EP Private Capital Fund I
Schedule of Investments
(Expressed in U.S. dollars)
As of June 30, 2026
| Type | Issuer* | Investment Description(1)(9) | Interest Rate/ Effective Yield | Index | Spread | Maturity | Acquisition
Date | Principal Amount/Quantity | Cost | Fair Value(2) | |||||||||||||||||||||||||
| Investments, at Fair Value - 132.94% of Net Assets | |||||||||||||||||||||||||||||||||||
| Loans and Notes - 96.43% of Net Assets | |||||||||||||||||||||||||||||||||||
| United States of America | |||||||||||||||||||||||||||||||||||
| Financial Services | |||||||||||||||||||||||||||||||||||
| ACRES Commercial Realty Corporation | Senior Unsecured Note | 5.75 | % | 8/15/2026 | (4) | (7) | 11/12/2025 | 784,000 | 780,549 | 784,100 | |||||||||||||||||||||||||
| Adamas Trust Inc. | Senior Unsecured Note | 9.13 | % | 7/1/2029 | (4) | 3/20/2026 | 885 | 21,488 | 22,143 | ||||||||||||||||||||||||||
| Adamas Trust Inc. | Senior Unsecured Note | 9.88 | % | 10/1/2030 | (4) | 8/20/2025 | 231,891 | 5,797,744 | 5,832,059 | ||||||||||||||||||||||||||
| Arbor Realty SR Inc. | Senior Unsecured Note | 5.00 | % | 12/30/2028 | (4) | (5) | (7) | 11/26/2025 | 2,670,000 | 2,398,419 | 2,352,270 | ||||||||||||||||||||||||
| Arbor Realty SR Inc. | Senior Unsecured Note | 7.88 | % | 7/15/2030 | (4) | (7) | 1/12/2026 | 5,375,000 | 4,991,452 | 5,061,246 | |||||||||||||||||||||||||
| BP LPI A-1/A-2 LLC | Senior Secured Loan | 13.73 | % | 1M SOFR | 10.00 | % | 12/22/2031 | (6) | (5) | (7) | 12/18/2025 | 357,313 | 357,313 | 357,313 | |||||||||||||||||||||
| BP LPI A-1/A-2 LLC | Senior Secured Loan | 8.36 | % | 1M SOFR | 4.75 | % | 12/22/2031 | (6) | (5) | (7) | (10) | 12/18/2025 | 9,280,859 | 9,101,095 | 9,111,020 | ||||||||||||||||||||
| BP LPI A-1/A-2 LLC | Senior Secured Note | 13.61 | % | 1M SOFR | 10.00 | % | 12/22/2031 | (6) | (5) | (7) | 12/18/2025 | 3,176,065 | 3,176,065 | 3,176,065 | |||||||||||||||||||||
| Broadmark Realty Capital Inc. | Senior Unsecured Note | 5.00 | % | 11/15/2026 | (4) | (7) | 9/2/2025 | 3,804,000 | 3,719,211 | 3,694,853 | |||||||||||||||||||||||||
| BSD Capital Inc. | Senior Unsecured Note | 6.34 | % | 3M SOFR | 2.66 | % | 10/31/2027 | (6) | (5) | (7) | 8/8/2025 | 68,000 | 63,917 | 62,866 | |||||||||||||||||||||
| Great Elm Capital Corp. | Senior Unsecured Note | 7.75 | % | 12/31/2030 | (4) | 9/5/2025 | 65,287 | 1,599,906 | 1,622,382 | ||||||||||||||||||||||||||
| Horizon Technology Finance Corporation | Convertible Senior Unsecured Note | 5.50 | % | 9/4/2030 | (4) | (5) | (7) | 9/4/2025 | 1,790,390 | 1,663,281 | 1,627,554 | ||||||||||||||||||||||||
| Invesco CLO Equity Fund 5, L.P. | Senior Unsecured Note | 9.00 | % | 3/14/2035 | (4) | (5) | (7) | (10) | 10/1/2025 | 2,861,879 | 2,808,460 | 2,804,642 | |||||||||||||||||||||||
