# EDGAR Filing Document

**Accession Number:** 0001842754
**File Stem:** 0001193125-26-080327
**Filing Date:** 2026-2
**Character Count:** 304186
**Document Hash:** 791d48d99da714185adda76ea252a51a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-080327.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-080327

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cliffwater Enhanced Lending Fund
- **CENTRAL INDEX KEY:** 0001842754

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23630
- **FILM NUMBER:** 26694640

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2270

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

## Nport-Ex

**Cliffwater Enhanced Lending Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025 (Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Currency** | **Shares/<br> Principal<br> Amount** | **Cost** | **Fair Value** |
| **Private Investment Vehicles — 71.7%** |  |  |  |  |  |  | | | |
| **Investment Partnerships — 49.1%** |  |  |  |  |  |  | | | |
| AG Asset Based Credit Evergreen Fund, LP |  |  |  |  |  | USD | N/A | $45000000 | $46902991<sup>1,2,3</sup> |
| AG Asset Based Credit Fund L.P. |  |  |  |  |  | USD | N/A | 99000000 | 117573804<sup>1,2,3</sup> |
| AG Essential Housing Fund II Holdings (DE), L.P. |  |  |  |  |  | USD | N/A | 551114 | 3248996<sup>1,2,3</sup> |
| Ares Commercial Finance, LP |  |  |  |  |  | USD | N/A | 53841899 | 64804269<sup>1,2,3</sup> |
| Ares Priority Loan Co-Invest LP |  |  |  |  |  | USD | N/A | 29868321 | 32954567<sup>1,2,3</sup> |
| Ares Pathfinder Fund II (Offshore), LP |  |  |  |  |  | USD | N/A | 8156792 | 8898840<sup>1,2,3</sup> |
| Ares Special Opportunities Fund (Offshore), LP |  |  |  |  |  | USD | N/A | 4632487 | 4237157<sup>1,2,3</sup> |
| Ares Special Opportunities Fund II (Offshore), LP |  |  |  |  |  | USD | N/A | 26523591 | 33183100<sup>1,2,3</sup> |
| Balbec IGCF VI Annex Fund, L.P. |  |  |  |  |  | USD | N/A | 7500000 | 7500000<sup>1,2,3</sup> |
| Banner Ridge DSCO Fund I, LP |  |  |  |  |  | USD | N/A | 9385391 | 19091793<sup>1,2,3</sup> |
| Banner Ridge DSCO Fund II (Offshore), LP |  |  |  |  |  | USD | N/A | 19457711 | 30189087<sup>1,2,3</sup> |
| Banner Ridge Secondary Fund IV (Offshore), LP |  |  |  |  |  | USD | N/A | 976064 | 5679406<sup>1,2,3</sup> |
| Banner Ridge Secondary Fund V (Offshore), LP |  |  |  |  |  | USD | N/A | 92851664 | 158716717<sup>1,2,3</sup> |
| Banner Ridge Secondary Fund VI (Offshore), LP |  |  |  |  |  | USD | N/A |  | 1901097<sup>1,2,3</sup> |
| Barings Capital Solutions Perpetual Fund (CA), LP |  |  |  |  |  | USD | 409884 | 41422764 | 46211150<sup>1,2,3</sup> |
| Benefit Street Partners Real Estate Opportunistic Debt Fund L.P. |  |  |  |  |  | USD | N/A | 22076589 | 26508264<sup>1,2,3</sup> |
| Blue Owl First Lien Fund (Offshore), L.P. |  |  |  |  |  | USD | N/A | 2281940 | 2007624<sup>1,2,3</sup> |
| Blue Owl Real Estate Fund VI, LP |  |  |  |  |  | USD | N/A | 15938844 | 17810033<sup>1,2,3</sup> |
| BPC Opportunities Offshore Feeder Fund V LLC |  |  |  |  |  | USD | N/A | 15428379 | 18558377<sup>1,2,3</sup> |
| BPC Real Estate Debt Fund, LP |  |  |  |  |  | USD | N/A | 64062415 | 75501001<sup>1,2,3</sup> |
| BSOF Parallel Onshore Fund L.P. (Class SRT Enhanced Series 3) |  |  |  |  |  | USD | N/A | 106662882 | 112124622<sup>1,2,3</sup> |
| BSOF Parallel Onshore Fund L.P. (Class SRT Enhanced Series 6) |  |  |  |  |  | USD | N/A | 150000000 | 151550222<sup>1,2,3</sup> |
| BSP Pioneer Investors Feeder, L.P. |  |  |  |  |  | USD | N/A | 46023247 | 52743291<sup>1,2,3</sup> |
| Burford Advantage Feeder Fund A, LP |  |  |  |  |  | USD | N/A | 861360 | 1648555<sup>1,2,3</sup> |
| Callodine Perpetual ABL Fund, LP |  |  |  |  |  | USD | N/A | 97717483 | 87799010<sup>1,2,3</sup> |
| Carlyle Credit Opportunities Fund II (Parallel), SCSp |  |  |  |  |  | USD | N/A | 8035701 | 6444546<sup>1,2,3</sup> |
| Carlyle Credit Opportunities Fund III (Parallel), SCSp |  |  |  |  |  | USD | N/A | 9147504 | 9345128<sup>1,2,3</sup> |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Currency** | **Shares/<br> Principal<br> Amount** | **Cost** | **Fair Value** |
| Comvest Special Opportunities Fund, L.P. |  |  |  |  |  | USD | N/A | $14174597 | $15751276<sup>1,2,3</sup> |
| Contingency Capital EG Fund (US) LP |  |  |  |  |  | USD | N/A | 47322332 | 52384824<sup>1,2,3</sup> |
| Contingency Capital Fund I-A, LP |  |  |  |  |  | USD | N/A | 57058071 | 74631749<sup>1,2,3</sup> |
| Corrum Capital Entertainment Lending II-B, LP |  |  |  |  |  | USD | N/A | 67965425 | 69015255<sup>1,2,3</sup> |
| Crestline PF Sentry Fund (US), LP |  |  |  |  |  | USD | N/A | 28539771 | 26851162<sup>1,2,3</sup> |
| D.E. Shaw Diopter International Fund II, L.P. |  |  |  |  |  | USD | N/A | 13641267 | 13904726<sup>1,2,3</sup> |
| D.E. Shaw Diopter International Fund, L.P. |  |  |  |  |  | USD | N/A | 34168977 | 47080836<sup>1,2,3</sup> |
| Dawson Evergreen 1 LP |  |  |  |  |  | USD | 288208 | 300000000 | 340984112<sup>1,2,3</sup> |
| Dawson Portfolio Finance (Lux) SICAV |  |  |  |  |  | USD | 3000000 | 150000000 | 159966359<sup>1,2,3</sup> |
| EVP II LP |  |  |  |  |  | USD | N/A | 31303840 | 51507435<sup>1,2,3</sup> |
| Felicitas Secondary Fund II Offshore, LP |  |  |  |  |  | USD | N/A | 10470663 | 10958284<sup>1,2,3</sup> |
| Felicitas Secondary Fund III Offshore, LP |  |  |  |  |  | USD | N/A | 30922819 | 35854004<sup>1,2,3</sup> |
| Felicitas Tactical Opportunities Fund, LP |  |  |  |  |  | USD | N/A | 13004730 | 20026602<sup>1,2,3</sup> |
| FTAI Aircraft Leasing Offshore SPV (2025) L.P. |  |  |  |  |  | USD | N/A | 37500000 | 39363373<sup>1,2,3</sup> |
| GCF III Feeder LP |  |  |  |  |  | USD | N/A | 9568518 | 9643684<sup>1,2,3</sup> |
| Harvest Partners Structured Capital Fund III, L.P. |  |  |  |  |  | USD | N/A | 15280637 | 18052462<sup>1,2,3</sup> |
| Hayfin Healthcare Opportunities Fund (US Parallel), LP |  |  |  |  |  | USD | N/A | 52025040 | 66273608<sup>1,2,3</sup> |
| Hercules Evergreen Fund LP |  |  |  |  |  | USD | N/A | 13065500 | 7924787<sup>1,2,3</sup> |
| Hercules Private Global Venture Growth Fund I, L.P. |  |  |  |  |  | USD | N/A | 182992177 | 197064190<sup>1,2,3</sup> |
| HPS Asset Value Platform, L.P. |  |  |  |  |  | USD | N/A | 42838639 | 44040494<sup>1,2,3</sup> |
| HPS Offshore Mezzanine Partners 2019, LP |  |  |  |  |  | USD | N/A | 20645980 | 25604222<sup>1,2,3</sup> |
| HPS Offshore Strategic Investment Partners V, LP |  |  |  |  |  | USD | N/A | 37039541 | 43932397<sup>1,2,3</sup> |
| HPS Specialty Loan Fund V-L, L.P. |  |  |  |  |  | USD | N/A | 12234036 | 11424786<sup>1,2,3</sup> |
| ICG LP Secondaries Fund I (Feeder) SCSp |  |  |  |  |  | USD | N/A | 13835222 | 20757352<sup>1,2,3</sup> |
| Indago Asset-Based Opportunities I LP |  |  |  |  |  | USD | N/A | 9509248 | 9923889<sup>1,2,3</sup> |
| InSolve Global Credit Feeder Fund VI, L.P. |  |  |  |  |  | USD | N/A | 51478683 | 60945422<sup>1,2,3</sup> |
| Jaffa Capital Fund, LP |  |  |  |  |  | USD | N/A | 10000000 | 10391157<sup>1,2,3</sup> |
| King Street Opportunistic Credit Evergreen Fund, L.P. |  |  |  |  |  | USD | N/A | 100000000 | 112507165<sup>1,2,3</sup> |
| LuminArx Opportunistic Alternative Solutions Offshore Fund LP |  |  |  |  |  | USD | N/A | 22715610 | 24549658<sup>1,2,3</sup> |
| Madison Realty Capital Debit Fund, IV LP |  |  |  |  |  | USD | N/A | 14173657 | 15063038<sup>1,2,3</sup> |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Currency** | **Shares/<br> Principal<br> Amount** | **Cost** | **Fair Value** |
| NB Credit Opportunities II Cayman Feeder, LP |  |  |  |  |  | USD | N/A | $18885348 | $24759322<sup>1,2,3</sup> |
| North Wall Asset Backed Opportunities Feeder Fund I LP |  |  |  |  |  | EUR | N/A | 78177078 | 98818897<sup>1,2,3,4</sup> |
| NWEOF Feeder Fund II LP |  |  |  |  |  | EUR | N/A | 27870400 | 40059860<sup>1,2,3,4</sup> |
| NWEOF Feeder Fund III SCSp |  |  |  |  |  | EUR | N/A | 2625904 | 3003505<sup>1,2,3,4</sup> |
| OrbiMed RCO IV Offshore Feeder, LP |  |  |  |  |  | USD | N/A | 23691624 | 22624793<sup>1,2,3</sup> |
| Pathlight Capital Evergreen Fund, LP |  |  |  |  |  | USD | N/A | 46478004 | 44549140<sup>1,2,3</sup> |
| Pathlight Capital Fund II, LP |  |  |  |  |  | USD | N/A | 13809507 | 13660091<sup>1,2,3</sup> |
| Peachtree Credit Fund IV Q, L.P. |  |  |  |  |  | USD | 5000000 | 49676393 | 52782622<sup>1,2,3</sup> |
| Pennybacker Real Estate Credit II Pacific, LLC |  |  |  |  |  | USD | N/A | 2467491 | 3777740<sup>1,2,3</sup> |
| Pennybacker Real Estate Credit II, LP |  |  |  |  |  | USD | N/A | 18777394 | 16577032<sup>1,2,3</sup> |
| Peppertree Capital Fund VI QP, LP |  |  |  |  |  | USD | N/A | 27673728 | 32736447<sup>1,2,3</sup> |
| Peppertree Capital Fund VII QP, LP |  |  |  |  |  | USD | N/A | 16912387 | 20008303<sup>1,2,3</sup> |
| Pine Valley Capital Partners Evergreen Fund, L.P. (July 2025 Vintage) |  |  |  |  |  | USD | N/A | 25555260 | 26233701<sup>1,2,3</sup> |
| Pine Valley Capital Partners Evergreen Fund, LP |  |  |  |  |  | USD | N/A | 27498022 | 28703411<sup>1,2,3</sup> |
| PSC Credit IV (A) SCSp |  |  |  |  |  | USD | N/A | 32525394 | 31849593<sup>1,2,3</sup> |
| Raven Asset-Based Credit Fund II LP |  |  |  |  |  | USD | N/A | 18487126 | 19039204<sup>1,2,3</sup> |
| SC Lowy Strategic Investments IV (ASIA), LP |  |  |  |  |  | USD | N/A | 22340761 | 22432795<sup>1,2,3</sup> |
| Shamrock Capital Debt Opportunities Fund I, LP |  |  |  |  |  | USD | N/A | 7317194 | 7450148<sup>1,2,3</sup> |
| Sixth Street Growth Partners II (B), L.P. |  |  |  |  |  | USD | N/A | 3982010 | 4960043<sup>1,2,3</sup> |
| Sky Fund V Offshore, LP |  |  |  |  |  | USD | N/A |  | 8530466<sup>1,2,3</sup> |
| Sky Fund VI Offshore, LP |  |  |  |  |  | USD | N/A | 21980109 | 25969611<sup>1,2,3</sup> |
| Sound Point Strategic Capital Fund III, LP |  |  |  |  |  | USD | N/A | 20814896 | 20763951<sup>1,2,3</sup> |
| Specialty Loan Institutional Fund 2016-L, L.P. |  |  |  |  |  | USD | N/A | 2413965 | 4130139<sup>1,2,3</sup> |
| Summit Partners Credit Offshore Fund II, L.P. |  |  |  |  |  | USD | N/A | 7124963 | 2932095<sup>1,2,3</sup> |
| Symbiotic Capital Life Science Credit Fund, L.P. |  |  |  |  |  | USD | N/A | 12077688 | 12543038<sup>1,2,3</sup> |
| Thompson Rivers LLC |  |  |  |  |  | USD | N/A | 1147239 | 279796<sup>1,2,3</sup> |
| Thorofare Asset Based Lending Fund V, L.P. |  |  |  |  |  | USD | N/A | 30401096 | 31022459<sup>1,2,3</sup> |
| Tinicum L.P. |  |  |  |  |  | USD | N/A | 8258123 | 11120409<sup>1,2,3</sup> |
| Tinicum Tax Exempt, L.P. |  |  |  |  |  | USD | N/A | 5644461 | 7507663<sup>1,2,3</sup> |
| Vista Capital Solutions Fund-A, L.P. |  |  |  |  |  | USD | N/A | 9676768 | 11953648<sup>1,2,3</sup> |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Currency** | **Shares/<br> Principal<br> Amount** | **Cost** | **Fair Value** |
| Vista Credit Partners Fund IV-B, L.P. |  |  |  |  |  | USD | N/A | $7921499 | $8039967<sup>1,2,3</sup> |
| VPC Credit Origination Fund, L.P. |  |  |  |  |  | USD | N/A | 1000000 | 887225<sup>1,2,3</sup> |
| VPC Legal Finance Fund, L.P. |  |  |  |  |  | USD | N/A | 113780037 | 139705921<sup>1,2,3</sup> |
| Waccamaw River LLC |  |  |  |  |  | USD | N/A | 8533767 | 2231334<sup>1,2,3</sup> |
| WhiteHawk Evergreen Fund, LP |  |  |  |  |  | USD | N/A | 100000000 | 105049693<sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **3236404758** | **3686206017** |
| **Non-Listed Business Development Companies — 2.2%** |  |  |  |  |  |  |  |  |  |
| Franklin BSP Capital Corp |  |  |  |  |  | USD | 110635 | 1684852 | 1515629<sup>1,2,3</sup> |
| Redwood Enhanced Income Corp. |  |  |  |  |  | USD | 1988166 | 28275000 | 21522645<sup>1,2,3</sup> |
| Silver Point Specialty Lending Fund |  |  |  |  |  | USD | 8917617 | 127018961 | 127088116<sup>1,2,3</sup> |
| Stellus Private Credit BDC Feeder LP |  |  |  |  |  | USD | N/A | 16220347 | 16483982<sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **173199160** | **166610372** |
| **Private Collateralized Fund Obligations — 1.2%** |  |  |  |  |  |  |  |  |  |
| Alp CFO 2024, L.P. Class C |  | 12.88% |  |  | 10/15/2036 | USD | 18000000 | 18000000 | 18772920<sup>1,5,6,7</sup> |
| Archer 2023 Finance, LLC, Class B |  | 15.90% , 4.00% PIK | SOFR | 800 | 12/28/2035 | USD | 33483732 | 32169968 | 32528492<sup>1,7,8,9,11</sup> |
| Archer 2023 Finance, LLC, Class B |  | 15.76% , 4.00% PIK | SOFR | 800 | 12/28/2035 | USD | 3270136 | 3242822 | 3277003<sup>1,7,8,9</sup> |
| Dawson Logan 2025-L5 - Class B |  | 9.05% | SOFR | 550 | 11/15/2040 | USD | 20000000 | 3500000 | 3500000<sup>1,7,8,11</sup> |
| Dawson Logan 2025-L5 - Class C |  | 12.30% | SOFR | 875 | 11/15/2040 | USD | 40000000 | 7000000 | 7000000<sup>1,7,8,11</sup> |
| Dawson Rated Fund 6-R2 Class C |  | 13.54% | SOFR | 915 | 12/15/2034 | USD | 20741921 | 11569766 | 11553172<sup>1,7,8,11</sup> |
| Dawson Rated Fund 6-R2 Class C |  | 12.73% | SOFR | 915 | 12/15/2034 | USD | 21708 | 21708 | 21691<sup>1,7,8</sup> |
| Dawson Rated Fund 6-R3 Class C |  | 12.83% | US Treasury | 900 | 5/15/2035 | USD | 20501599 | 10964430 | 10786067<sup>1,7,8,11</sup> |
|  |  |  |  |  |  |  |  | **86468694** | **87439345** |
| **Private Collateralized Loan Obligations — 1.8%** |  |  |  |  |  |  |  |  |  |
| Carlyle Credit Opportunities Fund III Private Securitization Vehicle Borrower, L.P. |  | 13.19% | SOFR | 925 | 9/15/2038 | USD | 11020492 | 8050294 | 8443726<sup>1,7,8,11</sup> |
| Carlyle Credit Opportunities Fund III Private Securitization Vehicle Borrower, L.P. |  | 13.02% | SOFR | 925 | 9/15/2038 | USD | 295068 | 295068 | 305602<sup>1,7,8</sup> |
| Carlyle Credit Opportunities Fund III Private Securitization Vehicle Borrower, L.P. |  | 13.19% | SOFR | 925 | 9/15/2038 | USD | 361087 | 361087 | 373978<sup>1,7,8</sup> |
| Experity Ventures SPV IV, LLC, Class C |  | 17.50% |  |  | 2/20/2030 | USD | 4558140 | 4486880 | 4558140<sup>1,7</sup> |
| Guggenheim MM-C CLO |  |  |  |  | 7/25/2035 | USD | N/A | 90202500 | 102896583<sup>1,2,3,6</sup> |
| Prime Finance CMBS Opportunities Fund 4, L.P. |  |  |  |  |  | USD | N/A | 15226492 | 18574089<sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **118622321** | **135152118** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Currency** | **Shares/<br> Principal<br> Amount** | **Cost** | **Fair Value** |
| **Private Equity — 0.1%** |  |  |  |  |  |  |  |  |  |
| Blue Owl Capital Technology Holdings II LLC, Class A1 |  |  |  |  |  | USD | 0.43 | $233216 | $884394<sup>1,7</sup> |
| Blue Owl Capital Technology Holdings II LLC, Class A2 |  |  |  |  |  | USD | 0.80 | 58607 | 230946<sup>1,7</sup> |
| Dawson Partners Evergreen (Aggregator) 1 LP |  |  |  |  |  | USD | N/A | 20173 | 584732<sup>1,7</sup> |
| Silver Point Specialty Credit Fund Management, LLC |  |  |  |  |  | USD | N/A |  | 2718891<sup>1,7</sup> |
| Stellus Private BDC Advisor, LLC |  |  |  |  |  | USD | N/A |  | 915684<sup>1,7</sup> |
|  |  |  |  |  |  |  |  | **311996** | **5334647** |
| **Special Purpose Vehicle for Asset Based Finance — 0.5%** |  |  |  |  |  |  |  |  |  |
| BSOF Parallel Onshore Fund L.P. (Class Absolute III Series 3 Interests) |  |  |  |  |  | USD | N/A | 5242498 | 3798048<sup>1,2,3</sup> |
| BSOF Parallel Onshore Fund L.P. (Class Chestnut II Series 2) |  |  |  |  |  | USD | N/A | 20108879 | 20652268<sup>1,2,3</sup> |
| BSOF Parallel Onshore Fund L.P. (Class Colonnade 2024 Series 3) |  |  |  |  |  | USD | N/A | 10250000 | 10519721<sup>1,2,3</sup> |
| Magenta Asset Co-Invest L.P. |  |  |  |  |  | USD | N/A | 2034675 | 2114791<sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **37636052** | **37084828** |
| **Special Purpose Vehicle for Asset Pools — 1.2%** |  |  |  |  |  |  |  |  |  |
| ACM Uprise Direct 2024 LLC (Participation in Membership Int) |  |  |  |  |  | USD | N/A | 31400953 | 33971175<sup>1,7</sup> |
| Indago Co-Invest I LP |  |  |  |  |  | USD | N/A | 24000000 | 25508518<sup>1,2,3</sup> |
| OWS Affirm Partnership Fund, LTD. |  |  |  |  |  | USD | 30000 | 30000000 | 31189710<sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **85400953** | **90669403** |
| **Special Purpose Vehicle for Common and Preferred Equity — 2.3%** |  |  |  |  |  |  |  |  |  |
| Ares Insurance Partners, LP |  |  |  |  |  | USD | N/A | 14380283 | 18005879<sup>1,2,3</sup> |
| Boost Co-Invest LP |  |  |  |  |  | USD | N/A | 6760019 | 9461049<sup>1,2,3</sup> |
| Felicitas Diner Offshore, LP |  |  |  |  |  | USD | N/A | 2959895 | 2707372<sup>1,2,3</sup> |
| HPS KP Mezz 2019 Co-Invest, LP |  |  |  |  |  | USD | N/A | 38073300 | 54156216<sup>1,2,3</sup> |
| HPS KP SIP V Co-Investment Fund, LP |  |  |  |  |  | USD | N/A | 13065632 | 20514755<sup>1,2,3</sup> |
| Miller Holdings LP (Common Equity Portion) (Dawson) |  |  |  |  |  | USD | N/A | 5000000 | 6297764<sup>1,2,3</sup> |
| Miller Holdings LP (Preferred Equity Portion) (Dawson) |  |  |  |  |  | USD | N/A | 28541362 | 34806291<sup>1,2,3</sup> |
| Sprinkler 2024 Co-Investment I (Feeder) SCSp |  |  |  |  |  | EUR | N/A | 16233891 | 25499429<sup>1,2,3,4</sup> |
|  |  |  |  |  |  |  |  | **125014382** | **171448755** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Currency** | **Shares/<br> Principal<br> Amount** | **Cost** | **Fair Value** |
| **Special Purpose Vehicle for Common Equity — 1.0%** |  |  |  |  |  |  |  |  |  |
| HPC Breeze Co-Invest (Onshore), L.P. |  |  |  |  |  | USD | N/A | $19515049 | $19515049<sup>1,2,3</sup> |
| KWOL Co-Invest, LP |  |  |  |  |  | USD | N/A | 2500000 | 4020556<sup>1,2,3</sup> |
| Magenta Co-Invest L.P. |  |  |  |  |  | USD | N/A | 5501383 | 6389106<sup>1,2,3</sup> |
| Marilyn Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 33863577 | 47670471<sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **61380009** | **77595182** |
| **Special Purpose Vehicle for Preferred Equity — 1.4%** |  |  |  |  |  |  |  |  |  |
| CCOF Alera Aggregator, L.P. |  |  |  |  |  | USD | N/A | 4875846 | 7259987<sup>1,2,3</sup> |
| CCOF Sierra II, L.P. |  |  |  |  |  | USD | N/A | 2966146 | 4548377<sup>1,2,3</sup> |
| Chilly HP SCF Investor, LP |  |  |  |  |  | USD | N/A | 3017701 | 3875879<sup>1,2,3</sup> |
| CL Oliver Co-Invest I, L.P. |  |  |  |  |  | USD | N/A |  | 52965<sup>1,2,3</sup> |
| HPS Mint Co-Invest Fund, L.P. |  |  |  |  |  | USD | N/A | 5746728 | 9368810<sup>1,2,3</sup> |
| KINO Co-Invest Holdings, L.P |  |  |  |  |  | USD | 1500 | 14550000 | 18091717<sup>1,7</sup> |
| LH Equity Investors, L.P. |  |  |  |  |  | USD | N/A | 19250000 | 27392834<sup>1,2,3</sup> |
| LuminArx Valence Co-Invest Offshore Fund LP |  |  |  |  |  | USD | N/A | 9936909 | 11231102<sup>1,2,3</sup> |
| Minerva Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 11417401 | 17212315<sup>1,2,3</sup> |
| NB Capital Solutions Co-Invest (Wolverine) LP |  |  |  |  |  | USD | N/A | 837 | 27731<sup>1,2,3</sup> |
| VCSF Co-Invest 1-A, L.P. |  |  |  |  |  | USD | N/A | 5072145 | 7677656<sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **76833713** | **106739373** |
| **Special Purpose Vehicle for Real Estate Loans — 4.7%** |  |  |  |  |  |  |  |  |  |
| ACRE Credit Portfolio II, LP |  |  |  |  |  | USD | N/A | 94309520 | 94378030<sup>1,2,3</sup> |
| BP Holdings Cardinal LLC |  |  |  |  |  | USD | N/A | 6815075 | 6713335<sup>1,7,13</sup> |
| BP Holdings Emberglow, LLC |  |  |  |  |  | USD | N/A | 1601954 | 1653895<sup>1,7,13</sup> |
| BP Holdings Maize LLC |  |  |  |  |  | USD | N/A | 31554857 | 33505839<sup>1,7,13</sup> |
| BP Holdings RHO LLC |  |  |  |  |  | USD | N/A | 12268074 | 13953924<sup>1,7,13</sup> |
| BP Holdings Tau, LLC |  |  |  |  |  | USD | N/A | 7863941 | 8685979<sup>1,7,13</sup> |
| BP Holdings Zeta LP - Class A |  |  |  |  |  | USD | N/A | 7987120 | 8577708<sup>1,2,3</sup> |
| BP Holdings Zeta LP - Class B |  |  |  |  |  | USD | N/A | 1410673 | 1641930<sup>1,2,3</sup> |
| BP-HS Lot Option Joint Venture VI, LLC |  |  |  |  |  | USD | N/A | 3965855 | 4109677<sup>1,7,13</sup> |
| Northwind Healthcare Debt Fund II Feeder B LP |  |  |  |  |  | USD | N/A | 22500000 | 20837663<sup>1,2,3</sup> |
| PG Lending Fund I, LP |  |  |  |  |  | USD | N/A | 127695387 | 131719734<sup>1,2,3</sup> |
| Realterm Logistics Credit Fund Co-Investment, LLC |  |  |  |  |  | USD | N/A | 13904087 | 14060757<sup>1,2,3</sup> |
| SB DOF Speedway, LLC |  |  |  |  |  | USD | N/A | 8010963 | 10334999<sup>1,7</sup> |
|  |  |  |  |  |  |  |  | **339887506** | **350173470** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Currency** | **Shares/<br> Principal<br> Amount** | **Cost** | **Fair Value** |
| **Special Purpose Vehicle for Senior Secured Loans — 5.7%** |  |  |  |  |  |  |  |  |  |
| 17Capital Co-Invest (B) SCSp |  |  |  |  |  | EUR | N/A | $5144050 | $5245748<sup>1,2,3,4</sup> |
| Blackstone Tactical Opportunities Fund (Matrix Co-Invest) LP |  |  |  |  |  | USD | N/A | 1779880 | 2204123<sup>1,2,3</sup> |
| Crestline Nevermore Holdco, L.P. |  |  |  |  |  | USD | N/A | 5126088 | 4513473<sup>1,2,3</sup> |
| CW Credit Opportunity 2 LP |  |  |  |  |  | USD | N/A | 26110684 | 28887909<sup>1,2,3</sup> |
| EVP Credit SPV I LP |  |  |  |  |  | USD | N/A | 17022619 | 17896626<sup>1,2,3</sup> |
| Gramercy PG Feeder LP (Common Interests) |  |  |  |  |  | USD | N/A | 10477594 | 17666097<sup>1,2,3</sup> |
| Gramercy PG Feeder LP (Preferred Interests) |  |  |  |  |  | USD | N/A | 5450422 | 6755615<sup>1,2,3</sup> |
| Gramercy PG Holdings II, LP |  |  |  |  |  | USD | N/A | 24570000 | 29239872<sup>1,2,3</sup> |
| Gramercy PG Holdings LP |  |  |  |  |  | USD | N/A | 1924701 | 2054270<sup>1,2,3</sup> |
| Highlighter Coinvest, Lp |  |  |  |  |  | USD | N/A | 9897587 | 9632491<sup>1,2,3</sup> |
| LAC SPV I LLC |  |  |  |  |  | USD | N/A | 29600000 | 30417447<sup>1,2,3</sup> |
| Pine Valley Capital Co-Invest I, LP |  |  |  |  |  | USD | N/A | 44063315 | 44609828<sup>1,2,3</sup> |
| SC Life Science Credit Parallel Fund A, L.P. |  |  |  |  |  | USD | N/A | 139651570 | 144325581<sup>1,2,3</sup> |
| SC Opportunities Holding, L.P. |  |  |  |  |  | USD | N/A | 39675000 | 40232414<sup>1,2,3</sup> |
| Silver Point Select Overflow Fund, L.P. |  |  |  |  |  | USD | N/A | 38021127 | 37697000<sup>1,2,3</sup> |
| Symbiotic Capital EB Fund, L.P. |  |  |  |  |  | USD | N/A | 3977217 | 4557227<sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **402491854** | **425935721** |
| **Special Purpose Vehicle for Subordinated Debt — 0.5%** |  |  |  |  |  |  |  |  |  |
| CCOF III Nexus Co-Invest Aggregator, L.P. |  |  |  |  |  | USD | N/A | 3615905 | 5410632<sup>1,2,3</sup> |
| Cheval Blanc Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 14649107 | 16714885<sup>1,2,3</sup> |
| Eiger Funding (PCC) Limited - Cell 18 - Yosemite |  |  |  |  |  | EUR | N/A | 14223581 | 14268625<sup>1,2,3,4</sup> |
| Milano Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 4000178 | 4025121<sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **36488771** | **40419263** |
| **Total Private Investment Vehicles** |  |  |  |  |  |  |  | **4780140169** | **5380808494** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Currency** | **Shares/<br> Principal<br> Amount** | **Cost** | **Fair Value** |
| **Senior Secured Loans — 19.2%** |  |  |  |  |  |  |  |  |  |
| **Business Services — 0.3%** |  |  |  |  |  |  |  |  |  |
| AR5 LLC | Revolver | 0.40% |  |  | 10/15/2028 | USD | 18668172 | $(86879) | $(43399)<sup>1,7,10</sup> |
| AR5 LLC | Revolver | 12.66% | SOFR | 900 | 10/15/2028 | USD | 12374735 | 12317628 | 12345967<sup>1,7,8</sup> |
| iCIMS, Inc. | First Lien Term Loan | 10.11% | SOFR | 625 | 8/18/2028 | USD | 7000000 | 6934651 | 6974869<sup>1,7,8</sup> |
| P20 Parent, Inc. | First Lien Term Loan | 11.17% | SOFR | 750 | 7/12/2028 | USD | 4850000 | 4800195 | 4777359<sup>1,7,8</sup> |
|  |  |  |  |  |  |  |  | **23965595** | **24054796** |
| **Communications — 0.4%** |  |  |  |  |  |  |  |  |  |
| AMP Music Holdings LLC | First Lien Term Loan | 11.00% |  |  | 6/30/2027 | USD | 28376005 | **27952071** | **27950365** **<sup>1,7</sup>** |
| **Consumer Discretionary — 3.6%** |  |  |  |  |  |  |  |  |  |
| 1959 Holdings, LLC | First Lien Term Loan | 10.20% | SOFR | 650 | 7/5/2030 | USD | 20500000 | 20310058 | 20275346<sup>1,7,8,13</sup> |
| Allen Media, LLC | Revolver | 11.58% | SOFR | 785 | 9/23/2027 | USD | 20000000 | 15056322 | 15146936<sup>1,7,8,11,13</sup> |
| Cipriani USA, Inc | Delayed Draw | 13.00% , 8.00% PIK |  |  | 9/30/2029 | USD | 15605227 | 12187780 | 12447332<sup>1,7,9,11,13</sup> |
| Corbin Law Firm | Delayed Draw | 12.07% |  |  | 8/28/2027 | USD | 1496679 | 758003 | 758003<sup>1,7,11,13</sup> |
| Corbin Law Firm | First Lien Term Loan | 17.07% |  |  | 8/28/2027 | USD | 8777869 | 8777869 | 8777869<sup>1,7,13,15</sup> |
| Corbin Law Firm | First Lien Term Loan | 12.07% |  |  | 8/28/2027 | USD | 2782737 | 2782737 | 2782737<sup>1,7,13</sup> |
| FS WhiteWater Borrower, LLC | Delayed Draw | 0.75% |  |  | 12/21/2029 | USD | 5000000 | (100000) | (100000)<sup>1,7,10</sup> |
| GDYC Assets LLC | First Lien Term Loan | 12.35% | SOFR | 875 | 11/9/2030 | USD | 10000000 | 9885041 | 9887660<sup>1,7,8</sup> |
| Harbor Purchaser, Inc. | Second Lien Term Loan | 12.42% | SOFR | 850 | 4/7/2030 | USD | 3000000 | 2962432 | 2108580<sup>1,8,13</sup> |
| Houghton Mifflin Harcourt Publishing Company | Second Lien Term Loan | 12.02% | SOFR | 810 | 4/7/2028 | USD | 4887500 | 4780912 | 4882159<sup>1,7,8</sup> |
| Jonas Catalog Holdings I LLC | Delayed Draw | 11.00% |  |  | 9/19/2029 | USD | 30268643 | 13339204 | 13339204<sup>1,7,11</sup> |
| Keller Postman, LLC | First Lien Term Loan | 15.71% PIK | SOFR | 1200 | 9/15/2028 | USD | 15806956 | 15685744 | 15806956<sup>1,7,8,9</sup> |
| Lawn & Garden LLC | Revolver | 11.45% | SOFR | 750 | 10/21/2029 | USD | 2495455 | 2146167 | 2145545<sup>1,7,8,11</sup> |
| Lawn & Garden LLC | Revolver | 11.17% | SOFR | 750 | 10/21/2029 | USD | 231818 | 227256 | 227182<sup>1,7,8</sup> |
| Lawn & Garden LLC | First Lien Term Loan | 11.45% | SOFR | 750 | 10/21/2029 | USD | 12272727 | 12030232 | 12027273<sup>1,7,8</sup> |
| Mashantucket (Western) Pequot Tribe | First Lien Term Loan | 11.98% | SOFR | 806 | 6/30/2028 | USD | 20000000 | 19554986 | 19468000<sup>1,7,8</sup> |
| MMXXV SP SPV, LLC | First Lien Term Loan | 11.02% | SOFR | 710 | 11/11/2026 | USD | 12292184 | 12099449 | 12215357<sup>1,7,8,13</sup> |
| NKD Group GmbH | First Lien Term Loan | 9.52% | EURIBOR | 800 | 3/23/2026 | EUR | 1288462 | 1342398 | 1512579<sup>1,4,7,8</sup> |
| Northern Tool & Equipment Company Inc | First Lien Term Loan | 10.94% | SOFR | 700 | 1/26/2029 | USD | 10625000 | 10474772 | 10465625<sup>1,7,8</sup> |
| Penney Holdings, LLC | First Lien Term Loan | 12.00% | SOFR | 813 | 9/19/2030 | USD | 30000000 | 29712367 | 29659005<sup>1,7,8</sup> |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Currency** | **Shares/<br> Principal<br> Amount** | **Cost** | **Fair Value** |
| PF Carrus Careers, LLC | Revolver | 8.42% | SOFR | 475 | 11/13/2031 | USD | 2790698 | $897144 | $896576<sup>1,7,8,11</sup> |
| PF Carrus Careers, LLC | First Lien Term Loan | 8.42% | SOFR | 475 | 11/13/2031 | USD | 12209302 | 12089250 | 12087209<sup>1,7,8</sup> |
| PF Carrus Careers, LLC | First Lien Term Loan | 12.60% | SOFR | 893 | 11/13/2031 | USD | 20000000 | 19507222 | 19500000<sup>1,7,8</sup> |
| Spinrite Inc. | Revolver | 0.50% |  |  | 12/5/2030 | USD | 1875000 | (36955) | (37500)<sup>1,7,10</sup> |
| Spinrite Inc. | First Lien Term Loan | 11.26% | SOFR | 750 | 12/5/2030 | USD | 13125000 | 12865369 | 12862500<sup>1,7,8</sup> |
| Stonegate Pub Company Bidco Holdings | Second Lien Term Loan | 13.67% | SONIA | 937 | 10/31/2029 | GBP | 10000000 | 12300996 | 13478906<sup>1,4,7,8</sup> |
| Velocity Capital (Luxembourg) S.A.R.L. | Revolver | 0.50% |  |  | 10/13/2030 | EUR | 1990000 | (49767) | (35081)<sup>1,4,7,10</sup> |
| Velocity Capital (Luxembourg) S.A.R.L. | First Lien Term Loan | 10.35% | EURIBOR | 825 | 10/13/2030 | EUR | 7960000 | 9154348 | 9214479<sup>1,4,7,8</sup> |
| Voyant Beauty, Inc | First Lien Term Loan | 9.42% | SOFR | 575 | 11/24/2030 | USD | 10202550 | 9710333 | 9702425<sup>1,7,8</sup> |
|  |  |  |  |  |  |  |  | **270451669** | **271502862** |
| **Consumer Staples — 1.5%** |  |  |  |  |  |  |  |  |  |
| Baxters North America Holdings, Inc. | First Lien Term Loan | 10.70% | SOFR | 688 | 5/31/2028 | USD | 5889006 | 5807558 | 5900219<sup>1,7,8</sup> |
| Blazing Star Parent | First Lien Term Loan | 10.82% | SOFR | 700 | 8/28/2030 | USD | 28818750 | 28135124 | 28098281<sup>1,7,8</sup> |
| Carrera Bidco Limited | First Lien Term Loan | 7.35% | EURIBOR | 525 | 11/15/2032 | EUR | 41666667 | 47479266 | 47988405<sup>1,4,7,8</sup> |
| Cordevigo Interim Lux Bidco S.A.R.L | First Lien Term Loan | 11.03% | SOFR | 725 | 4/11/2032 | USD | 8357285 | 8125407 | 8125257<sup>1,7,8</sup> |
| Cordevigo Interim Lux Bidco S.A.R.L | First Lien Term Loan | 9.38% | EURIBOR | 725 | 4/11/2032 | EUR | 7625260 | 8403597 | 8712605<sup>1,4,7,8</sup> |
| GOJO Industries Holdings, Inc. | First Lien Term Loan | 12.57% | SOFR | 875 | 10/26/2028 | USD | 11794828 | 11571032 | 11923322<sup>1,7,8</sup> |
|  |  |  |  |  |  |  |  | **109521984** | **110748089** |
| **Energy — 0.4%** |  |  |  |  |  |  |  |  |  |
| Alliance Energy Services, LLC | First Lien Term Loan | 11.59% | SOFR | 775 | 4/11/2028 | USD | 17000000 | 16657058 | 16829147<sup>1,7,8</sup> |
| KENE Acquisition, Inc. | Delayed Draw | 1.00% |  |  | 2/8/2031 | USD | 16666667 | (83025) | (83333)<sup>1,7,10</sup> |
| KENE Acquisition, Inc. | Revolver | 8.44% | SOFR | 475 | 2/8/2031 | USD | 2380952 | 408352 | 408263<sup>1,7,8,11</sup> |
| KENE Acquisition, Inc. | First Lien Term Loan | 9.17% | SOFR | 525 | 2/8/2031 | USD | 10952381 | 10897927 | 10897619<sup>1,7,8</sup> |
| Knight Energy Services LLC | First Lien Term Loan | 11.49% | SOFR | 750 | 6/1/2028 | USD | 1283784 | 1261585 | 1283784<sup>1,7,8</sup> |
