# EDGAR Filing Document

**Accession Number:** 0001788420
**File Stem:** 0001145549-25-056092
**Filing Date:** 2025-8
**Character Count:** 111780
**Document Hash:** c0d9030b174f209c0ade7e3bfb20cdd0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-056092.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001145549-25-056092

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Keystone Private Income Fund
- **CENTRAL INDEX KEY:** 0001788420

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23482
- **FILM NUMBER:** 251274711

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2000

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

## Nport-Ex

---

| |
|:---|
| **Keystone Private Income Fund** |
| **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  |  | Original | | |
| Principal |  |  |  | Maturity | Acquisition |  |  |
| Amount |  | Footnotes | Coupon Rate | Date | Date | Cost | Fair Value |
|  | **Private Credit - 107.2%** | 12 |  |  |  |  |  |
|  | **Corporate Finance - 13.4%** |  |  |  |  |  |  |
| $8000000 | BluRoc Intermediate, LLC |  | 18.00% | 1/15/2026 | 7/25/2024 | $8000000 | $8034556 |
| 22669276 | Car Wash Holdco, LLC |  | 15.00% | 10/7/2025 | 9/16/2024 | 22669276 | 22668632 |
| 12907904 | FVP Funding I, LLC |  | 12.00% | 2/6/2027 | 2/7/2022 | 12907904 | 12869990 |
| 24543030 | FVP Funding II, LLC |  | 12.00% | 10/12/2027 | 10/12/2022 | 24543030 | 25816292 |
| 13800000 | Hall Labs, LLC | 4 | 14.50% | 6/30/2024 | 8/11/2021 | 13800000 | 12408955 |
| 10955896 | iApartments, Inc. | 6 | 14.50% (Prime + 6.75%) | 5/18/2030 | 5/18/2023 | 10955896 | 11213034 |
| 17691018 | Loop Inc. |  | 8.00% | 4/1/2027 | 5/17/2022 | 17691018 | 11061872 |
| 73500000 | MV Cruise Offshore Holdings Ltd. |  | 12.00% | 11/22/2027 | 7/3/2024 | 73500000 | 73338176 |
| 34000000 | OP PPR Sub-Holdco 1, LLC |  | 10.00% | 2/14/2026 | 2/14/2025 | 34000000 | 33988569 |
| 10000000 | Vantage Borrower SPV, LLC | 45 | 11.00% | 5/31/2024 | 3/7/2022 | 10000000 | 5739746 |
| 2900000 | Way.com, Inc. |  | 12.00% | 3/6/2026 | 3/1/2023 | 2900000 | 2900000 |
|  |  |  |  |  |  | 230967124 | 220039822 |
|  | **Equipment Leasing - 26.8%** |  |  |  |  |  |  |
| 61513 | 11:11 Systems, Inc. 002 |  | 12.50% | 1/1/2027 | 5/1/2025 | 61513 | 61513 |
| 456416 | Agility Auto Parts Inc. |  | 12.50% | 7/1/2026 | 6/12/2024 | 456416 | 456416 |
| 113880 | Agility Auto Parts Inc. |  | 12.50% | 4/1/2027 | 1/22/2025 | 113880 | 113880 |
| 620244 | Airport Van Rental, Inc. |  | 12.50% | 10/1/2026 | 7/23/2024 | 620244 | 620244 |
| 359116 | Arcade Silverado JV LLC |  | 12.50% | 12/1/2026 | 4/25/2024 | 359116 | 359116 |
| 376159 | Avensis Energy Services, LLC |  | 12.50% | 9/1/2026 | 12/4/2023 | 376159 | 376159 |
| 213082 | Blew Bayou Services LLC |  | 14.50% | 9/1/2025 | 10/28/2022 | 213082 | 213082 |
| 2508900 | BluRoc - Onset |  | 12.50% | 4/1/2028 | 2/12/2025 | 2508900 | 2508900 |
| 1990679 | BluRoc Mat Financing Draw 1 |  | 17.90% | 6/5/2027 | 11/14/2024 | 1990679 | 1990679 |
| 4233694 | BluRoc Mat Financing Draw 2 |  | 17.90% | 8/5/2027 | 1/8/2025 | 4233694 | 4233694 |
| 2789305 | BluRoc Mat Financing Draw 3 |  | 17.90% | 9/5/2027 | 2/25/2025 | 2789305 | 2789305 |
| 1148106 | BluRoc Mat Financing Draw 4 |  | 17.90% | 11/5/2027 | 5/5/2025 | 1148106 | 1148106 |
| 752000 | BluRoc Mat Financing Draw 5 |  | 17.90% | 12/5/2027 | 6/10/2025 | 752000 | 752000 |
| 6579347 | Canopy Service Partners, LLC |  | 12.30% | 5/1/2028 | 10/15/2024 | 6579347 | 6553176 |
| 393299 | Car Wash Holdco, LLC |  | 17.90% | 1/1/2028 | 1/29/2025 | 393299 | 393299 |
| 254757 | Car Wash Holdco, LLC |  | 17.90% | 5/1/2028 | 5/6/2025 | 254757 | 254757 |
| 20439999 | Carnaby FA, LLC | 7 | 21.94% | 6/1/2027 | 4/26/2024 | 20439999 | 20439999 |
| 31857244 | Carnaby FA, LLC | 7 | 20.20% | 12/1/2025 | 11/27/2024 | 31857244 | 31857244 |
| 38401721 | Carnaby Inventory IV, LLC | 7 | 37.85% | 2/1/2026 | 1/16/2025 | 38401721 | 38401721 |
| 20000000 | Carnaby Inventory IV, LLC | 7 | 50.35% | 12/1/2025 | 3/10/2025 | 20000000 | 20000000 |
| 47066 | Cashman Photo Enterprises of Nevada, Inc. |  | 12.50% | 4/1/2026 | 9/5/2023 | 47066 | 47066 |
| 2972917 | Coast Aluminum, Inc. 001 |  | 12.50% | 7/1/2027 | 4/22/2025 | 2972917 | 2972917 |
| 905697 | Coast Aluminum, Inc. 002 |  | 12.50% | 4/1/2028 | 6/20/2025 | 905697 | 905697 |
| 19275 | Diesel Displays & Interiors, LLCs |  | 12.50% | 1/1/2026 | 11/30/2023 | 19275 | 19275 |
| 2590279 | Eagle Highwall Mining Systems, LLC |  | 14.00% | 4/1/2027 | 9/29/2023 | 2590279 | 2590279 |
| 877056 | Enson Group, Inc. 002 |  | 12.50% | 1/1/2027 | 10/29/2024 | 877056 | 877056 |
| 214255 | EOS Fitness Opco Holdings, LLC |  | 13.00% | 3/1/2027 | 9/30/2024 | 214255 | 214255 |
| 1243633 | EOS Fitness Opco Holdings, LLC |  | 13.00% | 4/1/2029 | 9/30/2024 | 1243633 | 1243633 |
| 452950 | EOS Fitness Opco Holdings, LLC |  | 13.00% | 4/1/2027 | 9/30/2024 | 452950 | 452950 |
| 741823 | EOS Fitness Opco Holdings, LLC |  | 13.00% | 7/1/2028 | 9/30/2024 | 741823 | 741823 |
| 1148966 | EOS Fitness Opco Holdings, LLC |  | 13.00% | 7/1/2027 | 9/30/2024 | 1148966 | 1148966 |
| 124930 | Falls Stamping & Welding Company |  | 12.50% | 10/1/2026 | 2/5/2024 | 124930 | 124930 |
| 8678338 | Findlay Machine & Tool, LLC |  | 11.95% | 3/1/2028 | 9/24/2024 | 8678338 | 8702525 |
| 3699440 | Findlay Machine & Tool, LLC |  | 11.95% | 4/1/2028 | 10/30/2024 | 3699440 | 3699440 |
| 2662205 | Findlay Machine & Tool, LLC |  | 11.95% | 8/1/2028 | 10/30/2024 | 2662205 | 2662205 |
| 7799335 | Findlay Machine & Tool, LLC |  | 11.95% | 6/1/2028 | 12/17/2024 | 7799335 | 7888998 |
| 5866487 | Fisher & Company, Inc. |  | 14.50% | 5/1/2027 | 4/29/2024 | 5866487 | 5866487 |
| 844863 | FPL Food LLC |  | 12.50% | 4/1/2027 | 2/28/2024 | 844863 | 844863 |
| 547883 | FPL Food LLC |  | 12.50% | 4/1/2027 | 3/7/2025 | 547883 | 547883 |
| 547369 | FPL Food LLC |  | 12.50% | 1/1/2028 | 6/6/2025 | 547369 | 547369 |
| 3706025 | Future Legends, LLC |  | 14.50% | 9/1/2025 | 2/27/2023 | 3706025 | 3706025 |
| 1741456 | Gregory Pharmaceutical Holdings, Inc. |  | 14.50% | 2/1/2026 | 7/14/2023 | 1741456 | 1741456 |
| 1392215 | Highbury Concrete, Inc. 01B |  | 12.50% | 1/1/2027 | 10/31/2024 | 1392215 | 1392215 |
| 3937221 | Information Technology Partners, Inc. |  | 14.50% | 1/1/2026 | 12/15/2023 | 3937221 | 3937221 |
| 10435 | Innotec, Corp. |  | 12.50% | 7/1/2025 | 12/30/2022 | 10435 | 10435 |
| 457240 | Island Magic Catamaran Inc. |  | 12.50% | 10/1/2026 | 7/22/2024 | 457240 | 457240 |
| 500000 | Island Magic Catamaran Inc. |  | 12.50% | 7/1/2027 | 6/11/2025 | 500000 | 500000 |
| 9790528 | JRL Energy, Inc. |  | 14.50% | 10/1/2026 | 4/19/2024 | 9790528 | 9790528 |
| 3600808 | Kent Distributors, Inc. |  | 14.50% | 7/1/2027 | 3/14/2024 | 3600808 | 3600808 |
| 6261634 | Kent Distributors, Inc. |  | 12.50% | 10/1/2027 | 2/19/2025 | 6261634 | 6261634 |
| 15176 | Kinikini, LLC |  | 12.50% | 4/1/2026 | 2/27/2024 | 15176 | 15176 |
| 135013 | Kinikini, LLC |  | 12.50% | 10/1/2027 | 12/13/2024 | 135013 | 135013 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  |  | Original | | |
| Principal |  |  |  | Maturity | Acquisition |  |  |
| Amount |  | Footnotes | Coupon Rate | Date | Date | Cost | Fair Value |
| 853692 | KVJ Properties, Inc. |  | 12.50% | 8/31/2025 | 2/25/2022 | 853692 | 853692 |
| 276039 | LBF Enterprises dba Powermatic Associates, Inc. |  | 12.50% | 7/1/2026 | 12/4/2023 | 276039 | 276039 |
