# EDGAR Filing Document

**Accession Number:** 0001911321
**File Stem:** 0001911321-26-000019
**Filing Date:** 2026-5
**Character Count:** 238754
**Document Hash:** d2b327e3db3d3cfba398c2f71db7dd9a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001911321-26-000019.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001911321-26-000019

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 80

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kennedy Lewis Capital Co
- **CENTRAL INDEX KEY:** 0001911321

**ORGANIZATION NAME:**
- **EIN:** 886117755
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01603
- **FILM NUMBER:** 26972622

**BUSINESS ADDRESS:**
- **STREET 1:** 225 LIBERTY STREET
- **STREET 2:** SUITE 4210
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10281
- **BUSINESS PHONE:** 212.782.3482

**MAIL ADDRESS:**
- **STREET 1:** 225 LIBERTY STREET
- **STREET 2:** SUITE 4210
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10281

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Kennedy Lewis Capital Holdings LLC
- **DATE OF NAME CHANGE:** 20221129

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tate Capital Co
- **DATE OF NAME CHANGE:** 20220215

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM** 10-Q

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☒ **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:** 814-01603

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Kennedy Lewis Capital Co**mpany**

**(Exact name of registrant as specified in its charter)**

------

---

| | |
|:---|:---|
| Delaware | 88-6117755 |
| **(State or Other Jurisdiction of**<br>**Incorporation or Organization)** | **(IRS Employer**<br>**Identification No.)** |

---

---

| | |
|:---|:---|
| 225 Liberty St. Suite 4210 | 10281 |
| New York**,** New York<br>**(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**(**212**)** 782-3480

**(Registrant's telephone number, including area code)**

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

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading**<br>**Symbol(s)** | **Name of Each Exchange**<br>**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 past 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 ☒

The number of shares of the registrant's common shares of beneficial interest, $0.01 par value per share ("Common Shares"), outstanding as of May 13, 2026 was 36,836,738, 64,427 and 7,589 of Class I, Class S and Class D Common Shares, respectively.

------

Kennedy Lewis Capital Company

Quarterly Report on Form 10-Q

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>PART I—FINANCIAL INFORMATION</u>](#part_1_financial_information) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>PART I—FINANCIAL INFORMATION</u>](#part_1_financial_information) | 2 |
| Item 1. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Financial Statements</u>](#item_1) | 2 |
| Item 2. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2) | 59 |
| Item 3. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3) | 70 |
| Item 4. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>PART II—OTHER INFORMATION</u>](#part_ii_other_information) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>PART II—OTHER INFORMATION</u>](#part_ii_other_information) | 71 |
| Item 1. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Legal Proceedings</u>](#part_ii_item_1_legal_proceedings) | 71 |
| Item 1A. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Risk Factors</u>](#item_1a_risk_factors) | 71 |
| Item 2. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#part_ii_item_2_unregistered_sales) | 71 |
| Item 3. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Defaults upon Senior Securities</u>](#part_ii_item_3_defaults_upon_senior_sec) | 72 |
| Item 4. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Mine Safety Disclosures</u>](#part_ii_item_4_mine_safety) | 72 |
| Item 5. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Other Information</u>](#part_ii_other_information) | 72 |
| Item 6. | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Exhibits</u>](#part_ii_item_6_exhibits) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>SIGNATURES</u>](#signatures) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>SIGNATURES</u>](#signatures) | 74 |

---

------

**PART I—FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**Kennedy Lewis Capital Company**

**Consolidated Statements of Assets and Liabilities**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026 (Unaudited)** | **December 31, 2025** |
| **Assets** |  |  |
| Investments at fair value |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments (cost of $1,071,884,851 and $1,083,765,562 at March 31, 2026 and December 31, 2025, respectively) | $1068472439 | $1082011479 |
| &nbsp;&nbsp;Controlled/affiliated investments (cost of $28,340,547 and $27,824,774 at March 31, 2026 and December 31, 2025, respectively) | 27889785 | 27965568 |
| Total investments at fair value | 1096362224 | 1109977047 |
| Cash and cash equivalents | 5496329 | 60216576 |
| Restricted cash and cash equivalents | 44269851 | 32440987 |
| Interest and fee receivable from non-controlled/non-affiliated investments | 4700176 | 4434699 |
| Interest and fee receivable from controlled/affiliated investments | 291997 | 294412 |
| Deferred financing costs (net of $2,209,565 and $2,009,531 in accumulated amortization at March 31, 2026 and December 31, 2025, respectively) | 3316111 | 3516145 |
| Deferred offering costs (net of $3,024,617 and $2,938,217 in accumulated amortization at March 31, 2026 and December 31, 2025, respectively) | 51986 | 125546 |
| Receivable for investments sold | 19692661 | 3168206 |
| Derivative assets at fair value (Note 5) | 1626355 |  |
| Other assets | 84806 | 98038 |
| **Total assets** | $1175892496 | $1214271656 |
| **Liabilities** |  |  |
| Secured Credit Facility (Note 6) | 412500000 | 412500000 |
| Subscriptions received in advance | 3667210 |  |
| Distribution Payable |  | 23064903 |
| Payable for investments purchased | 1362617 | 58725508 |
| Interest and credit facility fees payable | 4495991 | 4540264 |
| Income incentive fee payable | 2420198 | 2403708 |
| Management fees payable | 2268585 | 2067094 |
| Deferred financing cost payable | 1275000 | 1350000 |
| Accrued capital gains incentive fee | 471983 | 614035 |
| Derivative liabilities at fair value (Note 5) |  | 168270 |
| Due to Advisor and affiliates | 322650 | 266043 |
| Offering costs payable | 13291 | 31644 |
| Accrued expenses and other liabilities | 2272596 | 1772163 |
| **Total liabilities** | $431070121 | $507503632 |
| Commitments and contingencies (Note 7) |  |  |
| **Net Assets** |  |  |
| Common shares, $0.01 par value (37,246,308 and 35,262,120 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively) | 372463 | 352621 |
| Additional paid in capital | 750504653 | 703046902 |
| Distributable earnings (loss) | (6054741) | 3368501 |
| **Total net assets** | $744822375 | $706768024 |
| **Total liabilities and net assets** | $1175892496 | $1214271656 |

---

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

------

---

| | | |
|:---|:---|:---|
| **Net Asset Value Per Share** | **March 31, 2026 (Unaudited)** | **December 31, 2025** |
| **Class I Shares** |  |  |
| Net Assets | $743574236 | $705791670 |
| Common Shares Outstanding | 37183849 | 35213342 |
| Net Asset value per share | $20.00 | $20.04 |
| **Class S Shares** |  |  |
| Net Assets | $1196518 | $925859 |
| Common Shares Outstanding | 59877 | 46258 |
| Net Asset value per share | $19.98 | $20.02 |
| **Class D Shares** |  |  |
| Net Assets | $51621 | $50495 |
| Common Shares Outstanding | 2582 | 2520 |
| Net Asset value per share | $19.99 | $20.04 |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Statements of Operations**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Investment income:** |  |  |
| From non-controlled/non-affiliated investments: |  |  |
| &nbsp;&nbsp;Interest income | $28949578 | $22571039 |
| &nbsp;&nbsp;Dividend income | 1154556 | 448334 |
| &nbsp;&nbsp;Fee income | 65285 | 77879 |
| Total investment income from non-controlled/non-affiliated investments | $30169419 | $23097252 |
| From controlled/affiliated investments |  |  |
| &nbsp;&nbsp;Interest income | 513358 |  |
| Total investment income from controlled/affiliated investments | 513358 |  |
| **Total investment income** | 30682777 | 23097252 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;Interest and credit facility fees | 6958506 | 6154280 |
| &nbsp;&nbsp;Management fees | 2268585 | 1504233 |
| &nbsp;&nbsp;Income incentive fee | 2420198 | 1677360 |
| &nbsp;&nbsp;Capital gain incentive fees | (142052) | (387451) |
| &nbsp;&nbsp;Professional fees | 898769 | 1029670 |
| &nbsp;&nbsp;Amortization of continuous offering costs | 86400 | 295737 |
| &nbsp;&nbsp;Administrative services expense | 322650 | 235079 |
| &nbsp;&nbsp;Amortization of deferred financing costs | 200034 | 164196 |
| &nbsp;&nbsp;Directors' fees and expenses | 100000 | 100000 |
| &nbsp;&nbsp;Other expenses | 488692 | 191651 |
| **Total expenses** | 13601782 | 10964755 |
| Expenses waived by the Advisor (Note 3) |  | (162124) |
| **Net expenses** | 13601782 | 10802631 |
| **Net investment income** | 17080995 | 12294621 |
| **Realized and unrealized gain (loss):** |  |  |
| Net change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | (576136) | (3912978) |
| &nbsp;&nbsp;Controlled/affiliated investments | (591556) |  |
| &nbsp;&nbsp;Derivative instruments (Note 5) | 1794626 | (681025) |
| &nbsp;&nbsp;Foreign currency transactions | (1084916) | 156820 |
| Net change in unrealized appreciation (depreciation) | (457982) | (4437183) |
| Realized gain (loss): |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | 246716 | 1340038 |
| &nbsp;&nbsp;Foreign currency transactions | 1929 | (8201) |
| Net realized gain (loss) | 248645 | 1331837 |
| Net realized and unrealized gain (loss) | (209337) | (3105346) |
| **Net increase (decrease) in net assets resulting from operations** | $16871658 | $9189275 |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Statements of Changes in Net Assets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025**<sup>(1)</sup> |
| **Operations:** |  |  |
| Net investment income | $17080995 | $12294621 |
| Net realized gain (loss) | 248645 | 1331837 |
| Net change in unrealized appreciation (depreciation) | (457982) | (4437183) |
| Net increase (decrease) in net assets resulting from operations | 16871658 | 9189275 |
| **Capital transactions:** |  |  |
| **Class I** |  |  |
| Proceeds from issuance of common shares | 13322599 | 54132996 |
| Distribution of earnings | (18709697) | (14099609) |
| Repurchase of common shares | (65373) | (14875) |
| Reinvestments of distributions | 26389560 | 18553467 |
| Net increase (decrease) from share transactions | 20937089 | 58571979 |
| **Class S** |  |  |
| Proceeds from issuance of common shares | 250000 |  |
| Distribution of earnings | (27690) |  |
| Repurchase of common shares |  |  |
| Reinvestments of distributions | 23294 |  |
| Net increase (decrease) from share transactions | 245604 |  |
| **Class D** |  |  |
| Proceeds from issuance of common shares |  |  |
| Distribution of earnings | (1253) |  |
| Repurchase of common shares |  |  |
| Reinvestments of distributions | 1253 |  |
| Net increase (decrease) from share transactions |  |  |
| Total increase (decrease) in net assets | 38054351 | 67761254 |
| Net Assets, beginning of period | 706768024 | 447065753 |
| Net Assets, end of period | $744822375 | $514827007 |

---

(1) There were no Class S or Class D shares outstanding during the three months ended March 31, 2025.

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

------

**Kennedy Lewis Capital Company**

**Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $16871658 | $9189275 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| Net change unrealized (appreciation) depreciation on investments non-controlled/non-affiliated investments | 576136 | 3912978 |
| Net change unrealized (appreciation) depreciation on controlled/affiliated investments | 591556 |  |
| Net change unrealized (appreciation) depreciation on derivative instruments | (1794626) | 681025 |
| Net change unrealized (appreciation) depreciation on foreign currency | 1084916 | (156820) |
| Net realized (gain) loss on investments | (246716) | (1340038) |
| Net realized (gain) loss on foreign currency | (1929) | 8201 |
| Payment-in-kind interest capitalized | (1987695) | (1273897) |
| Net accretion of discount and amortization of premium | (1578460) | (2073574) |
| Amortization of deferred financing costs | 200034 | 164196 |
| Amortization of offering costs | 86400 | 295737 |
| Purchases of investments | (76786847) | (175071087) |
| Proceeds from sale of investments and principal repayments | 91963863 | 75496229 |
| **Changes in operating assets and liabilities:** |  |  |
| Interest receivable | (263062) | 184687 |
| Receivable for investments sold | (16524455) | 3266675 |
| Due from Advisor |  | (87670) |
| Other assets | 13232 | (98067) |
| Payable for investments purchased | (57362891) | 18048420 |
| Subscriptions received in advance | 3667210 |  |
| Due to Advisor and affiliates | 56607 | (35124) |
| Management fee payable | 201491 | 186834 |
| Income incentive fee payable | 16490 | 242956 |
| Accrued capital gains incentive fee | (142052) | (387451) |
| Interest and credit facility fees payable | (44273) | (95406) |
| Accrued expenses and other liabilities | 500433 | 757814 |
| Net cash provided by (used in) operating activities | (40902980) | (68184107) |
| **Cash flows from financing activities:** |  |  |
| Proceeds from Secured Credit Facility | 23966000 | 92119000 |
| Repayment of Secured Credit Facility | (23966000) | (77700000) |
| Deferred financing cost paid | (75000) |  |
| Distributions paid in cash | (15389436) | (9014410) |
| Deferred offering costs paid | (31193) | (5871) |
| Proceeds from issuance of common shares | 13572599 | 54132996 |
| Redemptions paid in cash | (65373) | (14875) |
| Net cash provided by (used in) financing activities | (1988403) | 59516840 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (42891383) | (8667267) |
| Cash, cash equivalents and restricted cash, beginning of period | 92657563 | 37743294 |
| **Cash, cash equivalents and restricted cash, end of period** | $49766180 | $29076027 |
| **Supplemental information and non-cash activities:** |  |  |
| Cash paid for interest | 7002779 | 6249686 |
| Reinvestment of distributions | 26414107 | 18553467 |
| Accrued but unpaid deferred offering cost | 13291 | 97879 |

