund and any other affiliated 1940 Act-regulated funds that rely on the Co-Investment Order, potentially will impact the investment allocations among participating entities (including, for the avoidance of doubt, the Fund) or otherwise impact allocation results. Any changes to the Co-Investment Order or the rules and other guidance promulgated by the SEC and its staff under the 1940 Act could impact allocations made available to the Fund and thereby affect (and potentially decrease) the allocation made to us or otherwise impact the process for allocations in transactions in which we participate.

 

On March 14, 2025, the SEC issued an order (the "Multi-Class Order") granting the Fund’s application for exemptive relief from Sections 18(a)(2), 18(c), 18(i) and 61(a) under the 1940 Act. Under the terms of the Multi-Class Order, the Fund is permitted to offer multiple classes of its Common Shares with varying sales loads and asset-based distribution and/or service fees. For the three months ended March 31, 2026, the Fund did not issue any Class S, Class D, or Class F shares.

Note 5—Transactions with Affiliated Investments

A non-controlled affiliated investment is an investment in which the Fund has an ownership interest of 5% or more of its voting securities. A controlled affiliate investment is an investment in which the Fund has an ownership interest of more than 25% of its voting securities. Please see the Fund’s consolidated schedule of investments for the type of investment, principal amount/shares and interest rate including the spread and the maturity date. Transactions related to the Fund's investments with affiliates for the three months ended March 31, 2026 were as follows:

 

Portfolio Company		Type of Asset		Amount of interest included in income				Beginning Fair Value at December 31, 2025				Gross additions(1)				Gross reductions(2)				Realized Gain/(Loss)				Change in Unrealized Gain (Loss)				Fair Value at March 31, 2026
Affiliated investments:
Calidris Investment Partners Holdings Ltd - Preferred Equity (3)		Equity Investment		$	—			$	5,400			$	—			$	—			$	—			$	210			$	5,610
Calidris Investment Partners Holdings Ltd - Term Loan (3)		First Lien Senior Secured			29				8,107				29				—				—				10				8,146
ORECV, LLC - Membership Interest		Equity Investment			—				2,458				—				(569	)			—				74				1,963
Total affiliated Investments				$	29			$	15,965			$	29			$	(569	)		$	—			$	294			$	15,719

 

(1)

Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company into this category from a different category.

(2)

Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company out of this category into a different category.

40

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(3)

As defined in the 1940 Act, the Fund is deemed to be both an “Affiliated Person” of and to “Control” this portfolio company as it owns more than 25% of the portfolio company’s voting securities.

Other than the investments disclosed above, the Fund did not have any additional affiliated or controlled investments, as defined under the 1940 Act, as of March 31, 2026, or during the three months then ended.

For the three months ended March 31, 2025, the Fund held no investments that were deemed affiliated or controlled.

Note 6—Commitments and Contingencies

Commitments

In the ordinary course of business, the Fund may enter into future funding commitments. As of March 31, 2026, the Fund had unfunded commitments on delayed draw term loans, revolving credit lines, and membership interests of $66,186, $49,762, and $3,141, respectively. As of December 31, 2025, the Fund had unfunded commitments on delayed draw term loans, revolving credit lines, and membership interests of $66,601, $55,075, and $2,574, respectively. The Fund maintains sufficient cash, uncalled commitments, and borrowing capacity on hand to satisfy such unfunded commitments.

As of March 31, 2026, the Fund’s unfunded commitments consisted of the following.

Portfolio Company Name		Investment Type		Commitment Type		Unfunded Commitments
Ag Bells LLC		First Lien Senior Secured		Revolving Credit Line		$	1,165
Allbridge, LLC		First Lien Senior Secured		Delayed Draw Loan			166
Allbridge, LLC		First Lien Senior Secured		Revolving Credit Line			166
Allied OMS Intermediate Company, LLC		First Lien Senior Secured		Delayed Draw Loan			2,973
Allied OMS Intermediate Company, LLC		First Lien Senior Secured		Revolving Credit Line			991
Ampler QSR Holdings LLC		First Lien Senior Secured		Revolving Credit Line			1,533
Archtop Fiber Intermediate LLC		First Lien Senior Secured		Delayed Draw Loan			3,907
Armanino Advisory LLC		First Lien Senior Secured		Delayed Draw Loan			2,381
Armanino Advisory LLC		First Lien Senior Secured		Revolving Credit Line			883
Aspire General Holding Company LLC		First Lien Senior Secured		Delayed Draw Loan			2,638
Aspire General Holding Company LLC		First Lien Senior Secured		Revolving Credit Line			694
Batteries Plus Holding Corporation		First Lien Senior Secured		Revolving Credit Line			51
Billhighway, LLC		First Lien Senior Secured		Revolving Credit Line			80
Brown & Root Industrial Services, LLC		First Lien Senior Secured		Revolving Credit Line			2,626
CheckedUp, Inc		First Lien Senior Secured		Revolving Credit Line			73
Compu-Link Corporation		First Lien Senior Secured		Revolving Credit Line			1,570
Cooper's Hawk Intermediate Holding,LLC		First Lien Senior Secured		Delayed Draw Loan			1,842
Cooper's Hawk Intermediate Holding,LLC		First Lien Senior Secured		Revolving Credit Line			1,842
CrossLink Professional Tax Solutions, LLC		First Lien Senior Secured		Revolving Credit Line			1,348
D4C Dental Brands, Inc.		First Lien Senior Secured		Revolving Credit Line			1,189
Discovery SL Management, LLC		First Lien Senior Secured		Delayed Draw Loan			330
Discovery SL Management, LLC		First Lien Senior Secured		Delayed Draw Loan			2,568
Discovery SL Management, LLC		First Lien Senior Secured		Revolving Credit Line			621
Ensemble Music Schools LLC		First Lien Senior Secured		Revolving Credit Line			1,405
Fullsteam Operations LLC		First Lien Senior Secured		Delayed Draw Loan			5,769
Fullsteam Operations LLC		First Lien Senior Secured		Revolving Credit Line			1,923
Hasa Acquisition, LLC		First Lien Senior Secured		Delayed Draw Loan			145
Hasa Acquisition, LLC		First Lien Senior Secured		Revolving Credit Line			48

 

41

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42

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Portfolio Company Name		Investment Type		Commitment Type		Unfunded Commitments
Heathos LLC		First Lien Senior Secured		Revolving Credit Line		$	707
Hornblower Sub LLC		First Lien Senior Secured		Revolving Credit Line			—
Integrity Marketing Acquisition, LLC		First Lien Senior Secured		Delayed Draw Loan			878
Integrity Marketing Acquisition, LLC		First Lien Senior Secured		Revolving Credit Line			962
Juvare, LLC		First Lien Senior Secured		Delayed Draw Loan			1,066
Juvare, LLC		First Lien Senior Secured		Revolving Credit Line			1,322
Kemper Sports Management, LLC		First Lien Senior Secured		Revolving Credit Line			163
Learn-it Systems, LLC		First Lien Senior Secured		Delayed Draw Loan			3,365
Learn-it Systems, LLC		First Lien Senior Secured		Delayed Draw Loan			734
Learn-it Systems, LLC		First Lien Senior Secured		Revolving Credit Line			1,835
Lindstrom, LLC		First Lien Senior Secured		Revolving Credit Line			1,569
Military Retail Solutions, LLC		First Lien Senior Secured		Delayed Draw Loan			1,515
Military Retail Solutions, LLC		First Lien Senior Secured		Revolving Credit Line			353
Nuclear Care Partners Holdings, Inc.		First Lien Senior Secured		Revolving Credit Line			1,616
OEP Wheeler Buyer, LLC		First Lien Senior Secured		Revolving Credit Line			3,144
OL Texas Restaurants, LLC		First Lien Senior Secured		Revolving Credit Line			70
ORECV, LLC		Equity		Membership Interest			3,141
Palmetto Longevity Fund, LLC		First Lien Senior Secured		Delayed Draw Loan			127
Palmetto Longevity Fund, LLC		First Lien Senior Secured		Revolving Credit Line			2,969
Pansophic Learning US, LLC		First Lien Senior Secured		Revolving Credit Line			997
Pediatric Home Respiratory Services, LLC		First Lien Senior Secured		Delayed Draw Loan			1,916
Pediatric Home Respiratory Services, LLC		First Lien Senior Secured		Revolving Credit Line			852
Periscope Cybermaxx Buyer, Inc		First Lien Senior Secured		Delayed Draw Loan			1,785
Periscope Cybermaxx Buyer, Inc		First Lien Senior Secured		Revolving Credit Line			275
Petvet Care Centers, LLC		First Lien Senior Secured		Revolving Credit Line			1,415
PF Carrus Careers, LLC		First Lien Senior Secured		Revolving Credit Line			471
Project Pathfinder Borrower, LLC		First Lien Senior Secured		Revolving Credit Line			1,960
Rails International, LLC		First Lien Senior Secured		Revolving Credit Line			2,342
Rialto Management Group, LLC		First Lien Senior Secured		Revolving Credit Line			1,067
Salisbury House, LLC		First Lien Senior Secured		Delayed Draw Loan			2,371
Salisbury House, LLC		First Lien Senior Secured		Revolving Credit Line			1,581
Salt US Holdco, LLC		First Lien Senior Secured		Delayed Draw Loan			5,618
Senior Support Holdings (Franchise) Acquisition, Inc.		First Lien Senior Secured		Delayed Draw Loan			4,468
SL Buyer Corp.		First Lien Senior Secured		Delayed Draw Loan			3,293
SL Buyer Corp.		First Lien Senior Secured		Revolving Credit Line			774
Solidcore Topco, LLC		First Lien Senior Secured		Delayed Draw Loan			3,244
Solidcore Topco, LLC		First Lien Senior Secured		Revolving Credit Line			1,233
Sparkle Holdco 2 Corp.		First Lien Senior Secured		Revolving Credit Line			603
Sparta Capital Management, LLC		First Lien Senior Secured		Delayed Draw Loan			2,705
Spartan CP, LLC		First Lien Senior Secured		Delayed Draw Loan			1,291
Spartan CP, LLC		First Lien Senior Secured		Revolving Credit Line			166
Sportime Clubs, LLC		First Lien Senior Secured		Delayed Draw Loan			4,936
Sportime Clubs, LLC		First Lien Senior Secured		Revolving Credit Line			293
Sylmar Group Holdco LLC		First Lien Senior Secured		Delayed Draw Loan			4,155
Sylmar Group Holdco LLC		First Lien Senior Secured		Revolving Credit Line			935
The Mutual Group LLC		First Lien Senior Secured		Revolving Credit Line			672
Total Fleet Buyer, LLC		First Lien Senior Secured		Revolving Credit Line			1,148
XDimensional Technologies, Inc.		First Lien Senior Secured		Revolving Credit Line			60
Total						$	119,089