| 3827812 | MC Test Service, Inc. |  | 12.00% | 7/1/2027 | 1/25/2022 | 3827812 | 3827812 |
| 1485665 | MC Test Service, Inc. |  | 12.50% | 10/1/2026 | 12/8/2023 | 1485665 | 1485665 |
| 6161651 | Medshift, LLC |  | 14.50% | 12/1/2027 | 4/4/2024 | 6161651 | 6161651 |
| 5673548 | Medshift, LLC |  | 14.50% | 12/1/2027 | 5/3/2024 | 5673548 | 5673548 |
| 1377063 | MIT45, Inc. |  | 12.50% | 6/30/2027 | 5/23/2025 | 1377063 | 1377063 |
| 87000 | MIT45, Inc. A |  | 12.50% | 7/1/2027 | 6/20/2025 | 87000 | 87000 |
| 232500 | MIT45, Inc. B |  | 12.50% | 7/1/2027 | 6/20/2025 | 232500 | 232500 |
| 7040760 | NATT Tools Group Inc. |  | 13.34% | 12/1/2029 | 11/25/2024 | 7040760 | 7187332 |
| 2568057 | Navajo Health Foundation - Sage Memorial Hospital, Inc. |  | 12.50% | 1/1/2027 | 8/8/2024 | 2568057 | 2568057 |
| 498360 | Navajo Transitional Energy Company, LLC |  | 9.50% | 1/1/2026 | 12/9/2022 | 498360 | 498360 |
| 802835 | Next Century Rebar LLC and Century Steel Fabricators, LLC |  | 12.50% | 2/1/2027 | 6/7/2024 | 802835 | 802835 |
| 82999 | Nutritional Resources, Inc. |  | 12.50% | 1/1/2027 | 3/1/2024 | 82999 | 82999 |
| 176344 | NWC Services LLC |  | 14.50% | 11/1/2025 | 10/20/2022 | 176344 | 176344 |
| 86175493 | Onset Financial, Inc. Corporate Loan |  | 12.00% | 4/10/2028 | 4/4/2025 | 86175493 | 86175493 |
| 5469988 | Onset Financial, Inc. Progress Funding Line |  | 14.00% | 9/30/2025 | 12/6/2024 | 5469988 | 5469988 |
| 6239806 | Phygital Digital Global FX LLC |  | 15.00% | 2/1/2027 | 7/15/2024 | 6239806 | 6239806 |
| 793229 | Pierce Powerline Co., LLC |  | 12.50% | 1/1/2026 | 8/3/2023 | 793229 | 793229 |
| 7971535 | Prime Logistics, LLC |  | 13.00% | 9/1/2027 | 10/15/2024 | 7971535 | 8007331 |
| 414716 | Prince Signs |  | 12.50% | 10/1/2027 | 12/20/2024 | 414716 | 414716 |
| 449350 | Raw Farm, LLC |  | 12.50% | 7/1/2027 | 10/8/2024 | 449350 | 449350 |
| 31423 | Sajawi Corporation |  | 12.50% | 10/1/2025 | 8/30/2023 | 31423 | 31423 |
| 627034 | Savant Consultants, LLC |  | 12.50% | 5/1/2026 | 10/23/2023 | 627034 | 627034 |
| 491815 | Southern Fabrication Works, LLC |  | 12.50% | 3/1/2026 | 8/16/2023 | 491815 | 491815 |
| 84435 | Sustainable Green Team |  | 14.50% | 7/1/2025 | 8/19/2022 | 84435 | 84435 |
| 408549 | Transcontinental Energy Services LLC |  | 12.50% | 1/1/2026 | 11/27/2023 | 408549 | 408549 |
| 1847308 | Transcontinental Energy Services LLC |  | 12.50% | 10/1/2027 | 4/16/2025 | 1847308 | 1847308 |
| 9426100 | Transportation Financial, LLC |  | 12.50% | 9/1/2027 | 8/20/2024 | 9426100 | 9426100 |
| 16658453 | Trico Products Corporation |  | 12.50% | 12/1/2027 | 6/30/2022 | 16658453 | 16658453 |
| 2133036 | Trico Products Corporation |  | 14.50% | 12/1/2025 | 5/5/2023 | 2133036 | 2133036 |
| 899446 | Trico Products Corporation |  | 12.50% | 10/1/2025 | 7/3/2023 | 899446 | 899446 |
| 3131615 | Trico Products Corporation |  | 14.50% | 9/1/2026 | 2/29/2024 | 3131615 | 3131615 |
| 7249297 | United Auto Supply of Syracuse, West, Inc. |  | 12.00% | 8/1/2026 | 6/30/2022 | 7249297 | 7249297 |
| 5611288 | United Auto Supply of Syracuse, West, Inc. |  | 12.00% | 1/1/2027 | 6/30/2022 | 5611288 | 5611288 |
| 1365218 | Vensure Employer Services, Inc. |  | 14.50% | 11/30/2025 | 6/1/2022 | 1365218 | 1365218 |
| 813122 | Vensure Employer Services, Inc. |  | 14.50% | 9/1/2025 | 8/2/2022 | 813122 | 813122 |
| 1266399 | Vensure Employer Services, Inc. |  | 14.50% | 8/1/2025 | 11/3/2022 | 1266399 | 1266399 |
| 1643856 | Vensure Employer Services, Inc. |  | 14.50% | 9/1/2025 | 1/24/2023 | 1643856 | 1643856 |
| 2086956 | Vensure Employer Services, Inc. |  | 14.50% | 2/1/2026 | 5/5/2023 | 2086956 | 2086956 |
| 2837368 | Vensure Employer Services, Inc. |  | 14.50% | 4/1/2026 | 9/19/2023 | 2837368 | 2837368 |
| 1155550 | Vensure Employer Services, Inc. |  | 14.50% | 2/1/2026 | 1/18/2024 | 1155550 | 1155550 |
| 1821175 | Vensure Employer Services, Inc. |  | 12.50% | 8/1/2026 | 5/8/2024 | 1821175 | 1821175 |
| 1548313 | Vensure Employer Services, Inc. |  | 12.50% | 4/1/2026 | 8/9/2024 | 1548313 | 1548313 |
| 2005770 | Vensure Employer Services, Inc. |  | 14.50% | 5/1/2026 | 9/17/2024 | 2005770 | 2005770 |
| 4499092 | Vensure Employer Services, Inc. |  | 14.50% | 5/1/2027 | 10/25/2024 | 4499092 | 4499092 |
| 4653579 | Vensure Employer Services, Inc. |  | 14.50% | 6/1/2027 | 12/6/2024 | 4653579 | 4653579 |
| 5545893 | Vensure Employer Services, Inc. |  | 14.50% | 9/11/2027 | 3/11/2025 | 5545893 | 5545893 |
| 4983859 | Vensure Employer Services, Inc. |  | 14.50% | 12/1/2027 | 5/12/2025 | 4983859 | 4983859 |
| 1225618 | Vensure Employer Services, Inc. |  | 14.50% | 1/1/2028 | 6/23/2025 | 1225618 | 1225618 |
| 153078 | Washington Liftruck Inc. |  | 12.50% | 1/1/2027 | 11/8/2024 | 153078 | 153078 |
| 4171351 | West Liberty Foods |  | 14.50% | 2/1/2027 | 8/5/2024 | 4171351 | 4171351 |
| 4225387 | West Liberty Foods |  | 14.50% | 6/1/2027 | 11/25/2024 | 4225387 | 4225387 |
|  |  |  |  |  |  | 440341804 | 440611851 |
|  | **Financial Assets - 24.9%** |  |  |  |  |  |  |
| 2994573 | Affiniti Asset Receivables LLC | 6 | 13.33% (SOFR + 9.00%) | 9/30/2027 | 10/11/2024 | 2994573 | 2994573 |
| 56279615 | BizFund LLC | 6 | 11.81% (SOFR + 7.50%) | 12/30/2027 | 12/30/2024 | 56279615 | 56279615 |
| 62000000 | Bondit LLC |  | 13.00% | 5/31/2027 | 6/3/2024 | 62000000 | 62561180 |
| 9311890 | CapitalPlus Construction Services, LLC | 4 | 12.00% | 10/1/2023 | 9/2/2020 | 9311890 |  |
| 2469892 | CapitalPlus Supply Chain Partners, LLC | 4 | 12.00% | 7/31/2024 | 8/31/2021 | 2469892 |  |
| 42574999 | Cocolalla, LLC |  | 14.00% | 3/27/2026 | 3/16/2023 | 42574999 | 43221722 |
| 27240000 | Kensington Private Equity Fund | 56 | 13.80% (SOFR + 9.50%) | 3/28/2026 | 3/28/2023 | 27240000 | 27345088 |
| 37500000 | Leyline Renewable Capital, LLC |  | 14.00% | 5/25/2027 | 5/26/2023 | 37500000 | 37608028 |
| 59238373 | Lienstar LLC |  | 13.00% | 12/31/2026 | 3/13/2023 | 59238373 | 60237652 |
| 7022112 | Propel Holdings, Inc. |  | 13.60% | 3/31/2030 | 6/8/2023 | 7022112 | 7421986 |
| 9809518 | Simply Funding SPV, LLC |  | 13.00% | 10/7/2027 | 6/23/2021 | 9809518 | 9881365 |
| 23340291 | SP Technologies, LLC |  | 11.81% | 5/28/2028 | 5/29/2025 | 23340291 | 23340291 |
| 329371 | Sprout Funding SPV II, LLC | 4 | 13.00% | 2/23/2024 | 2/24/2021 | 329371 |  |
| 19806218 | Unique Funding Solutions, LLC |  | 13.50% | 2/5/2028 | 2/5/2025 | 19806218 | 19863463 |
| 58753427 | Viva Funding SPV, LLC |  | 13.00% | 6/30/2027 | 12/23/2020 | 58753427 | 58753427 |
|  |  |  |  |  |  | 418670279 | 409508390 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  |  | Original | | |
| Principal |  |  |  | Maturity | Acquisition |  |  |
| Amount |  | Footnotes | Coupon Rate | Date | Date | Cost | Fair Value |
|  | **Specialty Real Estate Finance - 42.1%** |  |  |  |  |  |  |
| 10835461 | 750 Main Street LP | 3 | 11.05% PIK | 7/3/2026 | 5/9/2022 | 10835461 | 10899333 |
| 15551506 | 8th Avenue Property Owners, LLC | 36 | 11.00% PIK (Prime + 3.50%) | 11/14/2025 | 8/14/2023 | 15551506 | 15895926 |
| 32427304 | AE Green Mountain, LLC | 3 | 10.45% PIK | 8/30/2025 | 8/30/2023 | 32427304 | 33061754 |
| 4302160 | Apple Valley BV Road, LLC | 3 | 11.00% PIK | 3/23/2026 | 12/23/2024 | 4302160 | 4302160 |
| 13400353 | Ashton Oak Homes (Black Locust), LLC | 6 | 10.50% (Prime + 3.00%) | 9/23/2025 | 3/23/2023 | 13400353 | 13552690 |
