# EDGAR Filing Document

**Accession Number:** 0002061670
**File Stem:** 0001104659-25-120382
**Filing Date:** 2025-12
**Character Count:** 29479
**Document Hash:** f0b919e455ae88a166fa88488bb38481
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-120382.hdr.sgml**: 20251212

**ACCESSION NUMBER**: 0001104659-25-120382

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251212

**DATE AS OF CHANGE**: 20251211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Monroe Capital Enhanced Corporate Lending Fund
- **CENTRAL INDEX KEY:** 0002061670

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290835
- **FILM NUMBER:** 251566120

**BUSINESS ADDRESS:**
- **STREET 1:** 155 NORTH WACKER DRIVE
- **STREET 2:** FLOOR 35
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-258-8300

**MAIL ADDRESS:**
- **STREET 1:** 155 NORTH WACKER DRIVE
- **STREET 2:** FLOOR 35
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

#### Filed Pursuant to Rule 424(b)(3) File No. 333-290835

#### MONROE CAPITAL ENHANCED CORPORATE LENDING FUND SUPPLEMENT NO. 1 DATED DECEMBER 11, 2025 TO THE PROSPECTUS DATED DECEMBER 5, 2025
This prospectus supplement ("Supplement") contains information that amends, supplements or modifies certain information contained in the accompanying prospectus of Monroe Capital Enhanced Corporate Lending Fund (the "Fund"), dated December 5, 2025 (as amended and supplemented to date, the "Prospectus"). This Supplement is part of and should be read in conjunction with the Prospectus. Unless otherwise indicated, all other information included in the Prospectus, or any previous supplements thereto, that is not inconsistent with the information set forth in this Supplement remains unchanged. Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purposes of this Supplement are as follows: (1) to revise certain disclosures in the Prospectus, effective immediately; and (2) to provide an update on the Fund's investment portfolio.

#### UPDATES TO THE PROSPECTUS
 *The fourth paragraph in the section of the Prospectus titled "Plan of Distribution" is deleted in its entirety and replaced with the following:* 

For Class D shares and Class S shares, we intend to take purchase orders and hold investors' funds in a non-interest-bearing escrow account until we receive purchase orders for at least 100 investors in such class. If we do not receive subscription orders from at least 100 investors by one year following the date on which proceeds were placed into the escrow account for such class, our escrow agent will promptly send you a full refund of your investment without deduction for escrow expenses. If said class breaks escrow and commence operations, funds in escrow will be released to our account and constitute part of our net assets. U.S. Bank National Association serves as our escrow agent pursuant to an escrow agreement entered into on December 11, 2025, by and between the Fund, the Managing Dealer, Ultimus Fund Solutions, LLC, as the Fund's transfer agent, and U.S. Bank National Association. U.S. Bank National Association's principal business address is Global Corporate Trust, CityPlace I, 185 Asylum Street, 27th Floor, Hartford, CT 06103. U.S. Bank National Association is acting only as an escrow agent in connection with the offering of securities described herein, and has not endorsed, recommended or guaranteed the purchase, value or repayment of such securities.

 *The second paragraph in the section of the Prospectus titled "Custodian, Escrow Agent, Transfer and Distribution Paying Agent and Registrar" is deleted in its entirety and replaced with the following:* 

U.S. Bank National Association serves as our escrow agent. The principal business address of our escrow agent is c/o U.S. Bank National Association, Global Corporate Trust, CityPlace I, 185 Asylum Street, 27th Floor, Hartford, CT 06103.

#### PORTFOLIO UPDATE
As of November 30, 2025, the Fund had investments in 28 portfolio companies, having an aggregate amortized cost of $157.1 million. As of November 30, 2025, the Fund had accepted capital contributions of approximately $100.0 million and had $71.3 million of principal debt outstanding, resulting in a debt-to-equity ratio of approximately 0.71x. As of November 30, 2025, 100% of the debt investments at amortized cost in the Fund's portfolio were floating rate.