---

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

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**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Original Purchase Date** | **Reference<br>Rate and<br>Spread**<sup>(2)</sup> | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **Percentage<br>of<br>Net Assets** |
| **Investments—non-controlled/non-affiliated(4)<br> Equity Investments** |  |  |  |  |  |  |  |  |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| KKR Tinder TFC Aggregator L.P. | 7/27/2023 |  |  |  | 3007292 | $3007292 | $4585623 | 0.62 |
| **Total Commercial Services & Supplies** |  |  |  |  |  | $3007292 | $4585623 | 0.62% |
| **Household Durables** |  |  |  |  |  |  |  |  |
| United Homes Group, Inc. (9) | 12/6/2024 |  |  |  | 217178 | $1085890 | $251926 | 0.03 |
| **Total Household Durables** |  |  |  |  |  | $1085890 | $251926 | 0.03% |
| **Total Investments—non-controlled/non-affiliated(4)<br> Equity Investments** |  |  |  |  |  | $4093182 | $4837549 | 0.65% |
| **Total Equity Investments** |  |  |  |  |  | $4093182 | $4837549 | 0.65% |
| **First Lien Debt <br>Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Cassavant Holdings, LLC (5) | 1/11/2024 | 8.00%/9.00% PIK | 17.00% | 1/11/2028 | 23551600 | 23241965 | 24355970 | 3.27 |
| Cassavant Holdings, LLC (5) | 1/11/2024 |  |  | 1/11/2028 | 583745 | 583745 | 603682 | 0.08 |
| **Total Aerospace & Defense** |  |  |  |  |  | $23825710 | $24959652 | 3.35% |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |
| LaserShip, Inc. (9) | 4/13/2023 | S+1.50%/4.00%PIK | 9.46% | 8/10/2029 | 865896 | 819871 | 413980 | 0.06 |
| **Total Air Freight & Logistics** |  |  |  |  |  | $819871 | $413980 | 0.06% |
| **Automobile Components** |  |  |  |  |  |  |  |  |
| Jump Auto Holdings LLC (5)(7)(9) | 9/27/2024 | S+6.75% | 10.45% | 9/30/2029 | 32487398 | 31981268 | 30684347 | 4.12 |
| Power Stop, LLC (9) | 6/7/2024 | S+4.75% | 8.55% | 1/26/2029 | 3927489 | 3832544 | 3227925 | 0.43 |
| Form Technologies LLC (9) | 3/11/2025 | S+5.75% | 9.42% | 7/19/2030 | 1488750 | 1483219 | 1347319 | 0.18 |
| First Brands Group, LLC (9) | 2/3/2023 | S+7.00%PIK | 10.67% | 6/29/2026 | 844527 | 841127 | 566 | 0.00 |
| First Brands Group, LLC (9) | 2/3/2023 | S+7.00% PIK | 10.78% | 3/30/2027 | 736438 | 730930 | 957 | 0.00 |
| First Brands Group, LLC (9) | 2/3/2023 | S+1.55%/8.45%PIK | 13.67% | 6/29/2026 | 27568 | 27182 | 6341 | 0.00 |
| **Total Automobile Components** |  |  |  |  |  | $38896270 | $35267455 | 4.73% |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Original Purchase Date** | **Reference<br>Rate and<br>Spread**<sup>(2)</sup> | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **Percentage<br>of<br>Net Assets** |
| **Automobiles** |  |  |  |  |  |  |  |  |
| Square German BidCo GmbH (5)(8)(9)(11) | 6/25/2024 | E+7.25% | 9.38% | 6/27/2029 | 19071529 | 17466211 | 19000010 | 2.55 |
| **Total Automobiles** |  |  |  |  |  | $17466211 | $19000010 | 2.55% |
| **Biotechnology** |  |  |  |  |  |  |  |  |
| Future Pak, LLC (5)(9) | 9/23/2025 | S+6.50% | 10.02% | 3/21/2030 | 46855146 | 46434144 | 46855146 | 6.29 |
| **Total Biotechnology** |  |  |  |  |  | $46434144 | $46855146 | 6.29% |
| **Building Products** |  |  |  |  |  |  |  |  |
| Globe Electric Company Inc (5)(8)(9)(10) | 7/25/2024 | S+6.00% | 9.67% | 7/25/2029 | 42788145 | 42479476 | 42775309 | 5.74 |
| Wyndham Home Products LLC (5)(9) | 10/11/2024 | S+6.25% | 9.92% | 10/11/2029 | 30711808 | 30245137 | 27384184 | 3.68 |
| **Total Building Products** |  |  |  |  |  | $72724613 | $70159493 | 9.42% |
| **Chemicals** |  |  |  |  |  |  |  |  |
| Rohm Holding GmbH (9) | 8/13/2024 | S+5.50%/.25% PIK | 9.38% | 1/31/2029 | 2966135 | 2891313 | 2703632 | 0.36 |
| Ineos US Finance LLC (7)(8)(9)(12) | 3/12/2025 | S+2.50% | 6.67% | 11/8/2028 | 1481105 | 1362617 | 1396682 | 0.19 |
| **Total Chemicals** |  |  |  |  |  | $4253930 | $4100314 | 0.55% |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Original Purchase Date** | **Reference<br>Rate and<br>Spread**<sup>(2)</sup> | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **Percentage<br>of<br>Net Assets** |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| J-O Building Company LLC (5)(9) | 6/28/2023 | S+6.75% | 10.45% | 5/25/2028 | 12070700 | 11978318 | 12100877 | 1.62 |
| Kelso Industries LLC (5)(9) | 12/26/2024 | S+5.75% | 9.42% | 12/30/2029 | 1373467 | 1352976 | 1356299 | 0.18 |
| **Total Commercial Services & Supplies** |  |  |  |  |  | $13331294 | $13457176 | 1.80% |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |
| MEI Buyer LLC (5)(9) | 6/12/2023 | S+4.25% | 7.92% | 6/29/2029 | 14841145 | 14561574 | 14754324 | 1.98 |
| MEI Buyer LLC (5)(6) | 6/12/2023 | S+4.25% |  | 6/29/2029 | 2650602 | (42922) | (22265) | 0.00 |
| MEI Buyer LLC (5) | 6/12/2023 | S+4.25% | 7.93% | 6/29/2029 | 2373494 | 2353333 | 2359609 | 0.32 |
| MEI Buyer LLC (5)(6) | 6/12/2023 | S+4.25% | 7.92% | 6/29/2029 | 1616763 | 401913 | 392455 | 0.05 |
| **Total Construction & Engineering** |  |  |  |  |  | $17273898 | $17484123 | 2.35% |
| **Construction Materials** |  |  |  |  |  |  |  |  |
| ASI JBE Holdings LLC (5)(9) | 7/28/2025 | S+6.00% | 9.67% | 7/28/2031 | 33349789 | 32739088 | 32749493 | 4.40 |
| ASI JBE Holdings LLC (5)(6) | 7/28/2025 | S+6.00% |  | 7/28/2031 | 10055213 | (89201) | (180994) | (0.02) |
| ASI JBE Holdings LLC (5)(6) | 7/28/2025 | S+6.00% | 9.67% | 7/28/2031 | 6703475 | 4573498 | 4571770 | 0.61 |
| **Total Construction Materials** |  |  |  |  |  | $37223385 | $37140269 | 4.99% |
| **Electric Utilities** |  |  |  |  |  |  |  |  |
| West Deptford Energy Holdings, LLC (9) | 1/27/2025 | S+4.00% | 7.67% | 7/24/2032 | 7940000 | 7903948 | 7890375 | 1.06 |
| Birdsboro Power LLC (5)(9) | 9/30/2025 | S+3.25% | 6.95% | 10/8/2032 | 4688250 | 4680540 | 4682390 | 0.63 |
| Bayonne Energy Center, LLC (9) | 9/22/2025 | S+3.00% | 6.70% | 10/1/2032 | 4432272 | 4411363 | 4432272 | 0.60 |
| Hill Top Energy Center, LLC (9) | 6/17/2025 | S+3.25% | 6.92% | 6/26/2032 | 3875506 | 3866658 | 3877948 | 0.52 |
| CPV Shore Holdings, LLC (9) | 1/24/2025 | S+3.75% | 7.45% | 2/4/2032 | 3378797 | 3349808 | 3392887 | 0.46 |
| MRP Buyer, LLC (7)(9) | 5/23/2025 | S+3.25% | 6.95% | 6/4/2032 | 2861571 | 2809682 | 2857995 | 0.38 |
| MRP Buyer, LLC (6)(7)(9) | 5/23/2025 | S+3.25% | 6.95% | 6/4/2032 | 364928 | 214720 | 219106 | 0.03 |
| **Total Electric Utilities** |  |  |  |  |  | $27236719 | $27352973 | 3.68% |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Original Purchase Date** | **Reference<br>Rate and<br>Spread**<sup>(2)</sup> | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **Percentage<br>of<br>Net Assets** |
| **Entertainment** |  |  |  |  |  |  |  |  |
| Mood Media Borrower, LLC (5)(9) | 5/30/2025 | S+6.75% | 10.42% | 5/30/2030 | 68554135 | 67362853 | 66816288 | 8.97 |
| Mood Media Borrower, LLC (5)(6) | 5/30/2025 | S+6.75% | 10.42% | 5/30/2030 | 5226159 | 1219532 | 1174057 | 0.16 |
| **Total Entertainment** |  |  |  |  |  | $68582385 | $67990345 | 9.13% |
| **Gas Utilities** |  |  |  |  |  |  |  |  |
| Long Ridge Energy LLC (9) | 2/7/2025 | S+4.50% | 8.20% | 2/19/2032 | 3960000 | 3925380 | 3910500 | 0.53 |
| **Total Gas Utilities** |  |  |  |  |  | $3925380 | $3910500 | 0.53% |
| **Ground Transportation** |  |  |  |  |  |  |  |  |
| FTAI Infrastructure Inc. (5)(7)(8)(9) | 2/25/2026 | 9.75% | 9.75% | 2/1/2028 | 12047421 | 11702272 | 11746235 | 1.58 |
| Odyssey Logistics & Technology Corporation (9) | 7/20/2023 | S+4.50% | 8.17% | 10/12/2027 | 975000 | 973008 | 792188 | 0.11 |
| **Total Ground Transportation** |  |  |  |  |  | $12675280 | $12538423 | 1.69% |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |
| Endo1 Partners, LLC (5)(9) | 5/23/2025 | S+7.50/.475% PIK | 11.64% | 5/23/2030 | 75278809 | 73896078 | 74586244 | 10.01 |
| **Total Health Care Providers & Services** |  |  |  |  |  | $73896078 | $74586244 | 10.01% |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Original Purchase Date** | **Reference<br>Rate and<br>Spread**<sup>(2)</sup> | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **Percentage<br>of<br>Net Assets** |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| CC Interholdings LLC (5)(9) | 12/19/2024 | S+5.00% | 8.43% | 12/31/2029 | 22905126 | 22679334 | 22950936 | 3.08 |
| CC Interholdings LLC (5)(6)(9) | 12/19/2024 | S+5.00% | 8.43% | 12/31/2029 | 10050354 | 5807666 | 5902067 | 0.79 |
| **Total Hotels, Restaurants & Leisure** |  |  |  |  |  | $28487000 | $28853003 | 3.87% |
| **Independent Power and Renewable Electricity Producers** |  |  |  |  |  |  |  |  |
| Red Oak Power, LLC (5)(9) | 9/22/2025 | S+5.25% | 8.95% | 9/22/2031 | 87301382 | 85673733 | 84791467 | 11.37 |
| **Total Independent Power and Renewable Electricity Producers** |  |  |  |  |  | $85673733 | $84791467 | 11.37% |
| **Insurance** |  |  |  |  |  |  |  |  |
| Safari Borrower, LLC (5)(9) | 2/3/2026 | S+5.75% | 9.41% | 2/3/2031 | 50051519 | 49564655 | 49571024 | 6.66 |
| Safari Borrower, LLC (5)(6) | 2/3/2026 | S+5.75% | 0.00% | 2/3/2031 | 17665242 | (42785) | (170470) | (0.02) |
| Safari Borrower, LLC (5)(6) | 2/3/2026 | S+5.75% | 0.00% | 2/3/2031 | 4007311 | (38822) | (50091) | (0.01) |
| **Total Insurance** |  |  |  |  |  | $49483048 | $49350463 | 6.63% |
| **IT Services** |  |  |  |  |  |  |  |  |
| Best Practices Associates, L.L.C. (5)(9) | 11/8/2024 | S+6.75% | 10.42% | 11/8/2029 | 34263847 | 33332209 | 33818417 | 4.54 |
| Best Practices Associates, L.L.C. (5)(6) | 11/8/2024 | S+6.75% |  | 11/8/2029 | 2589371 | (65365) | (33662) | 0.00 |
| **Total IT Services** |  |  |  |  |  | $33266844 | $33784755 | 4.54% |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Original Purchase Date** | **Reference<br>Rate and<br>Spread**<sup>(2)</sup> | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **Percentage<br>of<br>Net Assets** |
| **Machinery** |  |  |  |  |  |  |  |  |
| Dune Acquisition, Inc. (5)(9) | 8/20/2024 | S+6.25% | 9.92% | 11/20/2030 | 32607734 | 32068766 | 32240897 | 4.33 |
| Cleanova US Holdings LLC (5)(9) | 5/22/2025 | S+4.75% | 8.42% | 6/14/2032 | 1990000 | 1927977 | 1985025 | 0.27 |
| DS Parent Inc (9) | 12/15/2023 | S+5.50% | 9.20% | 1/31/2031 | 1965000 | 1890153 | 1724288 | 0.23 |
| **Total Machinery** |  |  |  |  |  | $35886896 | $35950210 | 4.83% |
| **Media** |  |  |  |  |  |  |  |  |
| Igloo Group Parent, Inc. (5)(9) | 12/23/2025 | S+5.00% | 8.70% | 12/23/2031 | 60190220 | 56694965 | 56729282 | 7.62 |
| **Total Media** |  |  |  |  |  | $56694965 | $56729282 | 7.62% |
| **Oil, Gas & Consumable Fuels** |  |  |  |  |  |  |  |  |
| Drubit LLC (5)(9) | 2/20/2025 | S+5.50% | 9.17% | 1/31/2031 | 64263629 | 63164830 | 63620993 | 8.54 |
| Limetree Bay Terminals, LLC (5)(9) | 2/13/2024 | S+4.50%/1% PIK | 8.34% | 12/11/2026 | 24401279 | 24125361 | 24097483 | 3.24 |
| Limetree Bay Terminals, LLC (5)(9) | 2/13/2024 | S+6.50%/2% PIK | 12.13% | 2/12/2029 | 12107640 | 11931872 | 11911496 | 1.60 |
| Limetree Bay Terminals, LLC (5) | 2/13/2024 | S+6.50%/2% PIK | 12.13% | 2/12/2029 | 1113038 | 1088297 | 1095007 | 0.15 |
| **Total Oil, Gas & Consumable Fuels** |  |  |  |  |  | $100310360 | $100724979 | 13.53% |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Original Purchase Date** | **Reference<br>Rate and<br>Spread**<sup>(2)</sup> | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **Percentage<br>of<br>Net Assets** |
| **Software** |  |  |  |  |  |  |  |  |
| Harris Computer Germany HoldCo GmbH (5)(8)(9)(11) | 12/18/2025 | E+4.80% | 6.96% | 6/18/2030 | 67922436 | 67643602 | 66648890 | 8.94 |
| **Total Software** |  |  |  |  |  | $67643602 | $66648890 | 8.94% |
| **Specialty Retail** |  |  |  |  |  |  |  |  |
| Array Midco, Corp. (5)(8)(9)(10) | 12/31/2024 | S+6.50% | 10.20% | 12/31/2029 | 42084604 | 41412936 | 41916265 | 5.63 |
| Array Midco, Corp. (5)(8)(10) | 12/31/2024 | P+5.50% | 12.25% | 12/31/2029 | 12717719 | 12522249 | 12666848 | 1.70 |
| Spencer Spirit IH LLC (9) | 6/25/2024 | S+4.75% | 9.17% | 7/15/2031 | 1970000 | 1967205 | 1970000 | 0.26 |
| **Total Specialty Retail** |  |  |  |  |  | $55902390 | $56553113 | 7.59% |
| **Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |  |
| IBG Borrower LLC (5)(9) | 11/20/2023 | S+5.00% | 8.85% | 8/22/2031 | 9375000 | 9308462 | 9117188 | 1.22 |
| IBG Borrower LLC (5)(9) | 11/20/2023 | S+5.00% | 8.85% | 8/22/2031 | 5790829 | 5680553 | 5631581 | 0.76 |
| **Total Textiles, Apparel & Luxury Goods** |  |  |  |  |  | $14989015 | $14748769 | 1.98% |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Original Purchase Date** | **Reference<br>Rate and<br>Spread**<sup>(2)</sup> | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **Percentage<br>of<br>Net Assets** |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |
| Lincoln Metal Shop, Inc. (5) | 5/31/2023 | S+6.00% PIK | 9.83% | 6/7/2027 | 27690163 | 27504163 | 24021216 | 3.23 |
| **Total Trading Companies & Distributors** |  |  |  |  |  | $27504163 | $24021216 | 3.23% |
| **Total First Lien Debt** |  |  |  |  |  | $1014407184 | $1007372250 | 135.26% |
| **Second Lien Debt <br>Household Durables** |  |  |  |  |  |  |  |  |
| Great Southern Homes, Inc. (5)(9) | 12/11/2024 | S+7.25% | 10.93% | 12/11/2030 | 54294466 | 53384485 | 56262640 | 7.55 |
| **Total Household Durables** |  |  |  |  |  | $53384485 | $56262640 | 7.55% |
| **Total Second Lien Debt** |  |  |  |  |  | $53384485 | $56262640 | 7.55% |
| **Total Investments—non-controlled/non- <br>affiliated** |  |  |  |  |  | $1071884851 | $1068472439 | 143.46% |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Original Purchase Date** | **Reference<br>Rate and<br>Spread**<sup>(2)</sup> | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **Percentage<br>of<br>Net Assets** |
| **Investments—controlled/affiliated(4)<br> Equity Investments** |  |  |  |  |  |  |  |  |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| IC 3700 Flamingo Road LLC (5)(8)(14) | 8/12/2025 |  |  |  | 34060 | $1584471 | $825614 | 0.11 |
| **Total Hotels, Restaurants & Leisure** |  |  |  |  |  | $1584471 | $825614 | 0.11% |
| **Total Investments—controlled/affiliated(4)<br> Equity Investments** |  |  |  |  |  | $1584471 | $825614 | 0.11% |
| **Total Equity Investments** |  |  |  |  |  | $1584471 | $825614 | 0.11% |
| **Second Lien Debt <br>Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| IC 3700 Flamingo Road LLC (5)(14) | 8/12/2025 | 10.00% PIK | 10.00% | 5/10/2028 | 20949122 | 26756076 | 27064171 | 3.63 |
| **Total Hotels, Restaurants & Leisure** |  |  |  |  |  | $26756076 | $27064171 | 3.63% |
| **Total Second Lien Debt** |  |  |  |  |  | $26756076 | $27064171 | 3.63% |
| **Total Investments—controlled/<br>affiliated** |  |  |  |  |  | $28340547 | $27889785 | 3.74% |
| **Total Investments Portfolio** |  |  |  |  |  | $1100225398 | $1096362224 | 147.20% |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |
| State Street Institutional Money Market Fund (13) |  |  |  |  |  | 24012178 | 24012178 | 3.22 |
| **Total Cash Equivalents** |  |  |  |  |  | $24012178 | $24012178 | 3.22% |
| **Total Portfolio Investments and Cash Equivalents** |  |  |  |  |  | $1124237576 | $1120374402 | 150.42% |
| **Liabilities in excess of Other Assets** |  |  |  |  |  |  | $(375552027) | (50.42)% |
| **Net Assets** |  |  |  |  |  |  | $744822375 | 100.00% |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**March 31, 2026**

**(Unaudited)**

(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States.

(2)Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either EURIBOR ("E"), SOFR including SOFR adjustment, if any, ("S"), SONIA ("SN"), or alternate base rate (commonly based on the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement and S loans are typically indexed to 6 month, 3 month or 1 month E or S rates. As of March 31, 2026, rates for the 6 month, 3 month and 1 month E are 2.48%, 2.08%, and 1.89%, respectively. As of March 31, 2026, 6 month, 3 month and 1 month S are 3.70%, 3.68% and 3.66%, respectively. As of March 31, 2026, the rate for P is 6.75%

(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America U.S. GAAP.

(4)Unless otherwise indicated, issuers of debt investments held by the Company are denominated in dollars. All debt and equity investments are income producing unless otherwise indicated.

(5)Investments valued using unobservable inputs (Level 3). Fair value was determined in good faith by or under the direction of the Company's Valuation Designee, under the supervision of the Board, pursuant to the Company's valuation policy. See Note 4, Investments and Fair Value Measurements, for details.

(6)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair values are the result of the commitment being valued below par. See Note 7, Commitments and Contingencies, for details

(7)Position or portion thereof is unsettled as of March 31, 2026.

(8)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2026, non-qualifying assets totaled 16.75% of the Company's total assets.

(9)Investment is pledged as collateral for the Secured Credit Facility. See Note 6, Borrowings, for details.

(10)The issuer of this investment is domiciled in Canada.

(11)The issuer of this investment is domiciled in Germany and denominated in Euro.

(12)The issuer of this investment is domiciled in United Kingdom.

(13)The annualized seven-day yield as of March 31, 2026 is 3.35%.

(14)As defined in the 1940 Act, the Company is deemed to be both an "affiliated person" and "control" the portfolio company because it owns or owns with affiliates more than 25% of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions for the three months ended March 31, 2026 in which the portfolio company is deemed to be a "Control Investment" of the Company were as follows:

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of December 31, 2025** | **Gross Additions** | **Gross Reductions** | **Net Change in Unrealized Appreciation/(Depreciation)** | **Net Realized Gain (Loss)** | **Fair Value as of March 31, 2026** | **Dividend and Interest Income** |
| **Controlled/Affiliated<br>Second Lien Debt** |  |  |  |  |  |  |  |
| IC 3700 Flamingo Road LLC | $27044926 | $515774 | $— | $(496529) | $— | $27064171 | $513358 |
| **Equity** |  |  |  |  |  |  |  |
| IC 3700 Flamingo Road LLC | 920642 |  |  | (95027) |  | 825614 |  |
| **Total Controlled/Affiliated** | $27965568 | $515774 | $— | $(591556) | $— | $27889785 | $513358 |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Forward Contract** |  |  |  |  |  |  |
| **Counterparty** |  | **Currency Purchased** |  | **Currency Sold** | **Settlement Date** | **Unrealized Appreciation (Depreciation)** |
| Goldman Sachs Bank USA | USD | 87728233 | EUR | 74385119 | 5/29/2026 | $1626355 |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Original Purchase Date** | **Reference<br>Rate and<br>Spread**<sup>(2)</sup> | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **Percentage<br>of<br>Net Assets** |
| **Investments—non-controlled/non-affiliated(4)<br> Equity Investments** |  |  |  |  |  |  |  |  |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| KKR Tinder TFC Aggregator L.P. | 7/27/2023 |  |  |  | 14792309 | $14792309 | $16969127 | 2.40 |
| **Total Commercial Services & Supplies** |  |  |  |  |  | $14792309 | $16969127 | 2.40% |
| **Household Durables** |  |  |  |  |  |  |  |  |
| United Homes Group, Inc. (14) | 12/6/2024 |  |  |  | 217178 | $1085890 | $338798 | 0.05 |
| **Total Household Durables** |  |  |  |  |  | $1085890 | $338798 | 0.05% |
| **Total Investments—non-controlled/non-affiliated(4)<br> Equity Investments** |  |  |  |  |  | $15878199 | $17307925 | 2.45% |
| **Total Equity Investments** |  |  |  |  |  | $15878199 | $17307925 | 2.45% |
| **First Lien Debt <br>Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Cassavant Holdings, LLC (5) | 1/11/2024 | 8.00%/9.00% PIK | 17.00% | 1/11/2028 | 23033349 | 22686221 | 22566925 | 3.19 |
| Cassavant Holdings, LLC (5) | 1/11/2024 |  |  | 1/11/2028 | 583745 | 583745 | 571924 | 0.08 |
| **Total Aerospace & Defense** |  |  |  |  |  | $23269966 | $23138849 | 3.27% |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |
| LaserShip, Inc. (14) | 4/13/2023 | S+1.50%/4.00%PIK | 9.43% | 8/10/2029 | 848648 | 799861 | 421354 | 0.06 |
| **Total Air Freight & Logistics** |  |  |  |  |  | $799861 | $421354 | 0.06% |
| **Automobile Components** |  |  |  |  |  |  |  |  |
| First Brands Group, LLC (14) | 2/3/2023 | S+7.00% | 10.99% | 3/30/2027 | 716575 | 709776 | 1455 | 0.00 |
| First Brands Group, LLC (14) | 2/3/2023 | S+7.00%PIK | 10.84% | 6/29/2026 | 821770 | 814931 | 9450 | 0.00 |
| First Brands Group, LLC (7)(14) | 2/3/2023 | S+1.50%/8.45%PIK | 13.84% | 6/29/2026 | 26753 | 25619 | 4815 | 0.00 |
| Form Technologies LLC (14) | 3/11/2025 | S+5.75% | 9.62% | 7/19/2030 | 1492500 | 1486699 | 1337653 | 0.19 |
| Jump Auto Holdings LLC (5)(14) | 9/27/2024 | S+6.75% | 10.42% | 9/30/2029 | 33727499 | 33172500 | 31746008 | 4.49 |
| Power Stop, LLC (14) | 6/7/2024 | S+4.75% | 8.55% | 1/26/2029 | 3937853 | 3835680 | 3268418 | 0.46 |
| **Total Automobile Components** |  |  |  |  |  | $40045205 | $36367799 | 5.14% |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Original Purchase Date** | **Reference<br>Rate and<br>Spread**<sup>(2)</sup> | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **Percentage<br>of<br>Net Assets** |
| **Automobiles** |  |  |  |  |  |  |  |  |
| Square German BidCo GmbH (5)(8)(10)(14) | 6/25/2024 | E+7.25% | 9.27% | 6/27/2029 | 19390800 | 17451062 | 19099938 | 2.70 |
| **Total Automobiles** |  |  |  |  |  | $17451062 | $19099938 | 2.70% |
| **Biotechnology** |  |  |  |  |  |  |  |  |
| Future Pak, LLC (5)(14) | 9/23/2025 | S+6.50% | 10.33% | 3/21/2030 | 47579710 | 47130809 | 47103913 | 6.66 |
| **Total Biotechnology** |  |  |  |  |  | $47130809 | $47103913 | 6.66% |
| **Building Products** |  |  |  |  |  |  |  |  |
| Globe Electric Company Inc (5)(8)(9)(14) | 7/25/2024 | S+6.00% | 9.88% | 7/25/2029 | 42896745 | 42567997 | 42886020 | 6.07 |
| PrimeSource Brands (14) | 9/25/2025 | S+4.50% | 8.49% | 3/15/2031 | 1333333 | 1314123 | 1339720 | 0.19 |
| Trulite Holding Corp (5)(14) | 2/22/2024 | S+6.00% | 9.98% | 3/1/2030 | 1912500 | 1883382 | 1836000 | 0.26 |
| Wyndham Home Products LLC (5)(14) | 10/11/2024 | S+6.25% | 9.97% | 10/11/2029 | 31646383 | 31138578 | 30179573 | 4.27 |
| **Total Building Products** |  |  |  |  |  | $76904080 | $76241313 | 10.79% |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Original Purchase Date** | **Reference<br>Rate and<br>Spread**<sup>(2)</sup> | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **Percentage<br>of<br>Net Assets** |
| **Chemicals** |  |  |  |  |  |  |  |  |
| Ineos US Finance LLC (8)(11)(14) | 3/12/2025 | S+3.00% | 6.72% | 2/7/2031 | 1484962 | 1435997 | 1186114 | 0.17 |
| Rohm Holding GmbH (14) | 8/13/2024 | S+5.50%/.25% PIK | 9.70% | 1/31/2029 | 2969884 | 2889271 | 2759528 | 0.39 |
| **Total Chemicals** |  |  |  |  |  | $4325268 | $3945642 | 0.56% |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| Gategroup Finance International S.à r.l (8)(12)(14) | 5/28/2025 | S+3.50% | 7.19% | 6/17/2032 | 1990000 | 1980476 | 1999950 | 0.28 |
| J-O Building Company LLC (5)(14) | 6/28/2023 | S+6.75% | 10.42% | 5/25/2028 | 12164490 | 12062075 | 12210106 | 1.73 |
| Kelso Industries LLC (5)(14) | 12/26/2024 | S+5.75% | 9.57% | 12/30/2029 | 1382328 | 1360581 | 1378872 | 0.20 |
| **Total Commercial Services & Supplies** |  |  |  |  |  | $15403132 | $15588928 | 2.21% |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |
| BP Loenbro Holdings Inc (5)(6) | 2/1/2024 | S+5.75% | 9.75% | 2/1/2029 | 4587156 | 1959423 | 2018349 | 0.29 |
| BP Loenbro Holdings Inc (5)(14) | 2/1/2024 | S+5.75% | 9.83% | 2/1/2029 | 15717890 | 15556810 | 15717890 | 2.22 |
| BP Loenbro Holdings Inc (5)(14) | 2/1/2024 | S+5.75% | 9.83% | 2/1/2029 | 3600917 | 3558024 | 3600917 | 0.51 |
| BP Loenbro Holdings Inc (5)(14) | 2/1/2024 | S+5.75% | 9.84% | 2/1/2029 | 7407706 | 7277473 | 7407706 | 1.05 |
| BP Loenbro Holdings Inc (5) | 2/1/2024 | S+5.75% | 9.84% | 2/1/2029 | 1827122 | 1809620 | 1827122 | 0.26 |
| MEI Buyer LLC (5)(14) | 6/12/2023 | S+4.25% | 7.97% | 6/29/2029 | 14879199 | 14581483 | 14788436 | 2.09 |
| MEI Buyer LLC (5) | 6/12/2023 | S+4.25% | 7.99% | 6/29/2029 | 2379518 | 2357988 | 2361553 | 0.33 |
| MEI Buyer LLC (5)(6) | 6/12/2023 | S+4.25% | 8.03% | 6/29/2029 | 1617776 | 402926 | 392896 | 0.06 |
| MEI Buyer LLC (5)(6) | 6/12/2023 | S+4.25% |  | 6/29/2029 | 2650602 | (46181) | (23590) | 0.00 |
| **Total Construction & Engineering** |  |  |  |  |  | $47457566 | $48091279 | 6.81% |
| **Construction Materials** |  |  |  |  |  |  |  |  |
| ASI JBE Holdings LLC (5)(14) | 7/28/2025 | S+6.00% | 9.72% | 7/28/2031 | 33433583 | 32800205 | 32764911 | 4.64 |
| ASI JBE Holdings LLC (5)(6) | 7/28/2025 | S+6.00% | 9.72% | 7/28/2031 | 6703475 | 4567983 | 4558363 | 0.64 |
| ASI JBE Holdings LLC (5)(6) | 7/28/2025 | S+6.00% |  | 7/28/2031 | 10055213 | (93337) | (201104) | (0.03) |
| **Total Construction Materials** |  |  |  |  |  | $37274851 | $37122170 | 5.25% |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Original Purchase Date** | **Reference<br>Rate and<br>Spread**<sup>(2)</sup> | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **Percentage<br>of<br>Net Assets** |
| **Distributors** |  |  |  |  |  |  |  |  |
| American Auto Auction Group, LLC (14) | 4/28/2023 | S+4.50% | 8.17% | 5/28/2032 | 2237903 | 2159877 | 2193951 | 0.31 |
| **Total Distributors** |  |  |  |  |  | $2159877 | $2193951 | 0.31% |
| **Electric Utilities** |  |  |  |  |  |  |  |  |
| Bayonne Energy Center, LLC (14) | 9/22/2025 | S+3.00% | 6.67% | 10/1/2032 | 4443409 | 4421824 | 4468425 | 0.63 |
| Birdsboro Power LLC (5)(14) | 9/30/2025 | S+3.25% | 6.92% | 10/8/2032 | 4700000 | 4692034 | 4729375 | 0.67 |
| Carroll County Energy LLC (14) | 6/24/2024 | S+2.75% | 6.42% | 6/27/2031 | 2099980 | 2082514 | 2107855 | 0.30 |
| CPV Shore Holdings, LLC (14) | 1/24/2025 | S+3.75% | 7.42% | 2/4/2032 | 3452425 | 3421830 | 3461056 | 0.49 |
| Hill Top Energy Center, LLC (14) | 6/17/2025 | S+3.25% | 6.92% | 6/26/2032 | 3885506 | 3876359 | 3919505 | 0.55 |
| MRP Buyer, LLC (14) | 5/23/2025 | S+3.25% | 6.92% | 6/4/2032 | 5840202 | 5731017 | 5787289 | 0.82 |
| MRP Buyer, LLC (6)(14) | 5/23/2025 | S+3.25% | 6.92% | 6/4/2032 | 744038 | 437161 | 441362 | 0.06 |
| Oregon Clean Energy, LLC (14) | 6/26/2024 | S+3.50% | 7.18% | 7/12/2030 | 2776212 | 2764851 | 2782125 | 0.39 |
| Potomac Energy Center, LLC (14) | 6/6/2023 | S+3.00% | 6.84% | 8/5/2032 | 2849643 | 2836054 | 2871015 | 0.41 |
| South Field Energy LLC (14) | 8/15/2024 | S+3.00% | 6.67% | 8/29/2031 | 2184724 | 2170671 | 2198378 | 0.31 |
| South Field Energy LLC (14) | 8/15/2024 | S+3.00% | 6.67% | 8/29/2031 | 132043 | 138962 | 132868 | 0.02 |
| West Deptford Energy Holdings, LLC (14) | 1/27/2025 | S+4.00% | 7.72% | 7/24/2032 | 7960000 | 7922627 | 7892022 | 1.12 |
| **Total Electric Utilities** |  |  |  |  |  | $40495904 | $40791275 | 5.77% |
| **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |
| Forgent Intermediate IV LLC (5)(14) | 12/16/2025 | S+3.25% | 6.98% | 12/20/2032 | 2500000 | 2475055 | 2481250 | 0.35 |
| **Total Electronic Equipment, Instruments & Components** |  |  |  |  |  | $2475055 | $2481250 | 0.35% |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Original Purchase Date** | **Reference<br>Rate and<br>Spread**<sup>(2)</sup> | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **Percentage<br>of<br>Net Assets** |
| **Energy Equipment & Services** |  |  |  |  |  |  |  |  |
| Astro Acquisition, LLC (14) | 8/14/2025 | S+3.25% | 7.12% | 8/30/2032 | 1995000 | 1990196 | 2007469 | 0.28 |
| **Total Energy Equipment & Services** |  |  |  |  |  | $1990196 | $2007469 | 0.28% |
| **Entertainment** |  |  |  |  |  |  |  |  |
| Mood Media Borrower, LLC (5)(14) | 5/30/2025 | S+6.75% | 10.47% | 5/30/2030 | 68727252 | 67477604 | 68057157 | 9.63 |
| Mood Media Borrower, LLC (5)(6) | 5/30/2025 | S+6.75% | 10.48% | 5/30/2030 | 5226159 | 1214381 | 1256891 | 0.18 |
| **Total Entertainment** |  |  |  |  |  | $68691985 | $69314048 | 9.81% |
| **Food Products** |  |  |  |  |  |  |  |  |
| Alltech Inc (14) | 3/10/2025 | S+4.25% | 8.08% | 8/13/2030 | 1736875 | 1729053 | 1746289 | 0.25 |
| **Total Food Products** |  |  |  |  |  | $1729053 | $1746289 | 0.25% |
| **Gas Utilities** |  |  |  |  |  |  |  |  |
| Long Ridge Energy LLC (14) | 2/7/2025 | S+4.50% | 8.17% | 2/19/2032 | 3970000 | 3934197 | 3927005 | 0.56 |
| **Total Gas Utilities** |  |  |  |  |  | $3934197 | $3927005 | 0.56% |
| **Ground Transportation** |  |  |  |  |  |  |  |  |
| Odyssey Logistics & Technology Corporation (14) | 7/20/2023 | S+4.50% | 8.22% | 10/12/2027 | 977500 | 975210 | 739234 | 0.10 |
| **Total Ground Transportation** |  |  |  |  |  | $975210 | $739234 | 0.10% |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |
| Endo1 Partners, LLC (5)(14) | 5/23/2025 | S+7.50/.475% PIK | 11.69% | 5/23/2030 | 75378308 | 73927427 | 74605681 | 10.56 |
| **Total Health Care Providers & Services** |  |  |  |  |  | $73927427 | $74605681 | 10.56% |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Original Purchase Date** | **Reference<br>Rate and<br>Spread**<sup>(2)</sup> | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **Percentage<br>of<br>Net Assets** |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| CC Interholdings LLC (5)(14) | 12/19/2024 | S+5.00% | 8.72% | 12/31/2029 | 22963114 | 22724294 | 22963114 | 3.25 |
| CC Interholdings LLC (5)(6)(14) | 12/19/2024 | S+5.00% | 8.72% | 12/31/2029 | 10062456 | 4744418 | 4818354 | 0.68 |
| **Total Hotels, Restaurants & Leisure** |  |  |  |  |  | $27468712 | $27781468 | 3.93% |
| **Independent Power and Renewable Electricity Producers** |  |  |  |  |  |  |  |  |
| Invenergy Thermal Operating I LLC (14) | 8/4/2023 | S+2.75% | 6.41% | 5/17/2032 | 848845 | 840974 | 851180 | 0.12 |
| Invenergy Thermal Operating I LLC (14) | 8/4/2023 | S+2.75% | 6.41% | 5/17/2032 | 53565 | 53068 | 53712 | 0.01 |
| Red Oak Power, LLC (5)(14) | 9/22/2025 | S+5.25% | 8.92% | 9/22/2031 | 87520732 | 85833592 | 85857838 | 12.16 |
| **Total Independent Power and Renewable Electricity Producers** |  |  |  |  |  | $86727634 | $86762730 | 12.29% |
| **IT Services** |  |  |  |  |  |  |  |  |
| Best Practices Associates, L.L.C. (5)(14) | 11/8/2024 | S+6.75% | 10.52% | 11/8/2029 | 34350591 | 33365797 | 33869683 | 4.79 |
| Best Practices Associates, L.L.C. (5)(6) | 11/8/2024 | S+6.75% |  | 11/8/2029 | 2589371 | (69832) | (36251) | (0.01) |
| **Total IT Services** |  |  |  |  |  | $33295965 | $33833432 | 4.78% |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Original Purchase Date** | **Reference<br>Rate and<br>Spread**<sup>(2)</sup> | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **Percentage<br>of<br>Net Assets** |
| **Machinery** |  |  |  |  |  |  |  |  |
| Cleanova US Holdings LLC (5)(14) | 5/22/2025 | S+4.75% | 8.48% | 6/14/2032 | 1995000 | 1929516 | 1995000 | 0.28 |
| DS Parent Inc (14) | 12/15/2023 | S+5.50% | 9.17% | 1/31/2031 | 1970000 | 1892121 | 1798610 | 0.25 |
| Dune Acquisition, Inc. (5)(14) | 8/20/2024 | S+6.25% | 9.97% | 11/20/2030 | 32690285 | 32128010 | 32608559 | 4.61 |
| **Total Machinery** |  |  |  |  |  | $35949647 | $36402169 | 5.14% |
| **Media** |  |  |  |  |  |  |  |  |
| Igloo Group Parent, Inc. (5)(7) | 12/23/2025 | S+5.00% | 8.73% | 12/23/2031 | 60568775 | 56934648 | 56934648 | 8.06 |
| **Total Media** |  |  |  |  |  | $56934648 | $56934648 | 8.06% |
| **Oil, Gas & Consumable Fuels** |  |  |  |  |  |  |  |  |
| Drubit LLC (5)(14) | 2/20/2025 | S+5.50% | 9.22% | 1/31/2031 | 66528783 | 65346347 | 65863495 | 9.32 |
| Limetree Bay Terminals, LLC (5)(14) | 2/13/2024 | S+4.50%/1% PIK | 9.34% | 12/11/2026 | 24339079 | 23969286 | 23932617 | 3.39 |
| Limetree Bay Terminals, LLC (5)(14) | 2/13/2024 | S+6.50%/2% PIK | 12.34% | 2/12/2029 | 12046071 | 11858173 | 11836469 | 1.67 |
| Limetree Bay Terminals, LLC (5) | 2/13/2024 | S+6.50%/2% PIK | 12.34% | 2/12/2029 | 1107378 | 1080873 | 1088110 | 0.15 |
| **Total Oil, Gas & Consumable Fuels** |  |  |  |  |  | $102254679 | $102720691 | 14.53% |
| **Software** |  |  |  |  |  |  |  |  |
| Harris Computer Germany HoldCo GmbH (5)(8)(10)(14) | 12/18/2025 | E+4.80% | 6.86% | 6/18/2030 | 69059507 | 67581694 | 67757483 | 9.59 |
| **Total Software** |  |  |  |  |  | $67581694 | $67757483 | 9.59% |
| **Specialty Retail** |  |  |  |  |  |  |  |  |
| Array Midco, Corp. (5)(8)(9)(14) | 12/31/2024 | S+6.50% | 10.17% | 12/31/2029 | 42191147 | 41481833 | 42191147 | 5.97 |
| Array Midco, Corp. (5)(8)(9)(14) | 12/31/2024 | P+5.50% | 12.25% | 12/31/2029 | 12749682 | 12543585 | 12749682 | 1.80 |
| Spencer Spirit IH LLC (14) | 6/25/2024 | S+4.75% | 8.52% | 7/15/2031 | 1975000 | 1972077 | 1978298 | 0.28 |
| **Total Specialty Retail** |  |  |  |  |  | $55997495 | $56919127 | 8.05% |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Original Purchase Date** | **Reference<br>Rate and<br>Spread**<sup>(2)</sup> | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **Percentage<br>of<br>Net Assets** |
| **Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |  |
| IBG Borrower LLC (5)(14) | 11/20/2023 | S+5.00% | 8.82% | 8/22/2031 | 9437500 | 9370672 | 9248750 | 1.31 |
| IBG Borrower LLC (5)(14) | 11/20/2023 | S+5.00% | 8.82% | 8/22/2031 | 5827480 | 5712596 | 5710931 | 0.81 |
| **Total Textiles, Apparel & Luxury Goods** |  |  |  |  |  | $15083268 | $14959681 | 2.12% |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |
| Lincoln Metal Shop, Inc. (5) | 5/31/2023 | S+6.00% PIK | 9.80% | 6/7/2027 | 26330407 | 26106680 | 22907454 | 3.24 |
| Lincoln Metal Shop, Inc. (5) | 5/31/2023 | S+6.00% PIK | 9.80% | 6/7/2027 | 697389 | 697389 | 606729 | 0.09 |
| **Total Trading Companies & Distributors** |  |  |  |  |  | $26804069 | $23514183 | 3.33% |
| **Total First Lien Debt** |  |  |  |  |  | $1014538515 | $1012512999 | 143.26% |
| **Second Lien Debt <br>Household Durables** |  |  |  |  |  |  |  |  |
| Great Southern Homes, Inc. (5)(14) | 12/11/2024 | S+7.25% | 11.01% | 12/11/2030 | 54294466 | 53348848 | 52190555 | 7.38 |
| **Total Household Durables** |  |  |  |  |  | $53348848 | $52190555 | 7.38% |
| **Total Second Lien Debt** |  |  |  |  |  | $53348848 | $52190555 | 7.38% |
| **Total Investments—non-controlled/non- <br>affiliated** |  |  |  |  |  | $1083765562 | $1082011479 | 153.09% |

---

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

------

**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Original Purchase Date** | **Reference<br>Rate and<br>Spread**<sup>(2)</sup> | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **Percentage<br>of<br>Net Assets** |
| **Investments—controlled/affiliated(4)<br> Equity Investments** |  |  |  |  |  |  |  |  |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| IC 3700 Flamingo Road LLC (5)(15) | 8/12/2025 |  |  |  | 34060 | $1584471 | $920642 | 0.13 |
| **Total Hotels, Restaurants & Leisure** |  |  |  |  |  | $1584471 | $920642 | 0.13% |
| **Total Investments—controlled/affiliated(4)<br> Equity Investments** |  |  |  |  |  | $1584471 | $920642 | 0.13% |
| **Total Equity Investments** |  |  |  |  |  | $1584471 | $920642 | 0.13% |
| **Second Lien Debt <br>Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| IC 3700 Flamingo Road LLC (5)(15) | 8/12/2025 | 10.00% PIK | 10.00% | 5/10/2028 | 20433348 | 26240303 | 27044926 | 3.83 |
| **Total Hotels, Restaurants & Leisure** |  |  |  |  |  | $26240303 | $27044926 | 3.83% |
| **Total Second Lien Debt** |  |  |  |  |  | $26240303 | $27044926 | 3.83% |
| **Total Investments—controlled/<br>affiliated** |  |  |  |  |  | $27824774 | $27965568 | 3.96% |
| **Total Investments Portfolio** |  |  |  |  |  | $1111590336 | $1109977047 | 157.05% |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |
| State Street Institutional Money Market Fund (13) |  |  |  |  |  | 74837826 | 74837826 | 10.59 |
| **Total Cash Equivalents** |  |  |  |  |  | $74837826 | $74837826 | 10.59% |
| **Total Portfolio Investments and Cash Equivalents** |  |  |  |  |  | $1186428162 | $1184814873 | 167.64% |
| **Liabilities in excess of Other Assets** |  |  |  |  |  |  | $(478046849) | (67.64)% |
| **Net Assets** |  |  |  |  |  |  | $706768024 | 100.00% |

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

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**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**December 31, 2025**

(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Unless otherwise indicated, the debt investments are first lien positions.

(2)Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either EURIBOR ("E"), SOFR including SOFR adjustment, if any, ("S"), SONIA ("SN"), or alternate base rate (commonly based on the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement and S loans are typically indexed to 6 month, 3 month or 1 month E or S rates. As of December 31, 2025, rates for the 6 month, 3 month and 1 month E are 2.11%, 2.03%, and 1.94%, respectively. As of December 31, 2025, 6 month, 3 month and 1 month S are 3.57%, 3.65% and 3.69%, respectively. As of December 31, 2025, the rate for P is 6.75%

(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America U.S. GAAP.

(4)Unless otherwise indicated, issuers of debt investments held by the Company are denominated in dollars. All debt and equity investments are income producing unless otherwise indicated.