| 11417426 | Atomic Orchard Experiment, LLC | 3 | 9.75% PIK | 6/30/2025 | 11/10/2022 | 11417426 | 11455656 |
| 4628238 | BD RC Greenwood, LP | 6 | 10.50% (Prime + 3.00%) | 9/18/2025 | 9/28/2023 | 4628238 | 4628238 |
| 924291 | BD RC Jacksonville Normandy, LP | 36 | 10.50% PIK (Prime + 3.00%) | 9/18/2025 | 9/28/2023 | 924291 | 924291 |
| 5719294 | BD RC North Myrtle Beach, LP | 36 | 10.50% PIK (Prime + 3.00%) | 9/18/2025 | 9/28/2023 | 5719294 | 5719294 |
| 4677832 | BD RC Spartanburg, LP | 6 | 10.50% (Prime + 3.00%) | 9/18/2025 | 10/24/2023 | 4677832 | 4677832 |
| 11818532 | BEP CO Springs Hospitality LLC | 3 | 11.95% PIK | 11/24/2025 | 8/24/2023 | 11818532 | 11991949 |
| 14753115 | Capital Miller Pref NewCo, LLC | 3 | 14.00% PIK | 12/5/2027 | 12/5/2022 | 14753115 | 16022950 |
| 7960364 | Corta Stevens Point, LLC |  | 13.00% | 8/1/2025 | 4/13/2023 | 7960364 | 7960364 |
| 18778412 | Dabney Road Industrial LLC | 3 | 10.50% PIK | 10/20/2025 | 12/20/2023 | 18778412 | 18781512 |
| 32868661 | DZ Tech Community LLC | 3 | 10.50% PIK | 10/25/2025 | 8/31/2023 | 32868661 | 33213142 |
| 6684597 | Endeavor Investments IX, LLC | 3 | 10.50% PIK | 11/12/2025 | 9/15/2022 | 6684597 | 6862456 |
| 2808522 | Frito Lay - Pomfret |  | 9.50% | 7/30/2025 | 11/1/2023 | 2808522 | 2808522 |
| 2388059 | Frito Lay - Portfolio |  | 9.50% | 10/3/2025 | 10/4/2023 | 2388059 | 2420128 |
| 9298365 | Frontera West-Sonoma Dev, LLC | 3 | 11.29% PIK | 4/19/2026 | 10/19/2023 | 9298365 | 9575119 |
| 1763529 | Galaxy Management Company, LLC | 45 | 14.00% | 11/10/2023 | 11/18/2020 | 1763529 | 1763529 |
| 4678868 | HD Post Buffalo, LLC | 3 | 9.95% PIK | 12/6/2025 | 12/7/2022 | 4678868 | 4678868 |
| 18033459 | Holmes Lane Development, LLC | 3 | 12.00% PIK | 10/1/2025 | 8/4/2023 | 18033459 | 18033459 |
| 9739494 | HSM Hawley, LLC | 3 | 10.50% PIK | 4/5/2026 | 1/10/2024 | 9739494 | 9982805 |
| 5674953 | JDI Pasadena Logistics Center SPE, LLC | 3 | 11.15% PIK | 8/28/2026 | 8/30/2024 | 5674953 | 5674953 |
| 11744 | JF Wonderblock Phase 2, LLC | 3 | 10.99% PIK | 2/20/2028 | 12/20/2023 | 11744 | 11744 |
| 11209312 | Lex Apartments 102B, LLC |  | 9.95% | 9/30/2025 | 9/9/2022 | 11209312 | 11385866 |
| 27470000 | Lex Apartments, LLC |  | 10.50% | 9/30/2025 | 8/31/2022 | 27470000 | 27771079 |
| 21844644 | MC Oslo Aurora, LLC | 4 | 13.25% | 7/11/2025 | 7/11/2022 | 21844644 | 19587054 |
| 21374961 | MC Oslo Hermitage, LLC | 4 | 13.00% | 11/7/2024 | 5/19/2022 | 21374961 | 21328125 |
| 13237014 | MC Oslo SFM Two, LLC | 4 | 13.00% | 7/11/2025 | 5/19/2022 | 13237014 | 11787001 |
| 8759430 | MC Oslo SFQ, LLC | 4 | 13.25% | 7/11/2025 | 7/11/2022 | 8759430 | 5148894 |
| 12896265 | MC Rye Katy, LLC | 4 | 13.25% | 8/9/2025 | 8/10/2022 | 12896265 | 11879087 |
| 10909312 | MC Rye Northwest, LLC | 4 | 13.25% | 8/9/2025 | 8/9/2022 | 10909312 | 11050313 |
| 12982888 | MC Rye Westchase, LLC | 4 | 13.25% | 8/9/2025 | 8/9/2022 | 12982888 | 12063259 |
| 5426492 | Merced Security Storage, LLC | 3 | 10.50% PIK | 5/6/2026 | 5/6/2024 | 5426492 | 5376477 |
| 11941105 | Missoula Hotel Holdings, LLC | 3 | 12.00% PIK | 8/31/2025 | 8/24/2023 | 11941105 | 11941105 |
| 14384013 | Nancy Jay Industrial Center, LLC |  | 12.95% | 5/31/2027 | 6/3/2022 | 14384013 | 15229563 |
| 13532123 | Odyssey Vortex LLC |  | 10.50% | 8/22/2025 | 8/22/2023 | 13532123 | 13532123 |
| 6600000 | Olympus Bluffs 4, LLC |  | 11.95% | 9/9/2025 | 9/9/2022 | 6600000 | 6639569 |
| 6015981 | Olympus Oaks 1, LLC |  | 12.50% | 7/14/2026 | 7/13/2023 | 6015981 | 6221548 |
| 6640000 | Olympus Oaks 2, LLC |  | 12.50% | 7/14/2026 | 7/13/2023 | 6640000 | 6749124 |
| 6247656 | Olympus Oaks 4, LLC |  | 12.50% | 7/13/2026 | 7/13/2023 | 6247656 | 6365190 |
| 6543796 | Olympus Oaks 5, LLC |  | 12.50% | 7/14/2026 | 7/13/2023 | 6543796 | 6652698 |
| 4804244 | Olympus Oaks 6, LLC |  | 12.50% | 2/16/2027 | 2/16/2024 | 4804244 | 4804244 |
| 2050484 | Olympus Oaks 7, LLC | 3 | 12.50% PIK | 2/16/2027 | 2/16/2024 | 2050484 | 2050484 |
| 3600671 | Olympus Oaks 8, LLC |  | 12.50% | 2/16/2027 | 2/16/2024 | 3600671 | 3600671 |
| 138706 | Olympus Oaks 9, LLC | 3 | 12.50% PIK | 2/16/2027 | 2/16/2024 | 138706 | 138706 |
| 5235134 | Olympus Palms 1, LLC |  | 12.50% | 6/30/2025 | 7/1/2022 | 5235134 | 5235134 |
| 5132000 | Olympus Palms 2, LLC |  | 12.50% | 7/2/2027 | 7/2/2024 | 5132000 | 5132000 |
| 6587454 | Olympus Palms 3, LLC |  | 11.95% | 8/3/2025 | 8/3/2022 | 6587454 | 6587454 |
| 6566886 | Olympus Palms 4, LLC |  | 14.00% | 7/4/2025 | 10/4/2022 | 6566886 | 6566886 |
| 5614130 | Olympus Palms 5, LLC |  | 14.00% | 7/4/2025 | 10/4/2022 | 5614130 | 5614130 |
| 5322381 | Olympus Palms 6, LLC |  | 14.00% | 7/4/2025 | 10/4/2022 | 5322381 | 5322381 |
| 5560000 | Olympus Palms 7, LLC |  | 12.50% | 7/2/2027 | 7/2/2024 | 5560000 | 5543928 |
| 5818470 | Olympus Pines FF Wash, LLC |  | 12.50% | 10/31/2025 | 7/15/2021 | 5818470 | 5839276 |
| 7027815 | Pierce Street Holdings LLC |  | 10.50% | 8/1/2025 | 3/15/2022 | 7027815 | 7027815 |
| 9394550 | Renton Hotel Holdings, LLC | 3 | 12.00% PIK | 8/31/2026 | 5/24/2024 | 9394550 | 9519880 |
| 10870649 | Richland LA Hotel Holdings, LLC | 3 | 12.00% PIK | 8/31/2025 | 8/31/2023 | 10870649 | 10870649 |
| 2568917 | Romeria Pointe, LLC | 3 | 11.09% PIK | 3/4/2026 | 3/4/2024 | 2568917 | 2568917 |
| 4867666 | Roseville Senior Affordable 2 LP | 3 | 11.25% PIK | 11/30/2026 | 11/26/2024 | 4867666 | 4867666 |
| 5007964 | Scarborough Hotel Holdings, LLC | 3 | 12.00% PIK | 9/30/2026 | 6/24/2024 | 5007964 | 5007964 |
| 11297008 | Smyrna Hotel Holdings, LLC | 3 | 12.00% PIK | 7/31/2025 | 7/21/2023 | 11297008 | 11297008 |
| 9565619 | Syracuse Hotel Holdings, LLC |  | 12.00% | 5/31/2026 | 2/2/2024 | 9565619 | 9664565 |
| 455984 | Turner Rock Apartments, LLC | **3** | 10.85% PIK | 4/15/2028 | 4/18/2025 | 455984 | 455984 |
| 658391 | VG Pines Residential, LLC | 3 | 11.15% PIK | 9/1/2026 | 3/1/2024 | 658391 | 658391 |
| 17382618 | Vivo Living Durham LLC | 4 | 9.50% | 10/14/2024 | 10/14/2022 | 17382618 | 15492330 |
| 15036310 | Vivo Living Raleigh 1 LLC | 4 | 9.50% | 11/18/2024 | 11/18/2022 | 15036310 | 15634461 |
| 43324542 | Vivo Portfolio |  | 11.49% | 12/15/2025 | 12/15/2023 | 43324542 | 43799305 |
| 32075000 | Zoe Lakeview, LLC |  | 10.45% | 5/30/2025 | 11/22/2022 | 32075000 | 32075000 |
|  |  |  |  |  |  | 695123124 | 690981978 |
|  | **Total Private Credit** |  |  |  |  | **1785102331** | **1761142041** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Shares |  |  | Investment Type |  |  |  |  |
|  | **Private Companies - 0.2%** | 12.0 |  |  |  |  |  |
| 22209 | Onward Partners, LLC |  | Common Units |  |  | 12354762 | 3557884 |
|  | **Total Private Companies** |  |  |  |  | **12354762** | **3557884** |
|  | **Private Investment Funds - 0.7%** | 12.0 |  |  |  |  |  |
| N/A | Structural Keystone VL LLC - Series KS Manscaped | 8.0 |  | 12/24/2025 | 12/17/2021 | 10730909 | 10730909 |
|  | **Total Private Investment Funds** |  |  |  |  | **10730909** | **10730909** |
|  | **Warrants - 0.0%** | 12.0 |  |  |  |  |  |
| 73274 | Sovrn Holdings, Inc | 8.0 |  |  |  | - | - |
|  | **Total Investments - 108.1%** | 9.0 |  |  |  | $**1808188002** | $**1775430834** |
|  | Liabilities in excess of other assets - (8.1%) |  |  |  |  |  | (132297968) |
|  | **Net Assets - 100%** |  |  |  |  |  | $**1643132866** |