The weighted-average closing date annual EBITDA of the portfolio companies in the Fund's debt investment portfolio as of November 30, 2025 was approximately $20.0 million. These calculations are based on the weighted-average last-twelve-month EBITDA (as of the initial deal closing date) for all debt investments, excluding ARR Loans. Amounts are weighted based on the amortized cost of each respective investment as of November 30, 2025. Amounts were derived from the most recently available portfolio company financial statements as of the initial deal closing date, have not been independently verified by the Fund, and may reflect a normalized or adjusted amount. Accordingly, the Fund makes no representation or warranty in respect of this information.

------

The closing date weighted average loan-to-value ("LTV") of the portfolio companies in the Fund's debt investment portfolio as of November 30, 2025 was approximately 34.0%. This figure includes all debt investments and represents the net ratio of LTV for each portfolio company as of the initial deal closing date, weighted based on the amortized cost of each respective investment as of November 30, 2025. Closing date LTV is calculated as the total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the initial closing date.

The following is a list of each portfolio investment as of November 30, 2025 (figures in thousands, except for shares and units):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company<sup>(1)</sup>**  | **Footnotes**  | **Index<sup>(2)</sup>**  | **Spread<sup>(2)</sup>**  | **Interest <br> Rate**  | | **Acquisition <br> Date**  | **Maturity**  | **Principal**  | **Amortized <br> Cost ($)**  |
| **Non-Controlled/Non-Affiliate Company Investments** |  |  |  |  |  |  |  |  |  |
| **Senior Secured Loans** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Automotive**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifted Trucks Holdings, LLC  | (3)  | SF  | 5.35%  | 9.33%  |  | 11/12/2025  | 11/1/2028 | 5418 | $5415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifted Trucks Holdings, LLC  | (3)  | SF  | 5.35%  | 9.33%  |  | 11/12/2025  | 11/1/2028 | 389 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifted Trucks Holdings, LLC (Revolver)  | (7)  | SF  | 5.35%  | 9.33%  |  | 11/12/2025  | 11/1/2028 | 488 | 183 |
|  |  |  |  |  |  |  |  | 6295 | 5986 |
| &nbsp;&nbsp;&nbsp; **Banking**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; StarCompliance MidCo, LLC  | (3)  | SF  | 5.85%  | 9.85%  |  | 11/12/2025  | 1/12/2027 | 342 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp; StarCompliance MidCo, LLC  | (3)  | SF  | 5.85%  | 9.85%  |  | 11/12/2025  | 1/12/2027 | 790 | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp; StarCompliance MidCo, LLC  | (3)  | SF  | 5.85%  | 9.85%  |  | 11/12/2025  | 1/12/2027 | 112 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; StarCompliance MidCo, LLC  | (3)  | SF  | 5.85%  | 9.85%  |  | 11/12/2025  | 1/12/2027 | 201 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; StarCompliance MidCo, LLC (Revolver)  | (7)  | SF  | 5.85%  | 9.85%  |  | 11/12/2025  | 1/12/2027 | 450 | 176 |
|  |  |  |  |  |  |  |  | 1895 | 1623 |
| &nbsp;&nbsp;&nbsp; **Consumer Goods: Durable**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineered Metal Solutions, Inc.  | (3)  | SF  | 5.50%  | 9.48%  |  | 11/19/2025  | 9/22/2030 | 2404 | 2356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineered Metal Solutions, Inc. (Revolver)  | (7)  | SF  | 5.50%  | 9.48%  |  | 11/19/2025  | 9/22/2030 | 610 | 31 |
|  |  |  |  |  |  |  |  | 3014 | 2387 |