| METROPOLITAN LEVERED PARTNERS FUND 2025 LP | Senior Secured Loan | 8.23 | % | 3M SOFR | 4.50 | % | 12/18/2031 | (6) | (5) | (7) | (10) | 12/15/2025 | 1,590,899 | 1,531,308 | 1,562,263 | ||||||||||||||||||||
| Pasadena Private Lending, Inc. | Senior Secured Loan | 13.48 | % | 3M SOFR | 9.75 | % | 1/31/2031 | (6) | (5) | (7) | (10) | 12/18/2025 | 5,958,775 | 5,660,548 | 5,742,769 | ||||||||||||||||||||
| Ready Capital Corporation | Senior Unsecured Note | 5.50 | % | 12/30/2028 | (4) | (7) | 8/7/2025 | 6,544,000 | 5,758,206 | 5,288,435 | |||||||||||||||||||||||||
| Ready Capital Corporation | Senior Unsecured Note | 7.38 | % | 7/31/2027 | (4) | (7) | 8/1/2025 | 2,934,000 | 2,836,225 | 2,814,456 | |||||||||||||||||||||||||
| Ready Capital Corporation | Senior Unsecured Note | 9.00 | % | 12/15/2029 | (4) | 8/1/2025 | 50,616 | 1,127,304 | 1,136,329 | ||||||||||||||||||||||||||
| Velocity Commercial Capital, LLC | Senior Secured Note | 9.88 | % | 2/15/2029 | (4) | (7) | 8/19/2025 | 692,000 | 696,172 | 699,785 | |||||||||||||||||||||||||
| BCP Investment Corp | Senior Secured Note | 7.75 | % | 10/15/2030 | (4) | (7) | 10/10/2025 | 2,755,000 | 2,701,805 | 2,729,639 | |||||||||||||||||||||||||
| Galway Sustainable Capital, Inc. | Senior Secured Term Loan | 8.50 | % | 3/31/2031 | (4) | (5) | (7) | 3/18/2026 | 14,747,604 | 14,475,752 | 14,530,814 | ||||||||||||||||||||||||
| Blue Owl Technology Finance Corp. | Senior Unsecured Note | 6.13 | % | 1/23/2031 | (4) | (7) | 3/2/2026 | 1,900,000 | 1,800,092 | 1,838,182 | |||||||||||||||||||||||||
| North Haven Private Income Fund LLC | Senior Unsecured Note | 5.75 | % | 2/1/2030 | (4) | (7) | 3/24/2026 | 640,000 | 613,816 | 625,064 | |||||||||||||||||||||||||
| Velocity Commercial Capital LLC | Senior Unsecured Note | 9.38 | % | 2/15/2031 | (4) | (7) | 1/28/2026 | 1,014,000 | 1,014,000 | 1,051,824 | |||||||||||||||||||||||||
| 400 Capital JSIF IV LP | Senior Secured Loan | 12.48 | % | 3M SOFR | 8.75 | % | 4/16/2032 | (6) | (5) | (7) | (10) | 3/27/2026 | 2,664,533 | 2,529,522 | 2,529,707 | ||||||||||||||||||||
| Ellington Credit Co. | Senior Unsecured Note | 8.50 | % | 3/30/2031 | (4) | 3/25/2026 | 50,245 | 1,248,215 | 1,256,627 | ||||||||||||||||||||||||||
| Sachem Capital Corp. | Senior Unsecured Note | 6.00 | % | 12/30/2026 | (4) | 8/5/2025 | 37,878 | 901,268 | 934,829 | ||||||||||||||||||||||||||
| Sachem Capital Corp. | Senior Unsecured Note | 6.00 | % | 3/30/2027 | (4) | 8/5/2025 | 22,673 | 514,467 | 555,489 | ||||||||||||||||||||||||||
| Sachem Capital Corp. | Senior Unsecured Note | 7.13 | % | 6/30/2027 | (4) | 8/5/2025 | 15,470 | 355,576 | 378,860 | ||||||||||||||||||||||||||
| Sachem Capital Corp. | Senior Unsecured Note | 8.00 | % | 9/30/2027 | (4) | 8/5/2025 | 9,784 | 228,183 | 241,371 | ||||||||||||||||||||||||||
| Total Financial Services | 72,093,046 | 80,471,359 | 80,424,956 | ||||||||||||||||||||||||||||||||