---

---

| | |
|:---|:---|
|  | SOFR - Secured Overnight Financing Rate |
| 1 | Restricted securities. The total value of these securities is $1,775,430,834, which represents 108.1% of total net assets of the Fund. |
| 2 | Level 3 securities fair valued under procedures established by the board of trustees of the Fund. The total value of these securities is $1,775,430,834, which represents 108.1% of total net assets of the Fund. |
| 3 | Principal includes accumulated payment in kind ("PIK") interest and is net of repayments, if any. |
| 4 | In default. |
| 5 | This investment was made through a participation. See notes to schedule of investments. |
| 6 | Variable rate. |
| 7 | Rate shown is determined by internal rate of return calculation, and is not a true interest rate. |
| 8 | The single purpose investment fund's strategy is to invest in only one isolated and preidentified secured credit investment with no discretion for any other additional investments beyond this single purpose holding for which the single purpose investment fund was formed. The single purpose investment fund shall continue until the one holding is realized in full. Given the single purpose nature of the investment holding, there is no redemption of any portion of the Fund's investment prior to the realization in full of the underlying single investment. |
| 9 | Entire portfolio is pledged as collateral for line of credit. |

---

*See accompanying notes to schedule of investments.*

**Keystone Private Income Fund**

**Notes to Schedule of Investments**

**June 30, 2025 (Unaudited)**

**Note 1 - Valuation of Investments**

The Board has approved valuation procedures for the Fund (the "Valuation Procedures") and appointed a separate valuation committee (the "Valuation Committee"). The Board has delegated the day-to-day responsibility for determining the fair valuation of the Fund's investments to the Investment Manager, subject to the oversight of the Valuation Committee. The Investment Manager oversees the valuation of the Fund's investments on behalf of the Fund in accordance with the Valuation Procedures, which provide that investments will be valued at fair value. Furthermore, the valuation of the Fund's assets will be done in accordance with the FASB ASC Topic 820, *Fair Value Measurements and Disclosures.*

In general, fair value represents a good faith approximation of the current value of an asset and will be used when there is no public market or possibly no market at all for the asset. As a result, the fair values of one or more assets may not be the prices at which those assets are ultimately sold. Prospective investors should be aware that situations involving uncertainties as to the value of investments could have an adverse effect on the Fund's net asset value ("NAV") if the judgments of the Valuation Committee or Investment Manager regarding appropriate valuations should prove incorrect.