| &nbsp;&nbsp;&nbsp; **Consumer Goods: Non-Durable**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC)  | (3)  | SF  | 6.36%  | 10.35%  |  | 11/12/2025  | 5/18/2026 | 1763 | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC)  | (3)  | SF  | 6.36%  | 10.35%  |  | 11/12/2025  | 5/18/2026 | 243 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC)  | (3)  | SF  | 6.36%  | 10.35%  |  | 11/12/2025  | 5/18/2026 | 1659 | 1656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC)  | (3)  | SF  | 6.36%  | 10.35%  |  | 11/12/2025  | 5/18/2026 | 285 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC) (Revolver)  | (7)  | SF  | 6.36%  | 10.35%  |  | 11/12/2025  | 5/18/2026 | 2665 | 1060 |
|  |  |  |  |  |  |  |  | 6615 | 5002 |
| &nbsp;&nbsp;&nbsp; **Environmental Industries**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Volt Bidco, Inc.  | (3)  | SF  | 6.50%  | 10.50%  | PIK  | 11/19/2025  | 8/11/2027 | 3507 | 3399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volt Bidco, Inc. (Delayed Draw)  | (3)(7)  | SF  | 6.50%  | 10.50%  | PIK  | 11/19/2025  | 8/11/2027 | 659 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volt Bidco, Inc. (Delayed Draw)  | (3)(7)  | SF  | 6.50%  | 10.50%  | PIK  | 11/19/2025  | 8/11/2027 | 273 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volt Bidco, Inc. (Delayed Draw)  | (3)(7)  | SF  | 6.50%  | 10.50%  | PIK  | 11/19/2025  | 8/11/2027 | 379 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volt Bidco, Inc. (Revolver)  | (7)  | SF  | 6.50%  | 10.50%  | PIK  | 11/19/2025  | 8/11/2027 | 338 |  |
|  |  |  |  |  |  |  |  | 5156 | 4670 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company<sup>(1)</sup>**  | **Footnotes**  | **Index<sup>(2)</sup>**  | **Spread<sup>(2)</sup>**  | **Interest <br> Rate**  | | **Acquisition <br> Date**  | **Maturity**  | **Principal**  | **Amortized <br> Cost ($)**  |
| &nbsp;&nbsp;&nbsp; **FIRE: Finance**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GC Champion Acquisition LLC  | (3)  | SF  | 5.00%  | 9.22%  |  | 11/19/2025  | 8/18/2028 | 1182 | $1182 |
| &nbsp;&nbsp;&nbsp;&nbsp; GC Champion Acquisition LLC  | (3)  | SF  | 5.00%  | 9.22%  |  | 11/19/2025  | 8/18/2028 | 580 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp; GC Champion Acquisition LLC  | (3)  | SF  | 5.00%  | 9.22%  |  | 11/19/2025  | 8/18/2028 | 1739 | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp; GC Champion Acquisition LLC (Delayed Draw)  | (7)  | SF  | 5.00%  | 9.22%  |  | 11/19/2025  | 8/18/2028 | 562 |  |
|  |  |  |  |  |  |  |  | 4063 | 3501 |
| &nbsp;&nbsp;&nbsp; **Healthcare & Pharmaceuticals**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorado Acquisition, Inc.  | (3)  | SF  | 6.85%  | 10.83%  |  | 11/12/2025  | 6/30/2026 | 2173 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorado Acquisition, Inc.  | (3)  | SF  | 6.90%  | 10.89%  |  | 11/12/2025  | 6/30/2026 | 2898 | 2861 |
| &nbsp;&nbsp;&nbsp;&nbsp; QF Holdings, Inc.  | (3)  | SF  | 4.75%  | 8.59%  |  | 11/19/2025  | 12/15/2027 | 1484 | 1484 |
| &nbsp;&nbsp;&nbsp;&nbsp; QF Holdings, Inc.  | (3)  | SF  | 4.75%  | 8.59%  |  | 11/19/2025  | 12/15/2027 | 297 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp; QF Holdings, Inc.  | (3)  | SF  | 4.75%  | 8.59%  |  | 11/19/2025  | 12/15/2027 | 297 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp; QF Holdings, Inc. (Revolver)  | (7)  | SF  | 4.75%  | 8.59%  |  | 11/19/2025  | 12/15/2027 | 249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Smilist DSO, LLC  | (3)  | SF  | 6.00%  | 10.00%  |  | 11/19/2025  | 4/4/2029 | 3936 | 3950 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Smilist DSO, LLC  | (3)  | SF  | 6.00%  | 10.00%  |  | 11/19/2025  | 4/4/2029 | 1064 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Smilist DSO, LLC  | (3)  | SF  | 6.00%  | 10.00%  |  | 11/19/2025  | 4/4/2029 | 2573 | 2582 |
| &nbsp;&nbsp;&nbsp;&nbsp; TigerConnect, Inc.  | (3)  | SF  | 6.91%  | 7.38% Cash / <br>3.38%  | PIK  | 11/12/2025  | 8/16/2029 | 10725 | 10725 |