| Structured Finance | |||||||||||||||||||||||||||||||||||
| ALP CFO 2025, L.P. | Senior Secured CFO Debt, Class C Note | 12.24 | % | 7/15/2037 | (4) | (5) | (7) | 7/31/2025 | 4,143,000 | 4,143,000 | 4,118,244 | ||||||||||||||||||||||||
| ALP CFO 2025, L.P. | Senior Secured CFO Debt, Class M Note | 14.00 | % | 7/15/2037 | (4) | (5) | (7) | 7/30/2025 | 5,234,171 | 5,234,171 | 5,331,440 | ||||||||||||||||||||||||
| ARES PBN FINANCE CO V LLC | Senior Secured CFO Debt, Class C Loan | 12.16 | % | 3M SOFR | 8.50 | % | 12/9/2040 | (6) | (5) | (7) | (10) | 2/2/2026 | 569,375 | 569,375 | 562,896 | ||||||||||||||||||||
| CVC Structured Solutions 2, LLC | Senior Secured CFO Debt, Class C Loan | 12.78 | % | US CMT 5Y | 8.75 | % | 9/3/2040 | (6) | (5) | (7) | (10) | 9/2/2025 | 3,000,000 | 2,893,154 | 3,000,031 | ||||||||||||||||||||
| GCM Grosvenor Credit Secondaries Structured Note 2025, LP | Senior Secured CFO Debt, Class C Note | 11.73 | % | 3M SOFR | 8.00 | % | 9/20/2037 | (6) | (5) | (7) | (10) | 9/22/2025 | 5,667,771 | 5,667,771 | 5,645,168 | ||||||||||||||||||||
| MOPAC Issuer, LLC | Senior Secured CFO Debt, Class C Loan | 11.81 | % | 12/30/2050 | (4) | (5) | (7) | (10) | 11/21/2025 | 10,966,296 | 10,966,296 | 10,223,550 | |||||||||||||||||||||||
| DAWSON LOGAN 2025-L5 LP | Senior Secured Collateralized Fund Obligation Debt, Class C Loan | 9.56 | % | US CMT 3Y 5Y AVG | 5.50 | % | 11/15/2040 | (6) | (5) | (7) | (10) | 10/8/2025 | 1,163,738 | 1,163,738 | 1,145,949 | ||||||||||||||||||||
| Coller Evergreen CFO I, L.P. | Senior Secured CFO Debt, Class B Loan | 8.90 | % | 3M SOFR | 5.25 | % | 10/30/2056 | (6) | (5) | (7) | (10) | 6/9/2026 | 549,720 | 488,629 | 549,720 | ||||||||||||||||||||
| Dawson Longan 2026-L6 LLC | Senior Secured Rated Feeder Fund Debt, Class B Loan | 8.93 | % | US CMT 3Y 5Y AVG | 5.13 | % | 5/15/2041 | (6) | (5) | (7) | (10) | 3/17/2026 | 1,177,544 | 1,177,544 | 1,177,544 | ||||||||||||||||||||
| Stepstone Boulder II, L.P. | Senior Secured CFO Debt, Class C Note | 12.11 | % | 3M SOFR | 8.38 | % | 4/3/2041 | (6) | (5) | (7) | (10) | 3/23/2026 | 1,498,800 | 1,498,800 | 1,498,800 | ||||||||||||||||||||
| Total Structured Finance | 33,970,415 | 33,802,478 | 33,253,342 | ||||||||||||||||||||||||||||||||
| Total Loans and Notes | 106,063,461 | 114,273,837 | 113,678,298 | ||||||||||||||||||||||||||||||||
| Preferred Stock - 17.33% of Net Assets | |||||||||||||||||||||||||||||||||||
| United States of America | |||||||||||||||||||||||||||||||||||
| Financial Services | |||||||||||||||||||||||||||||||||||
| Adamas Trust Inc. | Preferred Stock, Series F | 6.88 | % | (4) | 8/27/2025 | 92,959 | 2,187,702 | 2,260,763 | |||||||||||||||||||||||||||
| Adamas Trust Inc. | Preferred Stock, Series M | 7.88 | % | (4) | 10/1/2025 | 2,649 | 64,208 | 67,020 | |||||||||||||||||||||||||||