The Fund expects that it will hold a high proportion of illiquid investments relative to its total investments, which is directly related to the Fund's investment objectives and strategy. The valuation approach will likely vary by investment, but may include comparable public market valuations, comparable transaction valuations and discounted cash flow analyses. All factors that might materially impact the value of an investment (i.e., underlying collateral, operating results, financial condition, achievement of milestones, and economic and/or market events) may be considered. In certain circumstances the Investment Manager may determine that cost best approximates the fair value of the particular investment.

**Note 2 – Fair Value Measurements and Disclosure**

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.

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 uncertainly 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Private Credit | $— | $— | $1761142041 | $1761142041 |
| &nbsp;&nbsp;&nbsp;Private Companies |  |  | 3557884 | 3557884 |
| &nbsp;&nbsp;&nbsp;Private Investment Funds |  |  | 10730909 | 10730909 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  |  |  |
| Total Investments, at fair value | $**-** | $**—** | $**1775430834** | $**1775430834** |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Keystone Private Income Fund

- **b. Investment Company Act file number:** 811-23482

- **c. CIK number of Registrant:** 0001788420

- **d. LEI of Registrant:** 549300HJV77VB5O4X277

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

  - **Street Address 1:** c/o UMB Fund Services, Inc.

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 4142992270

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

- **a. Name of Series:** Keystone Private Income Fund

- **c. LEI of Series:** 549300HJV77VB5O4X277

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $1905981606.65

**Total Liabilities:** $262848740.65

**Net Assets:** $1643132866.00

**Cash Not Reported:** $108750002.84

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.74%                | 0.64%                | 0.74%                |
| Class ID N/A | 0.75%                | 0.65%                | 0.75%                |
| Class ID N/A | 0.81%                | 0.71%                | 0.81%                |
| Class ID N/A | 0.80%                | 0.70%                | 0.80%                |
| Class ID N/A | 0.82%                | 0.72%                | 0.82%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-1663591.00                               |
| Month 2  | $0.00                    | $-3380617.00                               |
| Month 3  | $0.00                    | $-7759402.00                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Way.com, Inc.                                                | Way.com, Inc.                                                | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2900000.00   | 0.18%             | 2026-03-06      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Washington Liftruck Inc. 001                                 | Washington Liftruck Inc. 001                                 | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    153078 | PA      | $153077.76    | 0.01%             | 2027-01-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Vivo Portfolio                                               | Vivo Portfolio                                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  43799305 | PA      | $43799305.19  | 2.67%             | 2025-12-15      | Fixed         | 11.49%                | Yes           |                  3 | On Loan: No      |
| Loop Inc.                                                    | Loop Inc.                                                    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  11061872 | PA      | $11061871.52  | 0.67%             | 2027-04-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| Lienstar LLC                                                 | Lienstar LLC                                                 | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  60237652 | PA      | $60237651.57  | 3.67%             | 2026-12-31      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| Leyline Renewable Capital, LLC                               | Leyline Renewable Capital, LLC                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  37608028 | PA      | $37608028.02  | 2.29%             | 2027-05-25      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| Lex Apartments LLC                                           | Lex Apartments LLC                                           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  27771079 | PA      | $27771079.42  | 1.69%             | 2025-09-30      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| Lex Apartments 102B, LLC                                     | Lex Apartments 102B, LLC                                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  11385866 | PA      | $11385865.66  | 0.69%             | 2025-09-30      | Fixed         | 9.95%                 | Yes           |                  3 | On Loan: No      |
| LBF Enterprises dba Powermatic Associates, Inc.              | LBF Enterprises dba Powermatic Associates, Inc.              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    276039 | PA      | $276038.71    | 0.02%             | 2026-07-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| KVJ Properties, Inc. 002                                     | KVJ Properties, Inc. 002                                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    853692 | PA      | $853692.04    | 0.05%             | 2025-08-31      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Kinikini, LLC 002                                            | Kinikini, LLC 002                                            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    135013 | PA      | $135012.87    | 0.01%             | 2027-10-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Kinikini, LLC                                                | Kinikini, LLC                                                | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |     15176 | PA      | $15175.55     | 0.00%             | 2026-04-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Kent Distributors, Inc. 013                                  | Kent Distributors, Inc. 013                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   6261634 | PA      | $6261634.03   | 0.38%             | 2027-10-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Kent Distributors, Inc. 012                                  | Kent Distributors, Inc. 012                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3600808 | PA      | $3600808.05   | 0.22%             | 2027-07-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Kensington Private Equity Fund                               | Kensington Private Equity Fund                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  27345088 | PA      | $27345088.00  | 1.66%             | 2026-03-28      | Fixed         | 13.03%                | Yes           |                  3 | On Loan: No      |
| JRL Energy, Inc. 001                                         | JRL Energy, Inc. 001                                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   9790528 | PA      | $9790528.09   | 0.60%             | 2026-10-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| JF Wonderblock Phase 2, LLC                                  | JF Wonderblock Phase 2, LLC                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |     11744 | PA      | $11743.98     | 0.00%             | 2028-02-20      | Fixed         | 10.99%                | Yes           |                  3 | On Loan: No      |
| JDI Pasadena Logistics Center SPE, LLC                       | JDI Pasadena Logistics Center SPE, LLC                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5674953 | PA      | $5674952.82   | 0.35%             | 2026-08-28      | Fixed         | 11.15%                | Yes           |                  3 | On Loan: No      |
| Island Magic Catamaran Inc. 002                              | Island Magic Catamaran Inc. 002                              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $500000.00    | 0.03%             | 2027-07-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| HSM Hawley LLC                                               | HSM Hawley LLC                                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   9982805 | PA      | $9982805.45   | 0.61%             | 2026-04-05      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| Holmes Lane Development, LLC                                 | Holmes Lane Development, LLC                                 | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  18033459 | PA      | $18033459.23  | 1.10%             | 2025-10-01      | Fixed         | 10.75%                | Yes           |                  3 | On Loan: No      |
| Highbury Concrete, Inc. 01B                                  | Highbury Concrete, Inc. 01B                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1392215 | PA      | $1392214.72   | 0.08%             | 2027-01-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| HD Post Buffalo LLC                                          | HD Post Buffalo LLC                                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4678868 | PA      | $4678867.53   | 0.28%             | 2025-12-06      | Fixed         | 9.95%                 | Yes           |                  3 | On Loan: No      |
| Hall Labs, LLC                                               | Hall Labs, LLC                                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  12408955 | PA      | $12408955.37  | 0.76%             | 2024-06-30      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Gregory Pharmaceutical Holdings, Inc. 001                    | Gregory Pharmaceutical Holdings, Inc. 001                    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1741456 | PA      | $1741455.81   | 0.11%             | 2026-02-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Galaxy Management Company, LLC                               | Galaxy Management Company, LLC                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1763529 | PA      | $1763529.43   | 0.11%             | 2023-11-10      | Fixed         | 14.00%                | Yes           |                  3 | On Loan: No      |
| FVP Funding II, LLC                                          | FVP Funding II, LLC                                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  25816292 | PA      | $25816291.78  | 1.57%             | 2027-10-12      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| FVP Funding I, LLC                                           | FVP Funding I, LLC                                           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  12869990 | PA      | $12869990.50  | 0.78%             | 2027-02-06      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Future Legends, LLC 001                                      | Future Legends, LLC 001                                      | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3706025 | PA      | $3706025.01   | 0.23%             | 2025-09-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Frontera West-Sonoma Dev, LLC                                | Frontera West-Sonoma Dev, LLC                                | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   9575120 | PA      | $9575119.94   | 0.58%             | 2026-04-19      | Fixed         | 11.29%                | Yes           |                  3 | On Loan: No      |
| Frito Lay - Portfolio                                        | Frito Lay - Portfolio                                        | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2420129 | PA      | $2420128.86   | 0.15%             | 2025-10-03      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| Frito Lay - Pomfret                                          | Frito Lay - Pomfret                                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2808522 | PA      | $2808521.83   | 0.17%             | 2025-07-30      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| FPL Food LLC 005                                             | FPL Food LLC 005                                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    547369 | PA      | $547368.60    | 0.03%             | 2028-01-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| FPL Food LLC 004                                             | FPL Food LLC 004                                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    547883 | PA      | $547883.02    | 0.03%             | 2027-04-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| FPL Food LLC 003                                             | FPL Food LLC 003                                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    844863 | PA      | $844862.72    | 0.05%             | 2027-04-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Fisher & Company, Inc.                                       | Fisher & Company, Inc.                                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5866487 | PA      | $5866486.99   | 0.36%             | 2027-05-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| First National Capital, LLC                                  | First National Capital, LLC                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   6553176 | PA      | $6553176.43   | 0.40%             | 2028-05-01      | Fixed         | 12.30%                | Yes           |                  3 | On Loan: No      |