|  |  |  |  |  |  |  |  | **29141897** | **29335480** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Currency** | **Shares/<br> Principal<br> Amount** | **Cost** | **Fair Value** |
| **Financials — 4.4%** |  |  |  |  |  |  |  |  |  |
| Apella Capital LLC | Delayed Draw | 1.00% |  |  | 3/1/2029 | USD | 5647945 | $(56141) | $(56479)<sup>1,7,10</sup> |
| Apella Capital LLC | Revolver | 0.50% |  |  | 3/1/2029 | USD | 528083 | (5218) | (5281)<sup>1,7,10</sup> |
| Apella Capital LLC | First Lien Term Loan | 10.20% | SOFR | 650 | 3/1/2029 | USD | 2823972 | 2796020 | 2795733<sup>1,7,8</sup> |
| Callodine Commercial Finance, LLC | First Lien Term Loan | 10.29% | SOFR | 650 | 6/3/2027 | USD | 131014400 | 131014400 | 131014400<sup>1,7,8</sup> |
| Cerity Partners Equity Holding LLC | Delayed Draw | 0.50% |  |  | 7/28/2031 | USD | 4587156 | (22864) | (22936)<sup>1,7,10</sup> |
| Cerity Partners Equity Holding LLC | Revolver | 8.17% | SOFR | 450 | 7/28/2031 | USD | 412844 | 64004 | 63991<sup>1,7,8,11</sup> |
| Clearco SPV V US LP | First Lien Term Loan | 14.92% | SOFR | 1100 | 4/3/2027 | USD | 15000000 | 14871127 | 15000000<sup>1,7,8</sup> |
| CVC Structured Solutions 2 LLC | Delayed Draw | 12.75% | SOFR | 875 | 9/3/2040 | USD | 40000000 | 1903752 | 1898653<sup>1,7,8,11</sup> |
| Foundation Risk Partners, Corp. | Delayed Draw | 8.42% | SOFR | 475 | 10/29/2028 | USD | 1245909 | 1205626 | 1258368<sup>1,7,8</sup> |
| Foundation Risk Partners, Corp. | First Lien Term Loan | 8.42% | SOFR | 475 | 10/29/2028 | USD | 2665909 | 2602254 | 2692568<sup>1,7,8</sup> |
| Fundamental Partners IV LP | First Lien Term Loan | 8.67% | SOFR | 500 | 8/4/2030 | USD | 11667000 | 11571461 | 11568827<sup>1,7,8</sup> |
| Fundamental Partners IV LP | Delayed Draw | 8.67% | SOFR | 500 | 8/4/2030 | USD | 23333000 | 23144749 | 23136663<sup>1,7,8</sup> |
| Fundamental Partners IV LP | Delayed Draw | 8.81% | SOFR | 500 | 12/15/2026 | USD | 4666800 | 4633307 | 4631799<sup>1,7,8</sup> |
| Fundamental Partners IV LP | Delayed Draw | 10.42% | SOFR | 675 | 12/15/2026 | USD | 7000200 | 6950525 | 6947698<sup>1,7,8</sup> |
| Informativ, LLC | First Lien Term Loan | 9.68% | SOFR | 575 | 7/30/2027 | USD | 5816065 | 5730565 | 5728824<sup>1,7,8</sup> |
| Kensington Private Equity Fund | Delayed Draw | 16.50% , 13.50% PIK |  |  | 3/30/2026 | USD | 5930000 | 5862851 | 5923520<sup>1,7,9,13</sup> |
| Kensington Private Equity Fund | Second Lien Term Loan | 16.50% , 13.50% PIK |  |  | 3/30/2026 | USD | 3200000 | 3195224 | 3196503<sup>1,7,9,13</sup> |
| Kohlberg Kinetic Borrower, LP | Delayed Draw | 12.59% | SOFR | 850 | 12/26/2027 | USD | 15056996 | 14840056 | 15040543<sup>1,7,8</sup> |
| LP-PWP Credit Card ABS, LLC | Revolver | 0.50% |  |  | 6/1/2028 | USD | 2054902 |  | —<sup>1,7,10</sup> |
| LP-PWP Credit Card ABS, LLC | First Lien Term Loan | 11.47% | SOFR | 774 | 6/1/2028 | USD | 13323974 | 13756392 | 13323974<sup>1,7,8</sup> |
| Oak Funding LLC | Delayed Draw | 1.00% |  |  | 12/2/2032 | USD | 4444444 | (44192) | (44444)<sup>1,7,10</sup> |
| Oak Funding LLC | First Lien Term Loan | 8.29% | SOFR | 450 | 12/2/2032 | USD | 45555556 | 45103914 | 45100000<sup>1,7,8</sup> |
| Pennybacker Real Estate Credit II Pacific, LLC | Promissory Note | 11.59% |  |  | 5/10/2031 | USD | 1021907 | 1021907 | 1021908<sup>1,7</sup> |
| Rapyd Netherlands B.V. | First Lien Term Loan | 14.86% | SOFR | 1100 | 8/31/2030 | USD | 15000000 | 14864193 | 14850000<sup>1,7,8</sup> |
| Rapyd Netherlands B.V. | First Lien Term Loan | 12.77% | SOFR | 900 | 9/7/2030 | USD | 5000000 | 4950806 | 4950000<sup>1,7,8</sup> |
| RCP Fund II Borrower, LLC | Delayed Draw | 8.80% | SOFR |  | 9/28/2029 | USD | 25000000 | 15000000 | 14966004<sup>1,7,11</sup> |
| Wealth Enhancement Group, LLC | First Lien Term Loan | 15.00% PIK |  |  | 5/26/2033 | USD | 6298055 | 6080514 | 6241372<sup>1,7,9</sup> |
|  |  |  |  |  |  |  |  | **331035232** | **331222208** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Currency** | **Shares/<br> Principal<br> Amount** | **Cost** | **Fair Value** |
| **Health Care — 2.4%** |  |  |  |  |  |  |  |  |  |
| Alcami Corporation | Delayed Draw | 10.83% | SOFR | 710 | 12/21/2028 | USD | 273140 | $264424 | $272842<sup>1,7,8</sup> |
| Alcami Corporation | Revolver | 10.83% | SOFR | 710 | 12/21/2028 | USD | 508806 | 108121 | 107565<sup>1,7,8,11</sup> |
| Alcami Corporation | First Lien Term Loan | 10.97% | SOFR | 700 | 12/21/2028 | USD | 3711106 | 3634632 | 3707050<sup>1,7,8</sup> |
| Artivion, Inc. | Delayed Draw | 1.00% |  |  | 1/18/2030 | USD | 3448276 | (72517) | (25862)<sup>1,7,10</sup> |
| Artivion, Inc. | First Lien Term Loan | 7.49% | SOFR | 350 | 1/18/2030 | USD | 6551724 | 6430900 | 6502586<sup>1,7,8</sup> |
| Artivion, Inc. | Delayed Draw | 1.00% |  |  | 1/18/2031 | USD | 5172414 | (75941) | (38793)<sup>1,7,10</sup> |
| Confluent Health, LLC | First Lien Term Loan | 11.42% | SOFR | 750 | 11/30/2028 | USD | 2785575 | 2664785 | 2741350<sup>1,7,8</sup> |
| Exactcare Parent, Inc. | Revolver | 0.50% |  |  | 11/3/2029 | USD | 442623 | (7865) | (484)<sup>1,7,10</sup> |
| Exactcare Parent, Inc. | First Lien Term Loan | 9.39% | SOFR | 550 | 11/3/2029 | USD | 3996516 | 3908397 | 4014904<sup>1,7,8</sup> |
| Genova Diagnostics, Inc | Delayed Draw | 1.00% |  |  | 12/23/2030 | USD | 1354839 | (37166) | (37258)<sup>1,7,10</sup> |
| Genova Diagnostics, Inc | Revolver | 0.50% |  |  | 12/23/2030 | USD | 967742 | (26484) | (26613)<sup>1,7,10</sup> |
| Genova Diagnostics, Inc | First Lien Term Loan | 10.67% | SOFR | 675 | 12/23/2030 | USD | 12677419 | 12330026 | 12328790<sup>1,7,8</sup> |
| Helium Acquirer Corporation | Delayed Draw | 8.94% | SOFR | 525 | 1/5/2029 | USD | 1722892 | 1676799 | 1718256<sup>1,7,8</sup> |
| Helium Acquirer Corporation | Revolver | 0.50% |  |  | 1/5/2029 | USD | 293190 |  | (789)<sup>1,7,10</sup> |
| Helium Acquirer Corporation | First Lien Term Loan | 8.94% | SOFR | 525 | 1/5/2029 | USD | 2135575 | 2092352 | 2129828<sup>1,7,8</sup> |
| Honor Technology, Inc. | First Lien Term Loan | 11.16% 2.5% PIK | SOFR | 500 | 5/30/2029 | USD | 15489983 | 15418982 | 15432670<sup>1,7,8,9,13</sup> |
| Infucare RX Inc | Revolver | 0.50% |  |  | 11/5/2030 | USD | 800000 | (13568) | (14000)<sup>1,7,10</sup> |
| Infucare RX Inc | First Lien Term Loan | 10.17% 1.75% PIK | SOFR | 625 | 11/5/2030 | USD | 8666667 | 8560879 | 8558333<sup>1,7,8,9</sup> |
| Meta Buyer LLC | Delayed Draw | 1.00% |  |  | 12/22/2031 | USD | 2572508 | (21390) | (21437)<sup>1,7,10</sup> |
| Meta Buyer LLC | Revolver | 0.50% |  |  | 12/22/2031 | USD | 1122191 | (9238) | (9280)<sup>1,7,10</sup> |
| Meta Buyer LLC | First Lien Term Loan | 8.91% | SOFR | 525 | 12/22/2031 | USD | 9243301 | 9151185 | 9150868<sup>1,7,8</sup> |
| Moderna, Inc | Delayed Draw | 0.50% |  |  | 11/24/2030 | USD | 42000000 | (1039167) | (1050000)<sup>1,7,10</sup> |
| Moderna, Inc | First Lien Term Loan | 9.38% | SOFR | 550 | 11/24/2030 | USD | 28000000 | 27586753 | 27580000<sup>1,7,8</sup> |
| MoonLake Immunotherapeutics AG | Delayed Draw | 8.20% | PRIME | 145 | 4/1/2030 | USD | 45000000 | 11051030 | 10978154<sup>1,7,8,11,13</sup> |
| Nader Upside 2 Sarl | First Lien Term Loan | 11.75% PIK | EURIBOR | 975 | 3/13/2028 | EUR | 4531095 | 4878720 | 5198409<sup>1,4,7,8,9</sup> |
| National Resilience, LLC | Delayed Draw | 1.00% |  |  | 11/21/2030 | USD | 9756098 | (173506) | (175610)<sup>1,7,10</sup> |
| National Resilience, LLC | First Lien Term Loan | 11.99% | SOFR | 825 | 11/21/2030 | USD | 10243902 | 9939245 | 9936585<sup>1,7,8</sup> |
| Nephron Pharmaceuticals Corporation | First Lien Term Loan | 12.90% | SOFR | 920 | 12/30/2027 | USD | 17723077 | 17538667 | 17634462<sup>1,7,8,13</sup> |
| Orthodontic Partners, LLC | Delayed Draw | 10.06% | SOFR | 625 | 10/12/2027 | USD | 4121804 | 3306825 | 3322847<sup>1,7,8,11</sup> |
| Orthodontic Partners, LLC | First Lien Term Loan | 10.06% | SOFR | 625 | 10/12/2027 | USD | 2287662 | 2266953 | 2262311<sup>1,7,8</sup> |
| Prolacta Bioscience, Inc. | First Lien Term Loan | 9.12% | SOFR | 543 | 12/21/2029 | USD | 6143293 | 6077524 | 6087487<sup>1,7,8,13</sup> |
| Prolacta Bioscience, Inc. | First Lien Term Loan | 12.69% | SOFR | 900 | 12/21/2029 | USD | 1981707 | 1959854 | 1963705<sup>1,7,8,13</sup> |
| Steward Health Care System Bridge Loan | First Lien Term Loan | 10.50% |  |  | 12/31/2027 | USD | 333313 | 330936 | 333313<sup>1,7,13</sup> |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Currency** | **Shares/<br> Principal<br> Amount** | **Cost** | **Fair Value** |
| TerSera Therapeutics, LLC | Revolver | 0.50% |  |  | 4/4/2029 | USD | 227926 | $(5708) | $(249)<sup>1,7,10</sup> |
| TerSera Therapeutics, LLC | First Lien Term Loan | 9.42% | SOFR | 575 | 4/4/2029 | USD | 2716632 | 2665940 | 2713664<sup>1,7,8</sup> |
| United Digestive MSO Parent, LLC | Delayed Draw | 9.40% | SOFR | 575 | 3/30/2029 | USD | 594662 | 576888 | 594012<sup>1,7,8</sup> |
| United Digestive MSO Parent, LLC | Revolver | 0.50% |  |  | 3/30/2029 | USD | 297500 |  | (325)<sup>1,7,10</sup> |
| United Digestive MSO Parent, LLC | First Lien Term Loan | 9.42% | SOFR | 575 | 3/30/2029 | USD | 2203500 | 2156528 | 2201092<sup>1,7,8</sup> |
| Vardiman Black Holdings, LLC | First Lien Term Loan | 10.80% PIK | SOFR | 700 | 3/18/2027 | USD | 4107916 | 4078720 | 3641792<sup>1,7,8,9</sup> |
| Vardiman Black Holdings, LLC | Delayed Draw | 10.80% PIK | SOFR | 700 | 3/18/2027 | USD | 480896 | 462555 | 409768<sup>1,7,8,9,11</sup> |
| West Side Holdco LLC | First Lien Term Loan | 12.71% | SOFR | 900 | 8/2/2027 | USD | 12974442 | 12896775 | 13623164<sup>1,7,8,13</sup> |
| Xeris Pharmaceuticals, Inc. | Delayed Draw | 10.62% | SOFR | 695 | 3/5/2029 | USD | 1666667 | 1576561 | 1684990<sup>1,7,8,13</sup> |
| Xeris Pharmaceuticals, Inc. | First Lien Term Loan | 10.62% | SOFR | 695 | 3/5/2029 | USD | 3333333 | 3317782 | 3369980<sup>1,7,8,13</sup> |
|  |  |  |  |  |  |  |  | **177427188** | **178800077** |
| **Industrials — 2.5%** |  |  |  |  |  |  |  |  |  |
| Apex Service Partners, LLC | First Lien Term Loan | 14.25% PIK | PRIME |  | 10/24/2028 | USD | 2635523 | 2586915 | 2573935<sup>1,7,9</sup> |
| Apex Service Partners, LLC | Delayed Draw | 14.25% PIK | PRIME |  | 10/24/2029 | USD | 1275297 | 1251662 | 1245495<sup>1,7,9</sup> |
| California Municipal Finance Authority | Delayed Draw | 12.25% | PRIME |  | 12/2/2034 | USD | 10000000 | 9822684 | 10111200<sup>1</sup> |
| Cedar Electronics Trading Corp | Delayed Draw | 0.75% |  |  | 12/29/2030 | USD | 7500000 | (112319) | (112500)<sup>1,7,10</sup> |
| Cedar Electronics Trading Corp | First Lien Term Loan | 9.73% | SOFR | 600 | 12/29/2030 | USD | 49500000 | 48758429 | 48757500<sup>1,7,8</sup> |
| Chambertin Capital Limited | First Lien Term Loan | 10.74% | SONIA | 675 | 6/20/2030 | GBP | 7759699 | 10493513 | 10447796<sup>1,4,7,8</sup> |
| Cobham Holdings, Inc. | Revolver | 8.85% | SOFR | 500 | 1/9/2028 | USD | 468750 | 59567 | 67191<sup>1,7,8,11</sup> |
| Cobham Holdings, Inc. | First Lien Term Loan | 9.13% | SOFR | 500 | 1/9/2030 | USD | 4417969 | 4328746 | 4388551<sup>1,7,8</sup> |
| DMT Solutions Global Corporation | First Lien Term Loan | 11.79% | SOFR | 800 | 8/30/2027 | USD | 6909412 | 6809399 | 6877705<sup>1,7,8</sup> |
| FB FLL Aviation LLC | First Lien Term Loan | 10.92% | SOFR | 700 | 9/19/2028 | USD | 12600000 | 12361619 | 12600000<sup>1,7,8</sup> |
| Fenix Topco, LLC | First Lien Term Loan | 10.17% | SOFR | 650 | 3/28/2029 | USD | 2706207 | 2639694 | 2603230<sup>1,7,8</sup> |
| Fenix Topco, LLC | Delayed Draw | 10.17% | SOFR | 650 | 3/28/2029 | USD | 1224828 | 137590 | 115684<sup>1,7,8,11</sup> |
| Helix Acquisition Holdings, Inc. | First Lien Term Loan | 10.82% | ARR CSA | 700 | 3/31/2030 | USD | 5675461 | 5574380 | 5669259<sup>1,7,8</sup> |
| NACSB Acquisition Holdings, Inc. | Delayed Draw | 1.00% |  |  | 1/29/2031 | USD | 5478451 | (67453) | (68481)<sup>1,7,10</sup> |
| NACSB Acquisition Holdings, Inc. | First Lien Term Loan | 12.25% |  |  | 1/29/2031 | USD | 24521549 | 24232128 | 24215029<sup>1,7</sup> |
| Panda Acquisition LLC | First Lien Term Loan | 12.47% | SOFR | 850 | 10/18/2028 | USD | 4012798 | 3545400 | 3206730<sup>1,7,8</sup> |
| Pelican Power LLC | First Lien Term Loan | 9.32% | SOFR | 550 | 8/29/2030 | USD | 24229167 | 23770213 | 23744583<sup>1,7,8</sup> |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Currency** | **Shares/<br> Principal<br> Amount** | **Cost** | **Fair Value** |
| Penn TRGRP Holdings | Revolver | 12.17% | SOFR | 850 | 9/29/2030 | USD | 769167 | $408765 | $415658<sup>1,7,8,11</sup> |
| Penn TRGRP Holdings | First Lien Term Loan | 11.42% 6.00% PIK | SOFR | 775 | 9/29/2030 | USD | 5312920 | 5236143 | 5261915<sup>1,7,8,9</sup> |
| Penn TRGRP Holdings | Delayed Draw | 11.42% 6.00% PIK | SOFR | 775 | 9/29/2030 | USD | 717226 | 717226 | 710340<sup>1,7,8,9</sup> |
| Starlight Inventory I, LLC | First Lien Term Loan | 13.79% | SOFR | 1000 | 3/28/2026 | USD | 15000000 | 15014685 | 11650370<sup>1,7,8,13</sup> |
| SureWerx Purchaser III, Inc. | First Lien Term Loan | 9.25% | SOFR | 525 | 12/28/2029 | USD | 2442031 | 2397988 | 2433508<sup>1,7,8</sup> |
| SureWerx Purchaser III, Inc. | Revolver | 0.50% |  |  | 12/28/2028 | USD | 250000 |  | (823)<sup>1,7,10</sup> |
| SureWerx Purchaser III, Inc. | Delayed Draw | 0.50% |  |  | 12/28/2029 | USD | 250000 | (250) | (872)<sup>1,7,10</sup> |
| TecoStar Holdings, Inc. | First Lien Term Loan | 11.92% | SOFR | 800 | 7/7/2029 | USD | 6120838 | 6023859 | 6089082<sup>1,7,8</sup> |
| The Arcticom Group, LLC | Delayed Draw | 11.72% , 4.50% PIK | SOFR | 800 | 12/22/2027 | USD | 4547057 | 4401532 | 4458726<sup>1,7,8,9,11</sup> |
| The Arcticom Group, LLC | First Lien Term Loan | 11.72% , 4.50% PIK | SOFR | 800 | 12/22/2027 | USD | 1666497 | 1647408 | 1648030<sup>1,7,8,9</sup> |
|  |  |  |  |  |  |  |  | **192039523** | **189108841** |
| **Materials — 0.1%** |  |  |  |  |  |  |  |  |  |
| SintecMedia NYC, Inc. | Revolver | 10.70% | SOFR | 700 | 6/21/2029 | USD | 423729 | 260122 | 255462<sup>1,7,8,11</sup> |
| SintecMedia NYC, Inc. | First Lien Term Loan | 10.69% | SOFR | 700 | 6/21/2029 | USD | 4416102 | 4328041 | 4265483<sup>1,7,8</sup> |
| Sunland Asphalt & Construction, LLC | Delayed Draw | 11.02% | SOFR | 700 | 6/16/2028 | USD | 734766 | 711111 | 741302<sup>1,7,8</sup> |
| Sunland Asphalt & Construction, LLC | First Lien Term Loan | 10.52% | SOFR | 700 | 6/16/2028 | USD | 1761932 | 1732045 | 1777607<sup>1,7,8</sup> |
|  |  |  |  |  |  |  |  | **7031319** | **7039854** |
| **Real Estate — 0.8%** |  |  |  |  |  |  |  |  |  |
| 185 Madison Avenue, LLC | First Lien Term Loan | 9.73% | SOFR | 600 | 12/24/2028 | USD | 45000000 | 44664546 | 44662500<sup>1,7,8</sup> |
| GIEAG Projekt 320 GMBH | First Lien Term Loan | 14.00% PIK |  |  | 9/29/2027 | EUR | 25698000 | 8370135 | 8337490<sup>1,4,7,9,11</sup> |
| One East Camelback, LLC | Delayed Draw | 7.21% | SOFR | 350 | 6/4/2027 | USD | 10000000 | 5424024 | 5419153<sup>1,7,8,11</sup> |
|  |  |  |  |  |  |  |  | **58458705** | **58419143** |
| **Technology — 2.4%** |  |  |  |  |  |  |  |  |  |
| Afiniti, Inc. | First Lien Term Loan | 11.50% , 3.50% PIK | SOFR | 750 | 12/3/2037 | USD | 1135295 | 1134486 | 1128384<sup>1,7,8,9,13</sup> |
| Afiniti, Inc. | Second Lien Term Loan | 16.00% PIK |  |  | 12/3/2031 | USD | 1590605 | 1590098 | 1461758<sup>1,7,9,13</sup> |
| ASG II, LLC | Delayed Draw | 10.24% | SOFR | 625 | 5/25/2028 | USD | 391304 | 385089 | 390877<sup>1,7,8</sup> |
| ASG II, LLC | First Lien Term Loan | 10.24% | SOFR | 625 | 5/25/2028 | USD | 2608696 | 2583405 | 2605845<sup>1,7,8</sup> |
| Azurite Intermediate Holdings, Inc. | Revolver | 0.50% |  |  | 3/19/2031 | USD | 103333 | (1162) | (1250)<sup>1,7,10</sup> |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Currency** | **Shares/<br> Principal<br> Amount** | **Cost** | **Fair Value** |
| Azurite Intermediate Holdings, Inc. | First Lien Term Loan | 9.92% | SOFR | 600 | 3/19/2031 | USD | 284167 | $280713 | $280730<sup>1,7,8</sup> |
| Azurite Intermediate Holdings, Inc. | Delayed Draw | 9.92% | SOFR | 600 | 3/19/2031 | USD | 645833 | 637881 | 638022<sup>1,7,8</sup> |
| Bluefin Holding, LLC | Revolver | 0.25% |  |  | 9/12/2029 | USD | 673077 | (15284) | (2665)<sup>1,7,10</sup> |
| Bluefin Holding, LLC | First Lien Term Loan | 7.98% | SOFR | 425 | 9/12/2029 | USD | 7980769 | 7850795 | 7949176<sup>1,7,8</sup> |
| Bluesight, Inc. | Revolver | 0.50% |  |  | 7/17/2029 | USD | 400000 | (10588) | (5991)<sup>1,7,10</sup> |
| Bluesight, Inc. | First Lien Term Loan | 9.19% | SOFR | 550 | 7/17/2029 | USD | 4600000 | 4508260 | 4531103<sup>1,7,8</sup> |
| Coupa Holdings, LLC | Delayed Draw | 1.00% |  |  | 2/27/2029 | USD | 385633 | (4089) | (421)<sup>1,7,10</sup> |
| Coupa Holdings, LLC | Revolver | 0.50% |  |  | 2/27/2029 | USD | 295276 | (6077) | (323)<sup>1,7,10</sup> |
| Coupa Holdings, LLC | First Lien Term Loan | 9.34% | SOFR | 550 | 2/27/2029 | USD | 4265103 | 4180349 | 4260442<sup>1,7,8</sup> |
| Crewline Buyer, Inc. | Revolver | 0.50% |  |  | 11/8/2030 | USD | 870417 | (15219) | (7472)<sup>1,7,10</sup> |
| Crewline Buyer, Inc. | First Lien Term Loan | 10.71% | SOFR | 675 | 11/8/2030 | USD | 8641713 | 8473783 | 8567527<sup>1,7,8</sup> |
| Crusoe Energy Systems LLC | First Lien Term Loan | 15.00% |  |  | 7/25/2029 | USD | 4283155 | 4283155 | 4283155<sup>1,7</sup> |
| Crusoe Energy Systems LLC | First Lien Term Loan | 15.00% |  |  | 11/13/2029 | USD | 3994327 | 3994327 | 3994327<sup>1,7</sup> |
| Crusoe Energy Systems LLC | First Lien Term Loan | 13.00% |  |  | 11/13/2029 | USD | 3290619 | 3290619 | 3290619<sup>1,7</sup> |
| Einstein Parent, Inc. | Revolver | 0.50% |  |  | 1/22/2031 | USD | 937500 | (15865) | (1025)<sup>1,7,10</sup> |
| Einstein Parent, Inc. | First Lien Term Loan | 10.36% | SOFR | 650 | 1/22/2031 | USD | 9062500 | 8902112 | 9052597<sup>1,7,8</sup> |
| Evergreen Services Group II, LLC | First Lien Term Loan | 13.75% PIK | PRIME |  | 4/5/2031 | USD | 11342615 | 11222860 | 11247330<sup>1,7,9</sup> |
| Evergreen Services Group II, LLC | Delayed Draw | 13.75% PIK | PRIME |  | 4/5/2031 | USD | 6228505 | 6164745 | 6176182<sup>1,7,9</sup> |
| Finastra USA, Inc. | First Lien Term Loan | 11.11% | SOFR | 725 | 9/13/2029 | USD | 2467440 | 2432881 | 2492115<sup>1,7,8</sup> |
| Infinite Bidco LLC | First Lien Term Loan | 10.14% | SOFR | 625 | 3/2/2028 | USD | 4862500 | 4788641 | 4848285<sup>1,7,8</sup> |
| Ion Finance Holdings | Delayed Draw | 9.50% | EURIBOR | 750 | 9/30/2031 | EUR | 757161 | 791810 | 888863<sup>1,4,7,8</sup> |
| Ion Finance Holdings | First Lien Term Loan | 9.50% | EURIBOR | 750 | 9/30/2031 | EUR | 7042839 | 7365130 | 8267884<sup>1,4,7,8</sup> |
| Mercury Bidco LLC | First Lien Term Loan | 9.42% | SOFR | 575 | 5/31/2030 | USD | 4500431 | 4443617 | 4474098<sup>1,7,8</sup> |
| Mercury Bidco LLC | Revolver | 9.25% |  |  | 5/31/2029 | USD | 408163 | (8878) | (3338)<sup>1,7,10</sup> |
| MGT Merger Target, LLC | Delayed Draw | 8.92% | SOFR | 500 | 4/10/2029 | USD | 221345 | 219131 | 221103<sup>1,7,8</sup> |
| MGT Merger Target, LLC | Revolver | 10.75% | PRIME | 550 | 4/10/2028 | USD | 496552 | 425655 | 426492<sup>1,7,8,11</sup> |
| MGT Merger Target, LLC | First Lien Term Loan | 8.92% | SOFR | 500 | 4/10/2029 | USD | 3905506 | 3821128 | 3901238<sup>1,7,8</sup> |
| PracticeTek Purchaser LLC | Delayed Draw | 9.67% | SOFR | 575 | 8/30/2029 | USD | 1934161 | 65345 | 87915<sup>1,7,8,11</sup> |
| PracticeTek Purchaser LLC | First Lien Term Loan | 9.67% | SOFR | 575 | 8/30/2029 | USD | 6225361 | 6118613 | 6225361<sup>1,7,8,13</sup> |
| PracticeTek Purchaser LLC | First Lien Term Loan | 14.00% PIK | PRIME |  | 8/30/2030 | USD | 2291993 | 2255706 | 2291993<sup>1,7,9,13</sup> |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Currency** | **Shares/<br> Principal<br> Amount** | **Cost** | **Fair Value** |
| Retained Vantage Data Centers Assets, LP | Delayed Draw | 1.50% |  |  | 12/5/2031 | USD | 118750000 | $(2053687) | $(2078125)<sup>1,7,10</sup> |
| Retained Vantage Data Centers Assets, LP | First Lien Term Loan | 9.50% |  |  | 12/5/2031 | USD | 31250000 | 30708237 | 30703125 <sup>1,7</sup> |
| Trintech, Inc. | Revolver | 9.42% | SOFR | 550 | 7/25/2029 | USD | 595752 | 154379 | 160994 <sup>1,7,8,11</sup> |
| Trintech, Inc. | First Lien Term Loan | 9.42% | SOFR | 550 | 7/25/2029 | USD | 7589055 | 7436136 | 7471599 <sup>1,7,8</sup> |
| User Zoom Technologies, Inc | First Lien Term Loan | 11.15% | SOFR | 750 | 4/5/2029 | USD | 5000000 | 4906675 | 4994536 <sup>1,7,8</sup> |
| VDC Powerup PTE. LTD. | First Lien Term Loan | 10.07% | SOFR | 575 | 5/20/2028 | USD | 33333333 | 32848478 | 32666667 <sup>1,7,8</sup> |
| Xactly Corporation | First Lien Term Loan | 10.07% | SOFR | 625 | 7/31/2027 | USD | 6000000 | 5903907 | 5957368 <sup>1,7,8</sup> |
|  |  |  |  |  |  |  |  | **182037297** | **183837100** |
| **Utilities — 0.4%** |  |  |  |  |  |  |  |  |  |
| Silfab Inc. | Delayed Draw | 10.48% | SOFR | 650 | 11/18/2028 | USD | 8000000 | 7846566 | 7945936 <sup>1,7,8</sup> |
| Silfab Inc. | Delayed Draw | 10.54% | SOFR | 650 | 11/18/2028 | USD | 8000000 | 7850152 | 7945936 <sup>1,7,8</sup> |
| SL Energy Power Plant I, LLC | First Lien Term Loan | 10.79% | SOFR | 700 | 9/25/2027 | USD | 3186873 | 3158820 | 3155004 <sup>1,7,8</sup> |
| SL Energy Power Plant I, LLC | Delayed Draw | 10.67% | SOFR | 700 | 9/25/2027 | USD | 21813126 | 6024926 | 5996192 <sup>1,7,8,11</sup> |
| Terra Solar U.S., LLC | Delayed Draw | 11.42% | SOFR | 775 | 12/31/2027 | USD | 10000000 | 7659173 | 7650000 <sup>1,7,8,11</sup> |
|  |  |  |  |  |  |  |  | **32539637** | **32693068** |
| **Total Senior Secured Loans** |  |  |  |  |  |  |  | **1441602117** | **1444711883** |
| **Collateralized Loan Obligations — 1.0%** |  |  |  |  |  |  |  |  |  |
| ABPCI Direct Lending Fund CLO III Ltd. |  | 11.20% | SOFR | 725 | 10/20/2037 | USD | 20000000 | 20000000 | 19999729 <sup>1,5,6,7,8</sup> |
| ABPCI Direct Lending Fund CLO XII Ltd. |  | 12.09% | SOFR | 825 | 7/29/2037 | USD | 16080000 | 16080000 | 16079183 <sup>1,5,6,7,8</sup> |
| ABPCI Direct Lending Fund CLO XV, Ltd. |  | 12.44% | SOFR | 860 | 10/30/2035 | USD | 5000000 | 4900000 | 5024973 <sup>1,5,6,7,8</sup> |
| ABPCI Direct Lending Fund CLO XV, Ltd. |  | 10.24% | SOFR | 640 | 10/30/2035 | USD | 8100000 | 8100000 | 8175949 <sup>1,5,6,7,8</sup> |
| ABPCI Private Funding I LLC |  | 11.70% | SOFR | 750 | 7/16/2036 | USD | 8750000 | 8750000 | 8748651 <sup>1,5,6,7,8</sup> |
| Barings Middle Market CLO 2023-II Ltd. |  | 10.88% | SOFR | 700 | 7/20/2034 | USD | 16700000 | 16700000 | 16699275 <sup>1,5,6,7,8</sup> |
| Barings Middle Market CLO Ltd. 2017-I |  | 12.81% | SOFR | 892 | 1/20/2034 | USD | 2000000 | 1960000 | 2000319 <sup>1,5,6,7,8</sup> |
| Barings Middle Market CLO Ltd. 2017-I |  | 26.00% |  |  | 1/20/2034 | USD | 2905983 | 2869011 | 1487282 <sup>\*,1,5,6,12</sup> |
| **Total Collateralized Loan Obligations** |  |  |  |  |  |  |  | **79359011** | **78215361** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Currency** | **Shares/<br> Principal<br> Amount** | **Cost** | **Fair Value** |
| **Preferred Stocks — 0.9%** |  |  |  |  |  |  |  |  |  |
| **Communications — 0.2%** |  |  |  |  |  |  |  |  |  |
| CCI Topco, Inc. - Series B |  | 12.00% PIK |  |  |  | USD | 50 | $4900500 | $4900500<sup>1,7,9</sup> |
| Stonepeak Xenith Holdings PTE. Limited - A2 |  |  |  |  |  | USD | 942396386 | 9423964 | 9423964<sup>1,7</sup> |
|  |  |  |  |  |  |  |  | **14324464** | **14324464** |
| **Energy — 0.0%** |  |  |  |  |  |  |  |  |  |
| Service Compression Holdings, LLC - Junior Preferred |  |  |  |  |  | USD | 40919 | **135094** | **139534** **<sup>1,7</sup>** |
| **Financials — 0.2%** |  |  |  |  |  |  |  |  |  |
| GTCR Everest Topco, Inc. - Series A |  | 13.25% PIK |  |  |  | USD | 15000 | **14625000** | **15000000** **<sup>1,7,9</sup>** |
| **Health Care — 0.2%** |  |  |  |  |  |  |  |  |  |
| Healthcare Litigation Trust Interests – Class A-1 |  | 10.00% PIK |  |  |  | USD | N/A | 3010699 | 3010699<sup>1,7,9,13</sup> |
| Healthcare Litigation Trust Interests – Class A-2 Bridge |  | 10.00% PIK |  |  |  | USD | N/A | 1150486 | 1150486<sup>1,7,9,13</sup> |
| Healthcare Litigation Trust Interests - Class A-2 DIP |  | 10.00% PIK |  |  |  | USD | N/A | 3643020 | 3643020<sup>1,7,9,13</sup> |
| Jayhawk Intermediate, LLC |  | 13.00% PIK |  |  |  | USD | 2500 | 2425000 | 2500000<sup>1,7,9,14</sup> |
| FINThrive Software Preferred Intermediate Holdings, Inc. |  | 11.00% PIK |  |  |  | USD | 3260 | 3162200 | 1457220<sup>1,7,9</sup> |
| SDB Holdco, LLC |  | 6.00% PIK |  |  |  | USD | 1765938 | 515371 | —<sup>1,7,9</sup> |
|  |  |  |  |  |  |  |  | **13906776** | **11761425** |
| **Industrials — 0.1%** |  |  |  |  |  |  |  |  |  |
| FSG Acquisition, LLC |  | 12.25% PIK |  |  |  | USD | 3750000 | 3656250 | 3750000<sup>1,7,9</sup> |
| Pollen, Inc. - Series H-1 |  | 8.36% PIK |  |  |  | USD | 108305 | 3359435 | 4224978<sup>1,7,9</sup> |
| Pollen, Inc. - Series H-2 |  | 7.53% PIK |  |  |  | USD | 64983 | 1856902 | 2112597<sup>1,7,9</sup> |
|  |  |  |  |  |  |  |  | **8872587** | **10087575** |
| **Technology — 0.2%** |  |  |  |  |  |  |  |  |  |
| GS Holder, Inc. - 2022-1 |  | 15.45% PIK |  |  |  | USD | 5000 | 4850000 | 5000000<sup>1,7,9</sup> |
| Mandolin Technology Holdings, Inc. - Series A |  | 10.50% PIK |  |  |  | USD | 3500 | 3395000 | 3487708<sup>1,7,9</sup> |
| RSK Holdings, Inc. - Series B |  | 14.63% PIK |  |  |  | USD | 3000 | 2940000 | 3000000<sup>1,7,9</sup> |
| RSK Holdings, Inc. - Series C |  | 13.75% PIK |  |  |  | USD | 1071 | 1050000 | 1071429<sup>1,7,9</sup> |
|  |  |  |  |  |  |  |  | **12235000** | **12559137** |
| **Total Preferred Stocks** |  |  |  |  |  |  |  | **64098921** | **63872135** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Currency** | **Shares/<br> Principal<br> Amount** | **Cost** | **Fair Value** |
| **Asset-Backed Securities — 0.2%** |  |  |  |  |  |  |  |  |  |
| Nectar 2 SPC S.R.L. Class J2 |  | 10.00% |  |  | 12/31/2032 | EUR | 10459927 | $11680543 | $12292780<sup>1,4,7</sup> |
| **Total Asset-Backed Securities** |  |  |  |  |  |  |  | **11680543** | **12292780** |
| **Common Stocks — 0.1%** |  |  |  |  |  |  |  |  |  |
| **Communications — 0.0%** |  |  |  |  |  |  |  |  |  |
| Stonepeak Xenith Holdings PTE. Limited - A2 |  |  |  |  |  | USD | 1929 | **1929** | **1929** **<sup>1,7</sup>** |
| **Financials — 0.0%** |  |  |  |  |  |  |  |  |  |
| Barings BDC, Inc. |  |  |  |  |  | USD | 126753 | **1291135** | **1163593** **<sup>1</sup>** |
| **Health Care — 0.1%** |  |  |  |  |  |  |  |  |  |
| Emerald Holdco US L.P. - Class A-3 |  |  |  |  |  | USD | 3958334 | 3992815 | 5581251<sup>1,7</sup> |
| SDB Holdco, LLC - Class A |  |  |  |  |  | USD | 3639628 |  | —<sup>1,7</sup> |
|  |  |  |  |  |  |  |  | **3992815** | **5581251** |
| **Materials — 0.0%** |  |  |  |  |  |  |  |  |  |
| Comar Aggregator Co, LLC - Class B |  |  |  |  |  | USD | 2130 | **—** | **—** **<sup>1,7</sup>** |
| **Total Common Stocks** |  |  |  |  |  |  |  | **5285879** | **6746773** |
| **Subordinated Debt — 0.0%** |  |  |  |  |  |  |  |  |  |
| **Financials — 0.0%** |  |  |  |  |  |  |  |  |  |
| OTR Midco, LLC |  | 12.00% |  |  | 5/13/2026 | USD | 2000000 | **2000000** | **2000000** **<sup>1,7</sup>** |
| **Total Subordinated Debt** |  |  |  |  |  |  |  | **2000000** | **2000000** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Currency** | **Shares/<br> Principal<br> Amount** |  | **Cost** | **Fair Value** |
| **Warrants — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| **Energy — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| Service Compression Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exercise Price: $1.35 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration Date: 1/17/2031 |  |  |  |  |  | USD | 78495 | \*\* | $**—** | $**56992** **<sup>1,7</sup>** |
| **Financials — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| CTF Clear Finance Technology Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exercise Price: $0.01 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration Date: 10/3/2035 |  |  |  |  |  | USD | 25228521 | \*\* |  | —<sup>1,7</sup> |
| Rapyd Financial Network (2016) Ltd. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exercise Price: $0.01 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration Date: 3/13/2035 |  |  |  |  |  | USD | 39518 | \*\* |  | 1485086<sup>1,7</sup> |
| Rapyd Financial Network (2016) Ltd. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exercise Price: $0.01 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration Date: 3/13/2036 |  |  |  |  |  | USD | 13274 | \*\* |  | —<sup>1,7</sup> |
|  |  |  |  |  |  |  |  |  | **—** | **1485086** |
| **Health Care — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| Honor Technology, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exercise Price: $3.16 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration Date: 5/30/2034 |  |  |  |  |  | USD | 296546 | \*\* |  | —<sup>1,7</sup> |
| Xeris Biopharma Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exercise Price: $2.28 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration Date: 3/8/2029 |  |  |  |  |  | USD | 43860 | \*\* |  | 267247<sup>1,7</sup> |
|  |  |  |  |  |  |  |  |  | **—** | **267247** |
| **Total Warrants** |  |  |  |  |  |  |  |  | **—** | **1809325** |
| **Short-Term Investments — 4.1%** |  |  |  |  |  |  |  |  |  |  |
| State Street Institutional U.S. Government Money Market Fund |  | 3.74% |  |  |  | USD | 310300062 |  | 310300062 | 310300062<sup>1,16</sup> |
| **Total Short-Term Investments** |  |  |  |  |  |  |  |  | **310300062** | **310300062** |
| **Total Investments — 97.2%** |  |  |  |  |  |  |  |  | **6694466702** | **7300756813** |
| **Other Assets Less Liabilities — 2.8%** |  |  |  |  |  |  |  |  |  | 210923856 |
| **Net Assets — 100.0%** |  |  |  |  |  |  |  |  |  | $**7511680669** |