| Carlyle Credit Income Fund | Convertible Preferred Shares | 7.25 | % | 10/30/2030 | (4) | (5) | (7) | 10/27/2025 | 10,500 | 9,765,000 | 10,120,425 | ||||||||||||||||||||||||
| KKR Real Estate Finance Trust Inc. | Preferred Stock | 6.50 | % | (4) | 12/5/2025 | 25,626 | 451,491 | 454,093 | |||||||||||||||||||||||||||
| Lument Finance Trust, Inc. | Preferred Stock | 7.88 | % | (4) | 10/2/2025 | 7,565 | 152,351 | 144,492 | |||||||||||||||||||||||||||
| Oxford Lane Capital Corp. | Term Preferred Equity | 8.25 | % | 3/20/2031 | (4) | 3/13/2026 | 6,733 | 165,662 | 168,056 | ||||||||||||||||||||||||||
| Pasadena Private Lending, Inc. | Preferred Stock, Class C-2 | 10.00 | % | 12/22/2031 | (4) | (5) | (7) | 12/18/2025 | 11,681 | 404,834 | 386,875 | ||||||||||||||||||||||||
| Pasadena Private Lending, Inc. | Preferred Stock, Class D | 15.00 | % | 4/20/2031 | (4) | (5) | (7) | 10/17/2025 | 2,126 | 1,999,113 | 2,013,537 | ||||||||||||||||||||||||
| Ready Capital Corporation | Preferred Stock, Series E | 6.50 | % | (4) | 10/23/2025 | 10,878 | 154,720 | 127,273 | |||||||||||||||||||||||||||
| Arbor Realty Trust Inc. | Preferred Stock, Series E | 6.25 | % | (4) | 6/30/2026 | 3,765 | 59,683 | 59,675 | |||||||||||||||||||||||||||
| Arbor Realty Trust Inc. | Preferred Stock, Series F | 6.25 | % | (4) | 8/1/2025 | 161,048 | 3,568,997 | 3,592,981 | |||||||||||||||||||||||||||
| Arbor Realty Trust Inc. | Preferred Stock, Series D | 6.38 | % | (4) | 6/8/2026 | 6,069 | 96,933 | 96,861 | |||||||||||||||||||||||||||
| Braemar Hotels & Resorts Inc. | Preferred Stock, Series D | 8.25 | % | (4) | 6/12/2026 | 7,414 | 127,235 | 126,891 | |||||||||||||||||||||||||||
| Franklin BSP Realty Trust Inc | Perpetual Preferred Equity | 7.50 | % | (4) | 3/20/2026 | 35,949 | 699,087 | 687,345 | |||||||||||||||||||||||||||
| Granite Point Mortgage Trust Inc. | Preferred Stock | 7.00 | % | (4) | 3/20/2026 | 2,379 | 43,881 | 41,442 | |||||||||||||||||||||||||||
| Rithm Property Trust Inc. | Preferred Stock | 9.88 | % | (4) | 10/31/2025 | 126 | 3,107 | 3,138 | |||||||||||||||||||||||||||
| Sachem Capital Corp. | Preferred Stock, Series A | 7.75 | % | (4) | 8/5/2025 | 344 | 5,623 | 6,949 | |||||||||||||||||||||||||||
| Rithm Capital Corp. | Perpetual Preferred Equity | 7.00 | % | (4) | 3/18/2026 | 2,702 | 65,990 | 67,361 | |||||||||||||||||||||||||||
| Total Preferred Stock | 390,513 | 20,015,617 | 20,425,177 | ||||||||||||||||||||||||||||||||
| Warrants - 0.24% of Net Assets (3) | |||||||||||||||||||||||||||||||||||
| United States of America | |||||||||||||||||||||||||||||||||||
| Financial Services | |||||||||||||||||||||||||||||||||||
| Pasadena Private Lending, Inc. | Warrants | (5) | (7) | 10/20/2025 | 27,140 | 253,556 | 288,770 | ||||||||||||||||||||||||||||