(5)Investments valued using unobservable inputs (Level 3). Fair value was determined in good faith by or under the direction of the Company's Valuation Designee, under the supervision of the Board, pursuant to the Company's valuation policy. See Note 4, Investments and Fair Value Measurements, for details.

(6)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair values are the result of the commitment being valued below par. See Note 7, Commitments and Contingencies, for details

(7)Position or portion thereof is unsettled as of December 31, 2025.

(8)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2025, non-qualifying assets totaled 15.47% of the Company's total assets.

(9)The issuer of this investment is domiciled in Canada.

(10)The issuer of this investment is domiciled in Germany and denominated in Euro.

(11)The issuer of this investment is domiciled in United Kingdom.

(12)The issuer of this investment is domiciled in Luxembourg.

(13)The annualized seven-day yield as of December 31, 2025 is 3.49%.

(14)Investment is pledged as collateral for the Secured Credit Facility. See Note 6, Borrowings, for details.

(15)As defined in the 1940 Act, the Company is deemed to be both an "affiliated person" and "control" the portfolio company because it owns or owns with affiliates more than 25% of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions for the year ended December 31, 2025 in which the portfolio company is deemed to be a "Control Investment" of the Company were as follows:

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

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**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**December 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of December 31, 2024** | **Gross Additions** | **Gross Reductions** | **Net Change in Unrealized Appreciation/(Depreciation)** | **Net Realized Gain (Loss)** | **Fair Value as of December 31, 2025** | **Dividend and Interest Income** |
| **Controlled/Affiliated<br>Second Lien Debt** |  |  |  |  |  |  |  |
| IC 3700 Flamingo Road LLC | $— | $26240303 | $— | $804623 | $— | $27044926 | $781146 |
| **Equity** |  |  |  |  |  |  |  |
| IC 3700 Flamingo Road LLC |  | 1584471 |  | (663829) |  | 920642 |  |
| **Total Controlled/Affiliated** | $— | $27824774 | $— | $140794 | $— | $27965568 | $781146 |

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

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**Kennedy Lewis Capital Company**

**Consolidated Schedule of Investments (continued)**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Foreign Currency Forward Contract |  |  |  |  |  |  |
| **Counterparty** |  | **Currency Purchased** |  | **Currency Sold** | **Settlement Date** | **Unrealized Appreciation (Depreciation)** |
| Goldman Sachs Bank USA | USD | 87359985 | EUR | 74067897 | 5/29/2026 | $(168270) |

---

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

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**Notes to the Consolidated Financial Statements**

**Note 1. Organization**

***Organization***

Kennedy Lewis Capital Company (the "Company") is a Delaware statutory trust structured as an externally managed, diversified closed-end management investment company. The Company has elected to be treated as a business development company (a "BDC") under the U.S. Investment Company Act of 1940, as amended (the "1940 Act"). In addition, the Company has elected to be treated, and intends to qualify annually, as a regulated investment company (a "RIC") for U.S. federal income tax purposes under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Company commenced operations on February 1, 2023 as a privately offered BDC. On June 18, 2024, the Securities and Exchange Commission ("SEC") issued the Company an exemptive order that permits the Company to offer multiple classes of its Common Shares, (the "Multi-Class Order"). On June 24, 2024, the Company received a notice of effectiveness from the SEC related to the Company's registration statement on Form N-2 (the "Form N-2 Registration Statement"). Pursuant to the Form N-2 Registration Statement and the Multi-Class Order, the Company is publicly offering on a continuous basis up to $2,000,000,000 of its Class S shares, Class D shares, and Class I shares pursuant to the terms set forth in the subscription agreements the Company enters into with investors.

The Company is externally managed by Kennedy Lewis Capital Holdings LLC (the "Advisor"), a Delaware limited liability company that is registered with the U.S. Securities and Exchange Commission (the "SEC") as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act") pursuant to an investment advisory agreement between the Company and the Advisor (the "Advisory Agreement"). Kennedy Lewis Management LP ("Kennedy Lewis Management," and together with Kennedy Lewis Capital Holdings LLC and its affiliates, "Kennedy Lewis") is registered with the SEC as an investment adviser under the Advisers Act. The Advisor has entered into a resource sharing agreement ("Resource Sharing Agreement") with Kennedy Lewis Management, pursuant to which Kennedy Lewis Management makes certain personnel and resources available to the Advisor to provide certain investment advisory services to the Company. Kennedy Lewis Management serves as the Company's administrator (in such capacity, the "Administrator") pursuant to an administration agreement (the "Administration Agreement").

The Company has been established to invest primarily in debt or other debt-like securities across the capital structure of middle market companies located in the United States and, selectively, in other North American countries and in Europe, with the ability to consider investments focused on other geographic markets. The Company generally defines middle market companies as those having enterprise values between $300 million and $3 billion. The Company's investment objectives are to maximize the total return to its holders of common shares of beneficial interest, par value $0.01 ("Common Shares") (each a "shareholder") in the form of current income and, to a lesser extent, capital appreciation. The Company employs a strategy to provide capital to middle market companies, with a focus on direct originations in private, first lien, senior secured, performing credits. The Company expects to generate returns primarily from interest income and fees from senior secured loans, with some capital appreciation through nominal equity co-investments.

Subject to the supervision of the Company's Board of Trustees (the "Board"), a majority of which are trustees who are not "interested persons" as defined in Section 2(a)(19) of the 1940 Act ("Independent Trustees"), the Advisor manages the Company's day-to-day operations and provides the Company with investment advisory and management services.

On December 9, 2022, the Company established KLCC SPV GS1 LLC ("Subsidiary I"), 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 6—Borrowings. Subsidiary I is a disregarded entity for tax purposes.

On January 10, 2023, the Company established KLCC Blocker LLC ("Subsidiary II" and collectively with Subsidiary I, the "Subsidiaries"), 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 II has filed an election to be treated as a corporation for tax purposes.

***Fiscal Year End***

The Company was formed on February 10, 2022, and commenced operations on February 1, 2023. Its fiscal year ends on December 31.

**Note 2. Significant Accounting Policies**

***Basis of Presentation***

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The Company's consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") and include the accounts of the Subsidiaries. The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the consolidated financial statements presented herein.

***Use of Estimates***

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.

***Consolidation***

In accordance with U.S. GAAP guidance on consolidation, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company's Subsidiaries, in its consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.

***Cash, Cash Equivalents and Restricted Cash***

Cash consists of deposits held at a custodian bank. Cash equivalents consists of money market investments with original maturities of three months or less that are readily convertible to cash and are classified as Level 1 investments. Cash and cash equivalents are held at major financial institutions and, at times, may exceed the insured limits under applicable law. Cash equivalents are carried at cost, which approximates fair value. As of March 31, 2026 and December 31, 2025, we had $38,939,851 and $29,940,987, respectively, of restricted cash and cash equivalents related to collateral held for the Secured Credit Facility (as defined below) and presented in the consolidated statements of assets and liabilities. This is further discussed in Note 6. As of March 31, 2026 and December 31, 2025, we had $5,330,000 and $2,500,000, respectively, of restricted cash and cash equivalents related to collateral held to meet the requirements of our ISDA Master Agreement (as defined below). This is further discussed in Note 5.

***Realized Gains (Losses) and Unrealized Appreciation (Depreciation)***

Investment transactions and the related revenue and expenses are recorded on a trade-date basis. Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the amortized cost basis of the investment using the specific identification method. The net change in unrealized appreciation (depreciation) primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

***Interest and Dividend Income***

Interest and dividend income is recorded on an accrual basis. Interest income includes the accretion of discounts and amortization of premiums. The amortized cost of debt investments represents the original cost, including fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized fees and unamortized discounts are recorded as interest income.

***Fee Income***

In the general course of its business, the Company receives certain fees, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and loan waiver amendment fees, and commitment fees, and are recorded as fee income in investment income when earned.

***PIK Income***

Certain investments may have contractual payment-in-kind ("PIK") interest. PIK interest represents accrued interest that is added to the principal amount of the investment on the interest payment date rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK interest is recorded as interest income. Because the Company has elected

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to be treated as a RIC for U.S. federal income purposes under Subchapter M of the Code, this non-cash source of income must be paid out to shareholders in the form of distributions, even though the Company has not yet collected the cash.

***Non-Accrual Loans***

Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management's judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management's judgment, principal and interest payments are likely to remain current. The Company may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of March 31, 2026 and December 31, 2025, there were no loans placed on non-accrual status.

***Deferred Financing Costs***

Deferred financing costs represent fees and other direct costs incurred in connection with the Company's borrowings. These amounts are capitalized and amortized over the contractual term of the borrowing.

***Receivable for Investments Sold and Payable for Investments Purchased***

Receivable for investments sold and payable for investments purchased represent unsettled transactions.

***Foreign Currency Transactions***

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Company includes net realized gains (losses) and net change in unrealized appreciation (depreciation) on investments held resulting from foreign exchange rate fluctuations in foreign currency transactions in the Consolidated Statements of Operations, if any.

Foreign securities and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

***Valuation of Portfolio Investments***

In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Advisor as the Company's "Valuation Designee". The Advisor has established a Valuation Committee that is responsible for determining in good faith the fair value of the Company's investments in instances where there is no readily available market quotation. A readily available market quotation is not expected to exist for most of the investments in the Company's portfolio, and the Company values these portfolio investments at fair value as determined in good faith by the Valuation Designee. Investments for which market quotations are readily available may be priced by independent pricing services. The Company has retained external, independent valuation firms to provide data and valuation analyses on the Company's portfolio companies.

The Advisor values the Company's investments based on the type of financial instrument as outlined below:

Securities that are listed on a securities, commodities or futures exchange or market (including such securities when traded in the after-hours market), will generally be valued (i) at their last sales prices on the date of determination on the primary exchange on which such securities were traded on such date, or (ii) at their last sales prices on the consolidated tape if such securities on the primary exchange on which such securities were traded on such date were reported on the consolidated tape, or (iii) in the event that the date of determination is not a date upon which an exchange was open for trading, on the date on which such exchange was previously open but not more than 10 days prior to the date of determination.

Securities that are not listed on an exchange but are traded over-the-counter will be valued at representative "bid" quotations if held long and representative "asked" quotations if held short, unless included in the NASDAQ National Market System, in which case they will be valued based upon their last sales prices (if such prices are available); provided that if the last sales price of a security does not fall between the last "bid" and "asked" price for such security on such date, the Advisor will value such security at the mean between the last "bid" and "asked" price for such security on such date. Securities not denominated in U.S. dollars will be translated into U.S. dollars at prevailing exchange rates as the Advisor may reasonably determine. All other investments will be assigned such value as the Advisor may reasonably determine. When available, quotations from brokers or pricing services will be considered in the valuation

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process. For example, the Advisor will utilize indicative prices from brokers or pricing services to determine the fair value of bonds and bank debt and may internally validate the quotes obtained or utilize the mean of the bid (if long) and ask (if short) quotes obtained. For these quotes to be considered for valuation purposes they must be sent directly from the brokers to the Advisor. If quotations are not readily available through pricing services or brokers for a security, financial instrument or other property, the Advisor will determine its value in such a manner as the Advisor, in its sole discretion, reasonably determines. This is generally achieved by engaging a third-party valuation firm to value such securities and provide a range of values for each position. The Advisor will then mark the position within that range.

The determination of fair value generally considers factors such as comparisons to public companies, comparable transactions, markets in which a company does business, the nature and realizable value of any collateral, discounted cash flows, earnings and ability to make payments, and market yields. If an event such as a purchase, sale, or public offering occurs, the Advisor may consider the pricing indicated by such event to corroborate its internal valuation.

FASB ASC Topic 820: Fair Value Measurements and Disclosures ("ASC 820") specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level of information used in the valuation.

The Company classifies the inputs used to measure fair values into the following hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible to the Company at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2—Valuations are based on similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly and model-based valuation techniques for which all significant inputs are observable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3—Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuation techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The Advisor's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and it considers factors specific to the investment.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. In addition to using the above inputs in investment valuations, the Advisor applies the valuation policy approved by the Board that is consistent with ASC 820. Consistent with the valuation policy, the Advisor evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Advisor subjects those prices to various additional criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Advisor reviews pricing provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality, such as the depth of the relevant market relative to the size of the Company's position.

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 Company's investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment, including the impact of changes in broader market indices and credit spreads, and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

***Organization and Offering Costs***

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Organizational costs to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

Offering costs in connection with the offering of Common Shares of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months. Initial offering costs were amortized beginning February 1, 2023, the commencement of operations.

Under the Advisory Agreement and the Administration Agreement, the Company, either directly or through reimbursements to the Advisor or its affiliates, is responsible for its organization and offering costs. As of March 31, 2026, there were no amounts owed to the Company from the Advisor pursuant to the Expense Support Agreement.

***Income Taxes***

The Company has elected to be treated, and intends to qualify annually, as a RIC. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it timely distributes to its shareholders as dividends. Rather, any tax liability related to income earned and distributed would represent obligations of the Company's investors and would not be reflected in the consolidated financial statements of the Company.

The Company 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. The Company did not record any tax provision in the current period. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must timely distribute to its shareholders, for each taxable year, at least 90% of its "investment company taxable income" for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

Subsidiary II, which is subject to tax as a corporation, allows the Company to hold equity securities of certain portfolio companies treated as pass-through entities for U.S. federal income tax purposes while facilitating the Company's ability to qualify as a RIC under the Code. Any investments held through Subsidiary II generally are subject to U.S. federal income and other taxes, and therefore the Company can expect to achieve a reduced after-tax yield on such investments.

For the Company's tax period of three months ended March 31, 2026, Subsidiary II activity did not result in a material provision for income taxes. There were no investments held by Subsidiary II for the three months ended March 31, 2025.

***Allocation of Income, Expenses, Gains and Losses***

Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the aggregate net asset value of that class in relation to the aggregate net asset value of the Company. Expenses that are specific to a class of shares are allocated to such class directly.

***Segment Reporting***

In accordance with ASC Topic 280 – "Segment Reporting (ASC 280)," the Company has determined that it has a single operating and reporting segment. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

The Company operates through a single operating and reporting segment with an investment objective to generate both current income, and to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker ("CODM") is comprised of the Company's chief financial officer, and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company's net increase in shareholder's equity resulting from operations ("net income"). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the

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amount of dividends to be distributed to the Company's shareholders. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as "total assets" and the significant segment expenses are listed on the accompanying consolidated statement of operations.

***Recent Accounting Pronouncements***

In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280)," which requires specific disclosures related to the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company has adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740)," which updates annual income tax

disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. The Company adopted ASU 2023-09

effective December 31, 2025, and concluded the adoption of the standard had no material impact on the consolidated annual financial

statements of the Company.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures ("ASU 2024-03"), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

**Note 3. Related Party Transactions**

***Advisory Agreement***

Subject to the overall supervision of the Board and in accordance with the 1940 Act, the Advisor manages the Company's day-to-day operations and provides investment advisory services to the Company. Under the terms of the Advisory Agreement, the Advisor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determines the composition of the Company's portfolio, the nature and timing of the changes to its portfolio and the manner of implementing such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•identifies, evaluates and negotiates the structure of the investments the Company makes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•executes, closes, services and monitors the investments the Company makes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determines the securities and other assets that the Company purchases, retains or sells;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•performs due diligence on prospective portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds.

Under the Advisory Agreement, the Company pays the Advisor fees for investment management services consisting of a base management fee (the "Base Management Fee") and an incentive fee (the "Incentive Fee").

***Base Management Fee***

The Company pays the Advisor a management fee equal to an annual rate of 1.25% of the average of the Company's net assets, at the end of the two most recently completed quarters. Subsequent to any listing of the Common Shares on a national securities exchange ("Exchange Listing"), the Company will pay the Advisor a base management fee calculated at an annual rate of 1.25% of the Company's average gross assets at the end of the two most recently completed quarters. The Base Management Fee is payable quarterly in arrears. For the three months ended March 31, 2026, and March 31, 2025 the Company paid Base Management Fees of $2,268,585 and $1,504,233, respectively.

***Incentive Fee***

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The Incentive Fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on a percentage of income and a portion is based on a percentage of capital gains, each as described below.

**Income-Based Incentive Fee.** The portion based on the Company's income is based on Pre-Incentive Fee Net Investment Income Returns. "Pre-Incentive Fee Net Investment Income Returns" means, as the context requires, either the dollar value of, or percentage rate of return on the value of net assets at the end of the immediate preceding quarter from interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that are received from portfolio companies) accrued during the calendar quarter, minus operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement entered into between the Company and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee and any shareholder servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with interest and zero coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment 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 rate of return on the value of the Company's net assets at the end of the immediate preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized).

The Company pays the Advisor an Income Based Incentive Fee quarterly in arrears with respect to the Company's Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of the dollar amount 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 until the Advisor has received 12.5% of the total Pre-Incentive Fee Net Investment Income Returns for that calendar quarter. The Company refers to this portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate) as the "catch-up." This "catch-up" is meant to provide the Advisor an Incentive Fee of 12.5% on all Pre-Incentive Fee Net Investment Income Returns when that amount equals 1.43% in a calendar quarter (5.72% annualized), which is the rate at which the catch-up is achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•12.5% of the dollar amount of all Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43%.

These calculations are prorated for any period of less than three months, including the first quarter the Company commenced operations, and are adjusted for any share issuances or repurchases during the relevant quarter.

For the three months ended March 31, 2026, and March 31, 2025, the Company paid Income-Based Incentive Fees of $2,420,198 and $1,677,360, respectively.

**Capital Gains Incentive Fee.** The second part of the Incentive Fee is determined and payable in arrears as of the end of each calendar year in an amount equal to 12.5% of cumulative realized capital gains from inception through the end of such calendar, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Incentive Fee on capital gains as calculated in accordance with U.S. GAAP (the "Capital Gains Incentive Fee"). Subsequent to any Exchange Listing, the Company will pay the Advisor the Income-Based Incentive Fee and Capital Gains Incentive Fee described above except that all of the 12.5% figures referenced therein will be increased to 15.0%.

In accordance with GAAP, the Company accrues a hypothetical capital gains incentive fee based upon the cumulative realized capital gains and realized capital losses and the cumulative unrealized capital appreciation and unrealized capital depreciation on investments held at the end of each period. Actual amounts paid to the Advisor are consistent with the Advisory Agreement and are based only on actual realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year as if the entire portfolio was sold at fair value. For the three months ended March 31, 2026, and March 31, 2025, the Company accrued capital gains incentive fees of $(142,052) and $(387,451), respectively, of which none was currently payable on such dates under the Advisory Agreement.

***Administration Agreement***

Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment and provides the Company with clerical, bookkeeping, recordkeeping and other administrative services at such facilities. The Administrator also

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performs, or oversees the performance of, the Company's required administrative services, which include responsibility for the financial and other records that the Company is required to maintain and preparing reports to its shareholders and reports and other materials filed with the SEC. In addition, the Administrator assists the Company in determining and publishing its net asset value, oversees the preparation and filing of its tax returns and the printing and dissemination of reports and other materials to its shareholders, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to the Company by others. Under the Administration Agreement, the Administrator also provides managerial assistance on the Company's behalf to those portfolio companies that have accepted the Company's offer to provide such assistance. The Administrator has retained State Street Bank and Trust Company ("State Street"), a Massachusetts trust company, as a sub-administrator to perform any or all of its obligations under the Administration Agreement.

Payments under the Administration Agreement are equal to an amount based upon the Company's allocable portion (subject to the review of the Board) of the Administrator's overhead in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions and the Company's allocable portion of the cost of the Company's Chief Financial Officer and their staff as well as State Street's fees.

For the three months ended March 31, 2026, and March 31, 2025, the Company incurred $322,650 and $235,079, respectively, in expenses under the Administration Agreement, which are recorded in "Administrative service expenses" in the Company's Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, there was $322,650 and $266,043, respectively, of administrative service expenses payable by the Company which are included in "Due to Advisor and affiliates" in the Consolidated Statements of Assets and Liabilities.