---

ARR CSA – Alternate Reference Rate Credit Spread Adjustment

BDC – Business Development Company

EFFR - Effective Federal Funds Rate

EUR – Euro

EURIBOR – Euro Interbank Offered Rate

GBP – Pound Sterling

LLC – Limited Liability Company

LP – Limited Partnership

PRIME – Prime Lending Rate

SOFR – Secured Overnight Financing Rate

SONIA – Sterling Overnight Index Average

US – United States

USD – United States Dollar

\* Subordinated note position. Rate shown is the effective yield as of period end.

\*\* Shares represent underlying security.

<sup>1</sup> As of December 31, 2025 all or a portion of the security has been pledged as collateral for a secured revolving facility. The market value of the securities in the pledged account totaled $7,300,756,813 as of December 31, 2025. See Note 2, subsection Borrowing, Use of Leverage of the Notes to Consolidated Financial Statements for additional information.

<sup>2</sup> Investment valued using net asset value per share as practical expedient.

<sup>3</sup> These securities are restricted, the total value of these securities is $5,143,332,516, which represents 68.47% of total net assets of the Fund.

<sup>4</sup> Foreign securities entered into in foreign currencies are converted to U.S. Dollars using period end spot rates.

<sup>5</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted. They may only be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $96,988,281, which represents 1.3% of total net assets of the Fund.

<sup>6</sup> Callable.

<sup>7</sup> Value was determined using significant unobservable inputs.

<sup>8</sup> Floating rate security. Rate shown is the rate effective as of period end.

<sup>9</sup> Principal includes accumulated payment in kind ("PIK") interest and is net of repayments, if any.

<sup>10</sup> Represents an unfunded loan commitment. The rate disclosed is equal to the commitment fee. The negative cost and/or fair value, if applicable, is due to the discount received in excess of the principal amount of the unfunded commitment. See Note 2 for additional information.

<sup>11</sup> A portion of this holding is subject to unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion. See Note 2 for additional information.

<sup>12</sup> Variable rate security. Rate shown is the rate in effect as of period end.

<sup>13</sup> All or a portion of the security was made through a participation. Please see Note 2 for a description of loan participations.

<sup>14</sup> Jayhawk Intermediate, LLC is the holding company that owns ProPharma Group, LLC.

<sup>15</sup> Step rate security.

<sup>16</sup> The rate is the annualized seven-day yield at period end.

See accompanying Notes to Consolidated Schedule of Investments.