| Findlay Machine & Tool, LLC 004                              | Findlay Machine & Tool, LLC 004                              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   7888998 | PA      | $7888997.70   | 0.48%             | 2028-06-01      | Fixed         | 11.95%                | Yes           |                  3 | On Loan: No      |
| Findlay Machine & Tool, LLC 003                              | Findlay Machine & Tool, LLC 003                              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2662205 | PA      | $2662204.66   | 0.16%             | 2028-08-01      | Fixed         | 11.95%                | Yes           |                  3 | On Loan: No      |
| Findlay Machine & Tool, LLC 002                              | Findlay Machine & Tool, LLC 002                              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3699440 | PA      | $3699439.74   | 0.23%             | 2028-04-01      | Fixed         | 11.95%                | Yes           |                  3 | On Loan: No      |
| Findlay Machine & Tool, LLC                                  | Findlay Machine & Tool, LLC                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   8702525 | PA      | $8702525.19   | 0.53%             | 2028-03-01      | Fixed         | 11.95%                | Yes           |                  3 | On Loan: No      |
| Falls Stamping & Welding Company                             | Falls Stamping & Welding Company                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    124930 | PA      | $124929.89    | 0.01%             | 2026-10-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| EOS Fitness Opco Holdings, LLC 027                           | EOS Fitness Opco Holdings, LLC 027                           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1148966 | PA      | $1148966.47   | 0.07%             | 2027-07-01      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| EOS Fitness Opco Holdings, LLC 026                           | EOS Fitness Opco Holdings, LLC 026                           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    741823 | PA      | $741823.20    | 0.05%             | 2028-07-01      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| EOS Fitness Opco Holdings, LLC 019                           | EOS Fitness Opco Holdings, LLC 019                           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    452950 | PA      | $452949.78    | 0.03%             | 2027-04-01      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| EOS Fitness Opco Holdings, LLC 018                           | EOS Fitness Opco Holdings, LLC 018                           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1243633 | PA      | $1243632.94   | 0.08%             | 2029-04-01      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| EOS Fitness Opco Holdings, LLC 010                           | EOS Fitness Opco Holdings, LLC 010                           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    214255 | PA      | $214255.14    | 0.01%             | 2027-03-01      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| Vivo Living Raleigh 1 LLC                                    | Vivo Living Raleigh 1 LLC                                    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  15634461 | PA      | $15634461.28  | 0.95%             | 2024-11-18      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| Vivo Living Durham LLC                                       | Vivo Living Durham LLC                                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  15492330 | PA      | $15492329.81  | 0.94%             | 2024-10-14      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| Viva Funding SPV, LLC                                        | Viva Funding SPV, LLC                                        | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  58753427 | PA      | $58753427.41  | 3.58%             | 2027-06-30      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| VG Pines Residential LLC                                     | VG Pines Residential LLC                                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    658391 | PA      | $658391.27    | 0.04%             | 2026-09-01      | Fixed         | 11.15%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 024                          | Vensure Employer Services, Inc. 024                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1225618 | PA      | $1225617.68   | 0.07%             | 2028-01-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 023                          | Vensure Employer Services, Inc. 023                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4983859 | PA      | $4983858.88   | 0.30%             | 2027-12-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 022                          | Vensure Employer Services, Inc. 022                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5545893 | PA      | $5545892.52   | 0.34%             | 2027-09-11      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 018                          | Vensure Employer Services, Inc. 018                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4653579 | PA      | $4653579.48   | 0.28%             | 2027-06-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 017                          | Vensure Employer Services, Inc. 017                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4499092 | PA      | $4499091.59   | 0.27%             | 2027-05-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 016                          | Vensure Employer Services, Inc. 016                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2005770 | PA      | $2005769.50   | 0.12%             | 2026-05-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 015                          | Vensure Employer Services, Inc. 015                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1548313 | PA      | $1548313.07   | 0.09%             | 2026-04-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 014                          | Vensure Employer Services, Inc. 014                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1821175 | PA      | $1821175.14   | 0.11%             | 2026-08-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 013                          | Vensure Employer Services, Inc. 013                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1155550 | PA      | $1155550.26   | 0.07%             | 2026-02-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 011                          | Vensure Employer Services, Inc. 011                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2837368 | PA      | $2837367.68   | 0.17%             | 2026-04-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 006                          | Vensure Employer Services, Inc. 006                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    813122 | PA      | $813122.40    | 0.05%             | 2025-09-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 005                          | Vensure Employer Services, Inc. 005                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1365218 | PA      | $1365217.92   | 0.08%             | 2025-11-30      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| United Auto Supply of Syracuse, West, Inc. 002               | United Auto Supply of Syracuse, West, Inc. 002               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5611288 | PA      | $5611287.50   | 0.34%             | 2027-01-01      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| United Auto Supply of Syracuse, West, Inc. 001               | United Auto Supply of Syracuse, West, Inc. 001               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   7249297 | PA      | $7249296.91   | 0.44%             | 2026-08-01      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Unique Funding Solutions, LLC                                | Unique Funding Solutions, LLC                                | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  19863463 | PA      | $19863462.51  | 1.21%             | 2028-02-05      | Fixed         | 13.50%                | Yes           |                  3 | On Loan: No      |
| Turner Rock Apartments, LLC                                  | Turner Rock Apartments, LLC                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    455984 | PA      | $455983.98    | 0.03%             | 2028-04-15      | Fixed         | 10.85%                | Yes           |                  3 | On Loan: No      |
| Trico Products Corporation 031                               | Trico Products Corporation 031                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3131615 | PA      | $3131615.40   | 0.19%             | 2026-09-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Trico Products Corporation 027                               | Trico Products Corporation 027                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    899446 | PA      | $899446.13    | 0.05%             | 2025-10-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Trico Products Corporation 023                               | Trico Products Corporation 023                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2133036 | PA      | $2133036.05   | 0.13%             | 2025-12-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Trico Products Corporation 022                               | Trico Products Corporation 022                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  16658453 | PA      | $16658453.30  | 1.01%             | 2027-12-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Transportation Financial, LLC 001                            | Transportation Financial, LLC 001                            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   9426100 | PA      | $9426099.69   | 0.57%             | 2027-09-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Transcontinental Energy Services, LLC 003                    | Transcontinental Energy Services, LLC 003                    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1847308 | PA      | $1847307.65   | 0.11%             | 2027-10-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Transcontinental Energy Services LLC                         | Transcontinental Energy Services LLC                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    408549 | PA      | $408549.10    | 0.02%             | 2026-01-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Syracuse Hotel Holdings, LLC                                 | Syracuse Hotel Holdings, LLC                                 | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   9664565 | PA      | $9664565.27   | 0.59%             | 2026-05-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Sustainable Green Team 001                                   | Sustainable Green Team 001                                   | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |     84435 | PA      | $84435.33     | 0.01%             | 2025-07-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| SP Technologies, LLC                                         | SP Technologies, LLC                                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  23340291 | PA      | $23340291.33  | 1.42%             | 2028-05-28      | Fixed         | 11.81%                | Yes           |                  3 | On Loan: No      |
| Southern Fabrication Works, LLC                              | Southern Fabrication Works, LLC                              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    491815 | PA      | $491815.39    | 0.03%             | 2026-03-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Smyrna Hotel Holdings, LLC                                   | Smyrna Hotel Holdings, LLC                                   | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  11297008 | PA      | $11297008.21  | 0.69%             | 2025-07-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Simply Funding SPV, LLC                                      | Simply Funding SPV, LLC                                      | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   9881365 | PA      | $9881365.36   | 0.60%             | 2027-10-07      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| Series KS Manscaped                                          | Series KS Manscaped                                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  10730909 | PA      | $10730908.61  | 0.65%             | 2025-12-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Scarborough Hotel Holdings, LLC                              | Scarborough Hotel Holdings, LLC                              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5007964 | PA      | $5007963.70   | 0.30%             | 2026-09-30      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Savant Consultants, LLC                                      | Savant Consultants, LLC                                      | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    627034 | PA      | $627033.67    | 0.04%             | 2026-05-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Sajawi Corporation                                           | Sajawi Corporation                                           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |     31423 | PA      | $31423.06     | 0.00%             | 2025-10-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Roseville Senior Affordable 2 LP                             | Roseville Senior Affordable 2 LP                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4867666 | PA      | $4867665.58   | 0.30%             | 2026-11-30      | Fixed         | 11.25%                | Yes           |                  3 | On Loan: No      |