 

43

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As of December 31, 2025, the Fund’s unfunded commitments consisted of the following.

Portfolio Company Name		Investment Type		Commitment Type		Unfunded Commitments
Ag Bells LLC		First Lien Senior Secured		Revolving Credit Line		$	1,165
Allbridge, LLC		First Lien Senior Secured		Delayed Draw Loan			166
Allbridge, LLC		First Lien Senior Secured		Revolving Credit Line			166
Allied OMS Intermediate Company, LLC		First Lien Senior Secured		Delayed Draw Loan			2,973
Allied OMS Intermediate Company, LLC		First Lien Senior Secured		Revolving Credit Line			991
Ampler QSR Holdings LLC		First Lien Senior Secured		Revolving Credit Line			1,553
Archtop Fiber Intermediate LLC		First Lien Senior Secured		Delayed Draw Loan			5,710
Armanino Advisory LLC		First Lien Senior Secured		Delayed Draw Loan			2,554
Armanino Advisory LLC		First Lien Senior Secured		Revolving Credit Line			1,920
Aspire General Holding Company LLC		First Lien Senior Secured		Delayed Draw Loan			2,638
Aspire General Holding Company LLC		First Lien Senior Secured		Revolving Credit Line			694
Batteries Plus Holding Corporation		First Lien Senior Secured		Revolving Credit Line			63
Billhighway, LLC		First Lien Senior Secured		Revolving Credit Line			80
Brown & Root Industrial Services, LLC		First Lien Senior Secured		Revolving Credit Line			2,956
CheckedUp, Inc		First Lien Senior Secured		Revolving Credit Line			55
Compu-Link Corporation		First Lien Senior Secured		Revolving Credit Line			1,570
Cooper's Hawk Intermediate Holding,LLC		First Lien Senior Secured		Delayed Draw Loan			2,895
Cooper's Hawk Intermediate Holding,LLC		First Lien Senior Secured		Revolving Credit Line			1,579
CrossLink Professional Tax Solutions, LLC		First Lien Senior Secured		Revolving Credit Line			599
D4C Dental Brands, Inc.		First Lien Senior Secured		Revolving Credit Line			1,189
Discovery SL Management, LLC		First Lien Senior Secured		Delayed Draw Loan			360
Discovery SL Management, LLC		First Lien Senior Secured		Delayed Draw Loan			2,568
Discovery SL Management, LLC		First Lien Senior Secured		Revolving Credit Line			621
Ensemble Music Schools LLC		First Lien Senior Secured		Delayed Draw Loan			1,405
Ensemble Music Schools LLC		First Lien Senior Secured		Revolving Credit Line			1,405
Fullsteam Operations LLC		First Lien Senior Secured		Delayed Draw Loan			5,769
Fullsteam Operations LLC		First Lien Senior Secured		Revolving Credit Line			1,923
Hasa Acquisition, LLC		First Lien Senior Secured		Delayed Draw Loan			145
Hasa Acquisition, LLC		First Lien Senior Secured		Revolving Credit Line			100
Heathos LLC		First Lien Senior Secured		Revolving Credit Line			707
Hornblower Sub LLC		First Lien Senior Secured		Revolving Credit Line			10
Integrity Marketing Acquisition, LLC		First Lien Senior Secured		Delayed Draw Loan			878
Integrity Marketing Acquisition, LLC		First Lien Senior Secured		Revolving Credit Line			962
Juvare, LLC		First Lien Senior Secured		Delayed Draw Loan			1,066
Juvare, LLC		First Lien Senior Secured		Revolving Credit Line			1,823
Kemper Sports Management, LLC		First Lien Senior Secured		Revolving Credit Line			163
Learn-it Systems, LLC		First Lien Senior Secured		Delayed Draw Loan			3,365
Learn-it Systems, LLC		First Lien Senior Secured		Delayed Draw Loan			734
Learn-it Systems, LLC		First Lien Senior Secured		Revolving Credit Line			1,835
Lindstrom, LLC		First Lien Senior Secured		Revolving Credit Line			1,222
Military Retail Solutions, LLC		First Lien Senior Secured		Delayed Draw Loan			1,515
Military Retail Solutions, LLC		First Lien Senior Secured		Revolving Credit Line			555
Nuclear Care Partners Holdings, Inc.		First Lien Senior Secured		Revolving Credit Line			1,616
OEP Wheeler Buyer, LLC		First Lien Senior Secured		Revolving Credit Line			3,144
OL Texas Restaurants, LLC		First Lien Senior Secured		Revolving Credit Line			210
ORECV, LLC		Equity		Membership Interest			2,574

 

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Portfolio Company Name		Investment Type		Commitment Type		Unfunded Commitments
Palmetto Longevity Fund, LLC		First Lien Senior Secured		Delayed Draw Loan		$	127
Palmetto Longevity Fund, LLC		First Lien Senior Secured		Revolving Credit Line			3,002
Pansophic Learning US, LLC		First Lien Senior Secured		Revolving Credit Line			997
Pediatric Home Respiratory Services, LLC		First Lien Senior Secured		Delayed Draw Loan			1,916
Pediatric Home Respiratory Services, LLC		First Lien Senior Secured		Revolving Credit Line			1,065
Periscope Cybermaxx Buyer, Inc		First Lien Senior Secured		Delayed Draw Loan			1,836
Periscope Cybermaxx Buyer, Inc		First Lien Senior Secured		Revolving Credit Line			413
Petvet Care Centers, LLC		First Lien Senior Secured		Revolving Credit Line			1,592
PF Carrus Careers, LLC		First Lien Senior Secured		Revolving Credit Line			553
Project Pathfinder Borrower, LLC		First Lien Senior Secured		Revolving Credit Line			1,960
Rails International, LLC		First Lien Senior Secured		Revolving Credit Line			2,342
Rialto Management Group, LLC		First Lien Senior Secured		Revolving Credit Line			1,707
Salisbury House, LLC		First Lien Senior Secured		Delayed Draw Loan			2,371
Salisbury House, LLC		First Lien Senior Secured		Revolving Credit Line			1,344
Salt US Holdco, LLC		First Lien Senior Secured		Delayed Draw Loan			323
Sarasota US Intermediate, Inc.		First Lien Senior Secured		Revolving Credit Line			1,239
Seatex Merger Sub, LLC		First Lien Senior Secured		Revolving Credit Line			1,141
Senior Support Holdings (Franchise) Acquisition, Inc.		First Lien Senior Secured		Delayed Draw Loan			4,468
SL Buyer Corp.		First Lien Senior Secured		Delayed Draw Loan			3,507
SL Buyer Corp.		First Lien Senior Secured		Revolving Credit Line			774
Solidcore Topco, LLC		First Lien Senior Secured		Delayed Draw Loan			3,244
Solidcore Topco, LLC		First Lien Senior Secured		Revolving Credit Line			1,622
Sparta Capital Management, LLC		First Lien Senior Secured		Delayed Draw Loan			3,606
Spartan CP, LLC		First Lien Senior Secured		Delayed Draw Loan			1,291
Spartan CP, LLC		First Lien Senior Secured		Revolving Credit Line			414
Sportime Clubs, LLC		First Lien Senior Secured		Delayed Draw Loan			5,016
Sportime Clubs, LLC		First Lien Senior Secured		Revolving Credit Line			293
Sylmar Group Holdco LLC		First Lien Senior Secured		Delayed Draw Loan			4,155
Sylmar Group Holdco LLC		First Lien Senior Secured		Revolving Credit Line			1,195
The Mutual Group LLC		First Lien Senior Secured		Revolving Credit Line			672
Total Fleet Buyer, LLC		First Lien Senior Secured		Revolving Credit Line			1,148
WildBrain Ltd.		First Lien Senior Secured		Revolving Credit Line			666
XDimensional Technologies, Inc.		First Lien Senior Secured		Revolving Credit Line			60
Total						$	124,250

The unrealized appreciation or depreciation associated with unfunded portfolio company commitments is recorded in the consolidated financial statements and reflected as an adjustment to the valuation of the related security in the Consolidated Schedules of Investments as of March 31, 2026 and December 31, 2025. The par amount of the unfunded portfolio company commitments is not recognized by the Fund until the commitment is funded.