**Cliffwater Enhanced Lending Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025 (Unaudited)**

**Additional information on restricted securities is as follows:**

---

| | | |
|:---|:---|:---|
| **Security** | **First<br> Acquisition<br> Date** | **Cost** |
| 17Capital Co-Invest (B) SCSp | 9/23/2021 | $5144050 |
| ACRE Credit Portfolio II, LP | 7/21/2025 | 94309520 |
| AG Asset Based Credit Evergreen Fund, LP | 7/7/2025 | 45000000 |
| AG Asset Based Credit Fund L.P. | 9/13/2023 | 99000000 |
| AG Essential Housing Fund II Holdings (DE), L.P. | 3/23/2022 | 551114 |
| Ares Commercial Finance, LP | 7/25/2023 | 53841899 |
| Ares Insurance Partners, LP | 12/31/2024 | 14380283 |
| Ares Pathfinder Fund II (Offshore), LP | 8/31/2023 | 8156792 |
| Ares Priority Loan Co-Invest LP | 1/25/2023 | 29868321 |
| Ares Special Opportunities Fund (Offshore), LP | 12/29/2023 | 4632487 |
| Ares Special Opportunities Fund II (Offshore), LP | 11/7/2022 | 26523591 |
| Balbec IGCF VI Annex Fund, L.P. | 12/12/2025 | 7500000 |
| Banner Ridge DSCO Fund I, LP | 6/30/2023 | 9385391 |
| Banner Ridge DSCO Fund II (Offshore), LP | 10/11/2022 | 19457711 |
| Banner Ridge Secondary Fund IV (Offshore), LP | 6/30/2021 | 976064 |
| Banner Ridge Secondary Fund V (Offshore), LP | 5/31/2023 | 92851664 |
| Banner Ridge Secondary Fund VI (Offshore), LP | 10/13/2025 |  |
| Barings Capital Solutions Perpetual Fund (CA), LP | 12/12/2024 | 41422764 |
| Benefit Street Partners Real Estate Opportunistic Debt Fund L.P. | 3/2/2022 | 22076589 |
| Blackstone Tactical Opportunities Fund (Matrix Co-Invest) LP | 9/20/2023 | 1779880 |
| Blue Owl First Lien Fund (Offshore), L.P. | 7/1/2022 | 2281940 |
| Blue Owl Real Estate Fund VI, LP | 1/31/2023 | 15938844 |
| Boost Co-Invest LP | 1/25/2024 | 6760019 |
| BP Holdings Zeta LP - Class A | 11/29/2023 | 7987120 |
| BP Holdings Zeta LP - Class B | 11/29/2023 | 1410673 |
| BPC Opportunities Offshore Feeder Fund V LLC | 4/17/2025 | 15428379 |
| BPC Real Estate Debt Fund, LP | 6/7/2023 | 64062415 |
| BSOF Parallel Onshore Fund L.P. (Class Absolute III Series 3 Interests) | 9/1/2023 | 5242498 |
| BSOF Parallel Onshore Fund L.P. (Class Chestnut II Series 2) | 12/12/2023 | 20108879 |
| BSOF Parallel Onshore Fund L.P. (Class Colonnade 2024 Series 3) | 3/22/2024 | 10250000 |
| BSOF Parallel Onshore Fund L.P. (Class SRT Enhanced Series 3) | 5/9/2024 | 106662882 |
| BSOF Parallel Onshore Fund L.P. (Class SRT Enhanced Series 6) | 4/14/2025 | 150000000 |
| BSP Pioneer Investors Feeder, L.P. | 9/29/2025 | 46023247 |
| Burford Advantage Feeder Fund A, LP | 1/28/2022 | 861360 |
| Callodine Perpetual ABL Fund, LP | 10/3/2022 | 97717483 |
| Carlyle Credit Opportunities Fund II (Parallel), SCSp | 12/14/2021 | 8035701 |
| Carlyle Credit Opportunities Fund III (Parallel), SCSp | 12/10/2024 | 9147504 |
| CCOF Alera Aggregator, L.P. | 4/25/2023 | 4875846 |
| CCOF III Nexus Co-Invest Aggregator, L.P. | 3/22/2024 | 3615905 |
| CCOF Sierra II, L.P. | 7/29/2022 | 2966146 |
| Cheval Blanc Co-Invest, L.P. | 2/25/2025 | 14649107 |
| Chilly HP SCF Investor, LP | 2/9/2022 | 3017701 |
| CL Oliver Co-Invest I, L.P. | 6/28/2023 |  |
| Comvest Special Opportunities Fund, L.P. | 2/3/2022 | 14174597 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **First<br> Acquisition<br> Date** | **Cost** |
| Contingency Capital EG Fund (US) LP | 8/29/2024 | $47322332 |
| Contingency Capital Fund I-A, LP | 11/28/2022 | 57058071 |
| Corrum Capital Entertainment Lending II-B, LP | 8/29/2025 | 67965425 |
| Crestline Nevermore Holdco, L.P. | 12/7/2023 | 5126088 |
| Crestline PF Sentry Fund (US), LP | 8/14/2023 | 28539771 |
| CW Credit Opportunity 2 LP | 6/27/2024 | 26110684 |
| D.E. Shaw Diopter International Fund II, L.P. | 5/1/2025 | 13641267 |
| D.E. Shaw Diopter International Fund, L.P. | 10/20/2022 | 34168977 |
| Dawson Evergreen 1 LP | 5/28/2024 | 300000000 |
| Dawson Portfolio Finance (Lux) SICAV | 9/16/2025 | 150000000 |
| Eiger Funding (PCC) Limited - Cell 18 - Yosemite | 12/22/2025 | 14223581 |
| EVP Credit SPV I LP | 7/17/2025 | 17022619 |
| EVP II LP | 11/30/2023 | 31303840 |
| Felicitas Diner Offshore, LP | 12/28/2022 | 2959895 |
| Felicitas Secondary Fund II Offshore, LP | 9/10/2021 | 10470663 |
| Felicitas Secondary Fund III Offshore, LP | 1/31/2025 | 30922819 |
| Felicitas Tactical Opportunities Fund, LP | 10/26/2022 | 13004730 |
| Franklin BSP Capital Corp | 11/30/2021 | 1684852 |
| FTAI Aircraft Leasing Offshore SPV (2025) L.P. | 11/7/2025 | 37500000 |
| GCF III Feeder LP | 9/2/2025 | 9568518 |
| Gramercy PG Feeder LP (Common Interests) | 3/22/2024 | 10477594 |
| Gramercy PG Feeder LP (Preferred Interests) | 3/22/2024 | 5450422 |
| Gramercy PG Holdings II, LP | 8/20/2024 | 24570000 |
| Gramercy PG Holdings LP | 9/5/2025 | 1924701 |
| Guggenheim MM-C CLO | 7/26/2023 | 90202500 |
| Harvest Partners Structured Capital Fund III, L.P. | 9/22/2021 | 15280637 |
| Hayfin Healthcare Opportunities Fund (US Parallel), LP | 6/29/2022 | 52025040 |
| Hercules Evergreen Fund LP | 10/30/2025 | 13065500 |
| Hercules Private Global Venture Growth Fund I, L.P. | 8/6/2021 | 182992177 |
| Highlighter Coinvest, Lp | 11/26/2025 | 9897587 |
| HPC Breeze Co-Invest (Onshore), L.P. | 12/30/2025 | 19515049 |
| HPS Asset Value Platform, L.P. | 2/7/2025 | 42838639 |
| HPS KP Mezz 2019 Co-Invest, LP | 4/1/2024 | 38073300 |
| HPS KP SIP V Co-Investment Fund, LP | 4/1/2024 | 13065632 |
| HPS Mint Co-Invest Fund, L.P. | 5/25/2022 | 5746728 |
| HPS Offshore Mezzanine Partners 2019, LP | 4/1/2024 | 20645980 |
| HPS Offshore Strategic Investment Partners V, LP | 5/1/2023 | 37039541 |
| HPS Specialty Loan Fund V-L, L.P. | 7/30/2021 | 12234036 |
| ICG LP Secondaries Fund I (Feeder) SCSp | 12/29/2023 | 13835222 |
| Indago Asset-Based Opportunities I LP | 6/13/2025 | 9509248 |
| Indago Co-Invest I LP | 1/30/2025 | 24000000 |
| InSolve Global Credit Feeder Fund VI, L.P. | 2/18/2025 | 51478683 |
| Jaffa Capital Fund, LP | 7/1/2025 | 10000000 |
| King Street Opportunistic Credit Evergreen Fund, L.P. | 1/31/2023 | 100000000 |
| KWOL Co-Invest, LP | 11/30/2023 | 2500000 |
| LAC SPV I LLC | 9/29/2025 | 29600000 |
| LH Equity Investors, L.P. | 9/3/2025 | 19250000 |
| LuminArx Opportunistic Alternative Solutions Offshore Fund LP | 1/31/2025 | 22715610 |
| LuminArx Valence Co-Invest Offshore Fund LP | 12/11/2024 | 9936909 |
| Madison Realty Capital Debit Fund, IV LP | 9/29/2023 | 14173657 |
| Magenta Asset Co-Invest L.P. | 4/30/2024 | 2034675 |
| Magenta Co-Invest L.P. | 3/5/2024 | 5501383 |
| Marilyn Co-Invest, L.P. | 1/14/2022 | 33863577 |
| Milano Co-Invest, L.P. | 4/1/2024 | 4000178 |
| Miller Holdings LP (Common Equity Portion) (Dawson) | 3/12/2025 | 5000000 |
| Miller Holdings LP (Preferred Equity Portion) (Dawson) | 3/12/2025 | 28541362 |
| Minerva Co-Invest, L.P. | 2/11/2022 | 11417401 |
| NB Capital Solutions Co-Invest (Wolverine) LP | 11/15/2023 | 837 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **First<br> Acquisition<br> Date** | **Cost** |
| NB Credit Opportunities II Cayman Feeder, LP | 8/31/2022 | $18885348 |
| North Wall Asset Backed Opportunities Feeder Fund I LP | 12/19/2024 | 78177078 |
| Northwind Healthcare Debt Fund II Feeder B LP | 11/4/2025 | 22500000 |
| NWEOF Feeder Fund II LP | 6/21/2024 | 27870400 |
| NWEOF Feeder Fund III SCSp | 6/10/2025 | 2625904 |
| OrbiMed RCO IV Offshore Feeder, LP | 12/30/2022 | 23691624 |
| OWS Affirm Partnership Fund, LTD. | 6/25/2025 | 30000000 |
| Pathlight Capital Evergreen Fund, LP | 12/30/2022 | 46478004 |
| Pathlight Capital Fund II, LP | 6/30/2021 | 13809507 |
| Peachtree Credit Fund IV Q, L.P. | 11/18/2024 | 49676393 |
| Pennybacker Real Estate Credit II Pacific, LLC | 5/6/2022 | 2467491 |
| Pennybacker Real Estate Credit II, LP | 5/6/2022 | 18777394 |
| Peppertree Capital Fund VI QP, LP | 9/30/2025 | 27673728 |
| Peppertree Capital Fund VII QP, LP | 9/30/2025 | 16912387 |
| PG Lending Fund I, LP | 11/26/2024 | 127695387 |
| Pine Valley Capital Co-Invest I, LP | 3/6/2025 | 44063315 |
| Pine Valley Capital Partners Evergreen Fund, L.P. (July 2025 Vintage) | 10/9/2025 | 25555260 |
| Pine Valley Capital Partners Evergreen Fund, LP | 11/13/2024 | 27498022 |
| Prime Finance CMBS Opportunities Fund 4, L.P. | 8/28/2025 | 15226492 |
| PSC Credit IV (A) SCSp | 4/16/2025 | 32525394 |
| Raven Asset-Based Credit Fund II LP | 9/21/2021 | 18487126 |
| Realterm Logistics Credit Fund Co-Investment, LLC | 9/2/2025 | 13904087 |
| Redwood Enhanced Income Corp. | 6/30/2022 | 28275000 |
| SC Life Science Credit Parallel Fund A, L.P. | 8/9/2024 | 139651570 |
| SC Lowy Strategic Investments IV (ASIA), LP | 12/22/2025 | 22340761 |
| SC Opportunities Holding, L.P. | 7/16/2025 | 39675000 |
| Shamrock Capital Debt Opportunities Fund I, LP | 7/28/2021 | 7317194 |
| Silver Point Select Overflow Fund, L.P. | 11/13/2024 | 38021127 |
| Silver Point Specialty Lending Fund | 5/12/2025 | 127018961 |
| Sixth Street Growth Partners II (B), L.P. | 8/1/2022 | 3982010 |
| Sky Fund V Offshore, LP | 3/31/2023 |  |
| Sky Fund VI Offshore, LP | 4/15/2024 | 21980109 |
| Sound Point Strategic Capital Fund III, LP | 12/2/2025 | 20814896 |
| Specialty Loan Institutional Fund 2016-L, L.P. | 1/22/2024 | 2413965 |
| Sprinkler 2024 Co-Investment I (Feeder) SCSp | 3/10/2025 | 16233891 |
| Stellus Private Credit BDC Feeder LP | 1/31/2022 | 16220347 |
| Summit Partners Credit Offshore Fund II, L.P. | 3/31/2022 | 7124963 |
| Symbiotic Capital EB Fund, L.P. | 3/7/2024 | 3977217 |
| Symbiotic Capital Life Science Credit Fund, L.P. | 8/9/2024 | 12077688 |
| Thompson Rivers LLC | 6/30/2021 | 1147239 |
| Thorofare Asset Based Lending Fund V, L.P. | 7/29/2022 | 30401096 |
| Tinicum L.P. | 3/31/2023 | 8258123 |
| Tinicum Tax Exempt, L.P. | 3/31/2023 | 5644461 |
| VCSF Co-Invest 1-A, L.P. | 8/2/2023 | 5072145 |
| Vista Capital Solutions Fund-A, L.P. | 3/24/2023 | 9676768 |
| Vista Credit Partners Fund IV-B, L.P. | 12/4/2024 | 7921499 |
| VPC Credit Origination Fund, L.P. | 4/19/2023 | 1000000 |
| VPC Legal Finance Fund, L.P. | 9/29/2022 | 113780037 |
| Waccamaw River LLC | 8/4/2021 | 8533767 |
| WhiteHawk Evergreen Fund, LP | 1/31/2024 | 100000000 |
|  |  | $4562134478 |

---

**Cliffwater Enhanced Lending Fund**

**Consolidated Schedule of Forward Foreign Currency Exchange Contracts**

**As of December 31, 2025 (Unaudited)**

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Counterparty** | **Currency<br> Sold** | **Settlement<br> Date** | **Currency<br> Amount<br> Purchased** | **Value at<br> Opening Date of<br> Contract** | **Value at<br> December 31, 2025** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| EUR | State Street | USD | January 30, 2026 | 35521611 | $41315145 | $41806361 | $491216 |
| EUR | State Street | USD | February 27, 2026 | 15558944 | 18261280 | 18334018 | 72738 |
| EUR | State Street | USD | March 31, 2026 | 2877963 | 3401766 | 3396668 | (5098) |
| GBP | State Street | USD | February 27, 2026 | 43403 | 57273 | 58497 | 1224 |
|  |  |  |  |  | 63035464 | 63595544 | 560080 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Sold** | **Counterparty** | **Currency<br> Purchased** | **Settlement<br> Date** | **Currency<br> Amount<br> Sold** | **Value at<br> Opening Date of <br> Contract** | **Value at<br> December 31, 2025** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| EUR | State Street | USD | January 30, 2026 | (112883920) | $(131536456) | $(132856191) | $(1319735) |
| EUR | State Street | USD | February 27, 2026 | (92760794) | (108026876) | (109305492) | (1278616) |
| EUR | State Street | USD | March 31, 2026 | (93208045) | (110204885) | (110007252) | 197633 |
| GBP | State Street | USD | January 30, 2026 | (6369470) | (8459032) | (8585349) | (126317) |
| GBP | State Street | USD | February 27, 2026 | (6412873) | (8463458) | (8643063) | (179605) |
| GBP | State Street | USD | March 31, 2026 | (6369470) | (8587167) | (8583498) | 3669 |
|  |  |  |  |  | (375277874) | (377980845) | (2702971) |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | $**(312242410)** | $**(314385301)** | $**(2142891)** |

---

EUR – Euro

GBP - British Pound

USD – U.S. Dollar

*See accompanying Notes to Consolidated Schedule of Investments.*

**Cliffwater Enhanced Lending Fund**

**Notes to Consolidated Schedule of Investments<br> December 31, 2025 (Unaudited)**

1. Organization

The Cliffwater Enhanced Lending Fund (the "Fund") is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and was organized as a Delaware statutory trust on January 22, 2021. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser (the "Investment Manager" or "Cliffwater") of the Fund. The Investment Manager is an investment adviser registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended. The Fund commenced operations on July 1, 2021. Simultaneous with the commencement of the Fund's operations, the Cliffwater Enhanced Lending Fund L.P. (the "Predecessor Fund"), reorganized with and transferred substantially all its portfolio securities into the Fund. The tax-free reorganization was accomplished at the close of business on June 30, 2021. The Fund intends to continue to qualify and has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). The Fund offers two separate share classes ("Shares"): Class D Shares and Class I Shares.

The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80% of its assets (net assets, plus any borrowings for investment purposes) in lending to businesses, broadly defined as providing capital or assets to businesses or individuals in exchange for regular payments, the level of which is commensurate with the probability of loss for each investment or strategy, or through the provision of capital to businesses or individuals by acquiring assets from those businesses or individuals that produce regular cash flows as an alternative to a traditional loan, such as receivables factoring or a sale leaseback of real estate or equipment. Investments by the Fund may take the form of secured or unsecured bonds and loans with a fixed or floating coupon, a structured capital instrument with preference to common equity holders and a stated contractual interest payment or rate of return, assets with fixed lease payments, or other income producing assets. Investments may be made directly or indirectly through a range of investment vehicles that the Investment Manager believes offer high current income across corporate, real asset and alternative credit opportunities. The Investment Manager will employ a dynamic process that allocates the Fund's assets between Investment Funds and direct investments. Investment Funds may include secondary strategies that primarily acquire credit funds and, to a lesser extent, fund interests or direct investments in equity or other security types.

**Consolidation of Subsidiaries**

Each subsidiary was formed as a limited liability company and is a wholly owned subsidiary of the Fund. The Consolidated Schedule of Investments of the Fund include the accounts of each subsidiary. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. A list of the subsidiaries that hold assets is as follows as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Subsidiary** | **Date of <br> Inception** | **Net Assets of<br> Subsidiary** | **Percentage of <br> Fund's Total<br> Net Assets** |
| CELF SPV LLC ("CLCE SPV") | July 1, 2021 | $4615335031 | 61.44% |
| CELF SPV Holdings (PP) LLC ("CLCE HOLD") | July 1, 2021 | 3942593 | 0.05% |
| CELF SPV HOLDINGS 2 LLC ("CLCE HLD2") | June 24, 2022 | 5353920 | 0.07% |
| CELF HOLDINGS (D1) LLC ("CLCE HLD1") | March 31, 2023 | 20751948 | 0.28% |
| CELF HOLDINGS (D2) LLC ("CLCE LF2") | June 30, 2023 | 24868158 | 0.33% |
| CELF SPV HOLDINGS 1 LLC ("CLCE SPV1") | February 9, 2024 | 138438 | 0.00% |
| CELF HOLDINGS (D3) LLC ("CLCE HLD3") | April 12, 2024 |  | 0.00% |
| CELF HOLDINGS (D4) LLC ("CLCE HLD4") | May 31, 2024 | 1266103 | 0.02% |
| MOHAWK RIVER FUNDING LLC ("CLCE MHWK") | September 16, 2024 | 3629666 | 0.05% |
| CELF HOLDINGS (D7) LLC ("CLCE LF7") | October 9, 2024 | 49661469 | 0.66% |
| CELF HOLDINGS (D6) LLC ("CLCE LF6") | November 19, 2024 | 21016671 | 0.28% |
| CELF HOLDINGS (D9) LLC ("CLCE LF9") | February 14, 2025 | 2580046 | 0.03% |
| CELF HOLDINGS (D13) LLC ("CLCE LF13") | February 19, 2025 | 55062 | 0.00% |
| CELF HOLDINGS (D8) LLC ("CLCE LF8") | May 1, 2025 | 396535 | 0.01% |
| CELF HOLDINGS (D11) LLC ("CLCE LF11") | May 13, 2025 | 18489727 | 0.25% |
| CELF HOLDINGS (D10) LLC ("CLCE LF10") | June 24, 2025 | 12335035 | 0.16% |
| CELF HOLDINGS (D20) LLC ("CLCE LF20") | August 26, 2025 | 1653895 | 0.02% |
| CELF HOLDINGS (D12) LLC ("CLCE LF12") | September 2, 2025 | 40147818 | 0.53% |
| CELF HOLDINGS (D19) LLC ("CLCE LF19") | September 3, 2025 | 1381057 | 0.02% |
| CELF HOLDINGS (D14) LLC ("CLCE LF14") | September 30, 2025 | 49676950 | 0.66% |
| CELF SPLITTER LLC ("CLCE SPLT") | November 25, 2025 | 5650988 | 0.08% |
| CELF HOLDINGS (D18) LLC ("CLCE LF18") | December 23, 2025 | 9154617 | 0.12% |

---

2. Significant Accounting Policies

**Basis of Preparation and Use of Estimates**

The Fund is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services — Investment Companies*. The accompanying Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

**Federal Income Taxes**

The Fund intends to continue to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. As so qualified, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. Based on its analysis, there were no tax positions identified by management of the Fund that did not meet the "more likely than not" standard as of December 31, 2025.

CLCE SPV, CLCE LF2, CLCE HLD4, CLCE MHWK, CLCE LF7, CLCE LF6, CLCE LF9, CLCE LF13, CLCE BOPP, CLCE LF8, CLCE LF11, CLCE LF10, CLCE LF20, CLCE LF12, CLCE SPLT and CLCE LF18 are disregarded entities for income tax purposes. CLCE HOLD, CLCE HLD2, CLCE HLD1, CLCE SPV1, CLCE HLD3, CLCE LF19, and CLCE LF14 are limited liability companies that have elected to be taxed as corporations and are therefore obligated to pay federal and state income tax on their taxable income. Currently, the federal income tax rate for a corporation is 21%. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized.

**Foreign Currency Translation**

The Fund's records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted at the close of the London Stock Exchange prior to when the Fund's NAV is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

The Fund does not isolate that portion of its net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

**Forward Foreign Currency Exchange Contracts**

The Fund may utilize forward foreign currency exchange contracts ("forward contracts") under which they are obligated to exchange currencies on specified future dates at specified rates, and are subject to the fluctuations of foreign exchange rates. All contracts are "marked-to-market" daily and any resulting unrealized gains or losses are recorded as unrealized appreciation or depreciation on forward foreign exchange contracts. The Fund records realized gains or losses at the time the forward contract is settled. Counter-parties to these forward contracts are major U.S. financial institutions. As of December 31, 2025, the Fund had 4 outstanding forward currency contracts purchased long and 6 outstanding forward currency contracts sold short, with total notional value of $54,001,921 and $(318,004,572), respectively.

**Collateralized Loan Obligations and Collateralized Debt Obligations**

CLOs and CDOs are typically privately offered and sold, and thus, are not registered under the securities laws, which means less information about the security may be available as compared to publicly offered securities and only certain institutions may buy and sell them. As a result, investments in CLOs and CDOs may be characterized by the Fund as illiquid securities. An active dealer market may exist for CLOs and CDOs that can be resold in Rule 144A transactions, but there can be no assurance that such a market will exist or will be active enough for the Fund to sell such securities.

**Participations and Assignments**

The Fund may acquire interests in loans either directly (by way of original issuance, sale or assignment) or indirectly (by way of participation). The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, its rights can be more restricted than those of the assigning institution. Participation interests in a portion of a debt obligation typically result in a contractual relationship only with the institution participating in the interest, not with the borrower. In purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation.

**Commitments and Contingencies**

Commercial loans purchased by the Fund (whether through participations or as a lender of record) may be structured to include both term loans, which are generally fully funded at the time of investment, and unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities and delayed draw term loans, which may obligate the Fund to supply additional cash to the borrower on demand, representing a potential financial obligation by the Fund in the future. The Fund may receive a commitment fee based on the undrawn portion of such unfunded loan commitments. The commitment fee is typically set as a percentage of the commitment amount. As of December 31, 2025, the Fund had the following unfunded loan commitments as noted in the Consolidated Schedule of Investments with a total principal amount, fair value and net unrealized gain (loss) of $498,831,541, $493,268,774, and $136,850, respectively.

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Principal Amount** |
| Alcami Corporation | Revolver | $400685 |
| Allen Media, LLC | Revolver | 4478064 |
| Apella Capital LLC | Delayed Draw | 5647945 |
| Apella Capital LLC | Revolver | 528083 |
| AR5 LLC | Revolver | 18668172 |
| Archer 2023 Finance, LLC, Class B | Private Collateralized Fund Obligations | 1025556 |
| Artivion, Inc. | Delayed Draw | 5172414 |
| Artivion, Inc. | Delayed Draw | 3448276 |
| Azurite Intermediate Holdings, Inc. | Revolver | 103333 |
| Bluefin Holding, LLC | Revolver | 673077 |
| Bluesight, Inc. | Revolver | 400000 |
| Carlyle Credit Opportunities Fund III Private Securitization Vehicle Borrower, L.P. | Private Collateralized Loan Obligations | 2970198 |
| Cedar Electronics Trading Corp | Delayed Draw | 7500000 |
| Cerity Partners Equity Holding LLC | Delayed Draw | 4587156 |
| Cerity Partners Equity Holding LLC | Revolver | 346789 |
| Cipriani USA, Inc | Delayed Draw | 3157895 |
| Cobham Holdings, Inc. | Revolver | 398438 |
| Corbin Law Firm | Delayed Draw | 738676 |
| Coupa Holdings, LLC | Delayed Draw | 385633 |
| Coupa Holdings, LLC | Revolver | 295276 |
| Crewline Buyer, Inc. | Revolver | 870417 |
| CVC Structured Solutions 2 LLC | Delayed Draw | 37801347 |
| Dawson Logan 2025-L5 - Class B | Private Collateralized Fund Obligations | 16500000 |
| Dawson Logan 2025-L5 - Class C | Private Collateralized Fund Obligations | 33000000 |
| Dawson Rated Fund 6-R2 Class C | Private Collateralized Fund Obligations | 9172155 |
| Dawson Rated Fund 6-R3 Class C | Private Collateralized Fund Obligations | 9537169 |
| Einstein Parent, Inc. | Revolver | 937500 |
| Exactcare Parent, Inc. | Revolver | 442623 |

---

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Principal Amount** |
| Fenix Topco, LLC | Delayed Draw | $1062537 |
| FS WhiteWater Borrower, LLC | Delayed Draw | 5000000 |
| Genova Diagnostics, Inc | Delayed Draw | 1354839 |
| Genova Diagnostics, Inc | Revolver | 967742 |
| GIEAG Projekt 320 GMBH | First Lien Term Loan | 21139969 |
| Helium Acquirer Corporation | Revolver | 293190 |
| Infucare RX Inc | Revolver | 800000 |
| Jonas Catalog Holdings I LLC | Delayed Draw | 16929439 |
| KENE Acquisition, Inc. | Delayed Draw | 16666667 |
| KENE Acquisition, Inc. | Revolver | 1960784 |
| Lawn & Garden LLC | Revolver | 300000 |
| LP-PWP Credit Card ABS, LLC | Revolver | 2054902 |
| Mercury Bidco LLC | Revolver | 408163 |
| Meta Buyer LLC | Delayed Draw | 2572508 |
| Meta Buyer LLC | Revolver | 1122191 |
| MGT Merger Target, LLC | Revolver | 69517 |
| Moderna, Inc | Delayed Draw | 42000000 |
| MoonLake Immunotherapeutics AG | Delayed Draw | 33750000 |
| NACSB Acquisition Holdings, Inc. | Delayed Draw | 5478451 |
| National Resilience, LLC | Delayed Draw | 9756098 |
| Oak Funding LLC | Delayed Draw | 4444444 |
| One East Camelback, LLC | Delayed Draw | 4480847 |
| Orthodontic Partners, LLC | Delayed Draw | 753279 |
| Penn TRGRP Holdings | Revolver | 346125 |
| PF Carrus Careers, LLC | Revolver | 1866215 |
| PracticeTek Purchaser LLC | Delayed Draw | 1846246 |
| RCP Fund II Borrower, LLC | Delayed Draw | 10000000 |
| Retained Vantage Data Centers Assets, LP | Delayed Draw | 118750000 |
| SintecMedia NYC, Inc. | Revolver | 152542 |
| SL Energy Power Plant I, LLC | Delayed Draw | 15598804 |
| Spinrite Inc. | Revolver | 1875000 |
| SureWerx Purchaser III, Inc. | Delayed Draw | 250000 |
| SureWerx Purchaser III, Inc. | Revolver | 250000 |
| Terra Solar U.S., LLC | Delayed Draw | 2000000 |
| TerSera Therapeutics, LLC | Revolver | 227926 |
| The Arcticom Group, LLC | Delayed Draw | 37941 |
| Trintech, Inc. | Revolver | 425537 |
| United Digestive MSO Parent, LLC | Revolver | 297500 |
| Vardiman Black Holdings, LLC | Delayed Draw | 16561 |
| Velocity Capital (Luxembourg) S.A.R.L. | Revolver | 2338700 |
|  |  | $498831541 |

---

**Borrowing, Use of Leverage**

On July 19, 2024, the Fund and certain of its wholly-owned subsidiaries ("Guarantors") entered into a senior secured credit facility (the "Facility") with Barings Finance LLC as joint lead arranger, PNC Bank, National Association ("PNC") as administrative agent and joint lead arranger and with certain lenders from time to time as parties thereto (the "Lenders"). The Facility, as amended effective December 11, 2025, provides for borrowings on a committed basis in an aggregate principal amount up to $1,575,000,000. Under the Facility, the Fund has received a term loan in the amount of $250,000,000 ("Term Loan") and may borrow up to an additional $1,325,000,000 on a revolving basis (the "Revolving Loan"). The Facility may be increased from time to time in an aggregate of up to $3,000,000,000 on an uncommitted basis. The Revolving Loan and the Term Loan mature on August 23, 2030.

In connection with the Facility, the Fund and Guarantors have made certain customary representations and warranties and are required to comply with various customary covenants, reporting requirements and other requirements. The Facility contains events of default customary for similar financing transactions, including: (i) the failure to make principal, interest or other payments when due after the applicable grace period; (ii) the insolvency or bankruptcy of the Guarantors or the Fund; or (iii) a change of management of the Fund. Upon the occurrence and during the continuation of an event of default, the Lenders may declare the outstanding advances and all other obligations under the Facility immediately due and payable.

**Secured Borrowings**

From time to time, the Fund may engage in sale/buy-back agreements, which are a type of secured borrowing. The amount, interest rate and terms of these agreements will be individually negotiated on a transaction-by-transaction basis. Each borrowing is secured by an interest in an underlying asset which is participated or assigned to the sale/buy-back counter party for the duration of the agreement. There were no secured borrowings outstanding as of December 31, 2025.

3. Fair Value of Investments

**Fair value – Definition**

All investments in securities are recorded at fair value. The Fund uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Valuations based on unadjusted quoted prices
in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Valuations based on inputs, other than quoted
prices included in Level 1, that are observable either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Valuations based on inputs that are both
significant and unobservable to the overall fair value measurement.

Investments in Private Investment Funds measured based upon NAV as a practical expedient to determine fair value are not required to be categorized in the fair value hierarchy.

The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, determining fair value requires more judgment. Because of the inherent uncertainty of valuation, estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Investment Manager in determining fair value is greatest for investments categorized in Level 3.