| Equity Securities - 1.59% of Net Assets (3) | |||||||||||||||||||||||||||||||||||
| United States of America | |||||||||||||||||||||||||||||||||||
| Financial Services | |||||||||||||||||||||||||||||||||||
| Horizon Technology Finance Corporation | Common Equity | 9/24/2025 | 7,184 | 51,150 | 33,980 | ||||||||||||||||||||||||||||||
| Oxford Lane Capital Corp. | Common Equity | 8/14/2025 | 171,415 | 2,234,657 | 1,501,595 | ||||||||||||||||||||||||||||||
| Pasadena Private Lending, Inc. | Common Equity, Class A-2 | 12/22/2031 | (5) | (7) | 12/18/2025 | 11,681 | 109,130 | 124,344 | |||||||||||||||||||||||||||
| XAI Octagon Floating Rate Alternative Income Trust | Common Equity | 3/23/2026 | 12,480 | 280,770 | 219,024 | ||||||||||||||||||||||||||||||
| Total Equity Securities | 202,760 | 2,675,707 | 1,878,943 | ||||||||||||||||||||||||||||||||
| Collateralized Fund Obligation Equity - 17.35% of Net Assets | |||||||||||||||||||||||||||||||||||
| United States of America | |||||||||||||||||||||||||||||||||||
| Financial Services | |||||||||||||||||||||||||||||||||||
| Coller Evergreen CFO I, L.P. | Preferred Equity | 13.69 | % | 10/30/2056 | (5) | (7) | (10) | (11) | 6/9/2026 | 4,651,729 | 4,651,729 | 4,651,729 | |||||||||||||||||||||||
| PILATUS CFO 1 LLC | Term Preferred Equity | 17.99 | % | 3/20/2041 | (5) | (7) | (11) | 3/20/2026 | 15,085,000 | 15,085,000 | 15,797,012 | ||||||||||||||||||||||||
| Total Collateralized Fund Obligation Equity | 19,736,729 | 19,736,729 | 20,448,741 | ||||||||||||||||||||||||||||||||
| Total Investments, At Fair Value(8) | 126,420,603 | 156,955,446 | 156,719,929 | ||||||||||||||||||||||||||||||||
| Unfunded Investment Commitments - (0.40)% of Net Assets | |||||||||||||||||||||||||||||||||||
| United States of America | |||||||||||||||||||||||||||||||||||
| Financial Services | |||||||||||||||||||||||||||||||||||
| BP LPI A-1/A-2 LLC | Senior Secured Loan | 8.36 | % | 1M SOFR | 4.75 | % | 12/22/2031 | 444,141 | - | (8,128 | ) | ||||||||||||||||||||||||
| METROPOLITAN LEVERED PARTNERS FUND 2025 LP | Senior Secured Loan | 8.23 | % | 3M SOFR | 4.50 | % | 12/18/2031 | 1,530,101 | - | (27,542 | ) | ||||||||||||||||||||||||
| Pasadena Private Lending, Inc. | Senior Secured Loan | 13.48 | % | 3M SOFR | 9.75 | % | 1/31/2031 | 2,260,225 | - | (81,933 | ) | ||||||||||||||||||||||||
| Total Financial Services | 4,234,467 | - | (117,603 | ) | |||||||||||||||||||||||||||||||
| Structured Finance | |||||||||||||||||||||||||||||||||||
| ARES PBN FINANCE CO V LLC | Senior Secured CFO Debt, Class C Loan | 12.16 | % | 3M SOFR | 8.50 | % | 12/9/2040 | 2,071,625 | - | (23,572 | ) | ||||||||||||||||||||||||
| GCM Grosvenor Credit Secondaries Structured Note 2025, LP | Senior Secured CFO Debt, Class C Note | 11.73 | % | 3M SOFR | 8.00 | % | 9/20/2037 | 2,466,229 | - | (9,835 | ) | ||||||||||||||||||||||||