45

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Unfunded portfolio company commitments may expire without being drawn upon, and therefore, do not necessarily represent future cash requirements or future earning assets for the Fund. The Fund believes that it maintains sufficient liquidity in the form of cash and financing capacity to cover any outstanding unfunded portfolio company commitments that the Fund may be required to fund.

Litigation and Regulatory Matters

In the ordinary course of its business, the Fund may become subject to litigation, claims, and regulatory matters. The Fund has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Fund at this time.

Indemnifications

In the ordinary course of its business, the Fund may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Fund. Management believes that the likelihood of such an event is remote.

Note 7—Borrowings

In accordance with the 1940 Act, with certain limitations, BDCs are allowed to borrow amounts such that their asset coverage ratios, as defined in the 1940 Act, are at least 200% (or 150% if certain conditions are met) after such borrowing. As a result of complying with the requirements set forth in Section 61 of the 1940 Act, the Fund is able to borrow amounts such that its asset coverage ratio is at least 150%, rather than 200%. As of March 31, 2026 and December 31, 2025, the Fund's asset coverage ratios were 206.85% and 197.52%, respectively.

Secured Loan Facility

On July 16, 2024 and as most recently amended on October 15, 2025, Subsidiary II has entered into a Loan and Servicing Agreement (as amended, the "Secured Loan Facility"), with Sumitomo Mitsui Banking Corporation, as collateral agent, administrative agent and a lender, Webster Bank, N.A., as a lender, and Western Alliance Trust Company, N.A., as account bank, collateral custodian and collateral administrator. The Secured Loan Facility provides for borrowings in U.S. dollars up to a maximum principal amount of $445 million for a six-month period beginning on October 15, 2025 (the "Upsize Period") and $400 million after the Upsize Period. Proceeds from the borrowings under the Secured Loan Facility will be used primarily to finance the purchase or origination of loans. Unless otherwise terminated, the Secured Loan Facility will mature on July 16, 2029. The interest rate on outstanding loans will be calculated by the 1-month SOFR rate plus a spread of 2.20%. Prior to March 27, 2025, the interest rate on outstanding loan was calculated by taking the highest of the Prime Rate, the Federal Funds Rate plus 0.50%, the 1-month SOFR rate plus 1.0% or zero, plus a spread of 2.60%. Subsidiary II paid an upfront fee of $3 million that was due by March 31, 2025, and pays an administrative fee of $5 thousand per month. On March 27, 2025, Subsidiary II paid an additional upfront fee of $750 thousand related to the amended Secured Loan Facility. On any date when the undrawn commitment is less than or equal to 50% of the aggregate commitment, the non-usage fee will be 0.50% per annum. On any date when the undrawn commitment is greater than 50% of the aggregate commitment, the non-usage fee will be 1.00% per annum.

The weighted average annualized interest cost (excluding amortization of deferred financing costs and other fees) for all borrowings under the Secured Loan Facility as of March 31, 2026 and March 31, 2025 was 5.88% and 6.92%, respectively. The average daily debt outstanding as of March 31, 2026 and March 31, 2025 was $371,954 and $186,233, respectively. The maximum debt outstanding as of March 31, 2026 and March 31, 2025 was $393,305 and $263,100, respectively.

The following table represents borrowings under the Secured Loan Facility as of March 31, 2026.

		Total Aggregate Borrowing Capacity				Total Principal Outstanding				Less Deferred Financing Costs				Amount per Consolidated Statements of Assets and Liabilities
Secured Loan Facility		$	445,000			$	333,882			$	2,548			$	331,334
Total		$	445,000			$	333,882			$	2,548			$	331,334

 

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The following table represents borrowings under the Secured Loan Facility as of December 31, 2025.

		Total Aggregate Borrowing Capacity				Total Principal Outstanding				Less Deferred Financing Costs				Amount per Consolidated Statements of Assets and Liabilities
Secured Loan Facility		$	445,000			$	393,305			$	2,740			$	390,565
Total		$	445,000			$	393,305			$	2,740			$	390,565

The following table represents interest and debt fees under the Secured Loan Facility for the three months ended March 31, 2026.

		Interest Rate(1)		Interest Expense				Deferred Financing Costs (2)				Other Fees (2)
Secured Loan Facility		SOFR + 2.20%		$	5,900			$	166			$	—
Total				$	5,900			$	166			$	—

(1)

As of March 31, 2026, the 1-month SOFR rate was 3.66%.

(2)

Amortization of deferred financing costs and other fees are included in "interest expense" on the Consolidated Statements of Operations.

The following table represents interest and debt fees under the Secured Loan Facility for the three months ended March 31, 2025.

		Interest Rate(1)		Interest Expense				Deferred Financing Costs (2)				Other Fees (2)
Secured Loan Facility		SOFR + 2.20%		$	3,159			$	150			$	—
Total				$	3,159			$	150			$	—

(1)

As of March 31, 2025, the 1-month SOFR rate was 4.32%.

(2)

Amortization of deferred financing costs and other fees are included in "interest expense" on the Consolidated Statements of Operations.

At March 31, 2026 and December 31, 2025, the carrying amount of the Fund's borrowings on the Secured Loan Facility approximated their fair value in accordance with ASC 820. As of March 31, 2026 and December 31, 2025, the Fund’s borrowings are deemed to be a Level 3 measurement, as defined in Note 3—Fair Value of Financial Instruments.

Credit Facility

On December 2, 2025, the Fund entered into a senior secured revolving credit agreement with the Fund, as borrower, the lenders from time to time parties thereto, The Bank of Nova Scotia, as administrative agent, collateral agent, issuing bank, swingline lender and as lead arranger (the “Credit Facility”). The Credit Facility will be guaranteed by the Fund. Proceeds from the borrowings under the Credit Facility will be used for general corporate purposes, including the funding of portfolio investments. The maximum principal amount of the Credit Facility is $150 million, consisting of a $75 million permanent commitment maturing on December 3, 2029 and a $75 million temporary commitment maturing on December 2, 2026, subject to availability under the borrowing base, which is based on the Fund's eligible portfolio investments. Maximum capacity under the Facility may be increased up to $300 million through the exercise by the Fund of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions, and includes a $50 million limit for swingline loans.

The availability period under the permanent commitment of the Credit Facility will terminate on December 3, 2029 (the "Commitment Termination Date") and the permanent commitment will mature on December 2, 2030 (the "Final Maturity Date"). The temporary commitment will mature on December 2, 2026. During the period from the Commitment Termination Date to the Final Maturity Date, the Fund will be obligated to make mandatory prepayments under the Credit Facility out of the proceeds of certain asset sales and other

47

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recovery events and equity and debt issuances. The Fund may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Facility in U.S. dollars will bear interest at either Term SOFR plus a margin, or the “alternate base rate” (which is the highest of (a) the prime rate, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.5%, and (c) Term SOFR plus 1% plus a margin). The Fund may elect either the Term SOFR or alternate base rate at the time of drawdown, and loans denominated in U.S. dollars may be converted from one rate to another at any time at the Fund’s option, subject to certain conditions. Amounts drawn under the Credit Facility in other permitted currencies will bear interest at the relevant rate specified therein plus an applicable margin. The Fund also will pay a fee of 0.375% per annum on the average daily unused amounts under the Credit Facility.

The weighted average annualized interest cost (excluding amortization of deferred financing costs and other fees) for all borrowings under the Credit Facility as of March 31, 2026 was 5.68%. The average daily debt outstanding and maximum debt outstanding for the three months ended March 31, 2026 was $96,733 and $101,000, respectively.

The following table represents borrowings under the Credit Facility as of March 31, 2026.

		Total Aggregate Borrowing Capacity				Total Principal Outstanding				Less Deferred Financing Costs				Amount per Consolidated Statements of Assets and Liabilities
Credit Facility		$	150,000			$	101,000			$	556			$	100,444
Total		$	150,000			$	101,000			$	556			$	100,444

The following table represents borrowings under the Credit Facility as of December 31, 2025.

		Total Aggregate Borrowing Capacity				Total Principal Outstanding				Less Deferred Financing Costs				Amount per Consolidated Statements of Assets and Liabilities
Credit Facility		$	150,000			$	88,000			$	630			$	87,370
Total		$	150,000			$	88,000			$	630			$	87,370

 

The following table represents interest and debt fees for the three months ended March 31, 2026.