***SEC Exemptive Relief***

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price and quantity are the only negotiated terms. On March 6, 2023, the SEC issued an order (the "Co-Investment Order") granting the Company's application for exemptive relief to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions, with other funds managed by the Advisor or its affiliates. Under the terms of the Co-Investment Order, in order for the Company to participate in a co-investment transaction, a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Company's Independent Trustees must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching with respect of the Company or its shareholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Company's shareholders and is consistent with the Company's investment objectives and strategies and certain criteria established by the Board.

On June 18, 2024, the SEC issued the Multi-Class Order granting the Company'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 Company is permitted to offer multiple classes of its Common Shares with varying sales loads and asset-based distribution and/or service fees.

***Controlled/Affiliated Portfolio Companies***

Under the 1940 Act, the Company is required to separately identify investments where it owns 5% or more of a portfolio company's outstanding voting securities as investments in "affiliated" companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company's outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in "controlled"

companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company's non-controlled, non-affiliated and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments.

The Company has made investments in a controlled, affiliated company, IC 3700 Flamingo Road LLC, a holding company for the Rio Hotel.

***Managing Dealer Agreement***

The Company has entered into a managing dealer agreement with Sanctuary Securities, Inc. (the "Managing Dealer Agreement" and the "Managing Dealer").

Pursuant to the Managing Dealer Agreement, the Managing Dealer, among other things, manages the Company's relationships with third-party brokers engaged by the Managing Dealer to participate in the distribution of the Company's Common Shares ("participating brokers") and financial advisors. The Managing Dealer also coordinates the Company's marketing and distribution efforts

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with participating brokers and their registered representatives with respect to communications related to the terms of the offering, the Company's investment strategies, material aspects of the Company's operations and subscription procedures. As set forth in and pursuant to the Managing Dealer Agreement, the Company will pay the Managing Dealer a retainer, commission and shareholder servicing and/or distribution fees for its services. Furthermore, the Company will pay the Managing Dealer shareholder servicing and/or distribution fees with respect to Class S and Class D shares. The Managing Dealer Agreement may be terminated by the Company or the Managing Dealer (i) on 30 days' written notice or (ii) immediately upon notice to the other party in the event that such other party shall have failed to comply with any material provision thereof. The Managing Dealer Agreement also may be terminated at any time without the payment of any penalty, (x) by vote of a majority of the Company's trustees who are not "interested persons", as defined in the 1940 Act, of the Company and who have no direct or indirect financial interest in the operation of the Company's distribution plan or the Managing Dealer Agreement or (y) by a majority vote of the outstanding voting securities of the Company, on not more than 60 days' written notice to the Managing Dealer or the Company's investment adviser.

Either party may terminate the Managing Dealer Agreement at any time with or without cause effective upon receipt of written notice to that effect. The Company's obligations under the Managing Dealer Agreement to pay the shareholder servicing and/or distribution fees with respect to the Class S and Class D shares distributed in the Public Offering as described therein shall survive termination of the agreement until such shares are no longer outstanding (including such shares that have been converted into Class I shares).

***Distribution and Servicing Plan***

The Company has adopted a distribution and servicing plan pursuant to Rule 12b-1 under the 1940 Act. The following table shows the shareholder servicing and/or distribution fees the Company pays the Managing Dealer with respect to the Class S, Class D and Class I Common Shares on an annualized basis as a percentage of the Company's net asset value for such class.

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| | |
|:---|:---|
|  | **Shareholder Servicing and/or Distribution Fee as a % of Net Asset Value** |
| Class S shares | 0.85% |
| Class D shares | 0.25% |
| Class I shares |  |

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The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the net asset value of the applicable class as of the beginning of the first calendar day of the month and subject to Financial Industry Regulatory Authority, Inc. ("FINRA") and other limitations on underwriting compensation.

The Managing Dealer will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate net asset value for all of the outstanding shares of each such class, it reduces the net asset value with respect to all shares of each such class, including shares issued under the Company's DRP (as defined below).

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Managing Dealer will waive the shareholder servicing and/or distribution fee that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase and are similar to commissions.

For the three months ended March 31, 2026, the Company accrued $2,415 and $31 of distribution and shareholder servicing fees attributable to Class S shares and Class D shares, respectively. For the three months ended March 31, 2025, the Company accrued no distribution and shareholder servicing fees attributable to Class S shares and Class D shares. As of December 31, 2024, there were no amounts payable for distribution and shareholder servicing fees for Class S shares and Class D shares.

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***Expense Support and Conditional Reimbursement Agreement***

The Company has entered into an expense support and conditional reimbursement agreement (as amended, the "Expense Support Agreement") with the Advisor, pursuant to which the Advisor has contractually agreed to pay Other Operating Expenses (as defined below) of the Company on the Company's behalf (each such payment, a "Required Expense Payment") such that Other Operating Expenses of the Company do not exceed 1.00% (on an annualized basis) of the Company's applicable quarter-end net asset value. "Other Operating Expenses" include the Company's organizational and offering expenses (including the Company's allocable portion of compensation and overhead (including rent, office equipment and utilities)) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, excluding Base Management Fees and Incentive Fees owed to the Advisor and any interest expenses owed by the Company.

At such times as the Advisor determines, the Advisor may elect to pay certain additional expenses of the Company on the Company's behalf (each such payment, a "Voluntary Expense Payment" and together with a Required Expense Payment, the "Expense Payments"). In making a Voluntary Expense Payment, the Advisor will designate, as it deems necessary or advisable, what type of expense it is paying (including, whether it is paying organizational or offering expenses).

Following any calendar quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company's shareholders based on distributions declared with respect to record dates occurring in such calendar quarter (the amount of such excess referred to in the Expense Support Agreement as "Excess Operating Funds"), the Company will pay such Excess Operating Funds, or a portion thereof, to the Advisor until such time as all Expense Payments made by the Advisor to the Company within three years prior to the last business day of such calendar quarter have been reimbursed. Any payments required to be made by the Company under the Expense Support Agreement are referred to as a "Reimbursement Payment." "Available Operating Funds" means the sum of (i) the Company's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company's net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The amount of the Reimbursement Payment for any calendar quarter will equal the lesser of (i) the Excess Operating Funds in such quarter and (ii) the aggregate amount of all Expense Payments made by the Advisor to the Company within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by the Company to the Advisor; provided that the Advisor may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar quarter, in which case such waived amount will remain unreimbursed Expense Payments reimbursable in future quarters pursuant to the terms of the Expense Support Agreement.

No Reimbursement Payment for any quarter shall be made if: (1) the Effective Rate of Distributions Per Share (as defined below) declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, (2) the Company's Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relate, or (3) the Company's Other Operating Expenses at the time of such Reimbursement Payment exceeds 1.00% of the Company's applicable quarter-end net asset value. The Effective Rate of Distributions Per Share means the annualized rate, based on a 365-day year, of regular cash distributions per share exclusive of returns of capital and declared special dividends or special distributions, if any. The Company's Operating Expense Ratio is calculated by dividing Operating Expenses (i.e. the Company's operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles), less organizational and offering expenses, Base Management Fees and Incentive Fees owed to the Advisor, shareholder servicing and/or distribution fees, and interest expense, by the Company's net assets.

The Company's obligation to make a Reimbursement Payment will automatically become a liability of the Company on the last business day of the applicable calendar quarter, except to the extent the Advisor has waived its right to receive such payment for the applicable quarter. The Reimbursement Payment for any calendar quarter will be paid by the Company to the Advisor in any combination of cash or other immediately available funds as promptly as possible following such calendar quarter and in no event later than 45 days after the end of such calendar quarter. All Reimbursement Payments shall be deemed to relate to the earliest unreimbursed Expense Payments made by the Advisor to the Company within three years prior to the last business day of the calendar quarter in which such Reimbursement Payments obligation is accrued.

For the three months ended March 31, 2026, and March 31, 2025, the Advisor provided $0 and $162,124 of expense support, respectively.

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The Company did not have any obligation to make a Reimbursement Payment as of March 31, 2026 or December 31, 2025 under the Expense Support Agreement. The cumulative amount incurred from formation that is subject to future potential reimbursement is $3,596,796.

Either the Company or the Advisor may terminate the Expense Support Agreement at any time, with or without notice, without the payment of any penalty, provided that any Expense Payments that have not been reimbursed by the Company to the Advisor will remain the obligation of the Company following any such termination, subject to the terms of the Expense Support Agreement.

**Note 4. Investments and Fair Value Measurements**

The composition of the Company's investment portfolio at cost and fair value as of March 31, 2026 and December 31, 2025 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized<br>Cost** | **Fair<br>Value** | **% of Total<br>Investments<br>at Fair<br>Value** | **Amortized<br>Cost** | **Fair<br>Value** | **% of Total<br>Investments<br>at Fair<br>Value** |
| First lien debt | $1014407183 | $1007372250 | 91.88% | $1014538515 | $1012512999 | 91.22% |
| Second lien debt | 80140562 | 83326811 | 7.60% | 79589151 | 79235481 | 7.14% |
| Equity | 5677653 | 5663163 | 0.52% | 17462670 | 18228567 | 1.64% |
| **Total investments** | $**1100225398** | $**1096362224** | **100.00%** | $**1111590336** | $**1109977047** | **100.00%** |

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The industry composition of investments based on fair value as of March 31, 2026 and December 31, 2025, were as follows:

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Oil, Gas & Consumable Fuels | 9.20% | 9.26% |
| Independent Power and Renewable Electricity Producers | 7.73 | 7.83 |
| Health Care Providers & Services | 6.80 | 6.72 |
| Building Products | 6.40 | 6.87 |
| Entertainment | 6.20 | 6.24 |
| Software | 6.08 | 6.10 |
| Hotels, Restaurants & Leisure | 5.18 | 5.02 |
| Media | 5.17 | 5.13 |
| Specialty Retail | 5.16 | 5.13 |
| Household Durables | 5.15 | 4.73 |
| Insurance | 4.50 | 0.00 |
| Biotechnology | 4.27 | 4.24 |
| Construction Materials | 3.39 | 3.34 |
| Machinery | 3.28 | 3.28 |
| Automobile Components | 3.22 | 3.28 |
| IT Services | 3.08 | 3.05 |
| Electric Utilities | 2.49 | 3.67 |
| Aerospace & Defense | 2.28 | 2.08 |
| Trading Companies & Distributors | 2.19 | 2.12 |
| Automobiles | 1.73 | 1.72 |
| Commercial Services & Supplies | 1.65 | 2.93 |
| Construction & Engineering | 1.59 | 4.33 |
| Textiles, Apparel & Luxury Goods | 1.35 | 1.35 |
| Ground Transportation | 1.14 | 0.07 |
| Chemicals | 0.37 | 0.36 |
| Gas Utilities | 0.36 | 0.35 |
| Air Freight & Logistics | 0.04 | 0.04 |
| Electronic Equipment, Instruments & Components |  | 0.22 |
| Distributors |  | 0.20 |
| Energy Equipment & Services |  | 0.18 |
| Food Products |  | 0.16 |
| **Total** | **100.00%** | **100.00%** |

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The geographic composition of investments at cost and fair value as of March 31, 2026 and December 31, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized<br>Cost** | **Fair<br>Value** | **% of Total<br>Investments<br>at<br>Fair Value** | **Fair Value<br>as % of Net<br>Assets** | **Amortized<br>Cost** | **Fair<br>Value** | **% of Total<br>Investments<br>at<br>Fair Value** | **Fair Value<br>as % of Net<br>Assets** |
| United States | $917338191 | $911958219 | 83.18% | 122.44% | $926547693 | $922106713 | 83.07% | 130.47% |
| Canada | 96414777 | 97358422 | 8.88% | 13.07% | 96593415 | 97826849 | 8.81% | 13.84% |
| Germany | 85109813 | 85648901 | 7.81% | 11.50% | 85032755 | 86857421 | 7.83% | 12.29% |
| Luxembourg |  |  |  |  | 1980476 | 1999950 | 0.18% | 0.28% |
| United Kingdom | 1362617 | 1396682 | 0.13% | 0.19% | 1435997 | 1186114 | 0.11% | 0.17% |
| **Total** | $**1100225398** | $**1096362224** | **100.00%** | **147.20%** | $**1111590336** | $**1109977047** | **100.00%** | **157.05%** |

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The following tables present the fair value hierarchy of the Company's investment portfolio as of March 31, 2026 and December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $40164960 | $967207290 | $1007372250 |
| Second Lien Debt |  |  | 83326811 | 83326811 |
| Equity | 251926 |  | 825614 | 1077540 |
| **Subtotal** | $251926 | $40164960 | $1051359715 | $1091776601 |
| Investment measured at net asset value<sup>(1)</sup> |  |  |  | 4585623 |
| **Total investments** |  |  |  | $**1096362224** |

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(1)The Company, as a practical expedient, estimates the fair value of its investment in KKR Tinder TFC Aggregator L.P. using the net asset value of the Company's members' interest in the entity. As such, the fair value has not been classified within the fair value hierarchy.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $63686105 | $948826894 | $1012512999 |
| Second Lien Debt |  |  | 79235481 | 79235481 |
| Equity | 338798 |  | 920642 | 1259440 |
| **Subtotal** | $338798 | $63686105 | $1028983017 | $1093007920 |
| Investment measured at net asset value<sup>(1)</sup> |  |  |  | 16969127 |
| **Total investments** |  |  |  | $**1109977047** |

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(1)The Company, as a practical expedient, estimates the fair value of its investment in KKR Tinder TFC Aggregator L.P. using the net asset value of the Company's members' interest in the entity. As such, the fair value has not been classified within the fair value hierarchy.

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2026 and March 31, 2025, respectively:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Lien<br>Debt** | **Second Lien<br>Debt** | **Equity** | **Total** |
| Balance as of December 31, 2025 | $948826894 | $79235481 | $920642 | $1028983017 |
| Purchases of investments | 75423439 |  |  | 75423439 |
| Proceeds from principal pre-payments and sales of investments | (55326850) |  |  | (55326850) |
| Payment-in-kind | 1399530 | 515774 |  | 1915304 |
| Net accretion of discount on investments | 1483992 | 35637 |  | 1519629 |
| Net realized gain (loss) | 231049 |  |  | 231049 |
| Net change in unrealized appreciation/(depreciation) | (4830764) | 3539919 | (95028) | (1385873) |
| Transfers into Level 3<sup>(1)</sup> |  |  |  |  |
| Transfers out of Level 3<sup>(1)</sup> |  |  |  |  |
| **Balance as of March 31, 2026** | $**967207290** | $**83326811** | $**825614** | $**1051359715** |
| Net change in unrealized appreciation (depreciation) on Level 3 investments still held at the end of the year | $**(4551978)** | $**3539919** | $**(95027)** | $**(1107086)** |

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Level 2 investments are valued using prices obtained from pricing services. The Company had $0 in transfers between levels on a net basis during the three months ended March 31, 2026.

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| | | | |
|:---|:---|:---|:---|
|  | **First Lien<br>Debt** | **Second Lien<br>Debt** | **Total** |
| Balance as of December 31, 2024 | $531672622 | $75443518 | $607116140 |
| Purchases of investments | 131056656 |  | 131056656 |
| Proceeds from principal pre-payments and sales of investments | (42572628) |  | (42572628) |
| Payment-in-kind | 484183 | 775133 | 1259316 |
| Net accretion of discount on investments | 1529658 | 173005 | 1702663 |
| Net realized gain (loss) | 1449797 |  | 1449797 |
| Net change in unrealized appreciation/(depreciation) | (1573687) | (75726) | (1649413) |
| Transfers into Level 3 | 5187622 |  | 5187622 |
| Transfers out of Level 3 | (6046448) |  | (6046448) |
| **Balance as of March 31, 2025** | $**621187775** | $**76315930** | $**697503705** |
| Net change in unrealized appreciation (depreciation) on Level 3 investments still held at the end of the year | $**(1573687)** | $**(75726)** | $**(1649413)** |

---

Level 2 investments are valued using prices obtained from pricing services. The Company had $(858,826) in transfers between levels on a net basis during the three months ended March 31, 2025.

The valuation techniques and significant unobservable inputs used in the valuation of Level 3 investments as of March 31, 2026 and December 31, 2025 were as follows:

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value as of March 31, 2026** | **Valuation<br>Technique** | **Unobservable <br>Input** | **Range** | **Weighted<br>Average** <sup>(1)</sup> |
| Equity | $825614 | Market Approach | EBITDA Multiple | 12.50x - 13.50x | 13.00x |
|  |  | Income Approach | Discount rate | 8.75% | 8.75% |
| Second Lien Debt | 56262640 | Discounted cash flow | Discount rate | 12.48% - 12.48% | 12.48% |
|  | 27064171 | Market Approach | EBITDA Multiple | 12.50x - 13.50x | 13.00x |
|  |  | Income Approach | Discount rate | 8.75% | 8.75% |
| First Lien Debt | 959183577 | Discounted cash flow | Discount rate | 8.07% - 22.48% | 10.86% |
|  | 8023713 | Market quotations | Broker quoted price | 98.75 - 100.25 | 99.99 |
|  | **1051359715** |  |  |  |  |

---

(1)Unobservable inputs were weighted by the relative fair value of investments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value as of December 31, 2025** | **Valuation<br>Technique** | **Unobservable <br>Input** | **Range** | **Weighted<br>Average** <sup>(2)</sup> |
| Equity | $920642 | Market Approach | EBITDA Multiple | 12.50x - 13.50x | 13.00x |
|  |  | Income Approach | Discount rate | 9.00% | 9.00% |
| Second Lien Debt | 52190555 | Discounted cash flow | Discount rate | 11.73% - 11.73% | 11.73% |
|  | 27044926 | Market Approach | EBITDA Multiple | 12.50x - 13.50x | 13.00x |
|  |  | Income Approach | Discount rate | 9.00% | 9.00% |
| First Lien Debt | 811714266 | Discounted cash flow | Discount rate | 8.61% - 20.14% | 10.82% |
|  | 12420497 | Market quotations | Broker quoted price | 96.00 - 100.63 | 99.47 |
|  | 124692131 | Transactional Value<sup>(1)</sup> | N/A | N/A | N/A |
|  | $**1028983017** |  |  |  |  |

---

(1)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio companies since the transaction date.

(2)Unobservable inputs were weighted by the relative fair value of investments.

Changes in discount rates and broker quoted prices, each in isolation, may change the fair value of certain of the Company's investments. Generally, an increase in discount rates or a decrease in broker quoted prices may result in a decrease in the fair value of certain of the Company's investments.

------

**Note 5. Derivatives**

The Company enters into derivative financial instruments in the normal course of business to achieve certain risk management objectives, including managing its foreign currency risk exposures on its portfolio holdings.

The fair value of foreign currency contracts are included within Derivative assets at fair value and Derivative liabilities at fair value, respectively, in the Consolidated Statements of Assets and Liabilities.

The tables below present the aggregate notional amount and fair value hierarchy of the Company's derivative financial instruments as of March 31, 2026 and December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Derivative Assets** | **Level 1** | **Level 2** | **Level 3** | **Total Fair Value** | **Notional** |
| Foreign currency forward contract | $— | $1626355 | $— | $1626355 | $87728233 |
| **Total Derivative assets at fair value** | $— | $1626355 | $— | $1626355 | $87728233 |
| Cash collateral received |  |  |  |  |  |
| **Derivative Liabilities** |  |  |  |  |  |
| Foreign currency forward contract | $— | $— | $— | $— | $— |
| **Total Derivative liabilities at fair value** | $— | $— | $— | $— | $— |
| Cash collateral posted |  |  |  | $5330000 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Derivative Assets** | **Level 1** | **Level 2** | **Level 3** | **Total Fair Value** | **Notional** |
| Foreign currency forward contract | $— | $— | $— | $— | $— |
| **Total Derivative assets at fair value** | $— | $— | $— | $— | $— |
| Cash collateral received |  |  |  |  |  |
| **Derivative Liabilities** |  |  |  |  |  |
| Foreign currency forward contract | $— | $(168270) | $— | $(168270) | $87359985 |
| **Total Derivative liabilities at fair value** | $— | $(168270) | $— | $(168270) | $87359985 |
| Cash collateral posted |  |  |  | $2500000 |  |

---

In the table above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The fair value of derivatives assets and derivative liabilities is presented on a gross basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The notional amount represents the absolute value amount of all outstanding derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All foreign currency derivatives are not designated in hedge relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company has not applied counterparty netting or collateral netting; as such, the amounts of cash collateral received and posted are not offset against the derivative assets and derivative liabilities in the Consolidated Statements of Assets and Liabilities.