| &nbsp;&nbsp;&nbsp;&nbsp; TigerConnect, Inc.  | (3)  | SF  | 6.91%  | 7.38% Cash / <br> 3.38%  | PIK  | 11/12/2025  | 8/16/2029 | 613 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp; TigerConnect, Inc. (Delayed Draw)  | (7)  | SF  | 6.91%  | 7.38% Cash / <br> 3.38%  | PIK  | 11/12/2025  | 8/16/2029 | 61 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; TigerConnect, Inc. (Delayed Draw)  | (7)  | SF  | 6.91%  | 7.38% Cash / <br> 3.38%  | PIK  | 11/12/2025  | 8/16/2029 | 1343 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp; TigerConnect, Inc. (Revolver)  | (7)  | SF  | 6.91%  | 7.38% Cash / <br> 3.38%  | PIK  | 11/12/2025  | 8/16/2029 | 1532 |  |
|  |  |  |  |  |  |  |  | 29245 | 27341 |
| &nbsp;&nbsp;&nbsp; **High Tech Industries**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquia Inc.  | (3)  | SF  | 5.65%  | 9.59%  |  | 11/19/2025  | 11/1/2026 | 2544 | 2544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquia Inc.  | (3)  | SF  | 5.65%  | 9.59%  |  | 11/19/2025  | 11/1/2026 | 1240 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquia Inc.  |  | SF  | 5.65%  | 9.61%  |  | 11/19/2025  | 11/1/2026 | 1216 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathlock, Inc.  | (3)  | SF  | 6.40%  | 10.24%  |  | 11/13/2025  | 11/10/2027 | 1258 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathlock, Inc.  | (3)  | SF  | 6.40%  | 10.24%  |  | 11/13/2025  | 11/10/2027 | 1730 | 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathlock, Inc.  | (3)  | SF  | 6.40%  | 10.24%  |  | 11/13/2025  | 11/10/2027 | 435 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathlock, Inc.  | (3)  | SF  | 6.40%  | 10.24%  |  | 11/13/2025  | 11/10/2027 | 994 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathlock, Inc. (Delayed Draw)  | (7)  | SF  | 6.40%  | 10.26%  |  | 11/12/2025  | 11/10/2027 | 261 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathlock, Inc. (Delayed Draw)  | (7)  | SF  | 6.40%  | 10.26%  |  | 11/12/2025  | 11/10/2027 | 261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathlock, Inc. (Revolver)  | (7)  | SF  | 6.40%  | 10.24%  |  | 11/13/2025  | 11/10/2027 | 261 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planful, Inc.  | (3)  | SF  | 6.26%  | 10.25%  |  | 11/12/2025  | 12/28/2026 | 433 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planful, Inc.  | (3)  | SF  | 6.26%  | 10.25%  |  | 11/12/2025  | 12/28/2026 | 433 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planful, Inc.  | (3)  | SF  | 6.26%  | 10.25%  |  | 11/12/2025  | 12/28/2026 | 3104 | 3102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planful, Inc.  | (3)  | SF  | 6.26%  | 10.25%  |  | 11/12/2025  | 12/28/2026 | 289 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planful, Inc. (Revolver)  | (7)  | SF  | 6.26%  | 10.25%  |  | 11/12/2025  | 12/28/2026 | 361 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securly, Inc.  | (3)  | SF  | 7.10%  | 10.94%  |  | 11/26/2025  | 4/22/2027 | 230 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securly, Inc.  | (3)  | SF  | 7.10%  | 10.94%  |  | 11/26/2025  | 4/22/2027 | 380 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securly, Inc.  | (3)  | SF  | 7.10%  | 10.94%  |  | 11/26/2025  | 4/22/2027 | 2368 | 2368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securly, Inc.  | (3)  | SF  | 7.10%  | 10.94%  |  | 11/12/2025  | 4/22/2027 | 440 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securly, Inc.  | (3)  | SF  | 7.10%  | 11.10%  |  | 11/12/2025  | 4/22/2027 | 997 | 997 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company<sup>(1)</sup>**  | **Footnotes**  | **Index<sup>(2)</sup>**  | **Spread<sup>(2)</sup>**  | **Interest <br> Rate**  | **Acquisition <br> Date**  | **Maturity**  | **Principal**  | **Amortized <br> Cost ($)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securly, Inc. (Revolver)  | (7)  | SF  | 7.10%  | 10.94%  | 11/26/2025  | 4/22/2027 | 1538 | $923 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZI Intermediate II, Inc.  | (3)  | SF  | 5.25%  | 9.10%  | 11/14/2025  | 5/30/2030 | 12500 | 12500 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZI Intermediate II, Inc. (Revolver)  | (7)  | SF  | 5.25%  | 9.10%  | 11/14/2025  | 5/30/2030 | 1042 |  |