 

		Interest Rate(1)		Interest Expense				Deferred Financing Costs (2)				Other Fees (2)
Credit Facility		SOFR + 2.00%		$	1,423			$	100			$	—
Total				$	1,423			$	100			$	—

 

(1)

As of March 31, 2026, the 1-month SOFR rate was 3.66%.

(2)

Amortization of deferred financing costs and other fees are included in "interest expense" on the Consolidated Statements of Operations.

At March 31, 2026 and December 31, 2025, the carrying amount of the Fund's borrowings on the Credit Facility approximated their fair value in accordance with ASC 820. As of March 31, 2026 and December 31, 2025, the Fund’s borrowings are deemed to be a Level 3 measurement, as defined in Note 3—Fair Value of Financial Instruments.

Secured Borrowing Agreement

On July 22, 2024, the Fund entered into a participation agreement (the "Participation Agreement") with Macquarie Bank Limited ("Macquarie"). The Fund will transfer investments to Macquarie for cash and repurchase the same investment on a forward settlement basis. The repurchase transaction will have a settlement date of up to 90 days. The repurchase

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transaction under the Participation Agreement is a type of secured borrowing, in which the Fund will retain the economics of the investment and will pay an interest charge. Interest expense incurred under the Participation Agreement is included on the Consolidated Statements of Operations as "Interest expense".

 

The Fund did not have any outstanding borrowings under the Participation Agreement as of March 31, 2026 and December 31, 2025, and for three months ended March 31, 2026, the Fund did not have any activity under the Participation Agreement.

 

The weighted average annualized interest cost (excluding amortization of deferred financing costs and other fees) for all borrowings under the Secured Loan Facility as of March 31, 2025 was 7.54%. The average daily debt outstanding for the three months ended March 31, 2025 was $41,575.

The following table represents interest and debt fees under the Secured Borrowing Facility for the three months ended March 31, 2025.

		Interest Rate(1)		Interest Expense				Deferred Financing Costs (2)				Other Fees (2)
Secured Borrowing Facility		SOFR + 7.54%		$	789			$	—			$	—
Total				$	789			$	—			$	—

(1)

The effective interest rate reflects SOFR plus a weighted average spread across all secured borrowings. As of March 31, 2025, the 3-month SOFR rate was 4.29%.

(2)

Amortization of deferred financing costs and other fees are included in "interest expense" on the Consolidated Statements of Operations.

At March 31, 2026 and December 31, 2025, the carrying amount of the Fund's borrowings on the Secured Borrowing Facility approximated their fair value in accordance with ASC 820. As of March 31, 2026 and December 31, 2025, the Fund's borrowings are deemed to be a Level 3 measurement, as defined in Note 3—Fair Value of Financial Instruments.

Note 8—Capital

During the three months ended March 31, 2026 and 2025, the Fund’s capital stock activity was as follows:

Share Issuances

There were no shares issued related for subscriptions for the three months ended March 31, 2026.

The following table summarizes the total shares issued and net proceeds (in thousands) through the dividend reinvestment plan ("DRIP") for the three months ended March 31, 2026.

Share Issue Date		Shares Issued				Net Proceeds Received
January 30, 2026			76			$	2
February 27, 2026			76				2
March 31, 2026			79				2
Total Shares Issued			231			$	6

The following table summarizes the total shares issued and net proceeds (in thousands) for the three months ended March 31, 2025.

Share Issue Date		Shares Issued				Net Proceeds Received
January 2, 2025			2,769,444			$	70,150
Total Shares Issued			2,769,444			$	70,150

The following table summarizes the total shares issued and net proceeds (in thousands) through the DRIP for the three months ended March 31, 2025.

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Share Issue Date		Shares Issued				Net Proceeds
January 31, 2025			38			$	1
February 28, 2025			39				1
March 31, 2025			47				1
Total Shares Issued			124			$	3

As of March 31, 2026 and December 31, 2025, Comvest Group Holdings SPV II LLC, a wholly-owned subsidiary of an affiliate of Manulife | Comvest Credit Partners, owned 409 and 409, respectively, of the Fund's Class I shares, Feeder Fund I owned 9,955,652 and 9,955,652, respectively, of the Fund's Class I shares, and Feeder Fund II owned 7,874,687 and 7,874,687, respectively, of the Fund's Class I shares.

Distributions and Dividends

Distributions declared during the three months ended March 31, 2026 and 2025, totaled $11,708 and $5,656.

The following table reflects distributions, including dividends and returns of capital, if any, declared per share by the Board for the three months ended March 31, 2026.

Date Declared		Record Date		Payment Date		Per Share Amount
January 29, 2026		January 29, 2026		February 23, 2026		$	0.21
February 26, 2026		February 26, 2026		March 26, 2026		$	0.21
March 30, 2026		March 30, 2026		April 22, 2026		$	0.21

The following table reflects distributions, including dividends and returns of capital, if any, declared per share by the Board for the three months ended March 31, 2025.

Date Declared		Record Date		Payment Date		Per Share Amount
January 29, 2025		January 30, 2025		February 21, 2025		$	0.16
February 27, 2025		February 27, 2025		March 24, 2025		$	0.17
March 27, 2025		March 28, 2025		April 24, 2025		$	0.20

Distributions to the Fund’s shareholders are recorded on the last business day of the month. The Fund intends to make distributions to its shareholders that will be sufficient to enable the Fund to qualify and maintain its status as a RIC.

The Fund has adopted a DRIP whereby shareholders, at the time of completing their subscription agreement, must select whether to receive their distributions in cash or automatically reinvest such distributions in additional shares.

The Fund uses only newly-issued Shares to implement the DRIP. The number of Shares issued to a shareholder that has not elected to have its distributions in cash shall be determined by dividing the total dollar amount of the distribution payable to such participant by the net asset value per share as of the last day of the month immediately preceding the date such distribution was declared (the “Reference NAV”); provided that in the event a distribution is declared on the last day of the month, the Reference NAV shall be deemed to be the net asset value per share as of such day. In addition, dividend reinvestment will be made net of any applicable U.S. withholding taxes.

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Note 9—Net Assets

The following table reflects the net assets activity for the three months ended March 31, 2026.

		Shares				Shares - par				Additional paid in capital				Total distributable earnings (accumulated deficit)				Total net assets
Balance as of December 31, 2025			18,631,405			$	19			$	469,992			$	627			$	470,638
Distributions to shareholders			—				—				—				(11,708	)			(11,708	)
Reinvestment of distributions			231				—				6				—				6
Net investment income (loss)			—				—				—				12,089				12,089
Net realized gain (loss) from investment transactions			—				—				—				88				88
Net change in unrealized gain (loss) on investments			—				—				—				(3,829	)			(3,829	)
Balance as of March 31, 2026			18,631,636			$	19			$	469,998			$	(2,733	)		$	467,284

The following table reflects the net assets activity for the three months ended March 31, 2025.

		Shares				Shares - par				Additional paid in capital				Total distributable earnings (accumulated deficit)				Total net assets
Balance as of December 31, 2024			7,945,702			$	8			$	199,800			$	1,462			$	201,270
Issuance of shares, net of issuance costs			2,769,568				3				70,150				—				70,153
Distributions to shareholders			—				—				—				(5,656	)			(5,656	)
Net investment income (loss)			—				—				—				5,817				5,817
Net change in unrealized gain (loss) on investments			—				—				—				896				896
Balance as of March 31, 2025			10,715,270			$	11			$	269,950			$	2,519			$	272,480

 

 

 

 

 

Note 10—Earnings Per Share

Basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. For the three months ended March 31, 2026 and 2025, there were no dilutive securities. The following information sets forth the computation of the weighted average basic and diluted net change in net assets per share resulting from operations for the three months ended March 31, 2026 and 2025.

			For the Three Months Ended March 31,
			2026				2025
Increase (decrease) in net assets resulting from operations			$	8,348			$	6,713
Weighted average shares outstanding				18,631,485				10,684,405
Earnings (loss) per share - basic and diluted			$	0.45			$	0.63

 

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Note 11—Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2026 and 2025.

		For the Three Months Ended March 31,
		2026				2025
Per Share Operating Performance
Net Asset Value, Beginning of Period:		$	25.26			$	25.33
Results of Operations:(1)
Net Investment Income (Loss)			0.65				0.54
Net Realized and Unrealized Gain (Loss) on Investments			(0.20	)			0.09
Increase (Decrease) in Net Assets Resulting from Operations			0.45				0.63
Distributions to Shareholders
Distributions from Net Investment Income			(0.63	)			(0.53	)
Decrease in Net Assets Resulting from Distributions			(0.63	)			(0.53	)
Net Asset Value, End of Period		$	25.08			$	25.43
Shares Outstanding, End of Period			18,631,636				10,715,270
Total return(2)(3)			1.79	%			2.49	%
Net assets, end of period		$	467,284			$	272,480
Ratio/Supplemental Data
Weighted average shares outstanding			18,631,485				10,684,405
Ratio of net investment income (loss) to average net assets, without expense reimbursement(4)			10.08	%			8.80	%
Ratio of net investment income (loss) to average net assets, with expense reimbursement(4)			10.30	%			9.30	%
Ratio of total expenses to average net assets without reimbursement(4)			10.57	%			11.20	%
Ratio of total expenses to average net assets with reimbursement(4)			10.35	%			10.80	%
Asset coverage ratio(5)			206.85	%			193.80	%
Portfolio turnover rate(3)			2.68	%			0.96	%

 

(1)

The per common share data was derived using weighted average shares outstanding.