The table below presents the impact to the Consolidated Statements of Operations from derivative assets and liabilities not designated in a qualifying hedge accounting relationship for the three months ended March 31, 2026 and March 31, 2025, respectively. The unrealized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net change in unrealized appreciation (depreciation) on Derivative instruments in the Consolidated Statements of Operations. The realized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Foreign currency and other transactions in the Consolidated Statements of Operations.

------

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Net change in unrealized appreciation (depreciation)** |  |  |
| Foreign currency forward contract | $1794626 | $(681025) |
| **Net change in unrealized appreciation (depreciation)** | $1794626 | $(681025) |
| **Net realized gain (loss)** |  |  |
| Foreign currency forward contract | $— | $— |
| **Net realized gain (loss)** | $— | $— |

---

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement"). An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs OTC derivatives, including foreign currency forward contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

**Note 6. Borrowings**

On April 20, 2023, Subsidiary I entered into a credit agreement with Goldman Sachs Bank USA (as amended, restated, supplemented or otherwise modified from time to time, the "Secured Credit Facility"). The maximum principal amount of the Secured Credit Facility as of March 31, 2026 is $500 million, which can be drawn in U.S. dollars subject to certain conditions.

On October 11, 2024, Subsidiary I entered into a First Amended and Restated Credit Agreement (as amended, the "A&R Credit Agreement") with Subsidiary I, as borrower, the lenders from time to time parties thereto, Goldman Sachs Bank USA, as syndication agent and calculation agent, GS ASL LLC, as administrative agent, State Street Bank and Trust Company, as collateral agent, collateral custodian and collateral administrator. The A&R Credit Agreement amends and restates in its entirety the Secured Credit Facility entered into on April 20, 2023 (the "Original Closing Date"), by and among Subsidiary I, as borrower, the lenders from time to time parties thereto, Goldman Sachs Bank USA, as syndication agent and administrative agent, State Street Bank and Trust Company, as collateral agent, collateral custodian and collateral administrator.

The A&R Credit Agreement amends the Secured Credit Facility to, among other things, (i) increase the financing limit under the Secured Credit Facility from $300 million to $500 million, (ii) extend the Reinvestment Period to May 1, 2028, (iii) extend the Scheduled Maturity Date to May 1, 2030 and (iv) replace Goldman Sachs Bank USA as administrative agent with GS ASL LLC. The A&R Credit Agreement also amends the Secured Credit Facility to change the spread charged on borrowings under the Secured Credit Facility from a range of 3.25% to 3.50% (prior to the A&R Credit Agreement) to a range of 2.50% to 2.60%, depending on the percentage of loans in the collateral which constitute BSL loans.

Amounts drawn under the Secured Credit Facility will bear interest at Term SOFR plus a margin. Advances used to finance the purchase or origination of loans under the Secured Credit Facility initially bear interest at Term SOFR plus a spread of (i) with respect to which the BSL Percentage is 15% or higher on such day, 2.50% per annum and (ii) with respect to which the BSL Percentage is less than 15% on such day, 2.60% per annum. In addition, under the Secured Credit Facility, Subsidiary I is required to utilize a minimum percentage of the financing commitments, (such amount, the "Minimum Utilization Amount"), with unused amounts below such Minimum Utilization Amount accruing a fee ("Minimum Utilization Fee"). As of March 31, 2026 and December 31, 2025, there were no unused amounts subject to the Minimum Utilization Fee. Additionally, Subsidiary I is required to pay non-utilization fees ("Non-Utilization Fees"), on an amount equal to the excess (if any) of (x) the Adjusted Maximum Facility Amount in effect on such day over (y) the greater of the Minimum Utilization Amount and the Loan Amount on such day at a rate of 1.00% per annum. Each defined term without definition in this paragraph shall have the meaning ascribed to such term in the Secured Credit Facility.

The Secured Credit Facility contains customary covenants, including certain limitations on the activities of Subsidiary I, including limitations on incurrence of incremental indebtedness, and customary events of default. The Secured Credit Facility is secured by a perfected first priority security interest in the assets of Subsidiary I and on any payments received by Subsidiary I in respect of those assets. Assets pledged to the lenders under the Secured Credit Facility will not be available to pay the other debts of the Company. As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements under the Secured Credit Facility.

The estimated fair value of the Secured Credit Facility approximated the principal value of $412,500,000 and $412,500,000 on the consolidated statement of assets and liabilities as of March 31, 2026 and December 31, 2025, respectively, and is categorized as Level III under the ASC 820 fair value hierarchy.

------

Borrowings of Subsidiary I are considered borrowings of the Company for purposes of complying with the asset coverage requirements under the 1940 Act.

The following table summarizes the average debt outstanding and the interest rates on the Secured Credit Facility for the three months ended March 31, 2026 and March 31, 2025, respectively:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Average Debt Outstanding | $424483000 | $330571123 |
| Effective Interest Rate | 6.84% | 7.75% |
| Weighted Average Interest Rate <sup>(1)</sup> | 6.42% | 6.98% |

---

(1)The calculation of weighted average interest rate does not include minimum utilization fees, non-utilization fees, administration fees or the amortization of deferred financing costs.

For the three months ended March 31, 2026 and March 31, 2025, the components of interest expense related to the Secured Credit Facility were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Borrowing interest expense | $6716654 | $5689386 |
| Minimum utilization fee |  |  |
| Non-utilization fees | 188792 | 423572 |
| Administration fee | 53060 | 41322 |
| Amortization of deferred financing costs | 200034 | 164196 |
| **Total interest and credit facility fees** | $**7158540** | $**6318476** |

---

**Note 7: Commitments and Contingencies**

In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. As of March 31, 2026 and December 31, 2025, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2026 and December 31, 2025, management is not aware of any pending or threatened material litigation.

The Company may, from time to time, enter into commitments to fund investments. As of March 31, 2026 and December 31, 2025, the Company had the following outstanding commitments to fund investments in current portfolio companies:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Unfunded delayed draw term loan commitments | $33249060 | $16810100 |
| Unfunded revolver obligations | 15177945 | 13739442 |
| **Total Unfunded** | $**48427005** | $**30549542** |

---

The Consolidated Schedule of Investments include certain delayed draw and revolving loan facilities with unfunded balances at March 31, 2026 and December 31, 2025, as follows:

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment as of March 31, 2026** | **Fair Value as of March 31, 2026** |
| ASI JBE Holdings LLC | Delayed Draw Term Loan | 7/28/2031 | 10055213 | (180994) |
| ASI JBE Holdings LLC | Revolver | 7/28/2031 | 2011043 | (36199) |
| CC Interholdings LLC | Delayed Draw Term Loan | 12/31/2029 | 4168388 | 8337 |
| Best Practices Associates, L.L.C. | Revolver | 11/8/2029 | 2589371 | (33662) |
| MEI Buyer LLC | Revolver | 6/29/2029 | 2650602 | (22265) |
| MEI Buyer LLC | Delayed Draw Term Loan | 6/29/2029 | 1214851 | (7046) |
| Mood Media Borrower, LLC | Revolver | 5/30/2030 | 3919618 | (99166) |
| Safari Borrower, LLC | Revolver | 2/3/2031 | 4007311 | (50091) |
| Safari Borrower, LLC | Delayed Draw Term Loan | 2/3/2031 | 17665242 | (170470) |
| MRP Buyer, LLC | Delayed Draw Term Loan | 6/4/2032 | 145366 | (174) |
| **Total Unfunded Balances** |  |  | $**48427005** | $**(591730)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment as of December 31, 2025** | **Fair Value as of December 31, 2025** |
| ASI JBE Holdings LLC | Delayed Draw Term Loan | 7/28/2031 | 10055213 | (201104) |
| ASI JBE Holdings LLC | Revolver | 7/28/2031 | 2011043 | (40221) |
| Best Practices Associates, L.L.C. | Revolver | 11/8/2029 | 2589371 | (36251) |
| BP Loenbro Holdings Inc | Revolver | 2/1/2029 | 2568807 |  |
| CC Interholdings LLC | Delayed Draw Term Loan | 12/31/2029 | 5244103 |  |
| MEI Buyer LLC | Delayed Draw Term Loan | 6/29/2029 | 1214849 | (7532) |
| MEI Buyer LLC | Revolver | 6/29/2029 | 2650602 | (23590) |
| Mood Media Borrower, LLC | Revolver | 5/30/2030 | 3919619 | (37236) |
| MRP Buyer, LLC | Delayed Draw Term Loan | 6/4/2032 | 295935 | (2693) |
| **Total Unfunded Balances** |  |  | $**30549542** | $**(348627)** |

---

------

**Note 8. Net Assets**

***Subscriptions***

The Company is a non-exchange traded, perpetual-life BDC, which is a BDC whose shares are not listed for trading on a stock exchange or other securities market. We previously offered our Common Shares, pursuant to the terms set forth in the Company's Confidential Private Placement Memorandum (the "Private Offering") and subscription agreements that we entered into with investors in connection with the Private Offering (each, a "Subscription Agreement"). The Common Shares issued under 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.

On June 24, 2024, the Company received a notice of effectiveness related to the Company's registration statement on Form N-2 (as amended, the "N-2 Registration Statement"). Pursuant to the N-2 Registration Statement and the Multi-Class Order, the Company has the authority to issue up to $2,000,000,000 of its Class S shares, Class D shares, and Class I shares.

Certain third-party investors make their investment in the Company through certain affiliated feeder entities specifically designed to invest in the Company. As of March 31, 2026 and December 31, 2025, 19,604,955 and 18,600,752 Class I shares were owned by these affiliated feeder entities, respectively.

The following table summarizes transactions in Common Shares during the three months ended March 31, 2026 and March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class I** |  |  |  |  |
| Subscriptions | 663140 | $13322599 | 2641341 | $54132996 |
| Share transfers between classes |  | $— |  | $— |
| Distributions reinvested | 1310630 | $26389560 | 910935 | $18553467 |
| Share repurchases | (3262) | $(65373) | (736) | $(14875) |
| **Net increase (decrease)** | 1970508 | $39646786 | 3551540 | $72671588 |
| **Class S** |  |  |  |  |
| Subscriptions | 12461 | $250000 |  | $— |
| Share transfers between classes |  | $— |  | $— |
| Distributions reinvested | 1158 | $23294 |  | $— |
| Share repurchases |  | $— |  | $— |
| **Net increase (decrease)** | 13619 | $273294 |  | $— |
| **Class D** |  |  |  |  |
| Subscriptions |  | $— |  | $— |
| Share transfers between classes |  | $— |  | $— |
| Distributions reinvested | 62 | $1253 |  | $— |
| Share repurchases |  | $— |  | $— |
| **Net increase (decrease)** | 62 | $1253 |  | $— |

---

There were no Class S or Class D shares outstanding during the three months ended March 31, 2025.

***Net Asset Value per Share and Offering Price***

The Administrator determines net asset value for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent net asset value per share available for each share class, which will be the prior calendar day net asset value per share (i.e. the prior month-end net asset value). The following tables summarize each month-end net asset value per share for Class I, Class S, and Class D Common Shares of beneficial interest during the three months ended March 31, 2026 and March 31, 2025:

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Asset Value Per Common Share** | **Net Asset Value Per Common Share** | **Net Asset Value Per Common Share** |
| **For the Months Ended** | **Class I** | **Class S** | **Class D** |
| January 31, 2026 | $20.18 | $20.14 | $20.17 |
| February 28, 2026 | 20.29 | 20.23 | 20.27 |
| March 31, 2026<sup>(1)</sup> | 20.00 | 19.98 | 19.99 |

---

(1) The net asset value per Common Share reflected in the Company's report on Form 8-K may differ due to updates made from estimates to actuals.

---

| | |
|:---|:---|
|  | **Net Asset Value Per Common Share** |
| **For the Months Ended** | **Class I** |
| January 31, 2025 | $20.37 |
| February 28, 2025 | 20.50 |
| March 31, 2025<sup>(1)</sup> | 20.07 |

---

(1) The net asset value per Common Share reflected in the Company's report on Form 8-K may differ due to updates made from estimates to actuals.

There were no Class S or Class D shares outstanding during the three months ended March 31, 2025.

***Repurchases***

The Company has commenced a discretionary share repurchase program in which it may, subject to market conditions and the discretion of the Board, offer to repurchase, in each quarter, up to 5% of the Common Shares outstanding as of the close of the previous calendar quarter; provided, however, that the Company shall, subject to the Board's discretion and approval, repurchase Common Shares from shareholders in an amount at least equal to 10% of the Company's net asset value in respect of the fourth calendar quarter of each of the eighth and tenth calendar years following February 1, 2023. The Board may amend, suspend or terminate the share repurchase program at any time if in its reasonable judgment if it deems such action to be in the Company's best interest and the best interest of the Company's shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company's liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. The Company intends to conduct such repurchase offers in accordance with the requirements of Exchange Act Rule 13e-4 and the 1940 Act and subject to compliance with applicable covenants and any restrictions under the Company's financing arrangements. All shares purchased by the Company pursuant to the terms of each tender offer will be redeemed and thereafter will be authorized and unissued shares.

Under our discretionary share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter.

The following table summarizes the share repurchases completed for the three months ended March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Offer Date** | **Tender Offer Expiration** | **Purchase Price per Share** | **Shares Repurchased (Class I)** | **Aggregate Dollar Amount of Shares Accepted for Repurchase** |
| December 1, 2025<sup>(1)</sup> | December 31, 2025 | $20.04 | 3262 | $65373 |
| March 3, 2026<sup>(2)</sup> | March 31, 2026 | $19.97 | 521197 | 10408310 |
|  |  |  | 524459 | $10473683 |

---

(1) On December 1, 2025, the Company commenced a quarterly Tender Offer, pursuant to which the Company offered to repurchase up to 1,517,295 Common Shares, representing 5.0% of the Company's Common Shares outstanding as of September 30, 2025. On December 31, 2025, the quarterly Tender Offer expired, and 3,262 Common Shares were tendered for repurchase. On January 27, 2026, the Company accepted the 3,262 Common Shares for purchase. The purchase price of the Common Shares tendered is the Company's net asset value per Common Share as of December 31, 2025, or $20.04 per Common Share.

(2) On March 3, 2026, the Company commenced a quarterly Tender Offer, pursuant to which the Company offered to repurchase up to 1,763,106 Common Shares, representing 5.0% of the Company's Common Shares outstanding as of December 31, 2025. On March 31, 2026, the quarterly Tender Offer expired, and 521,197 Common Shares were tendered for repurchase. On April 30, 2026, the Company accepted the 521,197 Common Shares for purchase. The purchase price of the Common Shares tendered is the Company's net asset value per Common Share as of March 31, 2026, or $19.97 per Common Share.

------

The following table summarizes the share repurchases completed for the three months ended March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Offer Date** | **Tender Offer Expiration** | **Purchase Price per Share** | **Shares Repurchased (Class I)** | **Aggregate Dollar Amount of Shares Accepted for Repurchase** |
| November 29, 2024<sup>(1)</sup> | December 31, 2024 | $20.22 | 736 | $14875 |
| March 3, 2025 | March 31, 2025 | $20.07 |  |  |
|  |  |  | 736 | $14875 |

---

(1) On November 29, 2024, the Company commenced a quarterly Tender Offer, pursuant to which the Company offered to repurchase up to 970,594 Common Shares, representing 5.0% of the Company's Common Shares outstanding as of September 30, 2024. On December 31, 2024, the quarterly Tender Offer expired, and 735.65 Common Shares were tendered for repurchase. On January 31, 2025, the Company accepted the 735.65 Common Shares for purchase. The purchase price of the Common Shares tendered is the Company's net asset value per Common Share as of December 31, 2024, or $20.22 per Common Share.

***Distributions***

Distributions will be paid at the discretion of the Board and will depend on the Company's earnings, financial condition, maintenance of the Company's tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and shareholder servicing fees, if any.

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. Distributions will be made to shareholders at such times and in such amounts as determined by the Board. The Company may pay distributions to its Shareholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Company intends to timely distribute to its Shareholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company's taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and pay any applicable tax. The specific tax characteristics of the Company's distributions will be reported to Shareholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.

We have adopted a dividend reinvestment plan ("DRP"), pursuant to which we will reinvest all cash distributions declared by the Board on behalf of our shareholders who opt-in to the plan. Shareholders who do not opt-in to the DRP will receive their distributions in cash. As a result, if the Board authorizes, and we declare, a cash distribution or other distribution, then our shareholders who have opted-in to our DRP will have their cash distributions automatically reinvested in additional shares or a combination of cash and Common Shares, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder's account to three decimal places.

The following tables summarize the distribution declarations and Common Shares issued pursuant to the DRP for the three months ended March 31, 2026 and March 31, 2025, respectively:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Class I** | **Class I** | **Class I** | **Class I** |
| **Date Declared** | **Record<br>Date** | **Payment<br>Date** | **Amount<br>Per Share** | **Distribution<br>Declared** | **DRP<br>Shares<br>Issued** | **Value<br>of DRP<br>Shares<br>Issued** |
| March 25, 2026 | March 25, 2026 | March 27, 2026 | $0.51 | $18709697 | 498170 | $10107861 |
| November 12, 2025 | November 28, 2025 | January 27, 2026 | $0.71 | $23043963 | 812460 | $16281699 |
|  |  |  |  | $41753660 | $1310630 | $26389560 |

---

------

Of the total distributions paid during the three months ended March 31, 2026, $15,364,100 was distributed in cash.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Class I** | **Class I** | **Class I** | **Class I** |
| **Date Declared** | **Record<br>Date** | **Payment<br>Date** | **Amount<br>Per Share** | **Distribution<br>Declared** | **DRP<br>Shares<br>Issued** | **Value<br>of DRP<br>Shares<br>Issued** |
| March 26, 2025 | March 26, 2025 | March 28, 2025 | $0.56 | $14099609 | 479852 | $9836970 |
| November 12, 2024 | November 29, 2024 | January 28, 2025 | $0.69 | $13468268 | 431083 | $8716497 |
|  |  |  |  | $27567877 | 910935 | $18553467 |

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Of the total distributions paid during the three months ended March 31, 2025, $9,014,410 was distributed in cash.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Class S** | **Class S** | **Class S** | **Class S** |
| **Date Declared** | **Record<br>Date** | **Payment<br>Date** | **Amount<br>Per Share** | **Distribution<br>Declared** | **DRP<br>Shares<br>Issued** | **Value<br>of DRP<br>Shares<br>Issued** |
| March 25, 2026 | March 25, 2026 | March 27, 2026 | $0.467 | $27690 | 585 | $11828 |
| November 12, 2025 | November 28, 2025 | January 27, 2026 | $0.67 | $20940 | 573 | $11466 |
|  |  |  |  | $48630 | $1158 | $23294 |

---

Of the total distributions paid during the three months ended March 31, 2026, $25,336 was distributed in cash.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Class D** | **Class D** | **Class D** | **Class D** |
| **Date Declared** | **Record<br>Date** | **Payment<br>Date** | **Amount<br>Per Share** | **Distribution<br>Declared** | **DRP<br>Shares<br>Issued** | **Value<br>of DRP<br>Shares<br>Issued** |
| March 25, 2026 | March 25, 2026 | March 27, 2026 | $0.497 | $1253 | 62 | $1253 |
|  |  |  |  | $1253 | $62 | $1253 |

---

Of the total distributions paid during the three months ended March 31, 2026, $0 was distributed in cash.

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Advisor, which is subject to recoupment.

