CYPRESS CREEK PRIVATE STRATEGIES MASTER FUND, L.P.
Schedule of Investments
June 30, 2026
(Unaudited)
| Geographic Region* | Initial Investment Date | Shares | Cost | Fair Value | % of Partners’ Capital | |||||||||||||||
| Private Investment Portfolio | ||||||||||||||||||||
| Operating Companies | ||||||||||||||||||||
| Buyout | ||||||||||||||||||||
| Clovis Point II RIVS Investment, LLC (4)(6) | NAM | 2017 | $ | 650,000 | $ | - | ||||||||||||||
| Milton ZXP LLC - Class A Units (4)(6) | NAM | 2018 | 6,029 | - | 194,797 | |||||||||||||||
| Infrastructure | ||||||||||||||||||||
| Loblolly Midstream Holdings LLC (3)(4) | NAM | 2026 | 241,934 | 241,934 | ||||||||||||||||
| Natural Resources | ||||||||||||||||||||
| Revenant Energy Holdings LLC (2)(4) | NAM | 2025 | 5,140,627 | 5,140,627 | ||||||||||||||||
| Total Operating Companies | 6,032,561 | 5,577,358 | 2.08 | % | ||||||||||||||||
| Private Investment Funds | ||||||||||||||||||||
| Private Debt | ||||||||||||||||||||
| Private Debt | ||||||||||||||||||||
| Aviator Capital Fund IV US Feeder, L.P. | GL | 2018 | 956,166 | 1,675,833 | ||||||||||||||||
| Aviator Capital Mid-Life US Feeder Fund, LP | GL | 2016 | 656,941 | 960,420 | ||||||||||||||||
| BDCM Opportunity Fund II, L.P. | NAM | 2006 | 502,075 | 102,680 | ||||||||||||||||
| Colbeck Strategic Lending Onshore Feeder, LP (1)(2) | NAM | 2016 | 2,874,783 | 2,724,017 | ||||||||||||||||
| Crestline Opportunities Fund III, LLC | NAM | 2016 | 1,046,888 | 1,361,119 | ||||||||||||||||
| Parabellum Partners II, LP | NAM | 2019 | 1,534,482 | 2,864,952 | ||||||||||||||||
| Tuckerbrook SB Global Distressed Fund I, L.P. | GL | 2006 | 102,897 | 190,980 | ||||||||||||||||
| Total Private Debt (6) | 7,674,232 | 9,880,001 | 3.68 | % | ||||||||||||||||
| Private Equity | ||||||||||||||||||||
| Buyout | ||||||||||||||||||||
| Advent Latin American Private Equity Fund IV-F L.P. | ROW | 2007 | 201,046 | 81,114 | ||||||||||||||||
| Advent Latin American Private Equity Fund V-F L.P. (1) | ROW | 2010 | 1,019,920 | 416,954 | ||||||||||||||||
| Chicago Pacific Founders Fund II, LP | NAM | 2019 | 4,888,811 | 14,323,431 | ||||||||||||||||
| Clovis Point II, LP | NAM | 2018 | 2,333,799 | 1,099,601 | ||||||||||||||||
| CRC (Atria) Investment Holdings, L.P. (3) | NAM | 2022 | 9,214,404 | 10,708,887 | ||||||||||||||||
| CRC (Cresso) Investment Holdings, L.P. (2) | NAM | 2024 | 5,000,000 | 11,830,612 | ||||||||||||||||
| Darwin Private Equity I L.P. | EU | 2007 | 1,251,657 | 20,867 | ||||||||||||||||
| Energy Ventures IV LP (1) | GL | 2024 | - | 1,156,519 | ||||||||||||||||
| J.C. Flowers III L.P. | EU | 2009 | 1,128,504 | 177,515 | ||||||||||||||||
| KF Partner Investments Fund III LP | NAM | 2019 | 1,764,625 | 2,336,400 | ||||||||||||||||
| Monomoy Capital Partners II, L.P. (1) | NAM | 2011 | 973,106 | 24,114 | ||||||||||||||||
| Monomoy Capital Partners III, L.P. (1) | NAM | 2016 | 737,664 | 1,340,932 | ||||||||||||||||
| Reservoir Capital Partners (Cayman), L.P. | GL | 2006 | - | 55,957 | ||||||||||||||||
| Strattam Capital Investment Fund, L.P. | NAM | 2014 | 2,210,872 | 1,971,495 | ||||||||||||||||
| Strattam Capital Investment Fund II, L.P. | NAM | 2017 | 2,602,312 | 4,278,295 | ||||||||||||||||
| Strattam Capital Investment Fund III, L.P. (2) | NAM | 2021 | 15,288,177 | 14,727,674 | ||||||||||||||||