(2)

Total return is calculated assuming a purchase of shares of common stock at the current net asset value on the first day and a sale at the current net asset value on the last day of the period reported.

(3)

Not annualized.

(4)

Annualized.

(5)

Asset coverage ratio is presented as of March 31, 2026 and March 31, 2025, respectively.

Note 12—Subsequent Events

The Fund has evaluated subsequent events through the filing of this Form 10-Q and has determined that no material events or transactions occurred through the issuance date of the Fund’s financial statements which require additional disclosure in or adjustment of the Fund’s consolidated financial statements, except as set forth below.

On April 14, 2026, Subsidiary II entered into a Fifth Amendment to the Secured Loan Facility to extend the temporary upsize to the Fund’s $400 million credit facility, which allows the Fund to borrow up to $445 million for a six-month period beginning on October 15, 2025, by an additional three months until July 15, 2026.

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On April 30, 2026, the Fund entered into a Fourth Amended and Restated Expense Limitation and Reimbursement Agreement with the Investment Adviser effective as of May 1, 2026, which will terminate on May 1, 2027. The terms of the agreement are not materially different from the Third Amended and Restated Expense Limitation and Reimbursement Agreement.

The Administrator resigned as the Fund’s administrator effective as of May 3, 2026. Effective as of May 3, 2026, the Fund entered into an administration agreement (the "New Administration Agreement") with John Hancock Investment Management LLC (the "New Administrator"), under which the New Administrator performs or oversees the performance of certain administrative services for the Fund. Effective May 3, 2026, the Fund pays the New Administrator a fee at the annual rate of 0.06% of the Fund’s month-end net assets.

 

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ITEM 2. MANAGEMENT’S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The information in management’s discussion and analysis of financial conditions and results of operations relates to John Hancock Comvest Private Income Fund (collectively, "we", "us", "our", or the "Fund"). Unless stated otherwise, the dollar amounts disclosed in this Management’s Discussion & Analysis of Financial Condition and Results of Operations section are presented in thousands.

Forward-Looking Statements

The information contained in this section should be read in conjunction with the financial data and consolidated financial statements and notes thereto appearing elsewhere in this quarterly report on Form 10-Q (the "Report"). Some of the statements in this Report (including in the following discussion) constitute forward-looking statements, which relate to future events, future performance, or our financial condition. The forward-looking statements contained in this section involve a number of risks and uncertainties, including:

 

•

future changes in laws or regulations and conditions in the Fund’s operating areas;

•

the general economy, including the impact of interest and inflation rates, on the industries in which we invest;

•

global economic, political and market conditions, including downgrades of the U.S. credit rating and ongoing geopolitical conflicts, may adversely affect the Fund’s business, results of operations and financial condition, including the Fund’s revenue growth and profitability;

•

our future operating results, our business prospects, the adequacy of our cash resources and working capital, and the impact of inflation, the imposition of tariffs and rising interest rates;

•

the ability of our portfolio companies to achieve their objectives;

•

our ability to make investments consistent with our investment objectives, including with respect to the size, nature and terms of those investments;

•

the ability of Comvest Credit Managers, LLC (the "Investment Adviser") and its affiliates to retain talented professionals; and

•

the risk factors set forth in Part I-Item 1A.-Risk Factors, contained in our annual report on Form 10-K for the year ended December 31, 2025, and in this Report.

 

Forward-looking statements are identified by their use of such terms and phrases such as "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "target", "will", "would" or similar expressions. Actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth in Part I—Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025 and in this Report.

We have based the forward-looking statements included in this Report on information available to us on the date of this Report. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements, you are advised to consult any additional disclosures we may make directly to you or through reports filed or to be filed with the U.S. Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

The Fund is an externally managed, diversified, closed-end management investment company that has elected to be regulated as a business development company (a "BDC") under the Investment Company Act of 1940, as amended (the "1940 Act") and has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Fund was formed as Comvest Credit Partners BDC Fund, L.P. on June 28, 2023 as a limited partnership under the laws of the state of Delaware. The Fund changed its name to AMG Comvest Senior Lending Fund on October 23, 2023 and converted to a Delaware statutory trust by operation of law on October 24, 2023. The Fund commenced operations on September 29, 2023 ("Inception Date") and commenced investment operations on October 18, 2023. On November 6, 2025, in connection with the closing of the Manulife Transaction, the Fund changed its name to John Hancock Comvest Private Income Fund.

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The Fund previously offered its common shares pursuant to the terms set forth in the Fund’s Confidential Private Placement Memorandum and subscription agreements that it entered into with investors in connection with its private offering of common shares (the "Private Offering") (each, a "Subscription Agreement"). The common shares in the Private Offering were sold under the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), only to investors that are "accredited investors" in accordance with Rule 506 of Regulation D promulgated under the Securities Act, and other exemptions of similar import in the laws of the states and jurisdictions where the Private Offering was made. The Fund’s final Closing under the Private Offering occurred on December 13, 2024. All common shares issued under the Private Offering are now classified as Class I shares (the "Shares").

On December 13, 2024, the Fund received a notice of effectiveness from the SEC related to the Fund’s Form N-2 Registration Statement (the "Registration Statement"). Pursuant to the Registration Statement, the Fund is publicly offering on a continuous basis up to $2.0 billion of the Shares (the "Public Offering").

On March 14, 2025, the SEC issued the Fund an exemptive order ("Multi-Class Order") that permits the Fund to offer multiple classes of its Shares. Under the Multi-Class Order, the Fund may issue Class S, Class D, Class F and Class I shares.

The Fund is managed by Comvest Credit Managers, LLC (the “Investment Adviser”), a Delaware limited liability company and an affiliate of Comvest Capital Advisors LLC, Comvest Credit Advisors LLC and Commonwealth Credit Advisors LLC (collectively with their affiliates, "Comvest"), and Manulife Financial Corporation (“Manulife,” and collectively with Comvest and their affiliates, “Manulife | Comvest Credit Partners”). The Investment Adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The Investment Adviser oversees the management of the Fund’s activities and is responsible for making investment decisions with respect to the Fund’s portfolio.

Our investment objective is to generate current income and capital appreciation. Our primary focus is to provide risk-adjusted returns and current income to investors by investing primarily in middle-market companies with earnings before interest, taxes, depreciation and amortization ("EBITDA") generally between $10 million and $100 million within a wide range of industries, although the Fund intends to focus on industries in which the Investment Adviser and its affiliates have investing experience and access to operating resources, including but not limited to healthcare, financial services, business & technology services, industrials, consumer products, and franchisors/retail.

Macroeconomic Market Developments

The capital markets are subject to fluctuations caused by various external factors such as changes in the interest-rate environment, inflationary pressures, evolving geopolitical tensions, and broader economic conditions, among other factors. These macroeconomic developments are outside our control and could require us to adjust our plan of operations, and impact our financial position, results of operations or cash flows in the future. We monitor macroeconomic market developments and their related impact to our business, including impacts to our portfolio companies, employees, due diligence and underwriting processes, and the broader financial markets.

While our portfolio is not immune to the impact of macroeconomic events, we believe we and our portfolio are well positioned to manage the current environment. Given the unpredictability and fluidity of the macroeconomic market, neither our management nor our Board is able to predict the full impact of the macroeconomic events on our business, future results of operations, financial position, or cash flows. For additional information, see “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and in this Report.

Portfolio and Investment Activity

During the three months ended March 31, 2026, we made $25,189 of investments in new or existing portfolio companies and had $72,460 in aggregate amount of sales and repayments, resulting in net investments of $47,271 for the period. The total portfolio of debt investments at fair value consisted of 99.7% bearing variable interest rates and 0.3% bearing fixed interest rates.

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Our portfolio composition, based on fair value at March 31, 2026 was as follows.

		Percentage of Total Portfolio				Weighted Average Current Yield for Total Portfolio
First Lien Senior Secured			96.6	%			9.1	%
Second Lien Senior Secured			0.5	%			0.0	%
Equity			2.2	%			—
Warrants			0.0	%			—
Cash Equivalents			0.7	%			—
Total			100.0	%			9.1	%

During the three months ended March 31, 2025, we made $153,295 of investments in new or existing portfolio companies and had $4,486 in aggregate amount of sales and repayments, resulting in net investments of $148,809 for the period. The total portfolio of debt investments at fair value consisted of 100% bearing variable interest rates and 0% bearing fixed interest rates.

Our portfolio composition, based on fair value at December 31, 2025 was as follows.

		Percentage of Total Portfolio				Weighted Average Current Yield for Total Portfolio
First Lien Senior Secured			95.5	%			9.0	%
Second Lien Senior Secured			2.4	%			0.3	%
Equity			1.7	%			—	%
Warrants			—	%			—	%
Cash Equivalents			0.4	%			—	%
Total			100.0	%			9.3	%

Portfolio Asset Quality

Our Investment Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Investment Adviser grades the credit risk of all debt investments on a scale of 1 to 6 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio debt investment relative to the inherent risk at the time the original debt investment was made (i.e., at the time of acquisition), although it may also take into account under certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors.