The Fund's assets recorded at fair value have been categorized based on a fair value hierarchy as described in the Fund's significant accounting policies. The following table presents information about the Fund's assets and liabilities measured at fair value as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Net Asset <br> Value** | **Total** |
| Investments, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Senior Secured Loans | $— | $12219780 | $1432492103 | $— | $1444711883 |
| &nbsp;&nbsp;&nbsp;Private Investment Vehicles |  |  | 237475978 | 5143332516 | 5380808494 |
| &nbsp;&nbsp;&nbsp;Collateralized Loan Obligations |  | 1487282 | 76728079 |  | 78215361 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  |  | 63872135 |  | 63872135 |
| &nbsp;&nbsp;&nbsp;Common Stocks | 1163593 |  | 5583180 |  | 6746773 |
| &nbsp;&nbsp;&nbsp;Subordinated Debt |  |  | 2000000 |  | 2000000 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  |  | 12292780 |  | 12292780 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  | 1809325 |  | 1809325 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 310300062 |  |  |  | 310300062 |
| Total Investments, at fair value | $311463655 | $13707062 | $1832253580 | $5143332516 | $7300756813 |
| Other Financial Instruments<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $766480 | $— | $— | $766480 |
| Total Assets | $311463655 | $14473542 | $1832253580 | $5143332516 | $7301523293 |
| **Liabilities** |  |  |  |  |  |
| Other Financial Instruments<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $2909371 | $— | $— | $2909371 |
| Total Liabilities | $— | $2909371 | $— | $— | $2909371 |

---

 

<sup>1</sup> Other financial instruments are derivative instruments such as futures contracts, forward contracts and swap contracts. Futures contracts, forward contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The following table presents the changes in assets and transfers in and out for investments that are classified in Level 3 of the fair value hierarchy for the period ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Senior Secured<br> Loans** | **Private<br> Investment<br> Vehicles** | **Collateralized<br> Loan<br> Obligations** | **Preferred<br> Stocks** | **Common<br> Stocks** |
| Balance as of April 1, 2025 | $1007170536 | $286453384 | $58368832 | $57515128 | $6095834 |
| Purchases | 1895273243 | 209039973 | 62779734 | 14324464 | 1929 |
| Sales/Paydowns | (1461674784) | (263921248) | (44474673) | (21000051) |  |
| Realized gains (losses) | 8604226 | (75118) | 467219 | 6310077 |  |
| Original issue discount and amendment fees | (223016) |  | 332041 |  |  |
| Accretion | 2885833 | 11899 | 31905 |  |  |
| Change in Unrealized appreciation (depreciation) | (1638555) | 5967088 | (1371034) | (1071663) | (514583) |
| Transfers In<sup>1</sup> |  |  | 2081337 | 7794180 |  |
| Transfers Out<sup>2</sup> | (17905380) | - | (1487282) | - | - |
| Balance as of December 31, 2025 | $1432492103 | $237475978 | $76728079 | $63872135 | $5583180 |
| Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at December 31, 2025 | (240127) | 8237491 | (59414) | (649581) | (514583) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Subordinated<br> Debt** | **Asset-<br> Backed<br> Securities** | **Warrants** | **Total** |
| Balance as of April 1, 2025 | $9001761 | $- | $229675 | $1424835150 |
| Purchases | 58866 | 12033590 |  | 2193511799 |
| Sales/Paydowns | (5043476) |  |  | (1796114232) |
| Realized gains (losses) | (2031369) | (353047) |  | 12921988 |
| Original issue discount and amendment fees |  |  |  | 109025 |
| Accretion |  |  |  | 2929637 |
| Change in Unrealized appreciation (depreciation) | 14218 | 612237 | 1579650 | 3577358 |
| Transfers In<sup>1</sup> |  |  |  | 9875517 |
| Transfers Out<sup>2</sup> | - | - | - | (19392662) |
| Balance as of December 31, 2025 | $2000000 | $12292780 | $1809325 | $1832253580 |
| Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at December 31, 2025 | - | 612237 | 1579650 | 8965673 |

---

<sup>1</sup> Transferred from Level 2 to Level 3 because observable market data became unavailable for the investments. <br> <sup>2</sup> Transferred from Level 3 to Level 2 because observable market data became available for the investments.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Cliffwater Enhanced Lending Fund

- **b. Investment Company Act file number:** 811-23630

- **c. CIK number of Registrant:** 0001842754

- **d. LEI of Registrant:** 549300GSOYHH68H7U345

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 WEST GALENA STREET

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 41429920000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Cliffwater Enhanced Lending Fund

- **c. LEI of Series:** 549300GSOYHH68H7U345

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $8308588791.37

**Total Liabilities:** $825132859.55

**Net Assets:** $7483455931.82

**Cash Not Reported:** $85145367.72

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 2.182489206971 | **10-Year:** 61.589910341029 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 36753.056840338035 | **1-Year:** 121707.589674123668 | **5-Year:** 432436.761983165512 | **10-Year:** 584014.581248014195 | **30-Year:** 91696.553325666431

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.97%                | 1.01%                | 0.74%                |
| Class ID N/A | 0.98%                | 1.01%                | 0.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $300122.39               | $21257044.05                               |
| Month 2  | $-1181477.83             | $47293636.00                               |
| Month 3  | $1782392.76              | $22061356.90                               |