For the three months ended March 31, 2025, a portion of the Company's distributions resulted from expense support from the Advisor, and future distributions may result from expense support from the Advisor, each of which is subject to repayment by the Company within three years from the date of payment. For the three months ended March 31, 2026, no such expense support was provided by the Advisor. Shareholders should understand that any such distribution is not based solely on the Company's investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Advisor continues to provide expense support. Shareholders should also understand that the Company's future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following table presents the sources of distributions on a GAAP basis that the Company has declared on its Common Shares for the three months ended March 31, 2026 and March 31, 2025, respectively:

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | 0.46 | $17055453 | 0.48 | $12294621 |
| Net realized gains | 0.01 | 248273 | 0.05 | 1331837 |
| Distributions in excess of net investment income | 0.04 | 1405971 | 0.02 | 473151 |
| **Total** | **0.51** | $**18709697** | **0.55** | $**14099609** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | **Class S** | **Class S** | **Class S** | **Class S** |
|  | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | 0.41 | $24395 |  | $— |
| Net realized gains | 0.01 | 355 |  |  |
| Distributions in excess of net investment income | 0.05 | 2940 |  |  |
| **Total** | **0.47** | $**27690** |  | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | **Class D** | **Class D** | **Class D** | **Class D** |
|  | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | 0.44 | $1147 |  | $— |
| Net realized gains | 0.01 | 17 |  |  |
| Distributions in excess of net investment income | 0.03 | 89 |  |  |
| **Total** | **0.48** | $**1253** |  | $**—** |

---

There were no Class S or Class D shares outstanding during the three months ended March 31, 2025.

------

**Note 9. Financial Highlights**

The following are financial highlights for the three months ended March 31, 2026 and March 31, 2025, respectively:

---

| | | |
|:---|:---|:---|
|  | **Class I** | **Class I** |
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Per Share Data:** |  |  |
| Net asset value, beginning of period | $20.04 | $20.22 |
| Results of operations: |  |  |
| Net investment income (loss)<sup>(1)</sup> | 0.46 | 0.52 |
| Net unrealized and realized gain (loss)<sup>(2)</sup> | 0.01 | (0.11) |
| Net increase (decrease) in net assets resulting from operations | 0.47 | 0.41 |
| Distribution declared <sup>(3)</sup> | (0.51) | (0.56) |
| Total increase (decrease) in net assets | (0.04) | (0.15) |
| Net asset value, end of period | $20.00 | $20.07 |
| Total return based on net asset value <sup>(4)</sup> | 2.35% | 2.03% |
| Shares outstanding, end of period | 37183849 | 25657726 |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period | $743574236 | $514827007 |
| Weighted-average net assets | 740988901 | 479867722 |
| Weighted-average shares outstanding | 36771333 | 23645771 |
| Ratio of net expenses to weighted average net assets<sup>(5)</sup> | 7.49% | 9.22% |
| Ratio of net expenses before voluntary waivers to weighted average net assets<sup>(5)</sup> | 7.49% | 9.22% |
| Ratio of net investment income to weighted average net assets<sup>(5)</sup> | 9.28% | 10.30% |
| Portfolio turnover | 6.97% | 9.43% |
| Asset Coverage Ratio <sup>(6)</sup> | 280.56% | 244.17% |

---

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The amount shown for a Common Share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of capital share transactions of Common Shares in relation to fluctuating market values of investments of the Company.

(3)Distributions are based on the number of shares outstanding on the date the distribution was declared.

(4)Total return based on net asset value is calculated as the change in Net Asset Value per share during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Company during the period.

(5)Annualized, with the exception of certain non-recurring expenses.

(6)Asset coverage ratio is equal to (i) the sum of (A) net assets at end of period and (B) debt outstanding at end of period, divided by (ii) total debt outstanding at the end of the period.

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---

| | |
|:---|:---|
|  | **Class S** |
|  | **For the Three Months Ended March 31,** |
|  | **2026** |
| **Per Share Data:** |  |
| Net asset value, beginning of period | $20.02 |
| Results of operations: |  |
| Net investment income (loss)<sup>(1)</sup> | 0.42 |
| Net unrealized and realized gain (loss)<sup>(2)</sup> | 0.01 |
| Net increase (decrease) in net assets resulting from operations | 0.43 |
| Distribution declared <sup>(3)</sup> | (0.47) |
| Total increase (decrease) in net assets | (0.04) |
| Net asset value, end of period | $19.98 |
| Total return based on net asset value <sup>(4)</sup> | 2.15% |
| Shares outstanding, end of period | 59877 |
| **Ratios and supplemental data:** |  |
| Net assets, end of period | $1196518 |
| Weighted-average net assets | 1162263 |
| Weighted-average shares outstanding | 57784 |
| Ratio of net expenses to weighted average net assets<sup>(5)</sup> | 8.35% |
| Ratio of net expenses before voluntary waivers to weighted average net assets<sup>(5)</sup> | 8.35% |
| Ratio of net investment income to weighted average net assets<sup>(5)</sup> | 8.46% |
| Portfolio turnover | 6.97% |
| Asset Coverage Ratio <sup>(6)</sup> | 280.56% |

---

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The amount shown for a Common Share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of capital share transactions of Common Shares in relation to fluctuating market values of investments of the Company.

(3)Distributions are based on the number of shares outstanding on the date the distribution was declared.

(4)Total return based on net asset value is calculated as the change in Net Asset Value per share during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Company during the period.

(5)Annualized, with the exception of certain non-recurring expenses.

(6)Asset coverage ratio is equal to (i) the sum of (A) net assets at end of period and (B) debt outstanding at end of period, divided by (ii) total debt outstanding at the end of the period.

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---

| | |
|:---|:---|
|  | **Class D** |
|  | **For the Three Months Ended March 31,** |
|  | **2026** |
| **Per Share Data:** |  |
| Net asset value, beginning of period | $20.04 |
| Results of operations: |  |
| Net investment income (loss)<sup>(1)</sup> | 0.45 |
| Net unrealized and realized gain (loss)<sup>(2)</sup> | 0.00 |
| Net increase (decrease) in net assets resulting from operations | 0.45 |
| Distribution declared <sup>(3)</sup> | (0.50) |
| Total increase (decrease) in net assets | (0.05) |
| Net asset value, end of period | $19.99 |
| Total return based on net asset value <sup>(4)</sup> | 2.23% |
| Shares outstanding, end of period | 2582 |
| **Ratios and supplemental data:** |  |
| Net assets, end of period | $51621 |
| Weighted-average net assets | 51187 |
| Weighted-average shares outstanding | 2541 |
| Ratio of net expenses to weighted average net assets<sup>(5)</sup> | 7.73% |
| Ratio of net expenses before voluntary waivers to weighted average net assets<sup>(5)</sup> | 7.73% |
| Ratio of net investment income to weighted average net assets<sup>(5)</sup> | 9.05% |
| Portfolio turnover | 6.97% |
| Asset Coverage Ratio <sup>(6)</sup> | 280.56% |

---

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The amount shown for a Common Share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of capital share transactions of Common Shares in relation to fluctuating market values of investments of the Company.

(3)Distributions are based on the number of shares outstanding on the date the distribution was declared.

(4)Total return based on net asset value is calculated as the change in Net Asset Value per share during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Company during the period.

(5)Annualized, with the exception of certain non-recurring expenses.

(6)Asset coverage ratio is equal to (i) the sum of (A) net assets at end of period and (B) debt outstanding at end of period, divided by (ii) total debt outstanding at the end of the period.

There were no Class S or Class D shares outstanding for the three months ended March 31, 2025.

**Senior Securities**

Information about our senior securities as of March 31, 2026 and December 31, 2025, are shown in the following table:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class and period** | **Total Amount Outstanding** | **Asset Coverage Per Unit**<sup>(1)</sup> | **Involuntary Liquidating Preference Per Unit**<sup>(2)</sup> | **Market Value Per Unit**<sup>(3)</sup> |
| March 31, 2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured Credit Facility | $412500000 | 2805.60 |  | N/A |
| December 31, 2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured Credit Facility | $412500000 | 2713.40 |  | N/A |

---

(1)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

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(2)The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The "—" in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.

(3)Not applicable for any of the senior securities as they were not registered for public trading.

**Note 10. Subsequent Events**

The Company's management has evaluated subsequent events through the date of issuance of these consolidated financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the consolidated financial statements other than disclosed below.

*Distributions*

On May 13, 2026, the Board of Trustees declared a distribution of $0.49 per Class I share, $0.447 per Class S share and $0.477 per Class D share for the second quarter of 2026, payable on June 26, 2026 to shareholders of record on May 13, 2026.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

The following discussion and analysis should be read in conjunction with the accompanying consolidated financial statements of Kennedy Lewis Capital Company ("we", "us", "our" and the "Company") and the notes thereto and other financial information included elsewhere in this Quarterly Report on Form 10-Q.

**Forward Looking Statements**

Statements contained in this Quarterly Report on Form 10-Q (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of the Company, its advisor, Kennedy Lewis Capital Holdings LLC (in such capacity, the "Advisor"), a Delaware limited liability company that is registered with the Securities and Exchange Commission ("SEC") as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), Kennedy Lewis Investment Management LLC and/or its affiliates (collectively, "Kennedy Lewis"). Any such forward-looking statements may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "target," "goals," "plan," "forecast," "project," other variations on these words or comparable terminology, or the negative of these words. These forward-looking statements are based on assumptions that may be incorrect, and we cannot assure you that the projections included in these forward-looking statements will come to pass. Our actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including the factors discussed in Item 1A "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2025 and elsewhere in this Quarterly Report on Form 10-Q. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, and future changes in laws or regulations and conditions in our operating areas.

We have based the forward-looking statements included in this Quarterly Report on Form 10-Q on information available to us on the date of this Quarterly Report on Form 10-Q, and we assume no obligation to update any such forward-looking statements, unless we are required to do so by applicable law. However, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC.

**Overview**

The Company is a Delaware statutory trust structured as an externally managed, diversified closed-end management investment company. The Company has elected to be treated as a BDC under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, the Company has elected to be treated, and intends to qualify annually, as a RIC for U.S. federal income tax purposes under the Code.

The Company commenced operations on February 1, 2023 as a privately offered BDC. On June 18, 2024, the SEC issued the Company an exemptive order that permits the Company to offer multiple classes of its Common Shares (the "Multi-Class Order"). On June 24, 2024, the Company received a notice of effectiveness from the SEC related to the Company's registration statement on Form N-2 (the "Form N-2 Registration Statement"). Pursuant to the Form N-2 Registration Statement and the Multi-Class Order, the Company is publicly offering on a continuous basis up to $2,000,000,000 of its Class S shares, Class D shares, and Class I shares pursuant to the terms set forth in the subscription agreements the Company enters into with investors.

The Company is externally managed by the Advisor. The Advisor oversees the management of the Company's activities and is responsible for making investment decisions with respect to the Company's portfolio.

The Company's investment objectives are to maximize the total return to its shareholders in the form of current income and, to a lesser extent, capital appreciation. The Company employs a strategy to provide capital to middle market companies, with a focus on direct originations in private, first lien, senior secured, performing credits.

**Key Components of Our Results of Operations**

*Investments*

We focus primarily on loans and securities, including syndicated loans, of private U.S. companies. Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to private companies, the level of merger and acquisition activity

------

for such companies, the general economic environment, trading prices of loans and other securities and the competitive environment for the types of investments we make.

*Revenues*

We generate revenue in the form of interest income and fees primarily from senior secured loans with some capital appreciation through nominal equity co-investments. In some cases, our debt investments may pay interest in-kind, or PIK interest. Any outstanding principal amount of our debt securities and any accrued but unpaid interest will generally become due at the maturity date. The level of interest income we receive is directly related to the balance of interest-bearing investments multiplied by the weighted average yield of our investments. We expect that the total dollar amount of interest and any dividend income that we earn will increase as the size of our investment portfolio increases.

*Expenses*

Except as specifically provided below, all investment professionals and staff of the Advisor, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Advisor. We will bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (a) investment advisory fees, including management fees and incentive fees, to the Advisor, pursuant to the investment advisory agreement between the Company and the Advisor; (b) our allocable portion of compensation, overhead (including rent and utilities) and other expenses incurred by Kennedy Lewis Management LP as the Company's administrator (in such capacity, the "Administrator") in performing its administrative obligations pursuant to an administration agreement, including but not limited to: (i) Chief Financial Officer and Chief Compliance Officer of the Company and their respective staffs; (ii) actual cost of goods and services used for the Company and obtained by the Administrator from entities not affiliated with the Company; and (c) all other expenses of our operations, administrations and transactions.

From time to time, the Advisor, the Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse the Advisor, the Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Advisor or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

**Financial and Operating Highlights**

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| | | |
|:---|:---|:---|
|  | **At March 31, 2026** | **At December 31, 2025** |
| Investment Portfolio | $1096362224 | $1109977047 |
| Net assets Class I Shares | $743574236 | $705791670 |
| Net assets Class S Shares | $1196518 | $925859 |
| Net assets Class D Shares | $51621 | $50495 |
| Debt | $412500000 | $412500000 |
| Net asset value per share Class I Shares | $20.00 | $20.04 |
| Net asset value per share Class S Shares | $19.98 | $20.02 |
| Net asset value per share Class D Shares | $19.99 | $20.04 |

---

---

| | | |
|:---|:---|:---|
|  | **Portfolio Activity for the Three Months Ended March 31,** | **Portfolio Activity for the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Purchases during the period | $76786847 | $175071087 |
| Sales and principal repayments during the period | $91963863 | $75496229 |
| Net investments during the period | $(15177016) | $99574858 |
| Number of portfolio companies at end of period | 46 | 93 |
| Weighted average contractual interest rate of investment commitments based on par | 9.77% | 10.43% |

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------

**Portfolio and Investment Activity**

As of March 31, 2026 and December 31, 2025, our investments consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Fair Value** | **Percentage <br>of Total <br>Investments <br>at Fair Value** | **Fair Value** | **Percentage <br>of Total <br>Investments <br>at Fair Value** |
| First Lien | $1007372250 | 91.88% | $1012512999 | 91.22% |
| Second Lien | 83326811 | 7.60% | 79235481 | 7.14% |
| Equity | 5663163 | 0.52% | 18228567 | 1.64% |
| **Total** | $1096362224 | 100.00% | $1109977047 | 100.00% |

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As of March 31, 2026 and December 31, 2025, all investments were considered to be income-producing investments.

**RESULTS OF OPERATIONS**

Our operating results for the three months ended March 31, 2026 and March 31, 2025, were as follows:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Total investment income | $30682777 | $23097252 |
| Less: Net expenses | 13601782 | 10802631 |
| Net investment income (loss) | 17080995 | 12294621 |
| Net realized gains (losses) | 248645 | 1331837 |
| Net change in unrealized appreciation (depreciation) | (457982) | (4437183) |
| Net increase (decrease) in net assets resulting from operations | $16871658 | $9189275 |
| Net investment income (loss) per share | $0.46 | $0.48 |
| Net increase (decrease) in net assets resulting from operations per share | $0.45 | $0.36 |

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**Investment Income**

The composition of our investment income for three months ended March 31, 2026 and March 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Interest income | $29462936 | $22571039 |
| Dividend income | 1154556 | 448334 |
| Fee income | 65285 | 77879 |
| Total investment income | $30682777 | $23097252 |

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**Operating Expenses**

The composition of our operating expenses for the three months ended March 31, 2026 and March 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Interest and credit facility fees | $6958506 | $6154280 |
| Management fees | 2268585 | 1504233 |
| Income incentive fee | 2420198 | 1677360 |
| Capital gain incentive fees | (142052) | (387451) |
| Professional fees | 898769 | 1029670 |
| Amortization of continuous offering costs | 86400 | 295737 |
| Administrative services expense | 322650 | 235079 |
| Amortization of deferred financing costs | 200034 | 164196 |
| Directors' fees and expenses | 100000 | 100000 |
| Other expenses | 488692 | 191651 |
| Total expenses | 13601782 | 10964755 |
| Expense waiver |  | (162124) |
| Net expenses | $13601782 | $10802631 |

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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 March 31, 2025 were as follows.

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Net realized gains (losses) | $248645 | $1331837 |
| Net change in unrealized gains (losses) on investments | (457982) | (4437183) |
| Net realized and unrealized gains (losses) | $(209337) | $(3105346) |

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**Liquidity and Capital Resources**

We generate cash from (1) funds from investors in connection with such investors' purchases of Common Shares, (2) cash flows from investments and operations, and (3) borrowings from banks or other lenders. Subject to prevailing market conditions, we intend to grow our portfolio of assets by raising additional capital, including through the prudent use of leverage available to us.

Our primary uses of cash are for (1) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) the cost of operations (including paying the Advisor and the Administrator), (3) debt service of any borrowings and (4) cash distributions to the Company's shareholders.

*Borrowings*

We use borrowed funds, known as "leverage," to make investments and to attempt to increase returns to our shareholders by reducing our overall cost of capital. As a BDC, we are limited in the amount of leverage we can incur under the 1940 Act. We are only allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowing. We

may use leverage for investments, working capital, expenses and general corporate purposes (including to pay dividends or

distributions). As of March 31, 2026, we had $412.50 million par value of outstanding borrowings and our asset coverage ratio of total assets to total borrowings was 280.56%, compliant with the minimum asset coverage level of 150% generally required for a BDC by the 1940 Act.

We expect to maintain adequate liquidity and compliance with regulatory and contractual asset coverage requirements.

Secured Credit Facility - On April 20, 2023, KLCC SPV GS1 LLC ("Subsidiary I"), a Delaware limited liability company and subsidiary of the Company, entered into a credit agreement with Goldman Sachs Bank USA (as amended, restated, supplemented or otherwise modified from time to time, the "Secured Credit Facility"), which, as of March 31, 2026, allowed Subsidiary I to borrow up to $500 million . The Secured Credit Facility will mature on May 1, 2030, unless terminated earlier as provided. Amounts drawn under the Secured Credit Facility will bear interest at Term SOFR plus a margin. Advances used to finance the purchase or origination of loans

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under the Secured Credit Facility initially bear interest at Term SOFR plus a spread of (i) with respect to which the BSL Percentage is 15% or higher on such day, 2.50% per annum and (ii) with respect to which the BSL Percentage is less than 15% on such day, 2.60% per annum. The estimated fair value of the Secured Credit Facility approximated the principal value of $412,500,000 and $412,500,000 on the consolidated statement of assets and liabilities as of March 31, 2026 and December 31, 2025, respectively, and is categorized as Level III under the Accounting Standards Codification ("ASC") 820 fair value hierarchy. See Note 6 to the consolidated financial statements—"Borrowings" for additional information.

Borrowings of Subsidiary I are considered borrowings of the Company for purposes of complying with the asset coverage requirements under the 1940 Act.

The following table summarizes the average debt outstanding and the interest rates on the Secured Credit Facility for the three months ended March 31, 2026 and March 31, 2025, respectively:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Average Debt Outstanding | $424483000 | $330571123 |
| Effective Interest Rate | 6.84% | 7.75% |
| Weighted Average Interest Rate <sup>(1)</sup> | 6.42% | 6.98% |

---

(1)The calculation of weighted average interest rate does not include minimum utilization fees, non-utilization fees, administration fees or the amortization of deferred financing costs.

For the three months ended March 31, 2026 and March 31, 2025, the components of interest expense related to the Secured Credit Facility were as follows:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Borrowing interest expense | $6716654 | $5689386 |
| Minimum utilization fee |  |  |
| Non-utilization fees | 188792 | 423572 |
| Administration fee | 53060 | 41322 |
| Amortization of deferred financing costs | 200034 | 164196 |
| **Total interest and credit facility fees** | $**7158540** | $**6318476** |

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*Equity*

The following table summarizes transactions in Common Shares during the three months ended March 31, 2026 and March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class I** |  |  |  |  |
| Subscriptions | 663140 | $13322599 | 2641341 | $54132996 |
| Share transfers between classes |  | $— |  | $— |
| Distributions reinvested | 1310630 | $26389560 | 910935 | $18553467 |
| Share repurchases | (3262) | $(65373) | (736) | $(14875) |
| **Net increase (decrease)** | 1970508 | $39646786 | 3551540 | $72671588 |
| **Class S** |  |  |  |  |
| Subscriptions | 12461 | $250000 |  | $— |
| Share transfers between classes |  | $— |  | $— |
| Distributions reinvested | 1158 | $23294 |  | $— |
| Share repurchases |  | $— |  | $— |
| **Net increase (decrease)** | 13619 | $273294 |  | $— |
| **Class D** |  |  |  |  |
| Subscriptions |  | $— |  | $— |
| Share transfers between classes |  | $— |  | $— |
| Distributions reinvested | 62 | $1253 |  | $— |
| Share repurchases |  | $— |  | $— |
| **Net increase (decrease)** | 62 | $1253 |  | $— |

---

There were no Class S or Class D shares outstanding during the three months ended March 31, 2025.