 

Loan Rating		Summary Description
1		Investments that are performing at or above expectations. No issues or foreseen issues on performance, covenants, liquidity, etc. The credit is expected to be repaid at or prior to maturity through available cash flow or to be refinanced.
2		Investments that are performing substantially within our expectations, with the risks remaining neutral or favorable. All new loans are initially rated 2. The credit is expected to be repaid at or prior to maturity through available cash flow or to be refinanced by a third party.
3		Investments that are performing below our expectations and that require closer monitoring, but where we expect no loss of investment return or principal.
4		Investments that are performing below our expectations and for which risk has increased since the original investment. Although the loan is underperforming, there is not a high likelihood of any loss of principal or interest but there may be a possibility for equity returns, one-time fees or capitalized interest (if applicable) to be implied.

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5		Investments that are performing substantially below our expectations and whose risks have increased substantially since the original investment. Typically, the borrower will be in default, or the loan will have been modified to address a default or the loan may be past due.
6		Investments that are performing poorly; it is unlikely that the enterprise or asset values currently exceed the debt and/or material reduction in enterprise value is reasonably foreseen.

The Investment Adviser focuses on downside protection by leveraging existing rights available under the credit documents; however, for investments that are significantly underperforming, which may need to be restructured, the Investment Adviser’s workout team partners with the investment team and all material amendments, waivers and restructurings require the approval of a majority of the Investment Committee.

The weighted average risk rating of our investments based on fair value was 2.0 as of March 31, 2026. As of March 31, 2026, the Fund had one portfolio investment on non-accrual status. Refer to Note 2—Summary of Significant Accounting Policies for additional details regarding the Fund’s non-accrual policy.

The following table shows the distribution of our investments on the 1 to 6 investment rating scale at fair value as of March 31, 2026.

Investment Rating		Cost (in thousands)				Percent				Fair Value (in thousands)				Percent
Investment Rating 1		$	—				—	%		$	—				—	%
Investment Rating 2			850,930				95.5				850,388				95.8
Investment Rating 3			38,360				4.3				36,301				4.1
Investment Rating 4			617				0.1				617				0.1
Investment Rating 5			—				—				—				—
Investment Rating 6			620				0.1				301				—
Total		$	890,527				100.0	%		$	887,607				100.0	%

The weighted average risk rating of our investments based on fair value was 2.0 as of December 31, 2025. As of December 31, 2025, the Fund had one portfolio company on non-accrual status. Refer to Note 2—Summary of Significant Accounting Policies for additional details regarding the Fund’s non-accrual policy.

The following table shows the distribution of our investments on the 1 to 6 investment rating scale at fair value as of December 31, 2025.

Investment Rating		Cost (in thousands)				Percent				Fair Value (in thousands)				Percent
Investment Rating 1		$	—				—	%		$	—				—	%
Investment Rating 2			921,203				98.3	%			923,397				98.4	%
Investment Rating 3			14,376				1.5	%			13,025				1.4	%
Investment Rating 4			625				0.1	%			625				0.1	%
Investment Rating 5			620				0.1	%			678				0.1	%
Investment Rating 6			—				—	%			—				—	%
Total		$	936,824				100.0	%		$	937,725				100.0	%

 

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The following table shows the amortized cost and fair value of our performing and non-accrual investments as of March 31, 2026 and December 31, 2025.

		March 31, 2026								December 31, 2025
Portfolio Company		Amortized Cost				Fair Value				Amortized Cost				Fair Value
Performing		$	889,907			$	887,306			$	936,204			$	937,047
Non-accrual			620				301				620				678
Total		$	890,527			$	887,607			$	936,824			$	937,725

The following table shows the weighted average rate, spread over the reference rate of floating rate and fees of investments originated during the three months ended March 31, 2026 and 2025.

		For the Three Months Ended March 31, 2026				For the Three Months Ended March 31, 2025
Weighted average rate of new investment fundings			10.93	%			9.41	%
Weighted average spread over the reference rate of new floating rate investment fundings			7.25	%			5.56	%
Weighted average OID fees of new investment fundings			3.00	%			—	%

RESULTS OF OPERATIONS

Our operating results for the three months ended March 31, 2026 and 2025, was as follows (dollars in thousands).

		For The Three Months Ended March 31, 2026				For The Three Months Ended March 31, 2025
Total investment income		$	24,231			$	12,606
Less: Net expenses			12,142				6,789
Net investment income			12,089				5,817
Net realized gains (losses) on investments			88				—
Net change in unrealized income (losses) on investments			(3,829	)			896
Net increase (decrease) in net assets resulting from operations		$	8,348			$	6,713

 

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Investment Income

Investment income for the three months ended March 31, 2026 and 2025, was driven by deployment of capital and interest income from our investments. The composition of our investment income was as follows (dollars in thousands).

		For The Three Months Ended March 31, 2026				For The Three Months Ended March 31, 2025
Investment income from non-controlled, non-affiliated investments:
Interest from investments		$	22,632			$	12,211
Paid-in-kind			713				199
Fee income			837				196
Total investment income from non-controlled/non-affiliated company investments			24,182				12,606
Investment income from controlled, affiliated investments:
Interest from investments			29				—
Paid-in-kind			20				—
Total investment income from controlled/affiliate company investments			49				—
Total investment income		$	24,231			$	12,606

Operating Expenses

The composition of our operating expenses for the three months ended March 31, 2026 and 2025, was as follows (dollars in thousands).

		For The Three Months Ended March 31, 2026				For The Three Months Ended March 31, 2025
Management fees		$	1,450			$	837
Incentive fees			1,574				924
Administrative expenses			290				168
Interest expense			7,589				4,098
Professional fees			659				331
Trustees' fees			65				53
Organizational and offering expenses			198				436
Other general expenses			572				209
Expense reimbursement			(255	)			(267	)
Net expenses		$	12,142			$	6,789

 

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Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses) on Investments

Net realized gains (losses) and net change in unrealized gains (losses) on investments for the three months ended March 31, 2026 and 2025, were as follows (dollars in thousands).

		For The Three Months Ended March 31, 2026				For The Three Months Ended March 31, 2025
Net realized gains (losses)
Non-controlled, non-affiliated investments		$	88			$	—
Total net realized gains (losses)			88				—
Net change in unrealized gains (losses) on investments
Non-controlled, non-affiliated investments			(4,115	)			904
Non-controlled, affiliated investments			74				—
Controlled, affiliated investments			220				—
Net change in deferred tax liability			(8	)			(8	)
Total net change in unrealized gains (losses) on investments			(3,829	)			896
Total net realized and unrealized gains (losses)		$	(3,741	)		$	896

Recent Developments

 

A summary of recent developments is described under “Item 1. Financial Statements – Notes to Consolidated Financial Statements –Note 12. Subsequent Events”.

Liquidity and Capital Resources

We generate cash from (1) net proceeds of our continuous offering of Shares, (2) cash flows from investments and operations and (3) borrowings from banks or other lenders. Our primary uses of cash are to (1) originate investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) fund the cost of operations (including expenses, the Management Fee and, to the extent permitted under the 1940 Act, any indemnification obligations), (3) pay debt service of any borrowings and (4) pay cash distributions to our shareholders.

As of March 31, 2026 and December 31, 2025, our debt consisted of an asset-based leverage facility, credit facility, and short-term borrowings related to repurchase obligations. We have entered into, and expect to continue to enter into, additional credit facilities, increase the size of our existing facilities, or issue additional debt securities, including securitizations, unsecured debt, or other forms of debt. Any such incurrence would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions, and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities, or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. See "Borrowings" for more information.

As of March 31, 2026 and December 31, 2025, our asset coverage ratios were 206.85% and 197.52%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund.

Cash and cash equivalents on hand as of March 31, 2026, taken together with our available debt capacity and any capital commitments, is expected to be sufficient for our investing activities and to conduct our operations in the near future.

Our long-term cash needs will include principal payments on outstanding indebtedness and funding of additional portfolio investments. Funding for long-term cash needs will come from any cash or liquid assets, in addition to unused net proceeds from financing activities. We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to us in sufficient amounts in the future.

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Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or other adverse developments could restrict our access to financing in the future. We may be unable to secure new financing for investments or liquidity needs or may only do so on less favorable terms. These limitations could reduce our ability to make new investments and negatively affect our operating results.

As of March 31, 2026, we had $7,460 in cash and cash equivalents. During the three months ended March 31, 2026, we received $62,191 in cash from operating activities, primarily as a result of disposing of portfolio investments for $72,314, partially offset by funding portfolio investments of $24,456. Cash used in financing activities was $58,244 during the period, primarily the result of the net repayment of debt borrowings and dividend payments to shareholders of $46,423 and $11,821, respectively.