| Strattam Co-Invest Fund V, L.P. | NAM | 2018 | - | 749,537 | ||||||||||||||||
| Strattam Co-Invest Fund VI, L.P.(2) | NAM | 2018 | 785,329 | 665,341 | ||||||||||||||||
| Strattam Co-Invest Fund VII, L.P. | NAM | 2019 | 413,727 | 990,098 | ||||||||||||||||
| Strattam Co-Invest Fund IX, L.P. (3) | NAM | 2023 | 7,449,113 | 12,897,260 | ||||||||||||||||
| Strattam Co-Invest Fund XI, L.P. (3) | NAM | 2024 | 3,606,339 | 1,721,204 | ||||||||||||||||
| Viburnum Equity 4, LP (2) | ROW | 2019 | 2,297,757 | 5,914,129 | ||||||||||||||||
| Viburnum Private III, LP (2) | ROW | 2025 | 4,795,251 | 4,758,567 | ||||||||||||||||
| Growth Equity | ||||||||||||||||||||
| Crosslink Crossover Fund V, L.P. | NAM | 2007 | 291,519 | 110,576 | ||||||||||||||||
| Crosslink Crossover Fund VI, L.P. | NAM | 2011 | - | 1,034,487 | ||||||||||||||||
| Gavea Investment Fund III A, L.P. | ROW | 2008 | - | 29,993 | ||||||||||||||||
| HealthCor Partners Fund, L.P. | NAM | 2007 | 275,033 | 549,780 | ||||||||||||||||
| LoneTree BLN Co-Invest L.P. (3) | NAM | 2026 | 5,043,200 | 5,043,200 | ||||||||||||||||
| LoneTree I, L.P. (2) | NAM | 2023 | 20,128,009 | 23,406,528 | ||||||||||||||||
| Northstar Equity Partners III | AS | 2011 | 316,769 | 799 | ||||||||||||||||
| Orchid Asia IV, L.P. | AS | 2007 | 876,700 | 12,537 | ||||||||||||||||
| Trustbridge Partners II, L.P. (1) | AS | 2007 | 980,928 | 463,513 |
| Trustbridge Partners III, L.P. (1) | AS | 2008 | 2,896,075 | 1,752,006 | ||||||||||||||||
| Trustbridge Partners IV, L.P. (1) | AS | 2011 | - | 2,449,878 | ||||||||||||||||
| Trustbridge Partners V, L.P. | AS | 2014 | 4,091,541 | 2,463,853 | ||||||||||||||||
| Secondaries | ||||||||||||||||||||
| Private Equity Investment Fund V, L.P. | NAM | 2009 | 5,677,931 | 2,978,887 | ||||||||||||||||
| Venture Capital | ||||||||||||||||||||
| Artis Ventures II, L.P. | NAM | 2013 | 1,085,752 | 2,519,864 | ||||||||||||||||
| Chrysalis Ventures III, L.P. | NAM | 2006 | 196,648 | 11,230 | ||||||||||||||||
| Dace Ventures I, LP | NAM | 2007 | 331,414 | 78,340 | ||||||||||||||||
| Fairhaven Capital Partners, L.P. | NAM | 2007 | 1,564,207 | 180,028 | ||||||||||||||||
| Sanderling Venture Partners VI Co-Investment Fund, L.P. | NAM | 2004 | 205,988 | 46,373 | ||||||||||||||||
| Tenaya Capital V, LP | NAM | 2007 | 24,309 | 73,812 | ||||||||||||||||
| Tenaya Capital VI, LP | NAM | 2012 | 711,491 | 728,383 | ||||||||||||||||
| The Column Group, LP | NAM | 2007 | 971,977 | 520,913 | ||||||||||||||||
| The Column Group II, LP (1) | NAM | 2014 | 1,315,379 | 2,642,741 | ||||||||||||||||
| The Column Group III, LP | NAM | 2016 | 3,402,596 | 2,041,987 | ||||||||||||||||
| Tiger Global Private Investment Partners V, L.P. | AS | 2008 | 1,268,728 | 869,958 | ||||||||||||||||
| Tiger Global Private Investment Partners VI, L.P. | AS | 2010 | 1,570 | 182,608 | ||||||||||||||||
| Voyager Capital Fund III, L.P. | NAM | 2006 | 286,772 | 26,813 | ||||||||||||||||
| Total Private Equity (6) | 119,906,949 | 142,465,590 | 53.10 | % | ||||||||||||||||
| Real Assets | ||||||||||||||||||||
| Infrastructure | ||||||||||||||||||||
| Allied Strategic Partners Fund I-A, LP (1)(3) | NAM | 2021 | 12,709,747 | 18,534,403 | ||||||||||||||||