| Romeria Pointe, LLC                                          | Romeria Pointe, LLC                                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2568917 | PA      | $2568917.30   | 0.16%             | 2026-03-04      | Fixed         | 11.09%                | Yes           |                  3 | On Loan: No      |
| Richland LA Hotel Holdings, LLC                              | Richland LA Hotel Holdings, LLC                              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  10870649 | PA      | $10870649.34  | 0.66%             | 2025-08-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Renton Hotel Holdings, LLC                                   | Renton Hotel Holdings, LLC                                   | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   9519880 | PA      | $9519879.85   | 0.58%             | 2026-08-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Raw Farm, LLC 002                                            | Raw Farm, LLC 002                                            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    449350 | PA      | $449350.26    | 0.03%             | 2027-07-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Propel Holdings, Inc.                                        | Propel Holdings, Inc.                                        | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   7421986 | PA      | $7421986.03   | 0.45%             | 2030-03-31      | Fixed         | 13.60%                | Yes           |                  3 | On Loan: No      |
| Prince Signs 002                                             | Prince Signs 002                                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    414716 | PA      | $414715.50    | 0.03%             | 2027-10-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Prime Logistics, LLC                                         | Prime Logistics, LLC                                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   8007331 | PA      | $8007331.12   | 0.49%             | 2027-09-01      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| Pierce Street Holdings LLC                                   | Pierce Street Holdings LLC                                   | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   7027815 | PA      | $7027815.30   | 0.43%             | 2025-08-01      | Fixed         | 9.75%                 | Yes           |                  3 | On Loan: No      |
| Pierce Powerline Co. LLC 003                                 | Pierce Powerline Co. LLC 003                                 | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    793229 | PA      | $793229.43    | 0.05%             | 2026-01-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Phygital Digital Global FX LLC                               | Phygital Digital Global FX LLC                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   6239806 | PA      | $6239805.75   | 0.38%             | 2027-02-01      | Fixed         | 15.00%                | Yes           |                  3 | On Loan: No      |
| OP PPR Sub-Holdco 1, LLC                                     | OP PPR Sub-Holdco 1, LLC                                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  33988569 | PA      | $33988568.95  | 2.07%             | 2026-02-14      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| Onward Partners, LLC                                         | Onward Partners, LLC                                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3557884 | PA      | $3557883.59   | 0.22%             | 2026-06-18      | Fixed         | 15.00%                | Yes           |                  3 | On Loan: No      |
| Onset Financial, Inc. Progress Funding Line                  | Onset Financial, Inc. Progress Funding Line                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5469988 | PA      | $5469988.27   | 0.33%             | 2025-09-30      | Fixed         | 14.00%                | Yes           |                  3 | On Loan: No      |
| Onset Financial, Inc. - Corporate Loan                       | Onset Financial, Inc. - Corporate Loan                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  86175493 | PA      | $86175493.31  | 5.24%             | 2028-04-10      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Olympus Pines FF Wash 1 LLC                                  | Olympus Pines FF Wash 1 LLC                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5839276 | PA      | $5839275.51   | 0.36%             | 2025-10-31      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Olympus Palms 7, LLC                                         | Olympus Palms 7, LLC                                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5543928 | PA      | $5543927.65   | 0.34%             | 2027-07-02      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Olympus Palms 6, LLC                                         | Olympus Palms 6, LLC                                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5322381 | PA      | $5322380.51   | 0.32%             | 2025-07-04      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Olympus Palms 5, LLC                                         | Olympus Palms 5, LLC                                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5614130 | PA      | $5614130.02   | 0.34%             | 2025-07-04      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Olympus Palms 4, LLC                                         | Olympus Palms 4, LLC                                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   6566886 | PA      | $6566886.02   | 0.40%             | 2025-07-04      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Missoula Hotel Holdings, LLC                                 | Missoula Hotel Holdings, LLC                                 | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  11941105 | PA      | $11941105.05  | 0.73%             | 2025-08-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Merced Security Storage, LLC                                 | Merced Security Storage, LLC                                 | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5376477 | PA      | $5376477.30   | 0.33%             | 2026-05-06      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| Medshift, LLC 002                                            | Medshift, LLC 002                                            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5673548 | PA      | $5673547.95   | 0.35%             | 2027-12-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Medshift, LLC 001                                            | Medshift, LLC 001                                            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   6161651 | PA      | $6161651.45   | 0.37%             | 2027-12-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| MC Test Service, Inc. 004                                    | MC Test Service, Inc. 004                                    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1485665 | PA      | $1485665.03   | 0.09%             | 2026-10-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| MC Test Service, Inc. 003                                    | MC Test Service, Inc. 003                                    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3827812 | PA      | $3827812.38   | 0.23%             | 2027-07-01      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| MC Rye Westchase, LLC                                        | MC Rye Westchase, LLC                                        | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  12063259 | PA      | $12063258.52  | 0.73%             | 2025-08-09      | Fixed         | 13.25%                | Yes           |                  3 | On Loan: No      |
| MC Rye Northwest, LLC                                        | MC Rye Northwest, LLC                                        | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  11050313 | PA      | $11050313.11  | 0.67%             | 2025-08-09      | Fixed         | 13.25%                | Yes           |                  3 | On Loan: No      |
| MC Rye Katy, LLC                                             | MC Rye Katy, LLC                                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  11879087 | PA      | $11879086.61  | 0.72%             | 2025-08-09      | Fixed         | 13.25%                | Yes           |                  3 | On Loan: No      |
| MC Oslo SFQ, LLC                                             | MC Oslo SFQ, LLC                                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5148894 | PA      | $5148893.69   | 0.31%             | 2025-07-11      | Fixed         | 13.25%                | Yes           |                  3 | On Loan: No      |
| MC Oslo SFM Two, LLC                                         | MC Oslo SFM Two, LLC                                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  11787001 | PA      | $11787000.67  | 0.72%             | 2025-07-11      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| MC Oslo Hermitage, LLC                                       | MC Oslo Hermitage, LLC                                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  21328125 | PA      | $21328125.00  | 1.30%             | 2024-11-07      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| MC Oslo Aurora, LLC                                          | MC Oslo Aurora, LLC                                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  19587054 | PA      | $19587053.57  | 1.19%             | 2025-07-11      | Fixed         | 13.25%                | Yes           |                  3 | On Loan: No      |
| Enson Group, Inc. 002                                        | Enson Group, Inc. 002                                        | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    877056 | PA      | $877055.86    | 0.05%             | 2027-01-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Endeavor Investments IX, LLC                                 | Endeavor Investments IX, LLC                                 | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   6862456 | PA      | $6862456.44   | 0.42%             | 2025-11-12      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| Eagle Highwall Mining Systems, LLC                           | Eagle Highwall Mining Systems, LLC                           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2590279 | PA      | $2590278.69   | 0.16%             | 2027-04-01      | Fixed         | 14.00%                | Yes           |                  3 | On Loan: No      |
| DZ Tech Community 1 LLC                                      | DZ Tech Community 1 LLC                                      | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  33213142 | PA      | $33213142.29  | 2.02%             | 2025-10-25      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| Diesel Displays & Interiors, LLC                             | Diesel Displays & Interiors, LLC                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |     19275 | PA      | $19274.57     | 0.00%             | 2026-01-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Dabney Road Industrial LLC                                   | Dabney Road Industrial LLC                                   | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  18781512 | PA      | $18781512.30  | 1.14%             | 2025-10-20      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| Corta Stevens Point, LLC                                     | Corta Stevens Point, LLC                                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   7960364 | PA      | $7960363.89   | 0.48%             | 2025-08-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| Cocolalla, LLC                                               | Cocolalla, LLC                                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  43221722 | PA      | $43221721.99  | 2.63%             | 2026-03-27      | Fixed         | 14.00%                | Yes           |                  3 | On Loan: No      |
| Coast Aluminum, Inc. 002                                     | Coast Aluminum, Inc. 002                                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    905697 | PA      | $905697.00    | 0.06%             | 2028-04-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Coast Aluminum, Inc. 001                                     | Coast Aluminum, Inc. 001                                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2972917 | PA      | $2972916.85   | 0.18%             | 2027-07-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Cashman Photo Enterprises of Nevada, Inc.                    | Cashman Photo Enterprises of Nevada, Inc.                    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |     47066 | PA      | $47065.73     | 0.00%             | 2026-04-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Carnaby Inventory IV, LLC 026                                | Carnaby Inventory IV, LLC 026                                | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  20000000 | PA      | $20000000.00  | 1.22%             | 2025-12-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Carnaby Inventory IV, LLC 024                                | Carnaby Inventory IV, LLC 024                                | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  38401721 | PA      | $38401721.43  | 2.34%             | 2026-02-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Carnaby FA, LLC 008                                          | Carnaby FA, LLC 008                                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  31857244 | PA      | $31857243.86  | 1.94%             | 2025-12-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| BD RC Greenwood, LP                                          | BD RC Greenwood, LP                                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4628238 | PA      | $4628238.43   | 0.28%             | 2025-09-18      | Fixed         | 11.13%                | Yes           |                  3 | On Loan: No      |