Taxation as a RIC

We have elected to be treated as a RIC under Subchapter M of the Code. As a RIC, we generally will not be subject to corporate-level U.S. federal income taxes on any income that we distribute as dividends for U.S. federal income tax purposes to our shareholders. To maintain our qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, in order to maintain RIC tax treatment, we must distribute to our shareholders, for each tax year, an amount equal to at least 90% of our "investment company taxable income," which is generally our net ordinary income plus the excess, if any, of realized net short-term capital gain over realized net long-term capital loss and determined without regard to any deduction for dividends paid. We will be subject to U.S. federal income tax at the regular corporate rates on any income or capital gains not distributed (or deemed distributed) to our shareholders. If we fail to qualify as a RIC, we will be subject to U.S. federal income tax at the regular corporate rates on our income and capital gains.

Additionally, in order to avoid the imposition of a U.S. federal excise tax, we are required to distribute, in respect of each calendar year, dividends to our shareholders of an amount at least equal to the sum of 98% of our calendar year net ordinary income (taking into account certain deferrals and elections); 98.2% of our capital gain net income (adjusted for certain ordinary losses) for the one year period ending on October 31 of such calendar year; and any net ordinary income and capital gain net income for preceding calendar years that were not distributed during such calendar years and on which we previously did not incur any U.S. federal income tax. If we fail to qualify as a RIC for any reason and become subject to corporate tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions during the period.

Related Party Transactions and Agreements

We have entered into a number of business relationships with affiliated or related parties, including the investment management agreement with the Investment Adviser (the “Investment Management Agreement”), the administration agreement (the “Administration Agreement”) with John Hancock Investment Management LLC (“John Hancock”), the managing dealer agreement with John Hancock (the “Managing Dealer Agreement”) and the expense limitation and reimbursement agreement with the Investment Adviser (the “Expense Limitation and Reimbursement Agreement”). In addition to the aforementioned agreements, we, the Investment Adviser, Comvest, Manulife and certain of their affiliates intend to rely on exemptive relief (the “Co-Investment Order”) granted by the SEC to certain affiliates of Manulife to co-invest with other funds managed by our Investment Adviser, Comvest, Manulife or their affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

See “Item 1. Financial Statements—Notes to the Consolidated Financial Statements—Note 4. Related Party Transactions.”

 

Distributions and Dividends

Distributions declared for the three months ended March 31, 2026, totaled $11,708.

The following table reflects cash distributions, including dividends and returns of capital, if any, per share that have been declared by our Board for the three months ended March 31, 2026:

 

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Date Declared		Record Date		Payment Date		Per Share Amount
January 29, 2026		January 29, 2026		February 23, 2026		$	0.21
February 26, 2026		February 26, 2026		March 26, 2026		$	0.21
March 30, 2026		March 30, 2026		April 22, 2026		$	0.21

Distributions declared for the three months ended March 31, 2025, totaled $5,656.

The following table reflects cash distributions, including dividends and returns of capital, if any, per share that have been declared by our Board as of the three months ended March 31, 2025:

Date Declared		Record Date		Payment Date		Per Share Amount
January 29, 2025		January 30, 2025		February 21, 2025		$	0.16
February 27, 2025		February 27, 2025		March 24, 2025		$	0.17
March 27, 2025		March 28, 2025		April 24, 2025		$	0.20

 

We intend to distribute approximately all of our net investment income no less frequently than monthly and substantially all of our taxable income on an annual basis, except that we may retain certain net capital gains for reinvestment in amounts sufficient to qualify and maintain our status as a RIC.

Borrowings

We are only allowed to borrow money such that our asset coverage, which, as defined in the 1940 Act, measures the ratio of total assets less total liabilities not represented by senior securities to total borrowings, must equal at least 150% after such borrowing, with certain limited exceptions. We may in the future determine to utilize a greater amount of leverage, including for investment purposes. As of March 31, 2026 and December 31, 2025, we had $434,640 and $480,232, respectively, of par value of outstanding borrowings (net of deferred financing costs), including interest payable, and our asset coverage ratio was 206.85% and 197.52%, respectively, compliant with the minimum asset coverage level of 150% generally required by a BDC by the 1940 Act.

Secured Loan Facility

On July 16, 2024 and as most recently amended on April 14, 2026, Subsidiary II has entered into a Loan and Servicing Agreement (as amended, the "Secured Loan Facility"), with Sumitomo Mitsui Banking Corporation, as collateral agent, administrative agent and a lender, Webster Bank, N.A., as a lender, and Western Alliance Trust Company, N.A., as account bank, collateral custodian and collateral administrator. The Secured Loan Facility provides for borrowings in U.S. dollars up to a maximum principal amount of $445,000 thousand for the period ending on July 15, 2026 (the "Upsize Period") and $400,000 after the Upsize Period. Proceeds from the borrowings under the Secured Loan Facility will be used primarily to finance the purchase or origination of loans. Unless otherwise terminated, the Secured Loan Facility will mature on July 16, 2029. The interest rate on outstanding loans will be calculated by the 1-month SOFR rate plus a spread of 2.20%. Please refer to Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 7. Borrowings” for further details on the Secured Loan Facility.

Credit Facility

On December 2, 2025, the Fund entered into a senior secured revolving credit agreement with the Fund, as borrower, the lenders from time to time parties thereto, The Bank of Nova Scotia, as administrative agent, collateral agent, issuing bank, swingline lender and as lead arranger (the “Credit Facility”). The Credit Facility will be guaranteed by certain subsidiaries of the Fund that may be formed or acquired by the Fund in the future. Proceeds from the borrowings under the Credit Facility will be used for general corporate purposes, including the funding of portfolio investments. The maximum principal amount of the Credit Facility is $150 million subject to availability under the borrowing base, which is based on the Fund’s portfolio investments and other outstanding indebtedness. Maximum capacity under the Credit Facility may be increased up to $300 million through the exercise by the Fund of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions, and includes a $50 million limit for swingline loans. Please refer to Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 7. Borrowings” for further details on the Credit Facility.

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Contractual Obligations

We entered into the Investment Management Agreement with the Investment Adviser pursuant to the 1940 Act to provide us with investment advisory services and the Administration Agreement with the Administrator to provide us with administrative services. Payments for investment advisory services under the Investment Management Agreement are described under Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 4. Related Party Transactions. Payments for administration services under the Administration Agreement are described under Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 4. Related Party Transactions. Payments for marketing and distribution services under the Managing Dealer Agreement are described under Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 4. Related Party Transactions.

Off-Balance Sheet Arrangements

As of March 31, 2026, we have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.

Commitments

In the ordinary course of business, we may enter into future funding commitments. As of March 31, 2026, we had unfunded commitments on revolving credit lines and delayed draw term loans of $119,089. We maintain sufficient financial resources to satisfy unfunded commitments, including cash on hand. Please refer to “Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 6. Commitments and Contingencies” for further detail on these unfunded commitments.

Significant Accounting Estimates and Critical Accounting Policies

Our discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, we will evaluate our estimates, including those related to the matters described below. Actual results could differ from those estimates.

While our significant accounting policies are also described in “Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 2. Summary of Significant Accounting Policies” of the notes to our consolidated financial statements appearing elsewhere in this report, we believe the following accounting policy, Valuation of Portfolio Investments, requires the most significant judgment in the preparation of our consolidated financial statements because it involves judgments and assumptions about highly complex and inherently uncertain matters. In addition, the impact of reasonably different estimates and assumptions could have a greater impact on our consolidated financial statements.

Valuation of Portfolio Investments

The Investment Adviser applies fair value accounting in accordance with GAAP and valuation policies and procedures adopted by the Board (the "Valuation Policy"). Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Fund’s Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Fund’s Consolidated Statements of Operations as "Net change in unrealized gains (losses) of investments".

The Investment Adviser values the Fund’s portfolio investments in accordance with the Valuation Policy and the 1940 Act. For purposes of the 1940 Act, the Board has designated the Investment Adviser as the Fund’s Valuation Designee (the "Valuation Designee"). The Board provides oversight of the Investment Adviser’s monthly good faith fair value determinations of the Fund’s portfolio investments, including investments that are not publicly traded and those whose market prices are not readily available.

One or more independent valuation firms (each a "Valuation Agent") are engaged to independently value the Fund's investments, in consultation with the Investment Adviser. The Fund's valuation procedures, which are the procedures that are followed by such Valuation Agent are set forth in more detail below:

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1) Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

2) Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

a) Bond quotes are obtained through independent pricing services. Internal reviews are performed by the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and if so, the quote is used. In the event the Investment Adviser, with the assistance of the Valuation Agent, determines that the bond quotes are not readily available or otherwise not determinable pursuant to the Fund's valuation procedures, or not reliable, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b) For investments other than bonds, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser, look at the number of quotes readily available and perform the following:

i) Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. If quotes from pricing services differ by +/- five points or if the spread between the bid and ask for a quote is greater than 10 points, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, will use one or more of the methodologies outlined below to determine fair value;

ii) Investments for which one quote is received from a pricing service are validated by the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser. The personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser, analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. For assets where a supporting analysis is prepared, the Valuation Agent will document the selection and appropriateness of the indices selected for yield comparison and a conclusion documenting how the yield comparison analysis supports the proposed mark. The quarterly portfolio company monitoring reports which detail the qualitative and quantitative performance of the portfolio company will also be included. If the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser, are unable to sufficiently validate the quote internally and if the investment’s par value exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

3) Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi- step valuation process:

a) Each portfolio company or investment is initially valued by the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser;

b) The Valuation Agent undertakes a comprehensive valuation analysis, which includes an enterprise and/or collateral valuation, and subsequently a fundamental credit analysis and valuation with respect to both credit quality and market factors, for each of the portfolio companies or investments and provides a range of values on such investments to the Investment Adviser. The Valuation Agent also provides analyses to support its valuation methodology and calculations;

c) The Investment Adviser then reviews each valuation recommendation to confirm they have been calculated in accordance with the Valuation Policy;

d) The Investment Adviser determines the fair value of each investment in the portfolio in good faith based on the input of the Investment Adviser's valuation team and, where applicable, the Valuation Agent or other external service providers; and

e) The Board provides oversight of the valuation process in accordance with Rule 2a-5, which includes a review of the quarterly reports prepared by the Investment Adviser or the Valuation Agent and the fair valuation determinations made by the Investment Adviser.