|  |  |  |  |  |  |  | 34315 | 32209 |
| &nbsp;&nbsp;&nbsp; **Media: Advertising, Printing & Publishing**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EverView AcquisitionCo, Inc.  | (3)  | SF  | 5.25%  | 9.42%  | 11/12/2025  | 9/3/2031 | 8938 | 8815 |
| &nbsp;&nbsp;&nbsp;&nbsp; EverView AcquisitionCo, Inc. (Delayed Draw)  | (7)  | SF  | 5.25%  | 9.42%  | 11/12/2025  | 9/3/2031 | 2750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EverView AcquisitionCo, Inc. (Revolver)  | (7)  | SF  | 5.25%  | 9.42%  | 11/12/2025  | 9/3/2031 | 2063 |  |
|  |  |  |  |  |  |  | 13751 | 8815 |
| &nbsp;&nbsp;&nbsp; **Retail**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacvue Intermediate LLC (fka Assembly Intermediate LLC)  | (3)  | SF  | 5.25%  | 9.25%  | 11/19/2025  | 10/19/2027 | 303 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacvue Intermediate LLC (fka Assembly Intermediate LLC)  | (3)  | SF  | 5.25%  | 9.25%  | 11/19/2025  | 10/19/2027 | 963 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacvue Intermediate LLC (fka Assembly Intermediate LLC) (Revolver)  | (7)  | SF  | 5.25%  | 9.25%  | 11/19/2025  | 10/19/2027 | 152 |  |
|  |  |  |  |  |  |  | 1418 | 1266 |
| &nbsp;&nbsp;&nbsp; **Services: Business**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cdata Software, Inc.  | (3)  | SF  | 5.75%  | 9.75%  | 11/12/2025  | 7/18/2030 | 4745 | 4757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cdata Software, Inc. (Delayed Draw)  | (7)  | SF  | 5.75%  | 9.75%  | 11/12/2025  | 7/18/2030 | 439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cdata Software, Inc. (Delayed Draw)  | (7)  | SF  | 5.75%  | 9.75%  | 11/12/2025  | 7/18/2030 | 615 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cdata Software, Inc. (Revolver)  | (7)  | SF  | 5.75%  | 9.75%  | 11/12/2025  | 7/18/2030 | 527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosmos Bidco, Inc.  | (3)  | SF  | 6.25%  | 10.42%  | 11/12/2025  | 9/14/2029 | 2625 | 2634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosmos Bidco, Inc.  | (3)  | SF  | 6.25%  | 10.42%  | 11/12/2025  | 9/14/2029 | 492 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosmos Bidco, Inc.  | (3)  | SF  | 6.25%  | 10.42%  | 11/12/2025  | 9/14/2029 | 1373 | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosmos Bidco, Inc. (Delayed Draw)  | (7)  | SF  | 6.25%  | 10.42%  | 11/12/2025  | 9/14/2029 | 392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosmos Bidco, Inc.  |  | SF  | 6.25%  | 10.42%  | 11/12/2025  | 9/14/2029 | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosmos Bidco, Inc. (Revolver)  | (7)  | SF  | 6.25%  | 10.42%  | 11/12/2025  | 9/14/2029 | 410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Milrose Consultants, LLC  | (3)  | SF  | 6.65%  | 10.49%  | 11/26/2025  | 8/31/2028 | 2878 | 2883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Milrose Consultants, LLC  | (3)  | SF  | 6.60%  | 10.53%  | 11/26/2025  | 8/31/2028 | 104 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Milrose Consultants, LLC  | (3)  | SF  | 6.60%  | 10.53%  | 11/26/2025  | 8/31/2028 | 231 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Milrose Consultants, LLC  | (3)  | SF  | 6.60%  | 10.53%  | 11/26/2025  | 8/31/2028 | 602 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Milrose Consultants, LLC  | (3)  | SF  | 6.60%  | 10.53%  | 11/26/2025  | 8/31/2028 | 1101 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Milrose Consultants, LLC (Revolver)  | (7)  | SF  | 6.60%  | 10.53%  | 11/26/2025  | 8/31/2028 | 151 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rampart Exterior Services Buyer, Inc.  | (3)  | SF  | 5.25%  | 9.18%  | 11/26/2025  | 8/6/2030 | 1633 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rampart Exterior Services Buyer, Inc.  | (3)  | SF  | 5.25%  | 9.18%  | 11/26/2025  | 8/6/2030 | 1560 | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rampart Exterior Services Buyer, Inc.  | (3)  | SF  | 5.25%  | 9.18%  | 11/26/2025  | 8/6/2030 | 1131 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rampart Exterior Services Buyer, Inc. (Revolver)  | (7)  | SF  | 5.25%  | 9.18%  | 11/12/2025  | 8/6/2030 | 589 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vhagar Purchaser, LLC  | (3)  | SF  | 5.50%  | 9.49%  | 11/12/2025  | 6/11/2031 | 2171 | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vhagar Purchaser, LLC  | (3)  | SF  | 5.50%  | 9.49%  | 11/12/2025  | 6/11/2031 | 987 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vhagar Purchaser, LLC (Delayed Draw)  | (7)  | SF  | 5.50%  | 9.49%  | 11/12/2025  | 6/11/2031 | 493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vhagar Purchaser, LLC (Revolver)  | (7)  | SF  | 5.50%  | 9.49%  | 11/12/2025  | 6/11/2031 | 197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SingleStore, Inc.  | (3)  | SF  | 6.25%  | 10.14%  | 11/12/2025  | 10/16/2031 | 11124 | 11001 |
| &nbsp;&nbsp;&nbsp;&nbsp; SingleStore, Inc. (Delayed Draw)  |  | SF  | 6.25%  | 10.14%  | 11/12/2025  | 10/16/2031 | 1268 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SingleStore, Inc. (Revolver)  | (7)  | SF  | 6.25%  | 10.14%  | 11/12/2025  | 10/16/2031 | 1294 |  |
|  |  |  |  |  |  |  | 39432 | 33277 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company<sup>(1)</sup>**  | **Footnotes**  | **Index<sup>(2)</sup>**  | **Spread<sup>(2)</sup>**  | **Interest <br> Rate**  | | **Acquisition <br> Date**  | **Maturity**  | **Principal**  | **Amortized <br> Cost ($)**  |
| &nbsp;&nbsp;&nbsp; **Services: Consumer**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Holdings, LLC (Delayed Draw)  | (3)  | SF  | 5.90%  | 9.90%  |  | 11/12/2025  | 6/23/2028 | 2036 | $2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Holdings, LLC  | (3)  | SF  | 6.40%  | 10.40%  |  | 11/12/2025  | 6/23/2028 | 1567 | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Holdings, LLC  | (3)  | SF  | 5.90%  | 9.90%  |  | 11/12/2025  | 6/23/2028 | 1432 | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kar Wash Holdings, LLC  | (3)  | SF  | 5.76%  | 9.75%  |  | 11/12/2025  | 2/26/2027 | 1151 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kar Wash Holdings, LLC  | (3)  | SF  | 5.76%  | 9.75%  |  | 11/12/2025  | 2/26/2027 | 1274 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kar Wash Holdings, LLC  | (3)  | SF  | 5.76%  | 9.75%  |  | 11/12/2025  | 2/26/2027 | 680 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kar Wash Holdings, LLC  | (3)  | SF  | 5.76%  | 9.75%  |  | 11/12/2025  | 2/28/2027 | 1388 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kar Wash Holdings, LLC  | (7)  | SF  | 5.66%  | 9.61%  |  | 11/12/2025  | 2/26/2027 | 419 | 419 |
|  |  |  |  |  |  |  |  | 9947 | 9918 |
| &nbsp;&nbsp;&nbsp; **Telecommunications**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DataOnline Corp.  | (3)  | SF  | 5.40%  | 9.24%  |  | 11/26/2025  | 11/13/2026 | 4833 | 4845 |
| &nbsp;&nbsp;&nbsp;&nbsp; DataOnline Corp. (Revolver)  | (7)  | SF  | 5.40%  | 9.40%  |  | 11/12/2025  | 11/13/2026 | 244 | 171 |
|  |  |  |  |  |  |  |  | 5077 | 5016 |