*Distributions*

Distributions to shareholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each quarter, and is generally based upon the earnings estimated by the Advisor. The Company intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to shareholders.

We have adopted a dividend reinvestment plan ("DRP"), pursuant to which we will reinvest all cash distributions declared by the Board on behalf of our shareholders who opt-in to the DRP. Shareholders who do not opt-in to the DRP will receive their distributions in cash. As a result, if the Board authorizes, and we declare, a cash distribution or other distribution, then our shareholders who have opted-in to our DRP will have their cash distributions automatically reinvested (net of applicable withholding tax) in additional shares or a combination of cash and Common Shares, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder's account to three decimal places.

The following tables summarize the distributions paid and Common Shares issued pursuant to the DRP for the three months ended March 31, 2026 and March 31, 2025, respectively:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Class I** | **Class I** | **Class I** | **Class I** |
| **Date Declared** | **Record<br>Date** | **Payment<br>Date** | **Amount<br>Per Share** | **Distribution<br>Declared** | **DRP<br>Shares<br>Issued** | **Value<br>of DRP<br>Shares<br>Issued** |
| March 25, 2026 | March 25, 2026 | March 27, 2026 | $0.51 | $18709697 | 498170 | $10107861 |
| November 12, 2025 | November 28, 2025 | January 27, 2026 | $0.71 | $23043963 | 812460 | $16281699 |
|  |  |  |  | $41753660 | $1310630 | $26389560 |

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Of the total distributions paid during the three months ended March 31, 2026, $15,364,100 was distributed in cash.

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Class I** | **Class I** | **Class I** | **Class I** |
| **Date Declared** | **Record<br>Date** | **Payment<br>Date** | **Amount<br>Per Share** | **Distribution<br>Declared** | **DRP<br>Shares<br>Issued** | **Value<br>of DRP<br>Shares<br>Issued** |
| March 26, 2025 | March 26, 2025 | March 28, 2025 | $0.56 | $14099609 | 479852 | $9836970 |
| November 12, 2024 | November 29, 2024 | January 28, 2025 | $0.69 | $13468268 | 431083 | $8716497 |
|  |  |  |  | $27567877 | 910935 | $18553467 |

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Of the total distributions paid during the three months ended March 31, 2025, $9,014,410 was distributed in cash.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Class S** | **Class S** | **Class S** | **Class S** |
| **Date Declared** | **Record<br>Date** | **Payment<br>Date** | **Amount<br>Per Share** | **Distribution<br>Declared** | **DRP<br>Shares<br>Issued** | **Value<br>of DRP<br>Shares<br>Issued** |
| March 25, 2026 | March 25, 2026 | March 27, 2026 | $0.467 | $27690 | 585 | $11828 |
| November 12, 2025 | November 28, 2025 | January 27, 2026 | $0.67 | $20940 | 573 | $11466 |
|  |  |  |  | $48630 | $1158 | $23294 |

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Of the total distributions paid during the three months ended March 31, 2026, $25,336 was distributed in cash.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Class D** | **Class D** | **Class D** | **Class D** |
| **Date Declared** | **Record<br>Date** | **Payment<br>Date** | **Amount<br>Per Share** | **Distribution<br>Declared** | **DRP<br>Shares<br>Issued** | **Value<br>of DRP<br>Shares<br>Issued** |
| March 25, 2026 | March 25, 2026 | March 27, 2026 | $0.497 | $1253 | 62 | $1253 |
|  |  |  |  | $1253 | $62 | $1253 |

---

Of the total distributions paid during the three months ended March 31, 2026, $0 was distributed in cash.

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Advisor, which is subject to recoupment.

For the three months ended March 31, 2025, a portion of the Company's distributions resulted from expense support from the Advisor, and future distributions may result from expense support from the Advisor, each of which is subject to repayment by the Company within three years from the date of payment. For the three months ended March 31, 2026, no such expense support was provided by the Advisor. Shareholders should understand that any such distribution is not based solely on the Company's investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Advisor continues to provide expense support. Shareholders should also understand that the Company's future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following table presents the sources of distributions on a GAAP basis that the Company declared on its Common Shares for the three months ended March 31, 2026 and March 31, 2025, respectively:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | 0.46 | $17055453 | 0.48 | $12294621 |
| Net realized gains | 0.01 | 248273 | 0.05 | 1331837 |
| Distributions in excess of net investment income | 0.04 | 1405971 | 0.02 | 473151 |
| **Total** | **0.51** | $**18709697** | **0.55** | $**14099609** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | **Class S** | **Class S** | **Class S** | **Class S** |
|  | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | 0.41 | $24395 |  | $— |
| Net realized gains | 0.01 | 355 |  |  |
| Distributions in excess of net investment income | 0.05 | 2940 |  |  |
| **Total** | **0.47** | $**27690** |  | $**—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | **Class D** | **Class D** | **Class D** | **Class D** |
|  | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | 0.44 | $1147 |  | $— |
| Net realized gains | 0.01 | 17 |  |  |
| Distributions in excess of net investment income | 0.03 | 89 |  |  |
| **Total** | **0.48** | $**1253** |  | $**—** |

---

There were no Class S or Class D shares outstanding during the three months ended March 31, 2025.

**Taxation as a RIC**

We elected to be treated, and intend to qualify annually, 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 net ordinary taxable income or capital gains that we distribute as dividends for U.S. federal income tax purposes to our shareholders. To qualify 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 timely distribute to our shareholders, for each tax year, an amount equal to at least 90% of our "investment company taxable income," which includes, among other items, dividends, interest and the excess of any net short-term capital gains over net long-term capital losses and other taxable income other than any net capital gain reduced by deductible expenses.

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 (not taking into account any capital gains or losses); 98.2% of our capital gain in excess of its capital losses (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year; and any undistributed amounts from previous years on which we paid no 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.

**Related Party Transactions and Agreements**

*Advisory Agreement*

Subject to the overall supervision of the Board and in accordance with the 1940 Act, the Advisor manages the Company's day-to-day operations and provides investment advisory services to the Company, pursuant to an investment advisory agreement (as amended, the "Advisory Agreement"). Under the terms of the Advisory Agreement, the Advisor (i) determines the composition of the Company's portfolio, the nature and timing of the changes to its portfolio and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments the Company makes; (iii) executes, closes, services and monitors the investments the Company makes; (iv) determines the securities and other assets that the Company purchases, retains or sells; (v) performs due diligence on prospective portfolio companies; and (vi) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds. Under the Advisory Agreement, the Company pays the Advisor fees for investment management services consisting of the Base Management Fee and the Incentive Fee. See Note 3 to the consolidated financial statements—"Related Party Transactions" for additional information.

For the three months ended March 31, 2026 and March 31, 2025, the Company paid Base Management Fees of $2,268,585 and $1,504,233, respectively. For the three months ended March 31, 2026 and March 31, 2025, the Company paid Income-Based Incentive Fees of $2,420,198 and $1,677,360 respectively. For the three months ended March 31, 2026 and March 31, 2025, the Company accrued

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capital gains incentive fees of $(142,052) and $(387,451), respectively, of which none was payable on such date under the Advisory Agreement.

*Administration Agreement*

Kennedy Lewis Management LP serves as our administrator pursuant to an administration agreement (the "Administration Agreement"). Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment and provides the Company with clerical, bookkeeping, recordkeeping and other administrative services at such facilities. The Administrator also performs, or oversees the performance of, the Company's required administrative services, which include being responsible for the financial and other records that the Company is required to maintain and preparing reports to its shareholders and reports and other materials filed with the SEC. In addition, the Administrator assists the Company in determining and publishing its net asset value, oversees the preparation and filing of its tax returns and the printing and dissemination of reports and other materials to its shareholders, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to the Company by others. Under the Administration Agreement, the Administrator also provides managerial assistance on the Company's behalf to those portfolio companies that have accepted the Company's offer to provide such assistance. The Administrator has retained State Street Bank and Trust Company, a Massachusetts trust company, as a sub-administrator to perform any or all of its obligations under the Administration Agreement.

Payments under the Administration Agreement are equal to an amount based upon the Company's allocable portion (subject to the review of the Board) of the Administrator's overhead in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions and the Company's allocable portion of the cost of the Company's Chief Financial Officer and Chief Compliance Officer and his or her staff.

For the three months ended March 31, 2026, and March 31, 2025, the Company incurred $322,650 and $235,079, respectively, in expenses under the Administration Agreement, which are recorded in "Administrative service expenses" in the Company's Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, there was $322,650 and $266,043, respectively, of administrative service expenses payable by the Company which are included in "Due to Advisor and affiliates" in the Consolidated Statements of Assets and Liabilities.

*SEC Exemptive Relief*

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price and quantity are the only negotiated terms. On March 6, 2023, the SEC issued an order (the "Co-Investment Order") granting the Company's application for exemptive relief to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions, with other funds managed by the Advisor or its affiliates. Under the terms of the Co-Investment Order, in order for the Company to participate in a co-investment transaction, a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Company's independent trustees must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching with respect of the Company or its shareholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Company's shareholders and is consistent with the Company's investment objectives and strategies and certain criteria established by the Board.

On June 18, 2024, the SEC issued an order (the "Multi-Class Order") granting the Company'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 Company is permitted to offer multiple classes of its Common Shares with varying sales loads and asset-based distribution and/or service fees.

*Expense Support and Conditional Reimbursement Agreement*

The Company has entered into an Expense Support Agreement with the Advisor, pursuant to which the Advisor has contractually agreed to pay Other Operating Expenses (as defined below) of the Company on the Company's behalf (each such payment, a "Required Expense Payment") such that Other Operating Expenses of the Company do not exceed 1.00% (on an annualized basis) of the Company's applicable quarter-end net asset value. "Other Operating Expenses" include the Company's organizational and offering expenses (including the Company's allocable portion of compensation and overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, excluding Base Management Fees and Incentive Fees owed to the Advisor and any interest expenses owed by the Company. See Note 3 to the consolidated financial statements—"Related Party Transactions" for additional information.

As of March 31, 2026, the total expense support provided by the Advisor since inception was $3,596,796. For the three months ended March 31, 2026, and March 31, 2025, the Advisor provided $0 and $162,124 of expense support, respectively.

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**Contractual Obligations**

Other than payment of fees discussed in the "Related Party Transactions and Agreements" section, we had no payment obligations for repayment of debt and other contractual obligations as of March 31, 2026. For additional information on the fees under the Advisory Agreement and Administration Agreement, see Note 3—"Related Party Transactions."

**Off-Balance Sheet Arrangements**

From time-to-time we are a party to financial instruments with off-balance sheet risk in the normal course of business in order to meet the needs of our investment in portfolio companies. Such instruments include commitments to extend credit and may involve, in varying degrees, elements of credit risk in excess of amounts recognized on our balance sheet. Prior to extending such credit, we attempt to limit our credit risk by conducting extensive due diligence, obtaining collateral where necessary and negotiating appropriate financial covenants. As of March 31, 2026 and December 31, 2025, we had $33,249,060 and $16,810,100 in unfunded delayed draw term loan commitments, respectively and $15,177,945 and $13,739,442 in unfunded revolver commitments, respectively.

**Commitments**

In the ordinary course of business, we may enter into future funding commitments. We maintain sufficient financial resources to satisfy any unfunded commitments, including cash on hand and available borrowings to fund such unfunded commitments. Please refer to Note 7 in the notes to our consolidated financial statements—"Commitments and Contingencies" for further detail of these unfunded commitments.

**Recent Developments**

We have evaluated recent developments through the date of issuance of these consolidated financial statements and determined that there are no recent developments outside the ordinary scope of business that require adjustment to, or disclosure in, the consolidated financial statements.

**Significant Accounting Estimates and Critical Accounting Policies**

The Company's consolidated financial statements have been prepared in accordance with U.S. GAAP. The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB ASC Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein.

While our significant accounting policies are also described in Note 2 of the notes to our consolidated financial statements—"Significant Accounting Policies", we believe the following accounting policies require the most significant judgment in the preparation of our consolidated financial statements.

**Valuation of Portfolio Investments**

In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Advisor as the Company's "Valuation Designee". The Advisor has established a Valuation Committee that is responsible for determining in good faith the fair value of the Company's investments in instances where there is no readily available market quotation. A readily available market quotation is not expected to exist for most of the investments in the Company's portfolio, and the Company values these portfolio investments at fair value as determined in good faith by the Valuation Designee. Investments for which market quotations are readily available may be priced by independent pricing services. The Company has retained external, independent valuation firms to provide data and valuation analyses on the Company's portfolio companies. The Advisor values the Company's investments as described in Note 2 of the notes to our consolidated financial statements—"Significant Accounting Policies."

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 Company's investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment, including the impact of changes in broader market indices and credit spreads, and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

**Investment Related Transactions and Revenue Recognition**

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Investment transactions and the related revenue and expenses are recorded on a trade-date basis. Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments. Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized fees and unamortized discounts are recorded as interest income.

In the general course of its business, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees may include loan prepayment penalties, structuring fees and loan waiver amendment fees, and commitment fees, and are recorded as other income in investment income when earned.

Certain investments may have contractual payment-in-kind ("PIK") interest. PIK represents accrued interest that is added to the principal amount of the investment on the interest payment date rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest income. Because the Company has elected to be treated, and intends to qualify annually, as a RIC for U.S. federal income purposes under Subchapter M of the Code, therefore, this non-cash source of income must be paid out to shareholders in the form of distributions, even though the Company has not yet collected the cash.

Receivable for investments sold and payable for investments purchased represent unsettled investments.

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**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 is 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. As of March 31, 2026, 93.67% of investments at fair value represent floating-rate investments.

The following table estimates the potential changes in net cash flow generated from interest income and expenses, should interest rates increase or decrease by 100, 200 or 300 basis points. Assuming that the interim and unaudited Statement of Assets and Liabilities as of March 31, 2026 were 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.

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| | | | |
|:---|:---|:---|:---|
| **Change in Interest Rates** | **Increase<br>(Decrease) in<br>Investment<br>Income** | **Increase<br>(Decrease) in<br>Investment<br>Expense** | **Increase<br>(Decrease)<br>in Net<br>Investment<br>Income** |
| Up 300 basis points | $31199490 | $12375000 | $18824490 |
| Up 200 basis points | 20799660 | 8250000 | 12549660 |
| Up 100 basis points | 10399830 | 4125000 | 6274830 |
| Down 100 basis points | (10059890) | (4125000) | (5934890) |
| Down 200 basis points | (17327295) | (8250000) | (9077295) |
| Down 300 basis points | (19965321) | (12375000) | (7590321) |

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Because we may borrow money to make investments, our net investment income may be dependent on the difference between the rate at which we borrow funds and the rate at which we invest these funds. In periods of increasing interest rates, our cost of funds would increase, which may reduce our net investment income. 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.

**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 "1934 Act") we evaluated, under the supervision and with the participation of our management, including our President 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 1934 Act) as of March 31, 2026. Based on the foregoing evaluation, our President and our Chief Financial Officer concluded that, as of March 31, 2026, our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level that we would meet our disclosure obligations. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company's periodic reports.

***Changes in internal control over financial reporting***

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) under the 1934 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.

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**PART II—OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2026, management is not aware of any pending or threatened material litigation.

**ITEM 1A. RISK FACTORS**

In addition to the other information set forth in this report, you should carefully consider the factors discussed in the "Risk Factors" section of 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 for the year ended December 31, 2025 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

There have been no material changes during the three months ended March 31, 2026 to the risk factors previously disclosed in the Item 1A "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2025, except as set forth below. If any of such risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the value of our securities could decline, and you may lose all or part of your investment.

***The Board Has the Discretion to Not Repurchase Common Shares, to Suspend the Share Repurchase Program, and to Cease Repurchases.***

Our Board has adopted a share repurchase program, which the Board may amend, suspend or terminate the share repurchase program at any time in its discretion. You may not be able to sell your shares at all in the event our Board amends, suspends or terminates the share repurchase program, absent a "Liquidity Event," which is defined as including (1) an Exchange Listing or (2) a Sale Transaction. We currently do not intend to undertake a Liquidity Event, and we are not obligated by our Declaration of Trust or otherwise to effect a Liquidity Event at any time. We will notify you of such developments in our quarterly reports or other filings. In the event the amount of Common Shares tendered exceeds the repurchase offer amount, Common Shares will be repurchased on a pro rata basis based on the total number of Common Shares tendered. The share repurchase program has many limitations and should not be relied upon as a 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 in the volume of repurchase requests the Company receives.

***An Investment in the Company is Illiquid and There are Restrictions on Withdrawal.***

An investment in the Company is suitable only for certain sophisticated investors that have no need for immediate liquidity in respect of their investment and who can accept the risks associated with investing in illiquid investments.

Our Common Shares are illiquid investments for which there is not and will likely not be a secondary market. Liquidity for our Common Shares will be limited to participation in our share repurchase program, which we have no obligation to maintain, or the occurrence of a Liquidity Event, which is defined as an Exchange Listing or Sale Transaction. When we make quarterly repurchase offers pursuant to the share repurchase program, we will offer to repurchase Common Shares at a price that is estimated to be equal to our NAV per share on the last day of such quarter, which may be lower than the price that you paid for our Common Shares. As a result, to the extent you paid a price that includes the related sales load and to the extent you have the ability to sell your Common Shares pursuant to our share repurchase program, the price at which you may sell Common Shares may be lower than the amount you paid in connection with the purchase of Common Shares in this offering.

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**

Previously disclosed by the Company on its current reports on Form 8-K.

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**ITEM 3. DEFAULTS UPON SENIOR SECURITIES** 

Not applicable.

**ITEM 4. MINE SAFETY DISCLOSURES** 

Not applicable.

**ITEM 5. OTHER INFORMATION**

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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**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:

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| | |
|:---|:---|
| Exhibit<br>Number | Description of Document |
| [<u>31.1\*</u>](ck0001911321-ex31_1.htm) | [<u>Certification of the President pursuant to Rule 13a-14 (a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0001911321-ex31_1.htm) |
| [<u>31.2\*</u>](ck0001911321-ex31_2.htm) | [<u>Certification of the Chief Financial Officer pursuant to Rule 13a-14 (a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0001911321-ex31_2.htm) |
| [<u>32.1\*\*</u>](ck0001911321-ex32_1.htm) | [<u>Certification of the President pursuant to 18 U.S. C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes- Oxley Act of 2002.</u>](ck0001911321-ex32_1.htm) |
| [<u>32.2\*</u>](ck0001911321-ex32_2.htm)\* | [<u>Certification of the Chief Financial Officer pursuant to 18 U.S. C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0001911321-ex32_2.htm) |
| 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 |

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\* 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, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | Kennedy Lewis Capital Company | Kennedy Lewis Capital Company |
| Date: May 13, 2026 | By: | /s/ James Didden |
|  | Name: | James Didden |
|  | Title: | President |
| Date: May 13, 2026 | By: | /s/ Gary Klayn |
|  | Name: | Gary Klayn |
|  | Title: | Chief Financial Officer |

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## Exhibit 31.1

**Exhibit 31.1**

CERTIFICATION OF PRESIDENT

I, James Didden, President of Kennedy Lewis Capital Company, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Kennedy Lewis Capital Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| Date: May 13, 2026 |
| /s/ James Didden |
| James Didden |
| President<br>(Principal Executive Officer) |

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## Exhibit 31.2

**Exhibit 31.2**

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Gary Klayn, Chief Financial Officer of Kennedy Lewis Capital Company, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Kennedy Lewis Capital Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act"), Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| Date: May 13, 2026 |
| /s/ Gary Klayn |
| Gary Klayn |
| Chief Financial Officer |

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## Exhibit 32.1

**Exhibit 32.1**

CERTIFICATION OF PRESIDENT

PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of Kennedy Lewis Capital Company (the "Company") for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, James Didden, President of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| Date: May 13, 2026 |  |
|  | /s/ James Didden |
|  | James Didden |
|  | President<br>(Principal Executive Officer) |

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## Exhibit 32.2

**Exhibit 32.2**

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of Kennedy Lewis Capital Company (the "Company") for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Gary Klayn, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| Date: May 13, 2026 |  |
|  | /s/ Gary Klayn |
|  | Gary Klayn |
|  | Chief Financial Officer |

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