### Schedule of Portfolio Investments

| Name                                           | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ASG II, LLC - TL TERM LOAN 1ST LIEN   /        | ASG II, LLC - TL TERM LOAN 1ST LIEN   /                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2608696 | PA      | $2605844.92    | 0.03%             | 2028-05-25      | Variable      | 10.24%                | No            | 3                  | On Loan: No      |
| BALBEC IGCF VI ANNEX FUND LP   /               | BALBEC IGCF VI ANNEX FUND LP   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $7500000.00    | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| BANNER RIDGE DSCO FUND I OFFSHORE LP   /       | BANNER RIDGE DSCO FUND I OFFSHORE LP   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $19091793.00   | 0.26%             |  |  |  | No            | N/A                | On Loan: No      |
| BANNER RIDGE DSCO FUND II OFFSHORE LP   /      | BANNER RIDGE DSCO FUND II OFFSHORE LP   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $30189087.00   | 0.40%             |  |  |  | No            | N/A                | On Loan: No      |
| BANNER RIDGE SECONDARY FUND V LP   /           | BANNER RIDGE SECONDARY FUND V LP   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $158716717.00  | 2.12%             |  |  |  | No            | N/A                | On Loan: No      |
| BANNER RIDGE SECONDARY FUND IV LP   /          | BANNER RIDGE SECONDARY FUND IV LP   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $5679406.00    | 0.08%             |  |  |  | No            | N/A                | On Loan: No      |
| BANNER RIDGE SECONDARY FUND VI LP   /          | BANNER RIDGE SECONDARY FUND VI LP   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $1901097.00    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| BARINGS CAPITAL SLTN PERPETUAL FUND LP   /     | BARINGS CAPITAL SLTN PERPETUAL FUND LP   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     409884 | NS      | $46211149.62   | 0.62%             |  |  |  | No            | N/A                | On Loan: No      |
| KENE ACQUISITION, Inc. AMEND No. 1   /         | KENE ACQUISITION, Inc. AMEND No. 1   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1960784 | PA      | $1950980.39    | 0.03%             | 2031-02-08      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| KENE ACQUISITION, Inc. AMEND No. 1   /         | KENE ACQUISITION, Inc. AMEND No. 1   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   10952381 | PA      | $10897619.05   | 0.15%             | 2031-02-08      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| KELLER POSTMAN LLC - TERM LOAN   /             | KELLER POSTMAN LLC - TERM LOAN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   15806956 | PA      | $15806955.63   | 0.21%             | 2028-09-15      | Variable      | 15.71%                | No            | 3                  | On Loan: No      |
| APELLA CAPITAL LLC    /                        | APELLA CAPITAL LLC    /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2823972 | PA      | $2795732.67    | 0.04%             | 2029-03-01      | Variable      | 10.20%                | No            | 3                  | On Loan: No      |
| APEX SERVICE PARTNER ANTARES   /               | APEX SERVICE PARTNER ANTARES   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1275297 | PA      | $1245495.03    | 0.02%             | 2031-04-23      | Fixed         | 14.25%                | No            | 3                  | On Loan: No      |
| APEX SERVICE PARTNER ANTARES   /               | APEX SERVICE PARTNER ANTARES   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2635523 | PA      | $2573935.43    | 0.03%             | 2031-04-23      | Fixed         | 14.25%                | No            | 3                  | On Loan: No      |
| ARTIVION, INC.    /                            | ARTIVION, INC.    /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    5172414 | PA      | $5133620.69    | 0.07%             | 2031-01-18      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| AR5 LLC    /                                   | AR5 LLC    /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   12374735 | PA      | $12345966.94   | 0.16%             | 2028-10-15      | Variable      | 3.66%                 | No            | 3                  | On Loan: No      |
| KENSINGTON PRIVATE E PROJECT WREN DDTL 2L   /  | KENSINGTON PRIVATE E PROJECT WREN DDTL 2L   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    3200000 | PA      | $3196503.10    | 0.04%             | 2026-03-28      | Variable      | 13.17%                | No            | 3                  | On Loan: No      |
| AR5 LLC    /                                   | AR5 LLC    /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   18668172 | PA      | $18624772.99   | 0.25%             | 2028-10-15      | Fixed         | 0.40%                 | No            | 3                  | On Loan: No      |
| ARES INSURANCE PARTNERS LP   /                 | ARES INSURANCE PARTNERS LP   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $18005878.81   | 0.24%             |  |  |  | No            | N/A                | On Loan: No      |
| ARES COMMERCIAL FINANCE LP   /                 | ARES COMMERCIAL FINANCE LP   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $22058122.81   | 0.29%             |  |  |  | No            | N/A                | On Loan: No      |
| ARES COMMERCIAL FINANCE FEEDER (B)   /         | ARES COMMERCIAL FINANCE FEEDER (B)   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $15826180.62   | 0.21%             |  |  |  | No            | N/A                | On Loan: No      |
| ARES COMMERCIAL FINANCE SECONDARY   /          | ARES COMMERCIAL FINANCE SECONDARY   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $26919965.51   | 0.36%             |  |  |  | No            | N/A                | On Loan: No      |
| ARES COMMERCIAL FINA NCE LP (APL MERGER)   /   | ARES COMMERCIAL FINA NCE LP (APL MERGER)   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $32954566.79   | 0.44%             |  |  |  | No            | N/A                | On Loan: No      |
| ARES PATHFINDER FUND II LP   /                 | ARES PATHFINDER FUND II LP   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $8898840.16    | 0.12%             |  |  |  | No            | N/A                | On Loan: No      |
| ARES SPECIAL OPPORT OSSHORES L.P.   /          | ARES SPECIAL OPPORT OSSHORES L.P.   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $4237156.59    | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| ARES SPECIAL OPPORTU FUND II LP   /            | ARES SPECIAL OPPORTU FUND II LP   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $33183100.20   | 0.44%             |  |  |  | No            | N/A                | On Loan: No      |
| ARCHER 2023 FINANCE    /                       | ARCHER 2023 FINANCE    /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   32458176 | PA      | $32526338.34   | 0.43%             | 2035-12-28      | Variable      | 15.90%                | No            | 3                  | On Loan: No      |
| ARCHER 2023 FINANCE    /                       | ARCHER 2023 FINANCE    /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    3270136 | PA      | $3277003.22    | 0.04%             | 2035-12-28      | Variable      | 15.74%                | No            | 3                  | On Loan: No      |
| ARCHER 2023 FINANCE    /                       | ARCHER 2023 FINANCE    /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1025556 | PA      | $1027709.23    | 0.01%             | 2035-12-28      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| ARTIVION, INC.    /                            | ARTIVION, INC.    /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    3448276 | PA      | $3422413.93    | 0.05%             | 2030-01-18      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| ARTIVION, INC.    /                            | ARTIVION, INC.    /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    6551724 | PA      | $6502586.21    | 0.09%             | 2030-01-18      | Variable      | 8.41%                 | No            | 3                  | On Loan: No      |
| KENSINGTON PRIVATE E PROJECT WREN TL 2L   /    | KENSINGTON PRIVATE E PROJECT WREN TL 2L   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    3200000 | PA      | $3196503.10    | 0.04%             | 2026-03-28      | Variable      | 13.17%                | No            | 3                  | On Loan: No      |
| KENSINGTON PRIVATE EQUITY FUND DDTL   /        | KENSINGTON PRIVATE EQUITY FUND DDTL   /                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2730000 | PA      | $2727016.71    | 0.04%             | 2026-03-27      | Variable      | 13.17%                | No            | 3                  | On Loan: No      |
| KING STREET OPPOTUNI CREDIT EVERGREEN FUN   /  | KING STREET OPPOTUNI CREDIT EVERGREEN FUN   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $112507164.70  | 1.50%             |  |  |  | No            | N/A                | On Loan: No      |
| KINO Co.-Invest Holdings, L.P   /              | KINO Co.-Invest Holdings, L.P   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       1500 | NS      | $18091716.60   | 0.24%             |  |  |  | No            | N/A                | On Loan: No      |
| KNIGHT ENERGY SERVIC TERM LOAN   /             | KNIGHT ENERGY SERVIC TERM LOAN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1283784 | PA      | $1283783.79    | 0.02%             | 2028-06-01      | Variable      | 11.49%                | No            | 3                  | On Loan: No      |
| KOHLBERG KINETIC BOR TRANCHE A   /             | KOHLBERG KINETIC BOR TRANCHE A   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    9598193 | PA      | $9587704.54    | 0.13%             | 2027-12-26      | Variable      | 12.59%                | No            | 3                  | On Loan: No      |
| CLIFFWATER ENHANCED D19 INTERCOMPANY LOA   /   | CLIFFWATER ENHANCED D19 INTERCOMPANY LOA   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2745949 | PA      | $2745949.12    | 0.04%             | 2030-09-02      | Fixed         | 10.80%                | No            | 3                  | On Loan: No      |
| CLIFFWATER ENHANCED D19 INTERCOMPANY LOA   /   | CLIFFWATER ENHANCED D19 INTERCOMPANY LOA   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   19203008 | PA      | $19203008.02   | 0.26%             | 2030-09-02      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| KOHLBERG KINETIC BOR TRANCHE A   /             | KOHLBERG KINETIC BOR TRANCHE A   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     930205 | PA      | $929188.76     | 0.01%             | 2027-12-26      | Variable      | 12.59%                | No            | 3                  | On Loan: No      |
| KOHLBERG KINETIC BOR TRANCHE A   /             | KOHLBERG KINETIC BOR TRANCHE A   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     437689 | PA      | $437210.65     | 0.01%             | 2027-12-26      | Variable      | 4.30%                 | No            | 3                  | On Loan: No      |
| Barings Middle Market CLO Ltd.                 | Barings Middle Market CLO 2023-II Ltd.                                       | CUSIP: 067922AJ3<br>LEI: 2549007Y0JXPKK7NLK37 | Long             | ABS-CBDO         | CORP              | BM        |   16700000 | PA      | $16699275.17   | 0.22%             | 2034-07-20      | Floating      | 10.88%                | Yes           | 3                  | On Loan: No      |
| 17CAPITAL Co.-INVEST FUND V-L LP   /           | 17CAPITAL Co.-INVEST FUND V-L LP   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |          1 | NS      | $5245748.44    | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| CLIFFWATER ENHANCED D14 INTERCOMPANY LOA   /   | CLIFFWATER ENHANCED D14 INTERCOMPANY LOA   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   29881291 | PA      | $29881290.62   | 0.40%             | 2030-09-30      | Fixed         | 10.50%                | No            | 3                  | On Loan: No      |
| CLIFFWATER ENHANCED D14 INTERCOMPANY LOA   /   | CLIFFWATER ENHANCED D14 INTERCOMPANY LOA   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    6654889 | PA      | $6654889.29    | 0.09%             | 2030-09-30      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| 185 MADISON AVENUE BP HOLDINGS OCHRE   /       | 185 MADISON AVENUE BP HOLDINGS OCHRE   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   45000000 | PA      | $44662500.00   | 0.60%             | 2028-12-24      | Variable      | 9.73%                 | No            | 3                  | On Loan: No      |
| 1959 HOLDINGS, LLC FAMILY DOLLAR   /           | 1959 HOLDINGS, LLC FAMILY DOLLAR   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   20500000 | PA      | $20275346.50   | 0.27%             | 2030-07-05      | Variable      | 10.20%                | No            | 3                  | On Loan: No      |
| CLEAR SPV V U.S. LP - TL   /                   | CLEAR SPV V U.S. LP - TL   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   15000000 | PA      | $15000000.00   | 0.20%             | 2027-04-03      | Variable      | 14.92%                | No            | 3                  | On Loan: No      |
| CLEARO - PSC WARRANT POLLEN STREET CAP   /     | CLEARO - PSC WARRANT POLLEN STREET CAP   /                                   | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |   25228521 | NC      | $0.00          | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| CL Nevermore Holdco LP   /                     | CL Nevermore Holdco LP   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $4513473.36    | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| CL OLIVER Co. INVEST L.P.   /                  | CL OLIVER Co. INVEST L.P.   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $52964.76      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| ALTERYX Azurite Intermediate   /               | ALTERYX Azurite Intermediate   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     284167 | PA      | $280729.74     | 0.00%             | 2031-03-19      | Variable      | 9.92%                 | No            | 3                  | On Loan: No      |
| ALLEN MEDIA, LLC    /                          | ALLEN MEDIA, LLC    /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   15521936 | PA      | $15230899.81   | 0.20%             | 2027-09-23      | Variable      | 11.58%                | No            | 3                  | On Loan: No      |
| CRESTLINE PF SENTRY FUND (US) LP   /           | CRESTLINE PF SENTRY FUND (US) LP   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $17884183.26   | 0.24%             |  |  |  | No            | N/A                | On Loan: No      |
| CRESTLINE PF SENTRY FUND LP   /                | CRESTLINE PF SENTRY FUND LP   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $8966978.88    | 0.12%             |  |  |  | No            | N/A                | On Loan: No      |
| ALLEN MEDIA, LLC    /                          | ALLEN MEDIA, LLC    /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    4478064 | PA      | $4394100.19    | 0.06%             | 2027-09-23      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| ALLIANCE ENERGY SERV    /                      | ALLIANCE ENERGY SERV    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   10000000 | PA      | $9899498.18    | 0.13%             | 2028-04-11      | Variable      | 11.59%                | No            | 3                  | On Loan: No      |
| APELLA CAPITAL LLC    /                        | APELLA CAPITAL LLC    /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     528083 | PA      | $522802.00     | 0.01%             | 2029-03-01      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| TUNDRA MERGER SUB DELAYED DRAW C   /           | TUNDRA MERGER SUB DELAYED DRAW C   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     158873 | PA      | $157112.60     | 0.00%             | 2027-12-22      | Variable      | 11.42%                | No            | 3                  | On Loan: No      |
| COBHAM HOLDINGS REVOLVER   /                   | COBHAM HOLDINGS REVOLVER   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     468750 | PA      | $465628.74     | 0.01%             | 2028-01-09      | Variable      | 8.85%                 | No            | 3                  | On Loan: No      |
| COBHAM HOLDINGS, Inc.. TERM LOAN   /           | COBHAM HOLDINGS, Inc.. TERM LOAN   /                                         | CUSIP: 19089LAB3<br>LEI: N/A                  | Long             | LON              |  | US        |    4417969 | PA      | $4388550.85    | 0.06%             | 2030-01-09      | Variable      | 10.63%                | No            | 3                  | On Loan: No      |
| COMAR AGGREGATOR Co., LLC CLASS B UNITS   /    | COMAR AGGREGATOR Co., LLC CLASS B UNITS   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |       2130 | OU      | $0.00          | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| COMVESET SPECIAL OPP FUND LP   /               | COMVESET SPECIAL OPP FUND LP   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $15751275.53   | 0.21%             |  |  |  | No            | N/A                | On Loan: No      |
| KOHLBERG KINETIC BOR TRANCHE B   /             | KOHLBERG KINETIC BOR TRANCHE B   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    4090909 | PA      | $4086438.62    | 0.05%             | 2027-12-26      | Variable      | 12.59%                | No            | 3                  | On Loan: No      |
| KWOL Co.-INVEST LP   /                         | KWOL Co.-INVEST LP   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $4020556.00    | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| LP-PWP CREDIT CARD ABS, LLC REV   /            | LP-PWP CREDIT CARD ABS, LLC REV   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2054902 | PA      | $2054902.07    | 0.03%             | 2028-06-01      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| LP-PWP CREDIT CARD ABS, LLC TL   /             | LP-PWP CREDIT CARD ABS, LLC TL   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   13323974 | PA      | $13323973.97   | 0.18%             | 2028-06-01      | Variable      | 11.47%                | No            | 3                  | On Loan: No      |
| Contingency Capital EG FUND U.S. LP   /        | Contingency Capital EG FUND U.S. LP   /                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $52384823.77   | 0.70%             |  |  |  | No            | N/A                | On Loan: No      |
| CONTIGENCY CAPITAL FUND I-A LP   /             | CONTIGENCY CAPITAL FUND I-A LP   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $74631749.39   | 1.00%             |  |  |  | No            | N/A                | On Loan: No      |
| LAWN & GARDEN, LLC    /                        | LAWN & GARDEN, LLC    /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2195455 | PA      | $2151545.45    | 0.03%             | 2029-10-21      | Variable      | 11.45%                | No            | 3                  | On Loan: No      |
| LAWN & GARDEN, LLC    /                        | LAWN & GARDEN, LLC    /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     231818 | PA      | $227181.83     | 0.00%             | 2029-10-21      | Variable      | 11.17%                | No            | 3                  | On Loan: No      |
| LAWN & GARDEN, LLC    /                        | LAWN & GARDEN, LLC    /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     300000 | PA      | $294000.00     | 0.00%             | 2029-10-21      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| LAWN & GARDEN, LLC    /                        | LAWN & GARDEN, LLC    /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   12272727 | PA      | $12027272.72   | 0.16%             | 2029-10-21      | Variable      | 11.45%                | No            | 3                  | On Loan: No      |
| LAC SPV I LLC    /                             | LAC SPV I LLC    /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $30417446.58   | 0.41%             |  |  |  | No            | N/A                | On Loan: No      |
| LH EQUITY INVESTORS    /                       | LH EQUITY INVESTORS    /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $27392833.63   | 0.37%             |  |  |  | No            | N/A                | On Loan: No      |
| LUMINARX VALENCE Co.- INVEST OFFSHORE FUND   / | LUMINARX VALENCE Co.- INVEST OFFSHORE FUND   /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $11231102.34   | 0.15%             |  |  |  | No            | N/A                | On Loan: No      |
| MARILYN Co.-INVEST LP    /                     | MARILYN Co.-INVEST LP    /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $34042540.63   | 0.45%             |  |  |  | No            | N/A                | On Loan: No      |
| CONFLUENT HEALTH TERM LOAN   /                 | CONFLUENT HEALTH TERM LOAN   /                                               | CUSIP: 20716LAH9<br>LEI: N/A                  | Long             | LON              |  | US        |    2785575 | PA      | $2741349.52    | 0.04%             | 2028-11-30      | Variable      | 11.42%                | No            | 3                  | On Loan: No      |
| CORRUM CAPITAL ENTER TAINMENT LENDING II   /   | CORRUM CAPITAL ENTER TAINMENT LENDING II   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $69015254.88   | 0.92%             |  |  |  | No            | N/A                | On Loan: No      |
| MASHANTUCKET (WESTER    /                      | MASHANTUCKET (WESTER    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   20000000 | PA      | $19468000.05   | 0.26%             | 2028-06-30      | Variable      | 11.98%                | No            | 3                  | On Loan: No      |
| META BUYER LLC    /                            | META BUYER LLC    /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2572508 | PA      | $2551070.39    | 0.03%             | 2031-12-22      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| META BUYER LLC    /                            | META BUYER LLC    /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1122191 | PA      | $1112911.43    | 0.01%             | 2031-12-22      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| THE ARCTICOM GROUP DDTL Co.-INVEST   /         | THE ARCTICOM GROUP DDTL Co.-INVEST   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    4116190 | PA      | $4070575.44    | 0.05%             | 2027-12-22      | Variable      | 11.92%                | No            | 3                  | On Loan: No      |
| TUNDRA MERGER SUB TERM LOAN   /                | TUNDRA MERGER SUB TERM LOAN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     677930 | PA      | $670417.76     | 0.01%             | 2027-12-22      | Variable      | 11.92%                | No            | 3                  | On Loan: No      |
| COUPA SOFTWARE, Inc. DELWAYED DRAW   /         | COUPA SOFTWARE, Inc. DELWAYED DRAW   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     385633 | PA      | $385211.74     | 0.01%             | 2030-02-27      | Variable      | 10.69%                | No            | 3                  | On Loan: No      |
| CORBIN LAW FIRM LOAN TRANCHE A PJT ACESO   /   | CORBIN LAW FIRM LOAN TRANCHE A PJT ACESO   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    8777869 | PA      | $8777868.81    | 0.12%             | 2027-08-28      | Fixed         | 17.07%                | No            | 3                  | On Loan: No      |
| CORBIN LAW FIRM LOAN TRANCHE B PJT ACESO   /   | CORBIN LAW FIRM LOAN TRANCHE B PJT ACESO   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2782737 | PA      | $2782737.46    | 0.04%             | 2027-08-28      | Fixed         | 12.07%                | No            | 3                  | On Loan: No      |
| CORDEVIGO INTERI EUR LUZ BIDCO(KALLE) TL   /   | CORDEVIGO INTERI EUR LUZ BIDCO(KALLE) TL   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | XX        |    7625260 | PA      | $8712605.14    | 0.12%             | 2032-04-11      | Variable      | 9.38%                 | No            | 3                  | On Loan: No      |
| ASG II, LLC - DDTL DELAY DRAW 1ST LIEN   /     | ASG II, LLC - DDTL DELAY DRAW 1ST LIEN   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     391304 | PA      | $390876.74     | 0.01%             | 2028-05-25      | Variable      | 10.24%                | No            | 3                  | On Loan: No      |
| CARLYLE CREDIT OPP FUND II SCS   /             | CARLYLE CREDIT OPP FUND II SCS   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $6444546.51    | 0.09%             |  |  |  | No            | N/A                | On Loan: No      |
| CARLYLE CREDIT OPP FUND III PRIVATE SEC   /    | CARLYLE CREDIT OPP FUND III PRIVATE SEC   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    4835378 | PA      | $5008000.59    | 0.07%             | 2038-09-15      | Variable      | 13.19%                | No            | 3                  | On Loan: No      |
| CARLYLE CREDIT OPP FUND III PRIVATE SEC   /    | CARLYLE CREDIT OPP FUND III PRIVATE SEC   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     295068 | PA      | $305601.74     | 0.00%             | 2038-09-15      | Variable      | 13.02%                | No            | 3                  | On Loan: No      |
| CARLYLE CREDIT OPP FUND III PRIVATE SEC   /    | CARLYLE CREDIT OPP FUND III PRIVATE SEC   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     255269 | PA      | $264382.30     | 0.00%             | 2038-09-15      | Variable      | 13.19%                | No            | 3                  | On Loan: No      |
| CARLYLE CREDIT OPP FUND III PRIVATE SEC   /    | CARLYLE CREDIT OPP FUND III PRIVATE SEC   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     105818 | PA      | $109595.90     | 0.00%             | 2038-09-15      | Variable      | 13.19%                | No            | 3                  | On Loan: No      |
| CRUSOE ENERGY SYSTEM    /                      | CRUSOE ENERGY SYSTEM    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    4283155 | PA      | $4283155.00    | 0.06%             | 2029-07-25      | Fixed         | 15.00%                | No            | 3                  | On Loan: No      |
| CRUSOE ENERGY SYSTEM TRANCHE 2   /             | CRUSOE ENERGY SYSTEM TRANCHE 2   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    3994327 | PA      | $3994327.42    | 0.05%             | 2029-11-13      | Fixed         | 15.00%                | No            | 3                  | On Loan: No      |
| CARLYLE CREDIT OPP FUND III PRIVATE SEC   /    | CARLYLE CREDIT OPP FUND III PRIVATE SEC   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    6185114 | PA      | $6405922.77    | 0.09%             | 2038-09-15      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| CCOF ALERA AGGREGATOR LP   /                   | CCOF ALERA AGGREGATOR LP   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $7259987.42    | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| CCI BUYER, Inc.    /                           | CCI BUYER, Inc.    /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         50 | NS      | $5283513.70    | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| CCOF III NEXUS Co. INVEST AGGREGATOR   /       | CCOF III NEXUS Co. INVEST AGGREGATOR   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $5410632.24    | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| CRUSOE ENERGY SYSTEM TRANCHE 3   /             | CRUSOE ENERGY SYSTEM TRANCHE 3   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    3290619 | PA      | $3290619.08    | 0.04%             | 2029-11-13      | Fixed         | 13.00%                | No            | 3                  | On Loan: No      |
| META BUYER LLC    /                            | META BUYER LLC    /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    9243301 | PA      | $9150867.95    | 0.12%             | 2031-12-22      | Variable      | 8.91%                 | No            | 3                  | On Loan: No      |
| PEACHTREE CREDIT FUND IV Q, L.P.   /           | PEACHTREE CREDIT FUND IV Q, L.P.   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    5000000 | NS      | $52782622.08   | 0.71%             |  |  |  | No            | N/A                | On Loan: No      |
| CERITY PARTNERS EQUI AMEND 6   /               | CERITY PARTNERS EQUI AMEND 6   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    4587156 | PA      | $4564220.18    | 0.06%             | 2031-07-28      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| CERITY PARTNERS EQUI AMEND 6   /               | CERITY PARTNERS EQUI AMEND 6   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |      66055 | PA      | $65724.77      | 0.00%             | 2031-07-28      | Variable      | 8.17%                 | No            | 3                  | On Loan: No      |
| HELIUM ACQUIRER Corp. MEDISUND DDTL, Inc.   /  | HELIUM ACQUIRER Corp. MEDISUND DDTL, Inc.   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1151171 | PA      | $1148073.60    | 0.02%             | 2029-01-05      | None          | 12.41%                | No            | 3                  | On Loan: No      |
| HELIUM ACQUIRER Corp. MEDISUND DDTL   /        | HELIUM ACQUIRER Corp. MEDISUND DDTL   /                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     571720 | PA      | $570181.98     | 0.01%             | 2029-01-05      | Variable      | 9.25%                 | No            | 3                  | On Loan: No      |
| CERITY PARTNERS EQUI AMEND 6   /               | CERITY PARTNERS EQUI AMEND 6   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     346789 | PA      | $345055.05     | 0.00%             | 2031-07-28      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| CEDAR ELECTRONICS TRADING Corp.   /            | CEDAR ELECTRONICS TRADING Corp.   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    7500000 | PA      | $7387500.00    | 0.10%             | 2030-12-29      | Fixed         | 0.75%                 | No            | 3                  | On Loan: No      |
| CEDAR ELECTRONICS TRADING Corp.   /            | CEDAR ELECTRONICS TRADING Corp.   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   49500000 | PA      | $48757500.00   | 0.65%             | 2030-12-29      | Variable      | 9.73%                 | No            | 3                  | On Loan: No      |
| EINSTEIN PARENT,, Inc.    /                    | EINSTEIN PARENT,, Inc.    /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     937500 | PA      | $936475.52     | 0.01%             | 2031-01-22      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| HELIUM ACQUIRER Corp. MEDISUND REVOLVER   /    | HELIUM ACQUIRER Corp. MEDISUND REVOLVER   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     293190 | PA      | $292401.02     | 0.00%             | 2029-01-05      | None          | 11.70%                | No            | 3                  | On Loan: No      |
| HELIUM ACQUIRER Corp. MEDISUND TL   /          | HELIUM ACQUIRER Corp. MEDISUND TL   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1881438 | PA      | $1876374.99    | 0.03%             | 2029-01-05      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| PANDA ACQUISITION TL MERCHANT AUTO GRP   /     | PANDA ACQUISITION TL MERCHANT AUTO GRP   /                                   | CUSIP: 69833KAB9<br>LEI: N/A                  | Long             | LON              |  | US        |    4012798 | PA      | $3206730.31    | 0.04%             | 2028-10-18      | Variable      | 11.27%                | No            | 3                  | On Loan: No      |
| MERCURY BIDCO LLC- TL (SurveyMonk)   /         | MERCURY BIDCO LLC- TL (SurveyMonk)   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    4500431 | PA      | $4474097.57    | 0.06%             | 2030-05-31      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| MERCURY BIDCO LLC- REVOLVER   /                | MERCURY BIDCO LLC- REVOLVER   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     408163 | PA      | $404825.02     | 0.01%             | 2029-05-31      | None          | 9.25%                 | No            | 3                  | On Loan: No      |
| MAGENTA    ASSET Co.-INVEST LP   /             | MAGENTA    ASSET Co.-INVEST LP   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $2114790.67    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| EINSTEIN PARENT,, Inc.    /                    | EINSTEIN PARENT,, Inc.    /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    9062500 | PA      | $9052596.67    | 0.12%             | 2031-01-22      | Variable      | 10.36%                | No            | 3                  | On Loan: No      |
| EUR FORWARD CONTRACT 01/30/26   /              | EUR FORWARD CONTRACT 01/30/26   /                                            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   35521611 | OU      | $41806360.80   | 0.56%             |  |  |  | No            | 2                  | On Loan: No      |
| MAGENTA Co.-INVEST LP   /                      | MAGENTA Co.-INVEST LP   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $6389106.00    | 0.09%             |  |  |  | No            | N/A                | On Loan: No      |
| MGT MERGER TARGET, L DELAY DRAW LOAN   /       | MGT MERGER TARGET, L DELAY DRAW LOAN   /                                     | CUSIP: 87318JAD4<br>LEI: N/A                  | Long             | LON              |  | US        |     221345 | PA      | $221102.94     | 0.00%             | 2029-04-10      | None          | 12.21%                | No            | 3                  | On Loan: No      |
| RETAINED VANTAGE DAT (IDF VI USD No.1 U)   /   | RETAINED VANTAGE DAT (IDF VI USD No.1 U)   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   67179012 | PA      | $66003379.29   | 0.88%             | 2031-12-05      | Fixed         | 1.50%                 | No            | 3                  | On Loan: No      |
| RETAINED VANTAGE DAT (IDF VI USD No.1 U)   /   | RETAINED VANTAGE DAT (IDF VI USD No.1 U)   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   17678688 | PA      | $17369310.96   | 0.23%             | 2031-12-05      | Fixed         | 9.50%                 | No            | 3                  | On Loan: No      |
| EUR FORWARD CONTRACT 01/30/26   /              | EUR FORWARD CONTRACT 01/30/26   /                                            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        | -112883920 | OU      | $-132856191.30 | -1.78%            |  |  |  | No            | 2                  | On Loan: No      |
| EUR FORWARD CONTRACT 02/27/26   /              | EUR FORWARD CONTRACT 02/27/26   /                                            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   15558944 | OU      | $18334017.67   | 0.24%             |  |  |  | No            | 2                  | On Loan: No      |
| REDWOOD ENHANCED INCOME Corp.   /              | REDWOOD ENHANCED INCOME Corp.   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1988166 | NS      | $21522644.94   | 0.29%             |  |  |  | No            | N/A                | On Loan: No      |
| RISKCONNECT CUMULATI SERIES C PREF EQUITY   /  | RISKCONNECT CUMULATI SERIES C PREF EQUITY   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       1071 | NS      | $1314808.66    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| THOMPSON RIVERS LLC   /                        | THOMPSON RIVERS LLC   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $279796.16     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| THOROFARE LENDING FUND V MANAGEMENT LL   /     | THOROFARE LENDING FUND V MANAGEMENT LL   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $31022458.82   | 0.41%             |  |  |  | No            | N/A                | On Loan: No      |
| THE ARCTICOM GROUP, Co.-Invest   /             | THE ARCTICOM GROUP, Co.-Invest   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     234053 | PA      | $231459.16     | 0.00%             | 2027-12-22      | Variable      | 11.84%                | No            | 3                  | On Loan: No      |
| THE ARCTICOM GROUP, Co.-Invest   /             | THE ARCTICOM GROUP, Co.-Invest   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |      37941 | PA      | $37520.96      | 0.00%             | 2027-12-22      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| SL ENERGY POWER PLAN    /                      | SL ENERGY POWER PLAN    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   15598804 | PA      | $15442815.93   | 0.21%             | 2027-09-25      | Fixed         | 1.50%                 | No            | 3                  | On Loan: No      |
| SPECIALTY LOAN FUND 2016 LP   /                | SPECIALTY LOAN FUND 2016 LP   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $4130139.36    | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| SOUND POINT STRATEG CAPITAL FUND III   /       | SOUND POINT STRATEG CAPITAL FUND III   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $20763951.35   | 0.28%             |  |  |  | No            | N/A                | On Loan: No      |
| SPINRITE, Inc..    /                           | SPINRITE, Inc..    /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1875000 | PA      | $1837500.00    | 0.02%             | 2030-12-05      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| TERSERA THERAPEUTICS REVOLVER   /              | TERSERA THERAPEUTICS REVOLVER   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     227926 | PA      | $227677.01     | 0.00%             | 2029-04-04      | None          | 10.69%                | No            | 3                  | On Loan: No      |
| TERSERA THERAPEUTICS TERM LOAN   /             | TERSERA THERAPEUTICS TERM LOAN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2716632 | PA      | $2713663.80    | 0.04%             | 2029-04-04      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| EUR FORWARD CONTRACT 02/27/26   /              | EUR FORWARD CONTRACT 02/27/26   /                                            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -92760794 | OU      | $-109305491.72 | -1.46%            |  |  |  | No            | 2                  | On Loan: No      |
| EUR FORWARD CONTRACT 03/31/26   /              | EUR FORWARD CONTRACT 03/31/26   /                                            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    2877963 | OU      | $3396667.95    | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| THE ARCTICOM GROUP, Co.-Invest   /             | THE ARCTICOM GROUP, Co.-Invest   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     988567 | PA      | $977611.76     | 0.01%             | 2027-12-22      | Variable      | 11.92%                | No            | 3                  | On Loan: No      |
| TINICUM L.P. Richard A Smith   /               | TINICUM L.P. Richard A Smith   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $7512184.98    | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| EUR FORWARD CONTRACT 03/31/26   /              | EUR FORWARD CONTRACT 03/31/26   /                                            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -93208045 | OU      | $-110007252.13 | -1.47%            |  |  |  | No            | 2                  | On Loan: No      |
| EVERGREEN SERVICES G    /                      | EVERGREEN SERVICES G    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    6228505 | PA      | $6176181.54    | 0.08%             | 2031-04-05      | Fixed         | 13.75%                | No            | 3                  | On Loan: No      |
| EVERGREEN SERVICES G    /                      | EVERGREEN SERVICES G    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   11342615 | PA      | $11247329.88   | 0.15%             | 2031-04-05      | Fixed         | 13.75%                | No            | 3                  | On Loan: No      |
| EVP CREDIT SPV I LP    /                       | EVP CREDIT SPV I LP    /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $17896625.81   | 0.24%             |  |  |  | No            | N/A                | On Loan: No      |
| TINICUM L.P. Jackson Smith   /                 | TINICUM L.P. Jackson Smith   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $1112317.53    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| TINICUM L.P. Madeline Smith   /                | TINICUM L.P. Madeline Smith   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $1112317.53    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| TINICUM L.P. Ryan Smith   /                    | TINICUM L.P. Ryan Smith   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $1112317.53    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| TINICUM L.P. Rober Smith CW   /                | TINICUM L.P. Rober Smith CW   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $271270.08     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| EVP II LP PARTNERSHIP   /                      | EVP II LP PARTNERSHIP   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $51507434.53   | 0.69%             |  |  |  | No            | N/A                | On Loan: No      |
| EXPERITY VENTURES SPV IV A.B. NOTES   /        | EXPERITY VENTURES SPV IV A.B. NOTES   /                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4558140 | PA      | $4558140.00    | 0.06%             | 2030-02-20      | Fixed         | 17.50%                | No            | 3                  | On Loan: No      |
| F&B Ceco Industries Inc                        | F&B Ceco Industries, Inc.                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     110635 | NS      | $1515629.20    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| FB FLL Aviation LLC TERM LOAN   /              | FB FLL Aviation LLC TERM LOAN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   12600000 | PA      | $12600000.00   | 0.17%             | 2028-09-19      | Variable      | 10.92%                | No            | 3                  | On Loan: No      |
| TINICUM TAX EXEMPT FUND LP   /                 | TINICUM TAX EXEMPT FUND LP   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $7507663.00    | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| TRINTECH, Inc. REVOLVER   /                    | TRINTECH, Inc. REVOLVER   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     595752 | PA      | $586531.21     | 0.01%             | 2029-07-25      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| TRINTECH, Inc. TERM LOAN   /                   | TRINTECH, Inc. TERM LOAN   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    7589055 | PA      | $7471599.32    | 0.10%             | 2029-07-25      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| USERZOOM TECHNOLOGIE 2nd Amendment Term L   /  | USERZOOM TECHNOLOGIE 2nd Amendment Term L   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    5000000 | PA      | $4994536.09    | 0.07%             | 2029-04-05      | Variable      | 11.15%                | No            | 3                  | On Loan: No      |
| FSF II OFFSHORE LP FUND LP   /                 | FSF II OFFSHORE LP FUND LP   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $2694112.17    | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| FELICITAS DINER OFFSHORE LP   /                | FELICITAS DINER OFFSHORE LP   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $2707372.13    | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| UNITED DIGESTIVE MSO PARENT DDTL   /           | UNITED DIGESTIVE MSO PARENT DDTL   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     594662 | PA      | $594011.97     | 0.01%             | 2029-03-30      | None          | 12.07%                | No            | 3                  | On Loan: No      |
| FELICITAS SECONDARY FUND II LP   /             | FELICITAS SECONDARY FUND II LP   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $8264171.55    | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| FELICITAS TACTICAL O FUND LP   /               | FELICITAS TACTICAL O FUND LP   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $20026602.00   | 0.27%             |  |  |  | No            | N/A                | On Loan: No      |
| FIRST BRANDS INVENTO    /                      | FIRST BRANDS INVENTO    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   15000000 | PA      | $11650369.53   | 0.16%             | 2026-03-28      | None          | 13.79%                | No            | 3                  | On Loan: No      |
| GBP FWD CONTRACT 02/27/26   /                  | GBP FWD CONTRACT 02/27/26   /                                                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | GB        |   -6412873 | OU      | $-8643062.74   | -0.12%            |  |  |  | No            | 2                  | On Loan: No      |
| GBP FWD CONTRACT 03/31/26   /                  | GBP FWD CONTRACT 03/31/26   /                                                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | GB        |   -6369470 | OU      | $-8583497.71   | -0.11%            |  |  |  | No            | 2                  | On Loan: No      |
| GCF III FEEDER LP    /                         | GCF III FEEDER LP    /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $9643684.38    | 0.13%             |  |  |  | No            | N/A                | On Loan: No      |
| GDYC ASSETS, LLC    /                          | GDYC ASSETS, LLC    /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   10000000 | PA      | $9887659.67    | 0.13%             | 2030-11-09      | Variable      | 12.35%                | No            | 3                  | On Loan: No      |