| EIV Capital Fund II, LP (1) | NAM | 2014 | 2,092,761 | 1,629,516 | ||||||||||||||||
| Founders Fund III, LP | NAM | 2010 | - | 8,071,167 | ||||||||||||||||
| Founders Fund IV, LP | NAM | 2012 | - | 7,217,875 | ||||||||||||||||
| Haddington Energy Partners III, L.P. | NAM | 2005 | - | 55,740 | ||||||||||||||||
| YTM6, LLC (2) | NAM | 2022 | 5,955,907 | 12,374,415 | ||||||||||||||||
| Natural Resources | ||||||||||||||||||||
| EMG Iron Ore Holdco, LP | NAM | 2019 | 476,106 | 598,920 | ||||||||||||||||
| Energy & Minerals Group Fund II, L.P. (1) | NAM | 2011 | 1,763,355 | 904,303 | ||||||||||||||||
| Live Oak III-B SPV (3) | NAM | 2025 | 4,560,219 | 5,530,727 | ||||||||||||||||
| NGP Midstream & Resources, L.P. (1) | ROW | 2007 | 972,868 | 32,930 | ||||||||||||||||
| Pine Brook Capital Partners, L.P. (1) | NAM | 2007 | 1,723,910 | 138,062 | ||||||||||||||||
| Quantum Parallel Partners V, LP | NAM | 2008 | 2,805,960 | 621,038 | ||||||||||||||||
| Tembo Capital Co-Investment Partners I, LP (3) | ROW | 2022 | 7,459,699 | 8,043,408 | ||||||||||||||||
| Tembo Capital Mining Fund III LP (1) | GL | 2020 | - | 7,171,513 | ||||||||||||||||
| Tembo Capital Mining Fund IV LP (1) | GL | 2025 | 1,215,091 | 1,033,626 | ||||||||||||||||
| Vortus Investments II, LP (1) | NAM | 2017 | - | 904,702 | ||||||||||||||||
| Vortus Investments, LP | NAM | 2014 | 2,838,325 | 578,985 |
| Real Estate | ||||||||||||||||||||
| Benson Elliot Real Estate Partners II, L.P. | EU | 2006 | 349,758 | 5,771 | ||||||||||||||||
| Forum European Realty Income III, L.P. | EU | 2007 | 820,961 | 33,845 | ||||||||||||||||
| GTIS Brazil Real Estate Fund (Brazilian Real) LP | ROW | 2008 | 1,118,776 | 330,682 | ||||||||||||||||
| Monsoon Infrastructure & Realty Co-Invest, L.P. | AS | 2008 | 816,081 | 45,838 | ||||||||||||||||
| Patron Capital, L.P. II | EU | 2005 | 123,803 | 1,191 | ||||||||||||||||
| Patron Capital, L.P. III | EU | 2007 | 598,435 | 25,068 | ||||||||||||||||
| Pennybacker IV, LP | NAM | 2016 | 1,252,725 | 534,280 | ||||||||||||||||
| Phoenix Asia Real Estate Investments II, L.P. | AS | 2006 | 823,410 | 341,017 | ||||||||||||||||
| Prescott Strategies Fund I LP(2) | NAM | 2017 | 1,834,745 | 1,001,835 | ||||||||||||||||
| PSF I Jax Metro Holdings, LLC (2) | NAM | 2019 | 12,260 | - | ||||||||||||||||
| Total Real Assets (6) | 52,324,902 | 75,760,857 | 28.24 | % | ||||||||||||||||
| Total Private Investment Funds (6) | 179,906,083 | 228,106,448 | 85.02 | % | ||||||||||||||||
| Total Private Investments Portfolio | 185,938,644 | 233,683,806 | 87.10 | % | ||||||||||||||||
| Anchor Partner Interests | ||||||||||||||||||||
| Anchor Partner Interests | ||||||||||||||||||||
| Allied Strategic Partners Management, LP(4) | - | 1,348,569 | ||||||||||||||||||
| LoneTree Capital, LLC(4) | - | 4,822,691 | ||||||||||||||||||
| Total Anchor Partner Interests | - | 6,171,260 | 2.30 | % | ||||||||||||||||
| Cash Management Portfolio | ||||||||||||||||||||
| Hedge Funds | ||||||||||||||||||||
| Event Driven | ||||||||||||||||||||
| BDCM Partners I, L.P. | NAM | 2019 | 1,364,735 | 622,843 | ||||||||||||||||
| Growth Equity | ||||||||||||||||||||
| Gavea Investment Fund II Ltd. | ROW | 2007 | 19 | 1,462 | 1,463 | |||||||||||||||
| Relative Value | ||||||||||||||||||||
| King Street Capital, L.P. | NAM | 2019 | - | 30,076 | ||||||||||||||||