| MOPAC Issuer, LLC | Senior Secured CFO Debt, Class C Loan | 11.81 | % | 12/30/2050 | 4,114,704 | - | (278,688 | ) | |||||||||||||||||||||||||||
| DAWSON LOGAN 2025-L5 LP | Senior Secured Collateralized Fund Obligation Debt, Class C Loan | 9.56 | % | US CMT 3Y 5Y AVG | 5.50 | % | 11/15/2040 | 2,672,262 | - | (40,848 | ) | ||||||||||||||||||||||||
| Total Structured Finance | 11,324,820 | - | (352,943 | ) | |||||||||||||||||||||||||||||||
| Total Unfunded Commitments | 15,559,287 | - | (470,546 | ) | |||||||||||||||||||||||||||||||
| Net Assets Above (Below) fair value of investments and liabilities at fair value | (38,363,804 | ) | |||||||||||||||||||||||||||||||||
| Net Assets as of June 30, 2026(8) | 117,885,579 | ||||||||||||||||||||||||||||||||||
| (*) | Unless otherwise noted, EP Private Capital Fund I is not affiliated with, nor does it "control" (as such term is defined in the Investment Company Act of 1940 (the "1940 Act")), any of the issuers listed. In general, under the 1940 Act, EP Private Capital Fund I would be presumed to "control" an issuer if it owned 25% or more of its voting securities. |
| (1) | Pursuant to the terms of the credit facility agreement, a security interest in favor of the lender has been granted with respect to all investments. |
| (2) | Fair value is determined by the Adviser in accordance with written valuation policies and procedures, subject to oversight by the EP Private Capital Fund I’s Board of Trustees, in accordance with Rule 2a-5 under the 1940 Act. |
| (3) | Investment is not income producing |
| (4) | Fixed rate investment. |
| (5) | Investment is classified as Level III |
| (6) | Variable rate investment. Interest rate shown reflects the rate in effect at the reporting date. |
| (7) | Securities exempt from registration under the Securities Act of 1933, and are deemed to be “restricted securities”. As of June 30, 2026, the aggregate fair value of these securities is $135.1 million, or 114.6% of EP Private Capital Fund I’s net assets. |
| (8) | Amounts may not foot due to rounding |
| (9) | Country represents the principal country of risk where the investment has exposure. |
| (10) | This investment has an unfunded commitment as of June 30, 2026. |
| (11) | Collateralized fund obligation equity are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying assets less contractual payments to debt holders and fund expenses. The effective yield is estimated based on the current projection of the amount and timing of these recurring distributions in addition to the estimated amount of terminal principal payment. The effective yield and investment cost may ultimately not be realized. |
Reference Key:
SOFR- Secured Overnight Financing Rate
US CMT- United States Constant Maturity Treasury Rate