| GIEAG PROJEKT 320 GM    /                      | GIEAG PROJEKT 320 GM    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | XX        |   17988000 | PA      | $20633533.51   | 0.28%             | 2027-09-29      | Fixed         | 3.00%                 | No            | 3                  | On Loan: No      |
| GOJO INDUSTRIES,, Inc.    /                    | GOJO INDUSTRIES,, Inc.    /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   11794828 | PA      | $11923322.45   | 0.16%             | 2028-10-26      | Variable      | 13.42%                | No            | 3                  | On Loan: No      |
| GRAMERCY PG FEEDER COMMON   /                  | GRAMERCY PG FEEDER COMMON   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $17666096.59   | 0.24%             |  |  |  | No            | N/A                | On Loan: No      |
| GRAMERCY PG HOLDINGS II LP   /                 | GRAMERCY PG HOLDINGS II LP   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $29239872.17   | 0.39%             |  |  |  | No            | N/A                | On Loan: No      |
| GRAMERCY PG HOLDINGS LP   /                    | GRAMERCY PG HOLDINGS LP   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $2054270.33    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| GRAMERCY PG FEEDER PREFERRED   /               | GRAMERCY PG FEEDER PREFERRED   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $6755614.83    | 0.09%             |  |  |  | No            | N/A                | On Loan: No      |
| GS HOLDER, Inc. PREFERRED SHARES   /           | GS HOLDER, Inc. PREFERRED SHARES   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       5000 | NS      | $8119999.59    | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| GTCR - GTCR Everest Topco Series A prefe   /   | GTCR - GTCR Everest Topco Series A prefe   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      15000 | NS      | $17695053.91   | 0.24%             |  |  |  | No            | N/A                | On Loan: No      |
| State Street Institutional US                  | State Street Institutional U.S. Government Money Market Fund - Class Premier | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  328474155 | PA      | $328474154.82  | 4.39%             |  |  |  | No            | 1                  | On Loan: No      |
| HARVEST PARTNERS FUND V-L LP   /               | HARVEST PARTNERS FUND V-L LP   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $18052461.96   | 0.24%             |  |  |  | No            | N/A                | On Loan: No      |
| HAYFIN HEALTHCARE OP INVEST LP   /             | HAYFIN HEALTHCARE OP INVEST LP   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $66273608.15   | 0.89%             |  |  |  | No            | N/A                | On Loan: No      |
| Helix Acquisition Ho TERM LOAN   /             | Helix Acquisition Ho TERM LOAN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    5675461 | PA      | $5669258.78    | 0.08%             | 2030-03-31      | Variable      | 11.26%                | No            | 3                  | On Loan: No      |
| HELIUM ACQUIRER Corp.    /                     | HELIUM ACQUIRER Corp.    /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     254137 | PA      | $253453.26     | 0.00%             | 2029-01-05      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| HERCULES EVERGREEN FUND LP   /                 | HERCULES EVERGREEN FUND LP   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $7924786.56    | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| Hercules Investments Ltd                       | Hercules Investments Ltd.                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | IN        |          1 | NS      | $197064189.57  | 2.63%             |  |  |  | No            | N/A                | On Loan: No      |
| HIGHLIGHTER COINVEST LP   /                    | HIGHLIGHTER COINVEST LP   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $9632491.41    | 0.13%             |  |  |  | No            | N/A                | On Loan: No      |
| HONOR TECHNOLOGY, Inc.   /                     | HONOR TECHNOLOGY, Inc.   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     296546 | NC      | $0.00          | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| HONOR TECHNOLOGY, Inc. -TL-5/29/2024   /       | HONOR TECHNOLOGY, Inc. -TL-5/29/2024   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   15489983 | PA      | $15432669.86   | 0.21%             | 2029-05-30      | Variable      | 11.16%                | No            | 3                  | On Loan: No      |
| HARBOR PURCHASER TERM LOAN   /                 | HARBOR PURCHASER TERM LOAN   /                                               | CUSIP: 41154UAB7<br>LEI: N/A                  | Long             | LON              |  | US        |    3000000 | PA      | $2108580.00    | 0.03%             | 2030-04-07      | Variable      | 12.42%                | No            | 3                  | On Loan: No      |
| HOUGHTON MIFFLIN HARCOURT Co. TL   /           | HOUGHTON MIFFLIN HARCOURT Co. TL   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    4887500 | PA      | $4882159.03    | 0.07%             | 2028-04-07      | Variable      | 12.02%                | No            | 3                  | On Loan: No      |
| HPC BREEZE Co.-INVEST (ONSHORE) LP   /         | HPC BREEZE Co.-INVEST (ONSHORE) LP   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $19515049.00   | 0.26%             |  |  |  | No            | N/A                | On Loan: No      |
| HPS ASSET VALUE PLATFORM, LP   /               | HPS ASSET VALUE PLATFORM, LP   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $44040494.46   | 0.59%             |  |  |  | No            | N/A                | On Loan: No      |
| HPS KP Mezz 2019 Co.-Invest, L.P.   /          | HPS KP Mezz 2019 Co.-Invest, L.P.   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $54156215.79   | 0.72%             |  |  |  | No            | N/A                | On Loan: No      |
| LUMINARX OPP ALT SOL OFFSHORE FUND LP   /      | LUMINARX OPP ALT SOL OFFSHORE FUND LP   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $24549658.13   | 0.33%             |  |  |  | No            | N/A                | On Loan: No      |
| MADISON REALTY CAP DEBT FUND IV   /            | MADISON REALTY CAP DEBT FUND IV   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $15063038.09   | 0.20%             |  |  |  | No            | N/A                | On Loan: No      |
| MANDOLIN TECHNOLOGY SERIES A PREF STOCK   /    | MANDOLIN TECHNOLOGY SERIES A PREF STOCK   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       3500 | NS      | $5403606.15    | 0.07%             |  |  |  | No            | 3                  | On Loan: No      |
| Marilyn Co.-Invest, Marilyn Co.-Invest, L   /  | Marilyn Co.-Invest, Marilyn Co.-Invest, L   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $13627930.22   | 0.18%             |  |  |  | No            | N/A                | On Loan: No      |
| PATHLIGHT CAPITAL FUND II LP   /               | PATHLIGHT CAPITAL FUND II LP   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $13660091.18   | 0.18%             |  |  |  | No            | N/A                | On Loan: No      |
| PELICAN POWER LLC    /                         | PELICAN POWER LLC    /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   24229167 | PA      | $23744583.34   | 0.32%             | 2030-08-29      | Variable      | 9.32%                 | No            | 3                  | On Loan: No      |
| PENNY HOLDINGS, LLC    /                       | PENNY HOLDINGS, LLC    /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   30000000 | PA      | $29659004.53   | 0.40%             | 2030-09-19      | Variable      | 12.04%                | No            | 3                  | On Loan: No      |
| BAXTERS NORTH AMERIC, Inc. TL   /              | BAXTERS NORTH AMERIC, Inc. TL   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    5889006 | PA      | $5900218.55    | 0.08%             | 2028-05-31      | Variable      | 10.70%                | No            | 3                  | On Loan: No      |
| Barings BDC Inc                                | Barings BDC, Inc.                                                            | CUSIP: 06759L103<br>LEI: 549300GSF4KFZP6ONG49 | Long             | EC               | CORP              | US        |     126753 | NS      | $1163592.54    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| BENEFIT STREET PARTN REAL ESTATE OPP DEBT   /  | BENEFIT STREET PARTN REAL ESTATE OPP DEBT   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $26508263.58   | 0.35%             |  |  |  | No            | N/A                | On Loan: No      |
| BLAZING STAR PARENT,    /                      | BLAZING STAR PARENT,    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   28818750 | PA      | $28098281.25   | 0.38%             | 2030-08-28      | Variable      | 10.82%                | No            | 3                  | On Loan: No      |
| BLUEFIN HOLDING LLC 2024, Inc. TL   /          | BLUEFIN HOLDING LLC 2024, Inc. TL   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1153846 | PA      | $1149278.46    | 0.02%             | 2029-09-12      | Variable      | 7.98%                 | No            | 3                  | On Loan: No      |
| BLUESIGHT, Inc. REV   /                        | BLUESIGHT, Inc. REV   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     400000 | PA      | $394008.96     | 0.01%             | 2029-07-17      | Fixed         | 12.47%                | No            | 3                  | On Loan: No      |
| BLUESIGHT, Inc. TL   /                         | BLUESIGHT, Inc. TL   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    4600000 | PA      | $4531103.08    | 0.06%             | 2029-07-17      | Variable      | 9.19%                 | No            | 3                  | On Loan: No      |
| CHEVAL BLANC Co.-INVEST LP   /                 | CHEVAL BLANC Co.-INVEST LP   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $16714884.25   | 0.22%             |  |  |  | No            | N/A                | On Loan: No      |
| CHILLY HP SCF INVEST LP   /                    | CHILLY HP SCF INVEST LP   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $3875878.51    | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| CHAMBERTIN CAPITAL TERM LOAN   /               | CHAMBERTIN CAPITAL TERM LOAN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | GB        |    7759699 | PA      | $10447795.62   | 0.14%             | 2030-06-20      | Variable      | 10.74%                | No            | 3                  | On Loan: No      |
| DAWSON PORT FINANCE SICAV   /                  | DAWSON PORT FINANCE SICAV   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    3000000 | NS      | $159966359.45  | 2.14%             |  |  |  | No            | N/A                | On Loan: No      |
| DAWSON RATED FUND 6-R3   /                     | DAWSON RATED FUND 6-R3   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   10964430 | PA      | $10869039.85   | 0.15%             | 2035-05-15      | Variable      | 12.87%                | No            | 3                  | On Loan: No      |
| DAWSON RATED FUND    /                         | DAWSON RATED FUND    /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    9537169 | PA      | $9454195.31    | 0.13%             | 2035-05-15      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| D.E.SHAW DIOPTER INT FUND II LP   /            | D.E.SHAW DIOPTER INT FUND II LP   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $13904726.32   | 0.19%             |  |  |  | No            | N/A                | On Loan: No      |
| PENNYBACKER REAL ESTATE CREDIT II LP   /       | PENNYBACKER REAL ESTATE CREDIT II LP   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $16577031.66   | 0.22%             |  |  |  | No            | N/A                | On Loan: No      |
| PENNYBACKER REAL EST NOTES   /                 | PENNYBACKER REAL EST NOTES   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1021907 | PA      | $1021907.64    | 0.01%             | 2031-05-10      | Fixed         | 11.59%                | No            | 3                  | On Loan: No      |
| PENNYBACKER REAL ESTATE CREDIT PACIFI   /      | PENNYBACKER REAL ESTATE CREDIT PACIFI   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $3777740.00    | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| PENN TRGRP HOLDINGS DDTL   /                   | PENN TRGRP HOLDINGS DDTL   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     330650 | PA      | $327476.24     | 0.00%             | 2030-09-29      | Variable      | 11.42%                | No            | 3                  | On Loan: No      |
| PENN TRGRP HOLDINGS REV   /                    | PENN TRGRP HOLDINGS REV   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     769167 | PA      | $761782.64     | 0.01%             | 2030-09-29      | Variable      | 12.17%                | No            | 3                  | On Loan: No      |
| PENN TRGRP HOLDINGS TL   /                     | PENN TRGRP HOLDINGS TL   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    5312920 | PA      | $5261915.30    | 0.07%             | 2030-09-29      | Variable      | 11.42%                | No            | 3                  | On Loan: No      |
| PEPPERTREE CAPITAL FUND VI QP, LP   /          | PEPPERTREE CAPITAL FUND VI QP, LP   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $32736447.00   | 0.44%             |  |  |  | No            | N/A                | On Loan: No      |
| PEPPERTREE CAPITAL FUND VII QP, LP   /         | PEPPERTREE CAPITAL FUND VII QP, LP   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $20008303.00   | 0.27%             |  |  |  | No            | N/A                | On Loan: No      |
| PF CARRUS CAREERS, L    /                      | PF CARRUS CAREERS, L    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     924483 | PA      | $915238.12     | 0.01%             | 2031-11-13      | Variable      | 8.42%                 | No            | 3                  | On Loan: No      |
| PF CARRUS CAREERS, L    /                      | PF CARRUS CAREERS, L    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1866215 | PA      | $1847552.57    | 0.02%             | 2031-11-13      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| PF CARRUS CAREERS, L TL A   /                  | PF CARRUS CAREERS, L TL A   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   12209302 | PA      | $12087209.31   | 0.16%             | 2031-11-13      | Variable      | 8.42%                 | No            | 3                  | On Loan: No      |
| BPC REAL ESTATE Co.-INVESTMENT   /             | BPC REAL ESTATE Co.-INVESTMENT   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $8577708.33    | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| BPC REAL ESTATE Co.-INVESTMENT CLAS B   /      | BPC REAL ESTATE Co.-INVESTMENT CLAS B   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $1641930.20    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| BP HOLDINGS EMBERGLOW LLC   /                  | BP HOLDINGS EMBERGLOW LLC   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $1653895.08    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| BP-HS LOT OPTION JOINT VENTURE VI LLC   /      | BP-HS LOT OPTION JOINT VENTURE VI LLC   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $4109677.30    | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| BP HOLDINGS TAU LLC    /                       | BP HOLDINGS TAU LLC    /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $8685978.48    | 0.12%             |  |  |  | No            | N/A                | On Loan: No      |
| BSOF Parallel Onshor Class SRT Enhanced   /    | BSOF Parallel Onshor Class SRT Enhanced   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $112124621.98  | 1.50%             |  |  |  | No            | N/A                | On Loan: No      |
| BSOF SRT ONSHORE CLASS SRT SERIES 6   /        | BSOF SRT ONSHORE CLASS SRT SERIES 6   /                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $151550222.17  | 2.03%             |  |  |  | No            | N/A                | On Loan: No      |
| BSP PIONEER INVESTOR FEEDER LP   /             | BSP PIONEER INVESTOR FEEDER LP   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $52743290.85   | 0.70%             |  |  |  | No            | N/A                | On Loan: No      |
| BSOF SRT PARALLER FUND ABSOLUTE III   /        | BSOF SRT PARALLER FUND ABSOLUTE III   /                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $3798047.32    | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| BSOF SRT PARALLER FUND CHESTNUT II   /         | BSOF SRT PARALLER FUND CHESTNUT II   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $20652268.19   | 0.28%             |  |  |  | No            | N/A                | On Loan: No      |
| BSOF SRT PARALLEL COLONNADE SERIES 3   /       | BSOF SRT PARALLEL COLONNADE SERIES 3   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $10519721.21   | 0.14%             |  |  |  | No            | N/A                | On Loan: No      |
| BLACKSTONE TACTICAL OPPORTUNITIES FUND   /     | BLACKSTONE TACTICAL OPPORTUNITIES FUND   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $2204123.06    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| BURDORD ADVANTAGE FEEDER FUND A LP   /         | BURDORD ADVANTAGE FEEDER FUND A LP   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $1648554.96    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| CIPRIANI USA, Inc. DELAYED DRAW TERM LO   /    | CIPRIANI USA, Inc. DELAYED DRAW TERM LO   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   12447332 | PA      | $12447332.18   | 0.17%             | 2029-09-30      | Fixed         | 13.00%                | No            | 3                  | On Loan: No      |
| CIPRIANI USA, Inc. DELAYED DRAW TERM LO   /    | CIPRIANI USA, Inc. DELAYED DRAW TERM LO   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    3157895 | PA      | $3157894.74    | 0.04%             | 2029-09-30      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| CORDEVIGO INTERIM LUZ BIDCO(KALLE) TL   /      | CORDEVIGO INTERIM LUZ BIDCO(KALLE) TL   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    8357285 | PA      | $8125257.06    | 0.11%             | 2032-04-11      | Variable      | 11.03%                | No            | 3                  | On Loan: No      |
| CALLODINE COMMERCIAL    /                      | CALLODINE COMMERCIAL    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |  118514400 | PA      | $118514400.00  | 1.58%             | 2027-06-03      | Variable      | 10.29%                | No            | 3                  | On Loan: No      |
| CALLODINE COMMERCIAL FULLY FUNDED DDTL   /     | CALLODINE COMMERCIAL FULLY FUNDED DDTL   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   12500000 | PA      | $12500000.00   | 0.17%             | 2027-06-03      | Variable      | 10.29%                | No            | 3                  | On Loan: No      |
| CARRERA BIDCO LIMITE (IDF VI EUR No. 2 L)   /  | CARRERA BIDCO LIMITE (IDF VI EUR No. 2 L)   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | XX        |   21316917 | PA      | $24551155.64   | 0.33%             | 2032-11-15      | Variable      | 7.30%                 | No            | 3                  | On Loan: No      |
| CARRERA BIDCO LIMITE (IDF VI EUR no. 5 U)   /  | CARRERA BIDCO LIMITE (IDF VI EUR no. 5 U)   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | XX        |    1684333 | PA      | $1939883.26    | 0.03%             | 2032-11-15      | Variable      | 7.30%                 | No            | 3                  | On Loan: No      |
| CALLODINE PERPETUAL ABL FUND LP   /            | CALLODINE PERPETUAL ABL FUND LP   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $87799010.04   | 1.17%             |  |  |  | No            | N/A                | On Loan: No      |
| CALIFORNIA MUNICIPAL    /                      | CALIFORNIA MUNICIPAL    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   10000000 | PA      | $10111200.00   | 0.14%             | 2034-12-02      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| CARLYLE CREDIT OPP FUND (PARALLEL) III   /     | CARLYLE CREDIT OPP FUND (PARALLEL) III   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $9345128.09    | 0.12%             |  |  |  | No            | N/A                | On Loan: No      |
| COUPA SOFTWARE, Inc. REVOLVER   /              | COUPA SOFTWARE, Inc. REVOLVER   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     295276 | PA      | $294952.92     | 0.00%             | 2029-02-27      | Variable      | 10.69%                | No            | 3                  | On Loan: No      |
| COUPA SOFTWARE, Inc. TERM LOAN   /             | COUPA SOFTWARE, Inc. TERM LOAN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    4265103 | PA      | $4260441.79    | 0.06%             | 2030-02-27      | Variable      | 9.34%                 | No            | 3                  | On Loan: No      |
| CORBIN LAW FIRM LOAN PJT ACESO   /             | CORBIN LAW FIRM LOAN PJT ACESO   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     758003 | PA      | $758002.99     | 0.01%             | 2027-08-28      | Fixed         | 12.07%                | No            | 3                  | On Loan: No      |
| CORBIN LAW FIRM LOAN PJT ACESO   /             | CORBIN LAW FIRM LOAN PJT ACESO   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     738676 | PA      | $738675.54     | 0.01%             | 2027-08-28      | Fixed         | 2.00%                 | No            | 3                  | On Loan: No      |
| CREWLINE BUYER, INC.    /                      | CREWLINE BUYER, INC.    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     870417 | PA      | $862944.36     | 0.01%             | 2030-11-08      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| CREWLINE BUYER, INC.    /                      | CREWLINE BUYER, INC.    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    8641713 | PA      | $8567527.35    | 0.11%             | 2030-11-08      | Variable      | 10.71%                | No            | 3                  | On Loan: No      |
| CCOF SIERRA II LP FUND LP   /                  | CCOF SIERRA II LP FUND LP   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $4548376.92    | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| CVC STRUCTURED SOLUT IONS 2 LP CLASS C LO   /  | CVC STRUCTURED SOLUT IONS 2 LP CLASS C LO   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2198653 | PA      | $2182162.97    | 0.03%             | 2040-09-03      | Variable      | 12.75%                | No            | 3                  | On Loan: No      |
| CVC STRUCTURED SOLUT IONS 2 LP CLASS C LO   /  | CVC STRUCTURED SOLUT IONS 2 LP CLASS C LO   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   37801347 | PA      | $37517837.03   | 0.50%             | 2040-09-03      | Fixed         | 0.75%                 | No            | 3                  | On Loan: No      |
| CW CREDIT OPPORTUNIT 2 LP   /                  | CW CREDIT OPPORTUNIT 2 LP   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $28887908.92   | 0.39%             |  |  |  | No            | N/A                | On Loan: No      |
| DAWSON LOGAN 2025-L5 B CLASS   /               | DAWSON LOGAN 2025-L5 B CLASS   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    3000000 | PA      | $3000000.00    | 0.04%             | 2040-11-15      | Variable      | 3.86%                 | No            | 3                  | On Loan: No      |
| DAWSON LOGAN 2025-L5 B CLASS   /               | DAWSON LOGAN 2025-L5 B CLASS   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     500000 | PA      | $500000.00     | 0.01%             | 2040-11-15      | Variable      | 12.39%                | No            | 3                  | On Loan: No      |
| DAWSON LOGAN 2025-L5 B CLASS   /               | DAWSON LOGAN 2025-L5 B CLASS   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   16500000 | PA      | $16500000.00   | 0.22%             | 2040-11-15      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| DAWSON LOGAN 2025-L5 C CLASS   /               | DAWSON LOGAN 2025-L5 C CLASS   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    6000000 | PA      | $6000000.00    | 0.08%             | 2040-11-15      | Variable      | 3.86%                 | No            | 3                  | On Loan: No      |
| DAWSON LOGAN 2025-L5 C CLASS   /               | DAWSON LOGAN 2025-L5 C CLASS   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1000000 | PA      | $1000000.00    | 0.01%             | 2040-11-15      | Variable      | 9.14%                 | No            | 3                  | On Loan: No      |
| DAWSON LOGAN 2025-L5 C CLASS   /               | DAWSON LOGAN 2025-L5 C CLASS   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   33000000 | PA      | $33000000.00   | 0.44%             | 2040-11-15      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| DAWSON RATED FUND 6-R2 CLASS C   /             | DAWSON RATED FUND 6-R2 CLASS C   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   11569766 | PA      | $11560510.07   | 0.15%             | 2034-12-15      | Fixed         | 13.54%                | No            | 3                  | On Loan: No      |
| DAWSON RATED FUND CLASS C   /                  | DAWSON RATED FUND CLASS C   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |      21708 | PA      | $21690.98      | 0.00%             | 2034-12-15      | Variable      | 9.69%                 | No            | 3                  | On Loan: No      |
| DAWSON RATED FUND CLASS C   /                  | DAWSON RATED FUND CLASS C   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    9172155 | PA      | $9164817.54    | 0.12%             | 2034-12-15      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| DAWSON EVERGREEN FUND LP   /                   | DAWSON EVERGREEN FUND LP   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     288208 | NS      | $340984111.59  | 4.56%             |  |  |  | No            | N/A                | On Loan: No      |
| D.E.SHAW DIOPTER INT FUND LP   /               | D.E.SHAW DIOPTER INT FUND LP   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $47080836.47   | 0.63%             |  |  |  | No            | N/A                | On Loan: No      |
| DMT SOLUTIONS GLOBAL Corp. TL   /              | DMT SOLUTIONS GLOBAL Corp. TL   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    6909412 | PA      | $6877704.78    | 0.09%             | 2027-08-30      | None          | 13.43%                | No            | 3                  | On Loan: No      |
| DAWSON PARTNERS EVERGREEN (AGG) 1 LP   /       | DAWSON PARTNERS EVERGREEN (AGG) 1 LP   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $584731.62     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| EIGER FUNDING (PCC) Ltd. CELL 18 YOSEMITE   /  | EIGER FUNDING (PCC) Ltd. CELL 18 YOSEMITE   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | XX        |          1 | NS      | $14268625.16   | 0.19%             |  |  |  | No            | N/A                | On Loan: No      |
| FELICITAS SECONDARY FUND III OFFSHORE LP   /   | FELICITAS SECONDARY FUND III OFFSHORE LP   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $35854004.34   | 0.48%             |  |  |  | No            | N/A                | On Loan: No      |
| FENIX TOPCO LLC    /                           | FENIX TOPCO LLC    /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     162291 | PA      | $156115.73     | 0.00%             | 2029-03-28      | Variable      | 10.17%                | No            | 3                  | On Loan: No      |
| FENIX TOPCO LLC    /                           | FENIX TOPCO LLC    /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2706207 | PA      | $2603229.86    | 0.03%             | 2029-03-28      | Variable      | 10.17%                | No            | 3                  | On Loan: No      |
| FENIX TOPCO LLC    /                           | FENIX TOPCO LLC    /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1062537 | PA      | $1022104.61    | 0.01%             | 2029-03-28      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| FINASTRA USA, Inc. TL 1L VISTA   /             | FINASTRA USA, Inc. TL 1L VISTA   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2467440 | PA      | $2492114.64    | 0.03%             | 2029-09-13      | Variable      | 11.11%                | No            | 3                  | On Loan: No      |
| FOUNDATION RISK PART DELAYED DRAW   /          | FOUNDATION RISK PART DELAYED DRAW   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1245909 | PA      | $1258368.17    | 0.02%             | 2030-10-29      | Variable      | 8.42%                 | No            | 3                  | On Loan: No      |
| FOUNDATION RISK PART TERM LOAN   /             | FOUNDATION RISK PART TERM LOAN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2665909 | PA      | $2692568.20    | 0.04%             | 2030-10-29      | Variable      | 8.42%                 | No            | 3                  | On Loan: No      |
| FS WHITEWATER BORROW    /                      | FS WHITEWATER BORROW    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    5000000 | PA      | $4900000.00    | 0.07%             | 2029-12-21      | Fixed         | 0.75%                 | No            | 3                  | On Loan: No      |
| FSG ACQUISITIONS PREFERRED UNITS   /           | FSG ACQUISITIONS PREFERRED UNITS   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    3750000 | NS      | $5680734.27    | 0.08%             |  |  |  | No            | N/A                | On Loan: No      |
| FTAI AIRCRAFT LEASIN G OFFSHORE SPV   /        | FTAI AIRCRAFT LEASIN G OFFSHORE SPV   /                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $39363373.00   | 0.53%             |  |  |  | No            | N/A                | On Loan: No      |
| FUNDAMENTAL PARTNERS IV LP DDTL   /            | FUNDAMENTAL PARTNERS IV LP DDTL   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    5833250 | PA      | $5784165.74    | 0.08%             | 2030-08-04      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| FUNDAMENTAL PARTNERS IV LP DDTL   /            | FUNDAMENTAL PARTNERS IV LP DDTL   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    9333200 | PA      | $9254665.15    | 0.12%             | 2030-08-04      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| FUNDAMENTAL PARTNERS IV LP DDTL   /            | FUNDAMENTAL PARTNERS IV LP DDTL   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    8166550 | PA      | $8097832.02    | 0.11%             | 2030-08-04      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| FUNDAMENTAL PARTNERS IV LP TERM LOAN   /       | FUNDAMENTAL PARTNERS IV LP TERM LOAN   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   11667000 | PA      | $11568827.24   | 0.15%             | 2030-08-04      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| FUNDAMENTAL PARTNERS IV 2ND AMEND   /          | FUNDAMENTAL PARTNERS IV 2ND AMEND   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    4666800 | PA      | $4631799.00    | 0.06%             | 2026-12-15      | Variable      | 8.81%                 | No            | 3                  | On Loan: No      |
| FUNDAMENTAL PARTNERS IV 2ND AMEND   /          | FUNDAMENTAL PARTNERS IV 2ND AMEND   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    7000200 | PA      | $6947698.50    | 0.09%             | 2026-12-15      | Variable      | 10.42%                | No            | 3                  | On Loan: No      |
| GBP FWD CONTRACT 01/30/26   /                  | GBP FWD CONTRACT 01/30/26   /                                                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | GB        |   -6369470 | OU      | $-8585348.85   | -0.11%            |  |  |  | No            | 2                  | On Loan: No      |
| GBP FWD CONTRACT 02/27/26   /                  | GBP FWD CONTRACT 02/27/26   /                                                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | GB        |      43403 | OU      | $58496.88      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| GENOVA DIAGNOSTICS,    /                       | GENOVA DIAGNOSTICS,    /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1354839 | PA      | $1317580.65    | 0.02%             | 2030-12-23      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| GENOVA DIAGNOSTICS,    /                       | GENOVA DIAGNOSTICS,    /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     967742 | PA      | $941129.04     | 0.01%             | 2030-12-23      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| GENOVA DIAGNOSTICS,    /                       | GENOVA DIAGNOSTICS,    /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   12677419 | PA      | $12328790.32   | 0.16%             | 2030-12-23      | Variable      | 10.67%                | No            | 3                  | On Loan: No      |
| GIEAG PROJEKT 320 GM    /                      | GIEAG PROJEKT 320 GM    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | XX        |    7710000 | PA      | $8843926.14    | 0.12%             | 2027-09-29      | Fixed         | 14.00%                | No            | 3                  | On Loan: No      |
| HPS KP SIP V Co.-Investment   /                | HPS KP SIP V Co.-Investment   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $20514755.12   | 0.27%             |  |  |  | No            | N/A                | On Loan: No      |
| HPS MINT Co.-INVEST FUND LP   /                | HPS MINT Co.-INVEST FUND LP   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $9368810.44    | 0.13%             |  |  |  | No            | N/A                | On Loan: No      |
| HPS OFFSHORE STRATEGIC INVESTMENT   /          | HPS OFFSHORE STRATEGIC INVESTMENT   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $43932396.61   | 0.59%             |  |  |  | No            | N/A                | On Loan: No      |
| HPS Offshore Mezzanine Partners   /            | HPS Offshore Mezzanine Partners   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $25604221.96   | 0.34%             |  |  |  | No            | N/A                | On Loan: No      |
| HPS SPECIALITY LOAN FUND V-L LP   /            | HPS SPECIALITY LOAN FUND V-L LP   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $11424786.29   | 0.15%             |  |  |  | No            | N/A                | On Loan: No      |
| ICIMS, Inc. VISTA UPSZ TERM LOAN   /           | ICIMS, Inc. VISTA UPSZ TERM LOAN   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    7000000 | PA      | $6974869.66    | 0.09%             | 2028-08-18      | Variable      | 10.11%                | No            | 3                  | On Loan: No      |
| ICG LP SECONDARIES FUND I FEEDER   /           | ICG LP SECONDARIES FUND I FEEDER   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $20757351.65   | 0.28%             |  |  |  | No            | N/A                | On Loan: No      |
| INFUCARE RX, Inc..    /                        | INFUCARE RX, Inc..    /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     800000 | PA      | $786000.00     | 0.01%             | 2030-11-05      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| JONAS CATALOG HOLDIN    /                      | JONAS CATALOG HOLDIN    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   13170388 | PA      | $13170387.97   | 0.18%             | 2029-09-19      | Variable      | 11.00%                | No            | 3                  | On Loan: No      |
| JONAS CATALOG HOLDIN    /                      | JONAS CATALOG HOLDIN    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     168816 | PA      | $168815.80     | 0.00%             | 2029-09-19      | Fixed         | 11.00%                | No            | 3                  | On Loan: No      |
| JONAS CATALOG HOLDIN    /                      | JONAS CATALOG HOLDIN    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   16929439 | PA      | $16929438.72   | 0.23%             | 2029-09-19      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| KENE ACQUISITION, Inc. AMEND No. 1   /         | KENE ACQUISITION, Inc. AMEND No. 1   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   16666667 | PA      | $16583333.34   | 0.22%             | 2031-02-08      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| KENE ACQUISITION, Inc. AMEND No. 1   /         | KENE ACQUISITION, Inc. AMEND No. 1   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     420168 | PA      | $418067.23     | 0.01%             | 2031-02-08      | Variable      | 8.44%                 | No            | 3                  | On Loan: No      |
| NATIONAL RESILIENCE, INTEREST RESERVE   /      | NATIONAL RESILIENCE, INTEREST RESERVE   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    3902439 | PA      | $3902439.02    | 0.05%             | 2030-11-21      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| NADER UPSIDE 2 S.AE PIK   /                    | NADER UPSIDE 2 S.AE PIK   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | XX        |    4531095 | PA      | $5198408.76    | 0.07%             | 2028-03-13      | Variable      | 12.27%                | No            | 3                  | On Loan: No      |
| NB Capital Solutions Co.-Invest Wolverine   /  | NB Capital Solutions Co.-Invest Wolverine   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $27731.24      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| NB CREDIT OPPROTUNIT II CAYMAN FEEDER   /      | NB CREDIT OPPROTUNIT II CAYMAN FEEDER   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $24759322.28   | 0.33%             |  |  |  | No            | N/A                | On Loan: No      |
| OWL ROCK FIRST LIEN PROJECT PEBBLE   /         | OWL ROCK FIRST LIEN PROJECT PEBBLE   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $2007623.72    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| OWS AFFIRM PARTNRSHP FUND Ltd.   /             | OWS AFFIRM PARTNRSHP FUND Ltd.   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      30000 | NS      | $31189709.95   | 0.42%             |  |  |  | No            | N/A                | On Loan: No      |
| P20 PARENT, INC. TERM LOAN   /                 | P20 PARENT, INC. TERM LOAN   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    4850000 | PA      | $4777358.68    | 0.06%             | 2028-07-12      | Variable      | 11.17%                | No            | 3                  | On Loan: No      |
| PATHLIGHT CAPITAL EVERGREEN FUND   /           | PATHLIGHT CAPITAL EVERGREEN FUND   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $44549140.09   | 0.60%             |  |  |  | No            | N/A                | On Loan: No      |
| Pollen,, Inc. SeriesH1 Preferred Stock   /     | Pollen,, Inc. SeriesH1 Preferred Stock   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     108305 | NS      | $4292691.24    | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| Pollen,, Inc. SeriesH2 Preferred Stock   /     | Pollen,, Inc. SeriesH2 Preferred Stock   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      64983 | NS      | $2146453.92    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| PRACTICETEK PURCHASE DELAYED DRAW   /          | PRACTICETEK PURCHASE DELAYED DRAW   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1934161 | PA      | $1934160.74    | 0.03%             | 2029-08-30      | Variable      | 9.67%                 | No            | 3                  | On Loan: No      |
| PRACTICETEK PURCHASE TERM LOAN   /             | PRACTICETEK PURCHASE TERM LOAN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    6225361 | PA      | $6225361.42    | 0.08%             | 2029-08-30      | Variable      | 9.67%                 | No            | 3                  | On Loan: No      |
| PRACTICETEK PURCHASE TERM LOAN PIK   /         | PRACTICETEK PURCHASE TERM LOAN PIK   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2291993 | PA      | $2291993.40    | 0.03%             | 2029-08-30      | Fixed         | 14.00%                | No            | 3                  | On Loan: No      |
| Prime Finance & Investment Ltd                 | Prime Finance & Investment Ltd.                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | BD        |          1 | NS      | $18574089.15   | 0.25%             |  |  |  | No            | N/A                | On Loan: No      |
| PROLACTA BIOSCIENCE, TRANCHE B Emerald De   /  | PROLACTA BIOSCIENCE, TRANCHE B Emerald De   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    6143293 | PA      | $6087486.77    | 0.08%             | 2029-12-21      | Variable      | 9.12%                 | No            | 3                  | On Loan: No      |
| STEWARD HC SYSTEMS LITIGATION A-2 BRIDG   /    | STEWARD HC SYSTEMS LITIGATION A-2 BRIDG   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $1203440.57    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| STEWARD HC SYSTEMS LITIGATION TRUST A-2   /    | STEWARD HC SYSTEMS LITIGATION TRUST A-2   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $3810698.47    | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| SILVER POINT SELECT OVERFLOW FUND LP   /       | SILVER POINT SELECT OVERFLOW FUND LP   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $37697000.00   | 0.50%             |  |  |  | No            | N/A                | On Loan: No      |
| SILVER POINT SPECIALTY LENDING   /             | SILVER POINT SPECIALTY LENDING   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    8917617 | NS      | $127088116.10  | 1.70%             |  |  |  | No            | N/A                | On Loan: No      |
| SINTEC MEDIA NYC, Inc. SINTEC MEDIA REV   /    | SINTEC MEDIA NYC, Inc. SINTEC MEDIA REV   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     423729 | PA      | $408004.24     | 0.01%             | 2029-06-21      | Variable      | 10.70%                | No            | 3                  | On Loan: No      |
| SINTEC MEDIA NYC, Inc. SINTEC MEDIA TL   /     | SINTEC MEDIA NYC, Inc. SINTEC MEDIA TL   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    4416102 | PA      | $4265483.21    | 0.06%             | 2029-06-21      | Variable      | 10.69%                | No            | 3                  | On Loan: No      |
| SILFAB, Inc. DELAYED DRAW TERM LO   /          | SILFAB, Inc. DELAYED DRAW TERM LO   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    8000000 | PA      | $7945936.07    | 0.11%             | 2028-11-18      | Variable      | 10.48%                | No            | 3                  | On Loan: No      |
| SILFAB, Inc. DELAYED DRAW TERM LO   /          | SILFAB, Inc. DELAYED DRAW TERM LO   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2000000 | PA      | $1986484.02    | 0.03%             | 2028-11-18      | Variable      | 10.54%                | No            | 3                  | On Loan: No      |
| SILFAB, Inc. WAREHOUSE   /                     | SILFAB, Inc. WAREHOUSE   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    6000000 | PA      | $5959452.05    | 0.08%             | 2028-11-18      | Variable      | 10.54%                | No            | 3                  | On Loan: No      |
| Sixth Street Growth Partners LP   /            | Sixth Street Growth Partners LP   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $4960043.00    | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| SKY FUND VI OFFSHORE LP   /                    | SKY FUND VI OFFSHORE LP   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $17313074.31   | 0.23%             |  |  |  | No            | N/A                | On Loan: No      |
| SKY FUND VI OFFSHORE    /                      | SKY FUND VI OFFSHORE    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $8656537.07    | 0.12%             |  |  |  | No            | N/A                | On Loan: No      |
| SKY FUND V OFFSHORE LP   /                     | SKY FUND V OFFSHORE LP   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $8530466.37    | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| SL ENERGY POWER PLAN    /                      | SL ENERGY POWER PLAN    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    3186873 | PA      | $3155004.25    | 0.04%             | 2027-09-25      | Variable      | 10.79%                | No            | 3                  | On Loan: No      |
| SL ENERGY POWER PLAN    /                      | SL ENERGY POWER PLAN    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     817006 | PA      | $808836.02     | 0.01%             | 2027-09-25      | Variable      | 10.67%                | No            | 3                  | On Loan: No      |
| SL ENERGY POWER PLAN    /                      | SL ENERGY POWER PLAN    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    3499823 | PA      | $3464825.07    | 0.05%             | 2027-09-25      | Variable      | 10.67%                | No            | 3                  | On Loan: No      |
| SL ENERGY POWER PLAN    /                      | SL ENERGY POWER PLAN    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     841252 | PA      | $832839.87     | 0.01%             | 2027-09-25      | Variable      | 10.67%                | No            | 3                  | On Loan: No      |
| SL ENERGY POWER PLAN    /                      | SL ENERGY POWER PLAN    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     862141 | PA      | $853519.59     | 0.01%             | 2027-09-25      | Variable      | 10.67%                | No            | 3                  | On Loan: No      |