| Magnetar Capital Fund LP | NAM | 2020 | - | 50,225 | ||||||||||||||||
| Stark Select Asset Fund, LLC | ROW | 2018 | - | 26,608 | ||||||||||||||||
| The 1609 Fund Ltd. | NAM | 2019 | 2,052 | 3,391,838 | 1,052,414 | |||||||||||||||
| Valiant Capital Partners LP | NAM | 2019 | 214,175 | 73,771 | ||||||||||||||||
| Total Hedge Funds (6) | 4,972,210 | 1,857,400 | 0.69 | % |
| Other Securities | ||||||||||||||||||||
| Securities | ||||||||||||||||||||
| Regatta XV Funding Ltd., Subordinated Note, Principal $5,000,000, 10.66%, due 10/1/2031 (1)(5)(7) | NAM | 2019 | 3,118,300 | 132,441 | ||||||||||||||||
| SED Energy Holdings | EU | 2024 | 9,264,336 | 6,777,847 | 7,210,648 | |||||||||||||||
| Total Other Liquid Securities | 9,896,147 | 7,343,089 | 2.74 | % | ||||||||||||||||
| Total Cash Management Portfolio | 14,868,357 | 9,200,489 | 3.43 | % | ||||||||||||||||
| Total Investments | 200,807,001 | 249,055,555 | 92.83 | % | ||||||||||||||||
| Cash and Cash Equivalents | ||||||||||||||||||||
| Goldman Sachs Financial Square Government Fund - Institutional Class, 3.53%(8) | 19,324,402 | 19,324,402 | 19,324,402 | |||||||||||||||||
| Total Cash and Cash Equivalents | 19,324,402 | 19,324,402 | 7.20 | % | ||||||||||||||||
| Total Investments and Cash Equivalents | $ | 220,131,403 | $ | 268,379,957 | 100.03 | % |
The Master Fund’s total outstanding capital commitments to Investment Funds as of June 30, 2026 were $73,233,505.
All investments are non-income producing unless noted otherwise.
| * | The Geographic Regions are abbreviated as follows: Asia (AS), Europe (EU), North America (NAM), Global (GL), and Rest of World (ROW). The “Rest of World” geographic region represents an investment strategy to make investments domiciled outside of Asia, Europe or North America. The “Global” geographic region represents an investment strategy to make investments domiciled in various locations throughout the world including Asia, Europe, North America and/or the rest of the world. |
Refer to the Allocation of Investments in the unaudited section of the financial statements for the percent of Partners' Capital by Asset Class.
| (1) | Income producing investment. |
| (2) | Affiliated investments for which ownership exceeds 5% of the investment's capital. |
| (3) | Affiliated investments for which ownership exceeds 25% of the investment's capital. |
| (4) | Valued using significant unobservable inputs pursuant to procedures approved by the Board of Directors as of June 30, 2026. The total of all such investments represents 4.38% of partners' capital. |
| (5) | CLO subordinated notes are considered CLO equity positions. CLO equity positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses. The effective yield for the CLO equity position will generally be updated periodically or on transactions such as an add-on purchases, refinancing or reset. The estimated yield and investment cost may ultimately not be realized. |
| (6) | Restricted investments as to resale. |
| (7) | Security exempt from registration under Rule 144A of the Securities Act of 1933. The Security may be sold in transactions exempt from registration, normally to qualified institutional buyers. |
| (8) | Rate disclosed represents the seven day yield as of period end. |