| &nbsp;&nbsp;&nbsp; **Transportation: Cargo**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Epika Fleet Services, Inc.  | (3)  | SF  | 5.00%  | 9.00%  |  | 11/12/2025  | 4/17/2031 | 1564 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epika Fleet Services, Inc.  | (3)  | SF  | 5.00%  | 8.84%  |  | 11/26/2025  | 4/17/2031 | 414 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epika Fleet Services, Inc. (Delayed Draw)  | (7)  | SF  | 5.00%  | 9.00%  |  | 11/12/2025  | 4/17/2031 | 4791 | 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epika Fleet Services, Inc. (Delayed Draw)  | (7)  | SF  | 5.00%  | 9.00%  |  | 11/12/2025  | 4/17/2031 | 2645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RD Last Mile Holdings, LLC  | (3)  | SF  | 6.15%  | 10.14%  |  | 11/12/2025  | 3/8/2027 | 2139 | 2134 |
| &nbsp;&nbsp;&nbsp;&nbsp; RD Last Mile Holdings, LLC  | (3)  | SF  | 6.15%  | 10.14%  |  | 11/12/2025  | 3/8/2027 | 439 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp; RD Last Mile Holdings, LLC  | (3)  | SF  | 6.15%  | 10.14%  |  | 11/12/2025  | 3/8/2027 | 995 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp; RD Last Mile Holdings, LLC (Revolver)  | (7)  | SF  | 6.15%  | 10.14%  |  | 11/12/2025  | 3/8/2027 | 554 |  |
|  |  |  |  |  |  |  |  | $13541 | $8564 |
| **Total Non-Controlled/Non-Affiliate Senior Secured Loans**  |  |  |  |  |  |  |  | $173764 | $149575 |
| **Equity Investments<sup>(4)(5)(6)</sup>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Consumer Goods: Durable**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineered Metal Solutions, Inc. (2,601 Class A units)  |  | —  | —  | —  |  | 11/19/2025  |  |  | 2601 |
|  |  |  |  |  |  |  |  |  | 2601 |
| &nbsp;&nbsp;&nbsp; **Environmental Industries**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Volt Bidco, Inc. (311 shares of common stock)  |  | —  | —  | —  |  | 11/19/2025  |  |  | 332 |
|  |  |  |  |  |  |  |  |  | 332 |
| &nbsp;&nbsp;&nbsp; **High Tech Industries**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathlock, Inc. (537 Series A preferred shares)  |  | —  | —  | —  |  | 11/19/2025  |  |  | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planful, Inc. (154,557 Class A units)  |  | —  | —  | —  |  | 11/19/2025  |  |  | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planful, Inc. (11,693 Class B options)  |  | —  | —  | —  |  | 11/19/2025  |  |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; SingleStore, Inc. (1,410,256 shares of common stock)  |  | —  | —  | —  |  | 11/19/2025  |  |  | 1410 |
|  |  |  |  |  |  |  |  |  | 2170 |
| &nbsp;&nbsp;&nbsp; **Services: Business**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosmos Bidco, Inc. (164,077 Class A membership interest)  |  | —  | —  | —  |  | 11/19/2025  |  |  | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rampart Exterior Services Buyer, Inc. <br> (725 Series A-2 preferred units)  |  | n/a  | n/a  | 10.00%  | PIK  | 11/19/2025  |  |  | 688 |
|  |  |  |  |  |  |  |  |  | 879 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company<sup>(1)</sup>**  | **Footnotes**  | **Index<sup>(2)</sup>**  | **Spread<sup>(2)</sup>**  | **Interest <br> Rate**  | **Acquisition <br> Date**  | **Maturity**  | **Principal**  | **Amortized <br> Cost ($)**  |
| &nbsp;&nbsp;&nbsp; **Services: Consumer**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kar Wash Holdings, LLC (43,954 Class A units)  |  | —  | —  | —  | 11/19/2025  |  |  | $68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kar Wash Holdings, LLC (7,922 Series A preferred units)  |  | —  | —  | —  | 11/19/2025  |  |  | 15 |
|  |  |  |  |  |  |  |  | 83 |
| &nbsp;&nbsp;&nbsp; **Transportation: Cargo**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RD Last Mile Holdings, LLC (2,216,479 shares of common stock)  |  | —  | —  | —  | 11/19/2025  |  |  | 1436 |
|  |  |  |  |  |  |  |  | 1436 |
| &nbsp;&nbsp;&nbsp; **Total Non-Controlled/Non-Affiliate Equity Investments**  |  |  |  |  |  |  |  | $7501 |
| **TOTAL INVESTMENTS**  |  |  |  |  |  |  |  | $157076 |