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For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period and the fluctuations could be material.

Revenue Recognition

Interest Income

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium on investments purchased are accreted/amortized over the expected life of the respective investment using the effective interest method. Loan origination fees, original issue discount and market discounts or premiums are capitalized and amortized into interest income using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income. The Fund may have loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal balance on the capitalization date and is generally due at maturity or when deemed by the issuer.

Fee Income

Fee income, such as structuring fees, loan monitoring, amendment, syndication, commitment, termination, and other loan fees are recognized as income when earned, either upon receipt or amortized into fee income. Upon the re-payment of a loan or debt security, any prepayment penalties and unamortized loan fees are recorded as fee income.

Non-accrual

Investments may be placed on non-accrual status when principal or interest payments are past due and/or when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment of the ultimate outcome. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current.

Net Realized Gain or Loss and Net Change in Unrealized Gain or Loss

Investment transactions are accounted for on the trade date. Gain or loss on the sale of investments is calculated using the specific identification method. Net change in unrealized gain or loss will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gain or loss, when a gain or loss is realized.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We are subject to certain financial market risks, such as interest rate fluctuations. Because we fund a portion of our investments with borrowings, our net investment income may be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. The U.S. Federal Reserve has adjusted benchmark interest rates several times in recent years, including periods of rising interest rates to address inflation, as well as rate cuts and periods where rates were held steady. As a result, key base interest rates, such as Secured Overnight Financing Rate (“SOFR”), may fluctuate over time. As of March 31, 2026, 99.7% of investments at fair value represent floating-rate investments with a reference rate floor and 0.3% of our debt investments at fair value represent fixed-rate investments.

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We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Generally, we believe higher yielding assets such as those in our investment portfolio do not necessarily follow a linear interest rate relationship and are less sensitive in price to interest rate changes than many other debt investments. Consequently, our net interest income (interest income less interest expense) is exposed to risks related to interest rate fluctuations.

Assuming that the interim and unaudited Consolidated Statements of Assets and Liabilities as of March 31, 2026, was to remain constant and that we took no actions to alter our interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates. Actual results could differ significantly from those estimated in the table.

 

Change in Interest Rates		Net Increase (Decrease) in Interest Income (in thousands)				Net Increase (Decrease) in Interest Expense (in thousands)				Net Increase (Decrease) in Net Investment Income (in thousands)
Down 100 basis points		$	(8,822	)		$	(4,318	)		$	(4,504	)
Down 200 basis points			(17,643	)			(8,636	)			(9,007	)
Up 100 basis points			8,822				4,318				4,504
Up 200 basis points			17,643				8,636				9,007
Up 300 basis points			26,465				12,953				13,512

 

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") we evaluated, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) as of March 31, 2026. Based on the foregoing evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that, as of March 31, 2026, our disclosure controls and procedures were effective in accomplishing their objectives at the reasonable assurance level that we would meet our disclosure obligations.

Changes in Internal Control Over Financial Reporting

Management has not identified any changes in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) under the Exchange Act) that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial statements.

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ITEM 1A. RISK FACTORS.

In addition to the other information set forth in this Report, you should carefully consider the factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially affect our business, our structure, our financial condition, our investments and/or operating results. During the three months ended March 31, 2026, there have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, except as set forth below.

Although we have commenced a share repurchase program, we have discretion to not repurchase shares, and our Board has the ability to amend or suspend the program.

Although we have commenced a share repurchase program, our Board may amend or suspend the share repurchase program at any time in its discretion (including to offer to purchase fewer shares). Shareholders may not be able to sell their shares on a timely basis in the event our Board amends or suspends the share repurchase program, absent a liquidity event, and we currently do not intend to undertake a liquidity event, and we are not obligated by our organizational documents or otherwise to effect a liquidity event at any time. We will notify shareholders of such developments in our quarterly reports or other filings. If less than the full amount of shares requested to be repurchased in any given repurchase offer are repurchased, funds will be allocated pro rata based on the total number of shares being repurchased without regard to class. The share repurchase program has many limitations and should not be considered a guaranteed method to sell shares promptly or at a desired price.

In recent periods, there has been heightened scrutiny and growing negative sentiment in respect of the private credit market, driven by concerns over liquidity, concentration risk and valuation uncertainty, which may result in an increase of the volume of repurchase requests the Fund receives.

An investment in our Shares will have limited liquidity and there are restrictions on withdrawal.

An investment in the Fund should be viewed as illiquid and requires a long-term commitment with no certainty of return. The market value of investments will fluctuate with, among other things, changes in market rates of interest, general economic conditions, economic conditions in particular industries, the condition of financial markets and the financial condition of the obligors of the investments. In addition, the lack of an established, liquid secondary market for some investments may have an adverse effect on the market value of those investments and on our ability to dispose of them. It is uncertain as to when profits, if any, will be realized. Losses on unsuccessful investments may be realized before gains on successful investments are realized.

Our Shares constitute illiquid investments for which there is not, and will likely not be, a secondary market at any time prior to a public offering and listing of our Shares on a national securities exchange. Although we may in the future, there can be no guarantee that we will conduct a public offering and list our Shares on a national securities exchange. An investment in the Fund is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Fund. Except in limited circumstances for legal or regulatory purposes, shareholders are not entitled to redeem their Shares. Shareholders must be prepared to bear the economic risk of an investment in our Shares for an extended period of time.

Significant repurchase requests, whether for a single period or for a sustained period, by shareholders could adversely affect our ability to conduct our investment program, strain our capacity to source investment opportunities and/or deploy capital promptly on attractive terms and/or increase operational complexity and/or expenses. In addition, shareholders seeking liquidity may experience delays in fully liquidating their investments and will remain subject to net asset value fluctuations during such periods. Additionally, the presence of large shareholders or platform concentrations may increase the likelihood of oversubscription in future repurchase offers, further constraining liquidity available to other shareholders.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

The Fund did not make any sales of unregistered securities during the fiscal quarter ended March 31, 2026 that were not previously disclosed in a current report on Form 8-K.

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ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

 

ITEM 5. OTHER INFORMATION.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2026, none of our trustees or executive officers adopted or terminated any contract, instruction, or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

 

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PART IV

ITEM 6. EXHIBITS.

The following exhibits are filed as part of this Report, or hereby incorporated by reference to exhibits previously filed with the United States Securities and Exchange Commission:

 

Exhibit Number	Description of Document
3.1	Second Amended and Restated Declaration of Trust (1)
3.2	Second Amended and Restated Bylaws (2)
10.1	Amended and Restated Investment Management Agreement (1)
10.2	Administration Agreement (4)
10.3	Fourth Amended and Restated Expense Limitation and Reimbursement Agreement (4)
10.4	Fifth Amendment to Loan and Servicing Agreement (3)
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended*
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended*
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
101.INS	Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents
104	Cover Page formatted as Inline XBRL and contained in Exhibit 101

 

(1) Previously filed as an exhibit to the Fund’s Report on Form 8-K (File No. 814-01669), filed on February 23, 2026 and incorporated herein by reference.

(2) Previously filed as an exhibit to the Fund’s Report on Form 8-K (File No. 814-01669), filed on January 16, 2026 and incorporated herein by reference.

(3) Previously filed as an exhibit to the Fund’s Report on Form 8-K (File No. 814-01669), filed on April 16, 2026 and incorporated herein by reference.

(4) Previously filed as an exhibit to the Fund’s Post-Effective Amendment to the Registration Statement on Form N-2 (File No. 333-282845), filed on April 30, 2026 and incorporated herein by reference.

 

* Filed herewith.

** Furnished herewith.

 

 

 

 

 

 

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on May 11, 2026.

	John Hancock Comvest Private Income Fund
Date: May 11, 2026	By:		/s/ Robert O’Sullivan
	Name:		Robert O’Sullivan
	Title:		Chief Executive Officer
Date: May 11, 2026	By:		/s/ Cecilio M. Rodriguez
	Name:		Cecilio M. Rodriguez
	Title:		Chief Financial Officer

 

 

 

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ATTACHMENTS / EXHIBITS

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