| SL ENERGY POWER PLAN    /                      | SL ENERGY POWER PLAN    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     194100 | PA      | $192159.28     | 0.00%             | 2027-09-25      | Variable      | 10.67%                | No            | 3                  | On Loan: No      |
| ABPCI Direct Lending Fund CLO                  | ABPCI DIRECT LENDING FUND CLO XV Ltd.                                        | CUSIP: 000841AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    5000000 | PA      | $5024972.78    | 0.07%             | 2035-10-30      | Floating      | 12.44%                | Yes           | 3                  | On Loan: No      |
| ABPCI Direct Lending Fund CLO                  | ABPCI DIRECT LENDING FUND CLO XV Ltd.                                        | CUSIP: 000842AJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    8100000 | PA      | $8175948.66    | 0.11%             | 2035-10-30      | Floating      | 10.24%                | Yes           | 3                  | On Loan: No      |
| ABPCI Private Funding LLC                      | ABPCI Private Funding I LLC                                                  | CUSIP: 00091TAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    8750000 | PA      | $8748651.01    | 0.12%             | 2036-07-16      | Floating      | 11.70%                | Yes           | 3                  | On Loan: No      |
| ABPCI Direct Lending Fund CLO                  | ABPCI Direct Lending Fund CLO XII Ltd.                                       | CUSIP: 00112TAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   16080000 | PA      | $16079183.13   | 0.21%             | 2037-07-29      | Floating      | 12.09%                | Yes           | 3                  | On Loan: No      |
| ABPCI Private Funding LLC                      | Abpci Direct Lending Fund CLO III Ltd.                                       | CUSIP: 00112YAA8<br>LEI: 2549006VP8IRTB1XGJ32 | Long             | ABS-CBDO         | CORP              | KY        |   20000000 | PA      | $19999729.56   | 0.27%             | 2037-10-20      | Floating      | 11.20%                | Yes           | 3                  | On Loan: No      |
| ALP CFO LP                                     | Alp CFO 2024 LP                                                              | CUSIP: 00165VAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   18000000 | PA      | $18772920.00   | 0.25%             | 2036-10-15      | Fixed         | 12.88%                | Yes           | 3                  | On Loan: No      |
| VDC POWERUP PTE. Ltd. TERM LOAN 2U   /         | VDC POWERUP PTE. Ltd. TERM LOAN 2U   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   13762567 | PA      | $13487315.34   | 0.18%             | 2028-05-20      | Variable      | 9.52%                 | No            | 3                  | On Loan: No      |
| VDC POWERUP PTE. Ltd. TERM LOAN 2L   /         | VDC POWERUP PTE. Ltd. TERM LOAN 2L   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   13413800 | PA      | $13145524.00   | 0.18%             | 2028-05-20      | Variable      | 9.52%                 | No            | 3                  | On Loan: No      |
| VARDIMAN BLACK HOLDI    /                      | VARDIMAN BLACK HOLDI    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     464335 | PA      | $411647.33     | 0.01%             | 2026-03-29      | Variable      | 10.80%                | No            | 3                  | On Loan: No      |
| VARDIMAN BLACK HOLDI    /                      | VARDIMAN BLACK HOLDI    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |      16561 | PA      | $14681.62      | 0.00%             | 2026-03-29      | Fixed         | 1.25%                 | No            | 3                  | On Loan: No      |
| VARDIMAN BLACK HOLDI    /                      | VARDIMAN BLACK HOLDI    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    4107916 | PA      | $3641791.46    | 0.05%             | 2027-03-18      | Variable      | 10.80%                | No            | 3                  | On Loan: No      |
| VARDIMAN BLACK HOLDI COMMON EQUITY   /         | VARDIMAN BLACK HOLDI COMMON EQUITY   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    3639628 | NS      | $0.00          | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| VARDIMAN BLACK HOLDI PREFERRED EQUITY   /      | VARDIMAN BLACK HOLDI PREFERRED EQUITY   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1765938 | NS      | $0.00          | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| VIDEOAMP PREFERRED EQUITY HOLD   /             | VIDEOAMP PREFERRED EQUITY HOLD   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $7677656.37    | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| Barings Middle Market CLO Ltd.                 | Barings Middle Market CLO Ltd. 2017-I                                        | CUSIP: 06760QAG4<br>LEI: 5493004WD20MH5XRMR98 | Long             | ABS-CBDO         | CORP              | KY        |    2000000 | PA      | $2000318.87    | 0.03%             | 2034-01-20      | Floating      | 12.81%                | Yes           | 3                  | On Loan: No      |
| Barings Middle Market CLO Ltd.                 | Barings Middle Market CLO Ltd. 2017-I                                        | CUSIP: 06760QAJ8<br>LEI: 5493004WD20MH5XRMR98 | Long             | ABS-CBDO         | CORP              | KY        |    2905983 | PA      | $1487282.10    | 0.02%             | 2034-01-20      | Variable      | 0.00%                 | Yes           | 3                  | On Loan: No      |
| VDC POWERUP PTE. Ltd. TERM LOAN 3U   /         | VDC POWERUP PTE. Ltd. TERM LOAN 3U   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    6036233 | PA      | $5915508.66    | 0.08%             | 2028-05-20      | Variable      | 9.52%                 | No            | 3                  | On Loan: No      |
| VELOCITY CAPITAL LUXCO   /                     | VELOCITY CAPITAL LUXCO   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | XX        |    1990000 | PA      | $2303619.70    | 0.03%             | 2030-10-13      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| VELOCITY CAPITAL LUXCO   /                     | VELOCITY CAPITAL LUXCO   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | XX        |    7960000 | PA      | $9214478.79    | 0.12%             | 2030-10-13      | Variable      | 10.35%                | No            | 3                  | On Loan: No      |
| VISTA CAP SOLUTIONS FUND-A LP   /              | VISTA CAP SOLUTIONS FUND-A LP   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $11953647.98   | 0.16%             |  |  |  | No            | N/A                | On Loan: No      |
| VISTA CREDIT PARTNER FUND IV-B   /             | VISTA CREDIT PARTNER FUND IV-B   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $8039967.08    | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| VOYANT BEAUTY,, Inc.    /                      | VOYANT BEAUTY,, Inc.    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   10202550 | PA      | $9702425.00    | 0.13%             | 2030-11-24      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| Guggenheim 1888 Fund Ltd                       | Guggenheim 1888 Fund Ltd.                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |          1 | PA      | $102896583.24  | 1.37%             | 2035-07-25      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| ACM UPRISE 2024 JV LLC   /                     | ACM UPRISE 2024 JV LLC   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $33971175.52   | 0.45%             |  |  |  | No            | N/A                | On Loan: No      |
| ACRE CREDIT PRTLIO II LP   /                   | ACRE CREDIT PRTLIO II LP   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $94378030.17   | 1.26%             |  |  |  | No            | N/A                | On Loan: No      |
| EXACTCARE PARENT, IN    /                      | EXACTCARE PARENT, IN    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     442623 | PA      | $442139.26     | 0.01%             | 2029-11-03      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| EXACTCARE PARENT, IN    /                      | EXACTCARE PARENT, IN    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    3996516 | PA      | $4014904.34    | 0.05%             | 2029-11-03      | Variable      | 9.39%                 | No            | 3                  | On Loan: No      |
| AFINITI, Inc. FIRST LIEN   /                   | AFINITI, Inc. FIRST LIEN   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1135295 | PA      | $1128384.53    | 0.02%             | 2027-12-03      | Variable      | 11.17%                | No            | 3                  | On Loan: No      |
| AFINITI, Inc. SECOND LIEN   /                  | AFINITI, Inc. SECOND LIEN   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1590605 | PA      | $1461757.67    | 0.02%             | 2031-12-03      | Fixed         | 16.00%                | No            | 3                  | On Loan: No      |
| AG ASSET BASED CREDIT FUND L.P.   /            | AG ASSET BASED CREDIT FUND L.P.   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $117573804.43  | 1.57%             |  |  |  | No            | N/A                | On Loan: No      |
| AG ASSET BASED CREDI EVERGREEN FUND LP   /     | AG ASSET BASED CREDI EVERGREEN FUND LP   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $46902991.26   | 0.63%             |  |  |  | No            | N/A                | On Loan: No      |
| AG ESSENTIAL HOUSING FUND II HOLDINGS LP   /   | AG ESSENTIAL HOUSING FUND II HOLDINGS LP   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $3248996.00    | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| VPC CREDIT ORIGINAT ORIGINATION FUND LP   /    | VPC CREDIT ORIGINAT ORIGINATION FUND LP   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $887225.00     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| VPC LEGAL FINANCE FUND   /                     | VPC LEGAL FINANCE FUND   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $139705921.48  | 1.87%             |  |  |  | No            | N/A                | On Loan: No      |
| ALCAMI Corp. DDTL 1L   /                       | ALCAMI Corp. DDTL 1L   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     273140 | PA      | $272841.43     | 0.00%             | 2028-12-21      | Variable      | 10.83%                | No            | 3                  | On Loan: No      |
| ALCAMI Corp. REVOLVER 1L   /                   | ALCAMI Corp. REVOLVER 1L   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     508806 | PA      | $508250.25     | 0.01%             | 2028-12-21      | Variable      | 10.83%                | No            | 3                  | On Loan: No      |
| WACCAMAW RIVER LLC LP   /                      | WACCAMAW RIVER LLC LP   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $2231334.00    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| WEALTH ENHANCEMENT GROUP TL   /                | WEALTH ENHANCEMENT GROUP TL   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    6298055 | PA      | $6241372.21    | 0.08%             | 2033-05-26      | Fixed         | 13.00%                | No            | 3                  | On Loan: No      |
| ALCAMI Corp. TL 1L   /                         | ALCAMI Corp. TL 1L   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    3711106 | PA      | $3707050.21    | 0.05%             | 2028-12-21      | Variable      | 10.97%                | No            | 3                  | On Loan: No      |
| BLUEFIN HOLDING LLC -REV   /                   | BLUEFIN HOLDING LLC -REV   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     673077 | PA      | $670412.43     | 0.01%             | 2029-09-12      | None          | 12.72%                | No            | 3                  | On Loan: No      |
| BLUEFIN HOLDING LLC - TL   /                   | BLUEFIN HOLDING LLC - TL   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    6826923 | PA      | $6799897.58    | 0.09%             | 2029-09-12      | Variable      | 7.98%                 | No            | 3                  | On Loan: No      |
| ALTERYX Azurite Intermediate   /               | ALTERYX Azurite Intermediate   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     645833 | PA      | $638022.14     | 0.01%             | 2031-03-19      | Variable      | 9.92%                 | No            | 3                  | On Loan: No      |
| ALTERYX Azurite Intermediate   /               | ALTERYX Azurite Intermediate   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     103333 | PA      | $102083.54     | 0.00%             | 2031-03-19      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| ALLIANCE ENERGY SERV    /                      | ALLIANCE ENERGY SERV    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    7000000 | PA      | $6929648.72    | 0.09%             | 2028-04-11      | Variable      | 11.59%                | No            | 3                  | On Loan: No      |
| WEST SIDE HOLDCO LLC    /                      | WEST SIDE HOLDCO LLC    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   12974442 | PA      | $13623164.02   | 0.18%             | 2027-08-02      | Variable      | 12.71%                | No            | 3                  | On Loan: No      |
| XENITH IG HOLDINGS B2 PREFERENCE SHARES   /    | XENITH IG HOLDINGS B2 PREFERENCE SHARES   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  942396386 | NS      | $9423963.86    | 0.13%             |  |  |  | No            | N/A                | On Loan: No      |
| XERIS BIOPHARMA HOLD WARRANTS   /              | XERIS BIOPHARMA HOLD WARRANTS   /                                            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      43860 | NC      | $267246.71     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| XERIS PHARMACEUTICAL DELAY DRAW 1ST LIEN   /   | XERIS PHARMACEUTICAL DELAY DRAW 1ST LIEN   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1666667 | PA      | $1684990.00    | 0.02%             | 2029-03-05      | Variable      | 10.62%                | No            | 3                  | On Loan: No      |
| AMP MUSIC HOLDINGS L MEGAN THEE STALLION   /   | AMP MUSIC HOLDINGS L MEGAN THEE STALLION   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   28376005 | PA      | $27950365.00   | 0.37%             | 2027-06-30      | Fixed         | 11.00%                | No            | 3                  | On Loan: No      |
| APELLA CAPITAL LLC    /                        | APELLA CAPITAL LLC    /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    5647945 | PA      | $5591465.33    | 0.07%             | 2029-03-01      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| XERIS PHARMACEUTICAL TERM LOAN 1ST LIEN   /    | XERIS PHARMACEUTICAL TERM LOAN 1ST LIEN   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    3333333 | PA      | $3369979.98    | 0.05%             | 2029-03-05      | Variable      | 10.62%                | No            | 3                  | On Loan: No      |
| BOOST Co. INVEST LP    /                       | BOOST Co. INVEST LP    /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |          1 | NS      | $9461049.05    | 0.13%             |  |  |  | No            | N/A                | On Loan: No      |
| BLUE OWL TECHNOLOGY FINANCE Corp. A1   /       | BLUE OWL TECHNOLOGY FINANCE Corp. A1   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          0 | NS      | $884393.82     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BLUE OWL TECHNOLOGY FINANCE Corp. A2   /       | BLUE OWL TECHNOLOGY FINANCE Corp. A2   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $230945.98     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| BP HOLDINGS MAIZE ASAP HOTEL   /               | BP HOLDINGS MAIZE ASAP HOTEL   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $33505838.65   | 0.45%             |  |  |  | No            | N/A                | On Loan: No      |
| BPC REAL ESTATE Co.- INVT MDR COURTYARD   /    | BPC REAL ESTATE Co.- INVT MDR COURTYARD   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $6713335.44    | 0.09%             |  |  |  | No            | N/A                | On Loan: No      |
| BPC OPPORTUNITIES OFFSHRE FDR FUND V   /       | BPC OPPORTUNITIES OFFSHRE FDR FUND V   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $18558376.54   | 0.25%             |  |  |  | No            | N/A                | On Loan: No      |
| BPC REAL ESTATE Co.-I INVESTMENT (PROVINCE   / | BPC REAL ESTATE Co.-I INVESTMENT (PROVINCE   /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $13953924.40   | 0.19%             |  |  |  | No            | N/A                | On Loan: No      |
| BPC REAL ESTATE DEBT FUND LLC   /              | BPC REAL ESTATE DEBT FUND LLC   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $75501001.03   | 1.01%             |  |  |  | No            | N/A                | On Loan: No      |
| CARRERA BIDCO LIMITE (IDF VI EUR No. 2 U)   /  | CARRERA BIDCO LIMITE (IDF VI EUR No. 2 U)   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | XX        |   11155917 | PA      | $12848511.38   | 0.17%             | 2032-11-15      | Variable      | 7.30%                 | No            | 3                  | On Loan: No      |
| CARRERA BIDCO LIMITE (IDF VI EUR U) S.a r   /  | CARRERA BIDCO LIMITE (IDF VI EUR U) S.a r   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | XX        |    1115708 | PA      | $1284985.50    | 0.02%             | 2032-11-15      | Variable      | 7.30%                 | No            | 3                  | On Loan: No      |
| CARRERA BIDCO LIMITE (IDF VI EUR no. 3 U)   /  | CARRERA BIDCO LIMITE (IDF VI EUR no. 3 U)   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | XX        |    6393792 | PA      | $7363868.65    | 0.10%             | 2032-11-15      | Variable      | 7.30%                 | No            | 3                  | On Loan: No      |
| INFUCARE RX, Inc..    /                        | INFUCARE RX, Inc..    /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    8666667 | PA      | $8558333.34    | 0.11%             | 2030-11-05      | Variable      | 10.17%                | No            | 3                  | On Loan: No      |
| INFORMATIV, LLC    /                           | INFORMATIV, LLC    /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    5816065 | PA      | $5728823.85    | 0.08%             | 2027-07-30      | Variable      | 9.68%                 | No            | 3                  | On Loan: No      |
| INDAGO ASSET-BACKED OPPORTUNITIES I LP   /     | INDAGO ASSET-BACKED OPPORTUNITIES I LP   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $9923889.41    | 0.13%             |  |  |  | No            | N/A                | On Loan: No      |
| INDAGO COINVEST I LP    /                      | INDAGO COINVEST I LP    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $25508517.83   | 0.34%             |  |  |  | No            | N/A                | On Loan: No      |
| INFINITE BIDCO LLC TL 1L   /                   | INFINITE BIDCO LLC TL 1L   /                                                 | CUSIP: 45674KAH8<br>LEI: N/A                  | Long             | LON              |  | US        |    4862500 | PA      | $4848285.40    | 0.06%             | 2028-03-02      | Variable      | 10.14%                | No            | 3                  | On Loan: No      |
| INSOLVE GLOBAL CREDT FEEDER FUND VI, LP   /    | INSOLVE GLOBAL CREDT FEEDER FUND VI, LP   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $60945422.42   | 0.81%             |  |  |  | No            | N/A                | On Loan: No      |
| ION FINANCE HOLDINGS    /                      | ION FINANCE HOLDINGS    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | XX        |     757161 | PA      | $888863.23     | 0.01%             | 2031-09-30      | Variable      | 9.50%                 | No            | 3                  | On Loan: No      |
| ION FINANCE HOLDINGS HPS   /                   | ION FINANCE HOLDINGS HPS   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | XX        |    7042839 | PA      | $8267884.11    | 0.11%             | 2031-09-30      | Variable      | 9.50%                 | No            | 3                  | On Loan: No      |
| JAFFA CAPITAL FUND    /                        | JAFFA CAPITAL FUND    /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $10391157.35   | 0.14%             |  |  |  | No            | N/A                | On Loan: No      |
| PROLACTA BIOSCIENCE, TRANCHE A Emerald De   /  | PROLACTA BIOSCIENCE, TRANCHE A Emerald De   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1981707 | PA      | $1963705.41    | 0.03%             | 2029-12-21      | Variable      | 12.69%                | No            | 3                  | On Loan: No      |
| HAYFIN HEALTHCARE OPPORT INVEST LP   /         | HAYFIN HEALTHCARE OPPORT INVEST LP   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    3958334 | NS      | $5581250.94    | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| PROPHARMA LLC PREFERRED EQUITY   /             | PROPHARMA LLC PREFERRED EQUITY   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       2500 | NS      | $4444195.28    | 0.06%             |  |  |  | No            | 3                  | On Loan: No      |
| SERVICE COMPRESSION JR PREFERRED SHARES   /    | SERVICE COMPRESSION JR PREFERRED SHARES   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      40919 | NS      | $139549.59     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| SERVICE COMPRESSION WARRANTS   /               | SERVICE COMPRESSION WARRANTS   /                                             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |          1 | NC      | $56991.93      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| SHAMROCK ONSHORE FUND LP   /                   | SHAMROCK ONSHORE FUND LP   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $7450147.90    | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| STEWARD HC SYSTEMS LITIGATION TRUST A-1   /    | STEWARD HC SYSTEMS LITIGATION TRUST A-1   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $3149273.59    | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| MGT MERGER TARGET, L REVOLVER LOAN   /         | MGT MERGER TARGET, L REVOLVER LOAN   /                                       | CUSIP: 87318JAB8<br>LEI: N/A                  | Long             | LON              |  | US        |     496552 | PA      | $496009.09     | 0.01%             | 2028-04-10      | None          | 13.00%                | No            | 3                  | On Loan: No      |
| MGT MERGER TARGET, L TERM LOAN   /             | MGT MERGER TARGET, L TERM LOAN   /                                           | CUSIP: 87318JAC6<br>LEI: N/A                  | Long             | LON              |  | US        |    3905506 | PA      | $3901237.85    | 0.05%             | 2029-04-10      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| Milano Co.-Invest , L.P.   /                   | Milano Co.-Invest , L.P.   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $4025121.17    | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| MILLER HOLDINGS LP COMMON EQUITY   /           | MILLER HOLDINGS LP COMMON EQUITY   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $6297764.00    | 0.08%             |  |  |  | No            | N/A                | On Loan: No      |
| MILLER HOLDINGS LP PREFERRED EQUITY   /        | MILLER HOLDINGS LP PREFERRED EQUITY   /                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $34806291.05   | 0.47%             |  |  |  | No            | N/A                | On Loan: No      |
| MINERVA Co.-INVEST LP    /                     | MINERVA Co.-INVEST LP    /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $17212314.84   | 0.23%             |  |  |  | No            | N/A                | On Loan: No      |
| MMXXV SP SPV, LLC Initial Term Loan   /        | MMXXV SP SPV, LLC Initial Term Loan   /                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   12292184 | PA      | $12215357.47   | 0.16%             | 2026-11-11      | Variable      | 11.02%                | No            | 3                  | On Loan: No      |
| MODERNA,, Inc., DDTL 1   /                     | MODERNA,, Inc., DDTL 1   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   18666667 | PA      | $18200000.00   | 0.24%             | 2030-11-24      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| MODERNA,, Inc.,    /                           | MODERNA,, Inc.,    /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   28000000 | PA      | $27580000.00   | 0.37%             | 2030-11-24      | Variable      | 9.38%                 | No            | 3                  | On Loan: No      |
| MODERNA,, Inc., DDTL 2   /                     | MODERNA,, Inc., DDTL 2   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   23333333 | PA      | $22750000.00   | 0.30%             | 2030-11-24      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| MOONLAKE IMMUNOTHERA    /                      | MOONLAKE IMMUNOTHERA    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   11250000 | PA      | $11182038.42   | 0.15%             | 2030-04-01      | Variable      | 8.20%                 | No            | 3                  | On Loan: No      |
| MOONLAKE IMMUNOTHERA    /                      | MOONLAKE IMMUNOTHERA    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   33750000 | PA      | $33546115.25   | 0.45%             | 2030-04-01      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| NACSB ACQUISITION HO 2L DDTL   /               | NACSB ACQUISITION HO 2L DDTL   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    5478451 | PA      | $5409970.78    | 0.07%             | 2031-01-29      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| NACSB ACQUISITION HO 2L TERM LOAN   /          | NACSB ACQUISITION HO 2L TERM LOAN   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   24521549 | PA      | $24215029.22   | 0.32%             | 2031-01-29      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| NADER UPSIDE 2 S.A.R FACILITY B2   /           | NADER UPSIDE 2 S.A.R FACILITY B2   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | XX        |    1126676 | PA      | $1292606.56    | 0.02%             | 2030-03-31      | Fixed         | 2.00%                 | No            | 3                  | On Loan: No      |
| NATIONAL RESILIENCE,    /                      | NATIONAL RESILIENCE,    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    5853659 | PA      | $5678048.78    | 0.08%             | 2030-11-21      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| NATIONAL RESILIENCE,    /                      | NATIONAL RESILIENCE,    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   10243902 | PA      | $9936585.37    | 0.13%             | 2030-11-21      | Variable      | 11.99%                | No            | 3                  | On Loan: No      |
| NECTAR 2 SPC S.R.L. CLASS J2 ABS NOTES   /     | NECTAR 2 SPC S.R.L. CLASS J2 ABS NOTES   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |   10459927 | PA      | $12292780.08   | 0.16%             | 2032-12-31      | Fixed         | 10.00%                | No            | 3                  | On Loan: No      |
| NEPHRON PHARMACEUTIC    /                      | NEPHRON PHARMACEUTIC    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   17723077 | PA      | $17634461.54   | 0.24%             | 2027-12-30      | Variable      | 12.90%                | No            | 3                  | On Loan: No      |
| NORTHWIND HEALTHCARE DEBT FUND II FEEDER   /   | NORTHWIND HEALTHCARE DEBT FUND II FEEDER   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $20837662.67   | 0.28%             |  |  |  | No            | N/A                | On Loan: No      |
| NKD GROUP GMBH TL 1L EUR   /                   | NKD GROUP GMBH TL 1L EUR   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | XX        |    1288462 | PA      | $1512579.07    | 0.02%             | 2028-09-30      | Variable      | 9.52%                 | No            | 3                  | On Loan: No      |
| NORTHERN TOOL & EQUI    /                      | NORTHERN TOOL & EQUI    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   10625000 | PA      | $10465625.00   | 0.14%             | 2029-01-26      | Variable      | 10.94%                | No            | 3                  | On Loan: No      |
| FINTHRIVE PREFERRED STOCK   /                  | FINTHRIVE PREFERRED STOCK   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       3260 | NS      | $2272187.04    | 0.03%             |  |  |  | No            | 3                  | On Loan: No      |
| NORTH WALL ASSET FEEDER FUND I LP   /          | NORTH WALL ASSET FEEDER FUND I LP   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |          1 | NS      | $98818896.76   | 1.32%             |  |  |  | No            | N/A                | On Loan: No      |
| NWEOF Feeder Fund II    /                      | NWEOF Feeder Fund II    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | XX        |          1 | NS      | $40059859.59   | 0.54%             |  |  |  | No            | N/A                | On Loan: No      |
| NWEOF FEEDR FUND III    /                      | NWEOF FEEDR FUND III    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | XX        |          1 | NS      | $3003504.73    | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| OAK FUNDING LLC DDTL   /                       | OAK FUNDING LLC DDTL   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    4444444 | PA      | $4400000.00    | 0.06%             | 2032-12-02      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| OAK FUNDING LLC TL   /                         | OAK FUNDING LLC TL   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   45555556 | PA      | $45100000.00   | 0.60%             | 2032-12-02      | Variable      | 8.29%                 | No            | 3                  | On Loan: No      |
| ONE CAMELBACK PROJECT SUNS   /                 | ONE CAMELBACK PROJECT SUNS   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    5519153 | PA      | $5463961.28    | 0.07%             | 2027-06-04      | Variable      | 7.21%                 | No            | 3                  | On Loan: No      |
| ONE CAMELBACK PROJECT SUNS   /                 | ONE CAMELBACK PROJECT SUNS   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    4480847 | PA      | $4436038.72    | 0.06%             | 2027-06-04      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| ORBIMED RCO IV OFF FEEDER LP   /               | ORBIMED RCO IV OFF FEEDER LP   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $22624793.11   | 0.30%             |  |  |  | No            | N/A                | On Loan: No      |
| ORTHODONTIC PARTNERS DDTL 5TH AMENDMENT   /    | ORTHODONTIC PARTNERS DDTL 5TH AMENDMENT   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    3368525 | PA      | $3331195.14    | 0.04%             | 2027-10-12      | None          | 11.45%                | No            | 3                  | On Loan: No      |
| ORTHODONTIC PARTNERS TL 5TH AMENDMENT   /      | ORTHODONTIC PARTNERS TL 5TH AMENDMENT   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2287662 | PA      | $2262310.72    | 0.03%             | 2027-10-12      | Variable      | 10.06%                | No            | 3                  | On Loan: No      |
| ORTHODONTIC PARTNERS    /                      | ORTHODONTIC PARTNERS    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     753279 | PA      | $744931.16     | 0.01%             | 2027-10-12      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| OAK STREET REAL ESTA CAPITAL FUND IV   /       | OAK STREET REAL ESTA CAPITAL FUND IV   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $17810033.50   | 0.24%             |  |  |  | No            | N/A                | On Loan: No      |
| OTR MIDCO LLC SUBORDINATED NOTE   /            | OTR MIDCO LLC SUBORDINATED NOTE   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $2000000.00    | 0.03%             | 2027-02-22      | Fixed         | 12.00%                | No            | 3                  | On Loan: No      |
| UNITED DIGESTIVE MSO PARENT REVOLVER   /       | UNITED DIGESTIVE MSO PARENT REVOLVER   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     297500 | PA      | $297174.90     | 0.00%             | 2029-03-30      | None          | 12.07%                | No            | 3                  | On Loan: No      |
| UNITED DIGESTIVE MSO PARENT TL   /             | UNITED DIGESTIVE MSO PARENT TL   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2203500 | PA      | $2201092.06    | 0.03%             | 2029-03-30      | Variable      | 10.32%                | No            | 3                  | On Loan: No      |
| VDC POWERUP PTE. Ltd. TERM LOAN U   /          | VDC POWERUP PTE. Ltd. TERM LOAN U   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     120733 | PA      | $118318.66     | 0.00%             | 2028-05-20      | Variable      | 9.52%                 | No            | 3                  | On Loan: No      |
| WHITEHAWK EVERGREEN FUND L.P.   /              | WHITEHAWK EVERGREEN FUND L.P.   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $53335593.28   | 0.71%             |  |  |  | No            | N/A                | On Loan: No      |
| WHITEHAWK EVERGREEN FUND, LP   /               | WHITEHAWK EVERGREEN FUND, LP   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $51714099.62   | 0.69%             |  |  |  | No            | N/A                | On Loan: No      |
| XACTLY Corp. TL UPSIZE   /                     | XACTLY Corp. TL UPSIZE   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    6000000 | PA      | $5957368.01    | 0.08%             | 2027-07-31      | Variable      | 10.07%                | No            | 3                  | On Loan: No      |
| XENITH IG HOLDINGS B2 ORDINARY SHARES   /      | XENITH IG HOLDINGS B2 ORDINARY SHARES   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       1929 | NS      | $1929.00       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| PF CARRUS CAREERS, L TL B   /                  | PF CARRUS CAREERS, L TL B   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   20000000 | PA      | $19500000.00   | 0.26%             | 2031-11-13      | Variable      | 12.60%                | No            | 3                  | On Loan: No      |
| PG LENDING FUND I,LP    /                      | PG LENDING FUND I,LP    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $131719734.21  | 1.76%             |  |  |  | No            | N/A                | On Loan: No      |
| PINE VALLEY PARTNERS EVERGREEN FUND LP   /     | PINE VALLEY PARTNERS EVERGREEN FUND LP   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $28703410.98   | 0.38%             |  |  |  | No            | N/A                | On Loan: No      |
| PINE VALLEY PTNRS EV FUND JULY 25 VINTAGE   /  | PINE VALLEY PTNRS EV FUND JULY 25 VINTAGE   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $26233701.07   | 0.35%             |  |  |  | No            | N/A                | On Loan: No      |
| PSC CREDIT IV (A)    /                         | PSC CREDIT IV (A)    /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $31849592.57   | 0.43%             |  |  |  | No            | N/A                | On Loan: No      |
| PINE VALLEY CAPITAL SLATER SLATER SCHULM   /   | PINE VALLEY CAPITAL SLATER SLATER SCHULM   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $25035470.66   | 0.33%             |  |  |  | No            | N/A                | On Loan: No      |
| PINE VALLEY CAPITAL Co.-INVEST I, LP   /       | PINE VALLEY CAPITAL Co.-INVEST I, LP   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $19574357.29   | 0.26%             |  |  |  | No            | N/A                | On Loan: No      |
| RAPYD NETHERLANDS B. 1ST AMENDMENT   /         | RAPYD NETHERLANDS B. 1ST AMENDMENT   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    5000000 | PA      | $4950000.00    | 0.07%             | 2030-09-07      | Variable      | 12.77%                | No            | 3                  | On Loan: No      |
| RAPYD VCP INCREMENTL WARRANTS   /              | RAPYD VCP INCREMENTL WARRANTS   /                                            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      13274 | NC      | $0.00          | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| RAVEN ASSET FUND II FUND V-L LP   /            | RAVEN ASSET FUND II FUND V-L LP   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $19039203.59   | 0.25%             |  |  |  | No            | N/A                | On Loan: No      |
| RAPYD NETHERLANDS B.V. TERM LOAN   /           | RAPYD NETHERLANDS B.V. TERM LOAN   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   15000000 | PA      | $14850000.00   | 0.20%             | 2030-08-31      | Variable      | 14.86%                | No            | 3                  | On Loan: No      |
| RCP FUND II HOLDCO L R/C ON MEMO   /           | RCP FUND II HOLDCO L R/C ON MEMO   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1250000 | PA      | $1248300.24    | 0.02%             | 2029-09-28      | Variable      | 8.80%                 | No            | 3                  | On Loan: No      |
| RCP FUND II HOLDCO L R/C ON MEMO   /           | RCP FUND II HOLDCO L R/C ON MEMO   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   12500000 | PA      | $12483002.40   | 0.17%             | 2029-09-28      | Variable      | 8.76%                 | No            | 3                  | On Loan: No      |
| RCP FUND II HOLDCO L R/C ON MEMO   /           | RCP FUND II HOLDCO L R/C ON MEMO   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1250000 | PA      | $1248300.24    | 0.02%             | 2029-09-28      | Variable      | 8.68%                 | No            | 3                  | On Loan: No      |
| RCP FUND II HOLDCO L R/C ON MEMO   /           | RCP FUND II HOLDCO L R/C ON MEMO   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   10000000 | PA      | $9986401.92    | 0.13%             | 2029-09-28      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| RETAINED VANTAGE DAT (IDF VI USD No.1 L)   /   | RETAINED VANTAGE DAT (IDF VI USD No.1 L)   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   51570988 | PA      | $50668495.71   | 0.68%             | 2031-12-05      | Fixed         | 1.50%                 | No            | 3                  | On Loan: No      |
| RETAINED VANTAGE DAT (IDF VI USD No.1 L)   /   | RETAINED VANTAGE DAT (IDF VI USD No.1 L)   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   13571312 | PA      | $13333814.04   | 0.18%             | 2031-12-05      | Fixed         | 9.50%                 | No            | 3                  | On Loan: No      |
| RISKCONNECT CUMULATI SERIES B PREF EQUITY   /  | RISKCONNECT CUMULATI SERIES B PREF EQUITY   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       3000 | NS      | $4923329.70    | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| RLCF Co. INVEST LLC    /                       | RLCF Co. INVEST LLC    /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $14060756.46   | 0.19%             |  |  |  | No            | N/A                | On Loan: No      |
| RAPYD FINANCIAL NETWORK(2016) Ltd.   /         | RAPYD FINANCIAL NETWORK(2016) Ltd.   /                                       | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      39518 | NC      | $1485086.44    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| SB DOF SPEEDWAY LLC   /                        | SB DOF SPEEDWAY LLC   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $10334998.95   | 0.14%             |  |  |  | No            | N/A                | On Loan: No      |
| SC LOWY STRATEGIC INVSTMENTS IV (ASIA)   /     | SC LOWY STRATEGIC INVSTMENTS IV (ASIA)   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $22432795.49   | 0.30%             |  |  |  | No            | N/A                | On Loan: No      |
| SC OPPORTUNITIES HOLDING LP   /                | SC OPPORTUNITIES HOLDING LP   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $40232413.45   | 0.54%             |  |  |  | No            | N/A                | On Loan: No      |
| SPINRITE, Inc..    /                           | SPINRITE, Inc..    /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   13125000 | PA      | $12862500.00   | 0.17%             | 2030-12-05      | Variable      | 11.26%                | No            | 3                  | On Loan: No      |
| SPRINKLER 2024 Co.-INVESTMENT I   /            | SPRINKLER 2024 Co.-INVESTMENT I   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $25499429.01   | 0.34%             |  |  |  | No            | N/A                | On Loan: No      |
| SILVER POINT SPCLTY PREFFERED ECON INTS   /    | SILVER POINT SPCLTY PREFFERED ECON INTS   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $2718891.12    | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| Stellus Private BDC Advisory LLC   /           | Stellus Private BDC Advisory LLC   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $915684.45     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| STELLUS PRIVATE CRED BDC FEEDER LP   /         | STELLUS PRIVATE CRED BDC FEEDER LP   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $16483981.91   | 0.22%             |  |  |  | No            | N/A                | On Loan: No      |
| STEWARD HEALTH CARE SYSTEM BRIDGE LOAN   /     | STEWARD HEALTH CARE SYSTEM BRIDGE LOAN   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     333313 | PA      | $333313.25     | 0.00%             | 2027-12-31      | None          | 16.18%                | No            | 3                  | On Loan: No      |
| STONEGATE PUB COMPAN    /                      | STONEGATE PUB COMPAN    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | GB        |   10000000 | PA      | $13478905.51   | 0.18%             | 2029-10-31      | Variable      | 14.67%                | No            | 3                  | On Loan: No      |
| Summit Partners Cred Offshort Fund II   /      | Summit Partners Cred Offshort Fund II   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $2932094.73    | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| SUNLAND ASPHALT & CONSTRUCTION DDTL   /        | SUNLAND ASPHALT & CONSTRUCTION DDTL   /                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     734766 | PA      | $741302.31     | 0.01%             | 2028-06-16      | Variable      | 11.02%                | No            | 3                  | On Loan: No      |
| SUNLAND ASPHALT & CONSTRUCTION TL   /          | SUNLAND ASPHALT & CONSTRUCTION TL   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    1761932 | PA      | $1777606.34    | 0.02%             | 2028-06-16      | Variable      | 10.52%                | No            | 3                  | On Loan: No      |
| SUREWERX PURCHASER DELAYED DRAW   /            | SUREWERX PURCHASER DELAYED DRAW   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     250000 | PA      | $249127.46     | 0.00%             | 2029-12-28      | None          | 9.55%                 | No            | 3                  | On Loan: No      |
| SUREWERX PURCHASER REVOLVER   /                | SUREWERX PURCHASER REVOLVER   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |     250000 | PA      | $249177.41     | 0.00%             | 2028-12-28      | None          | 11.99%                | No            | 3                  | On Loan: No      |
| SUREWERX PURCHASER TERM LOAN   /               | SUREWERX PURCHASER TERM LOAN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2442031 | PA      | $2433508.12    | 0.03%             | 2029-12-28      | Variable      | 9.25%                 | No            | 3                  | On Loan: No      |
| SYMBIOTIC CAPITAL EB FUND LP   /               | SYMBIOTIC CAPITAL EB FUND LP   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $4557227.42    | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| SYMBIOTIC CAPITAL LIFE SCIENCE CREDIT   /      | SYMBIOTIC CAPITAL LIFE SCIENCE CREDIT   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $12543038.15   | 0.17%             |  |  |  | No            | N/A                | On Loan: No      |
| SYMBIOTIC CAPITAL CREDIT PARALLEL   /          | SYMBIOTIC CAPITAL CREDIT PARALLEL   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $144325580.70  | 1.93%             |  |  |  | No            | N/A                | On Loan: No      |
| TERRA SOLAR U.S., LL    /                      | TERRA SOLAR U.S., LL    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    8000000 | PA      | $7720000.00    | 0.10%             | 2027-12-31      | Variable      | 11.42%                | No            | 3                  | On Loan: No      |
| TERRA SOLAR U.S., LL    /                      | TERRA SOLAR U.S., LL    /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    2000000 | PA      | $1930000.00    | 0.03%             | 2027-12-31      | Fixed         | 3.88%                 | No            | 3                  | On Loan: No      |
| TECOSTAR HOLDINGS TL DIRECT COINVEST   /       | TECOSTAR HOLDINGS TL DIRECT COINVEST   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |    6120838 | PA      | $6089081.54    | 0.08%             | 2029-07-07      | Variable      | 11.93%                | No            | 3                  | On Loan: No      |

### Signature

**Date Signed:** 2026-01-21

**Name of Applicant:** Cliffwater Enhanced Lending Fund

**Signature:** /s/ Lance J. Johnson

**Name of Signer:** Lance J. Johnson

**Title:** Treasurer