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(1) All of the Fund's investments are issued by eligible portfolio companies, as defined in the 1940 Act, unless otherwise noted. All of the Fund's investments are issued by U.S. portfolio companies unless otherwise noted.

(2) The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "SF") and the current contractual interest rate in effect at November 30, 2025. Certain investments may be subject to an interest rate floor or rate cap. Certain investments contain a payment-in-kind ("PIK") provision.

(3) All or a portion of this security was held in MLEND Financing SPV I LLC as collateral for the DB Credit Facility.

(4) Represents less than 5% ownership of the portfolio company's voting securities.

(5) Ownership of certain equity investments may occur through a holding company or partnership.

(6) Securities without an interest rate are non-income producing.

(7) All or a portion of this commitment was unfunded at November 30, 2025. As such, interest is earned only on the funded portion of this commitment.

The following table shows the composition of the Fund's investment portfolio at amortized cost and as percentage of the Fund's total investments at amortized cost (in thousands) as of November 30, 2025:

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| | | |
|:---|:---|:---|
| | **November 30, 2025**  | **November 30, 2025**  |
| **Amortized Cost:** |  |  |
| &nbsp;&nbsp;&nbsp; Senior secured loans  | $149575 | 95.2% |
| &nbsp;&nbsp;&nbsp; Equity investments  | 7501 | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total  | $157076 | 100.0% |

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The following table shows the Fund's portfolio composition by industry at amortized cost and as percentage of the Fund's total investments at amortized cost (in thousands) as of November 30, 2025:

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| | | |
|:---|:---|:---|
| | **November 30, 2025**  | **November 30, 2025**  |
| **Amortized Cost:** |  |  |
| &nbsp;&nbsp;&nbsp; Automotive  | $5986 | 3.8% |
| &nbsp;&nbsp;&nbsp; Banking  | 1623 | 1 |
| &nbsp;&nbsp;&nbsp; Consumer Goods: Durable  | 4988 | 3.2 |
| &nbsp;&nbsp;&nbsp; Consumer Goods: Non-Durable  | 5002 | 3.2 |
| &nbsp;&nbsp;&nbsp; Environmental Industries  | 5002 | 3.2 |
| &nbsp;&nbsp;&nbsp; FIRE: Finance  | 3501 | 2.2 |

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| | | |
|:---|:---|:---|
| | **November 30, 2025**  | **November 30, 2025**  |
| &nbsp;&nbsp;&nbsp; Healthcare & Pharmaceuticals  | 27341 | 17.4 |
| &nbsp;&nbsp;&nbsp; High Tech Industries  | 34379 | 21.9 |
| &nbsp;&nbsp;&nbsp; Media: Advertising, Printing & Publishing  | 8815 | 5.6 |
| &nbsp;&nbsp;&nbsp; Retail  | 1266 | 0.8 |
| &nbsp;&nbsp;&nbsp; Services: Business  | 34156 | 21.7 |
| &nbsp;&nbsp;&nbsp; Services: Consumer  | 10001 | 6.4 |
| &nbsp;&nbsp;&nbsp; Telecommunications  | 5016 | 3.2 |
| &nbsp;&nbsp;&nbsp; Transportation: Cargo  | 10000 | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total  | $157076 | 100.0% |

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