| Avensis Energy Services, LLC 004                             | Avensis Energy Services, LLC 004                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    376159 | PA      | $376159.21    | 0.02%             | 2026-09-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Atomic Orchard Experiment LLC                                | Atomic Orchard Experiment LLC                                | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  11455656 | PA      | $11455655.87  | 0.70%             | 2025-06-30      | Fixed         | 10.75%                | Yes           |                  3 | On Loan: No      |
| Ashton Oak Homes (Black Locust), LLC                         | Ashton Oak Homes (Black Locust), LLC                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  13552690 | PA      | $13552689.61  | 0.82%             | 2025-09-23      | Fixed         | 11.16%                | Yes           |                  3 | On Loan: No      |
| Arena Vantage SPV, LLC                                       | Arena Vantage SPV, LLC                                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5739746 | PA      | $5739746.29   | 0.35%             | 2024-05-31      | Fixed         | 11.00%                | Yes           |                  3 | On Loan: No      |
| Arcade Silverado JV LLC 002                                  | Arcade Silverado JV LLC 002                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    359116 | PA      | $359116.17    | 0.02%             | 2026-12-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Apple Valley BV Road, LLC                                    | Apple Valley BV Road, LLC                                    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4302160 | PA      | $4302159.96   | 0.26%             | 2026-03-23      | Fixed         | 11.00%                | Yes           |                  3 | On Loan: No      |
| Airport Van Rental, Inc. 001                                 | Airport Van Rental, Inc. 001                                 | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    620244 | PA      | $620244.33    | 0.04%             | 2026-10-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Agility Auto Parts Inc. 002                                  | Agility Auto Parts Inc. 002                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    113880 | PA      | $113879.51    | 0.01%             | 2027-04-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Agility Auto Parts Inc. 001                                  | Agility Auto Parts Inc. 001                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    456416 | PA      | $456416.08    | 0.03%             | 2026-07-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Affiniti Asset Receivables LLC                               | Affiniti Asset Receivables LLC                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2994573 | PA      | $2994572.89   | 0.18%             | 2027-09-30      | Fixed         | 13.46%                | Yes           |                  3 | On Loan: No      |
| AE Green Mountain, LLC                                       | AE Green Mountain, LLC                                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  33061754 | PA      | $33061754.32  | 2.01%             | 2025-08-30      | Fixed         | 10.45%                | Yes           |                  3 | On Loan: No      |
| 8th Avenue Property Owners, LLC                              | 8th Avenue Property Owners, LLC                              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  15895926 | PA      | $15895926.26  | 0.97%             | 2025-11-14      | Fixed         | 11.66%                | Yes           |                  3 | On Loan: No      |
| 750 Main Street LP                                           | 750 Main Street LP                                           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  10899333 | PA      | $10899333.29  | 0.66%             | 2026-07-03      | Fixed         | 9.69%                 | Yes           |                  3 | On Loan: No      |
| 11:11 Systems, Inc. 002                                      | 11:11 Systems, Inc. 002                                      | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |     61513 | PA      | $61513.09     | 0.00%             | 2027-01-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Zoe Lakeview, LLC                                            | Zoe Lakeview, LLC                                            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  32075000 | PA      | $32075000.01  | 1.95%             | 2025-05-30      | Fixed         | 10.45%                | Yes           |                  3 | On Loan: No      |
| Wingspire Equipment Finance, LLC                             | Wingspire Equipment Finance, LLC                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   7187332 | PA      | $7187331.75   | 0.44%             | 2029-12-01      | Fixed         | 13.34%                | Yes           |                  3 | On Loan: No      |
| West Liberty Foods 005                                       | West Liberty Foods 005                                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4225387 | PA      | $4225387.08   | 0.26%             | 2027-06-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| West Liberty Foods 004                                       | West Liberty Foods 004                                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4171351 | PA      | $4171351.16   | 0.25%             | 2027-02-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Olympus Palms 3, LLC                                         | Olympus Palms 3, LLC                                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   6587454 | PA      | $6587454.04   | 0.40%             | 2025-08-03      | Fixed         | 11.95%                | Yes           |                  3 | On Loan: No      |
| Olympus Palms 2, LLC                                         | Olympus Palms 2, LLC                                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5132000 | PA      | $5132000.00   | 0.31%             | 2027-07-02      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Olympus Palms 1, LLC                                         | Olympus Palms 1, LLC                                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5235134 | PA      | $5235134.01   | 0.32%             | 2025-06-30      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Olympus Oaks 9, LLC                                          | Olympus Oaks 9, LLC                                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    138706 | PA      | $138706.17    | 0.01%             | 2027-02-16      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Island Magic Catamaran Inc. 001                              | Island Magic Catamaran Inc. 001                              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    457240 | PA      | $457240.09    | 0.03%             | 2026-10-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Innotec, Corp.                                               | Innotec, Corp.                                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |     10435 | PA      | $10434.66     | 0.00%             | 2025-07-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Information Technology Partners, Inc. 001                    | Information Technology Partners, Inc. 001                    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3937221 | PA      | $3937220.79   | 0.24%             | 2026-01-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| iApartments, Inc.                                            | iApartments, Inc.                                            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  11213034 | PA      | $11213033.96  | 0.68%             | 2030-05-18      | Fixed         | 16.16%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 010                          | Vensure Employer Services, Inc. 010                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2086956 | PA      | $2086956.05   | 0.13%             | 2026-02-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 009                          | Vensure Employer Services, Inc. 009                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1643856 | PA      | $1643856.11   | 0.10%             | 2025-09-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 007                          | Vensure Employer Services, Inc. 007                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1266399 | PA      | $1266398.93   | 0.08%             | 2025-08-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Olympus Oaks 8, LLC                                          | Olympus Oaks 8, LLC                                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3600671 | PA      | $3600670.59   | 0.22%             | 2027-02-16      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Olympus Oaks 7, LLC                                          | Olympus Oaks 7, LLC                                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2050484 | PA      | $2050483.60   | 0.12%             | 2027-02-16      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Olympus Oaks 6, LLC                                          | Olympus Oaks 6, LLC                                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4804244 | PA      | $4804244.24   | 0.29%             | 2027-02-16      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Olympus Oaks 5, LLC                                          | Olympus Oaks 5, LLC                                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   6652698 | PA      | $6652698.11   | 0.40%             | 2026-07-14      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Olympus Oaks 4, LLC                                          | Olympus Oaks 4, LLC                                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   6365190 | PA      | $6365189.75   | 0.39%             | 2026-07-13      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Olympus Oaks 2, LLC                                          | Olympus Oaks 2, LLC                                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   6749124 | PA      | $6749124.10   | 0.41%             | 2026-07-14      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Olympus Oaks 1, LLC                                          | Olympus Oaks 1, LLC                                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   6221548 | PA      | $6221547.94   | 0.38%             | 2026-07-14      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Olympus Bluffs 4, LLC                                        | Olympus Bluffs 4, LLC                                        | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   6639569 | PA      | $6639569.19   | 0.40%             | 2025-09-09      | Fixed         | 11.95%                | Yes           |                  3 | On Loan: No      |
| Odyssey Vortex LLC                                           | Odyssey Vortex LLC                                           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  13532123 | PA      | $13532123.16  | 0.82%             | 2025-08-22      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| NWC Services LLC                                             | NWC Services LLC                                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    176344 | PA      | $176344.28    | 0.01%             | 2025-11-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Nutritional Resources, Inc.                                  | Nutritional Resources, Inc.                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |     82999 | PA      | $82998.99     | 0.01%             | 2027-01-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Next Century Rebar LLC and Centry Steel Fabricators, LLC 002 | Next Century Rebar LLC and Centry Steel Fabricators, LLC 002 | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    802835 | PA      | $802835.19    | 0.05%             | 2027-02-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Navajo Transitional Energy Company, LLC                      | Navajo Transitional Energy Company, LLC                      | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    498360 | PA      | $498360.18    | 0.03%             | 2027-02-01      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| Navajo Health Foundation - Sage Memorial Hospital, Inc.      | Navajo Health Foundation - Sage Memorial Hospital, Inc.      | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2568057 | PA      | $2568056.95   | 0.16%             | 2027-01-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Nancy Jay Industrial Center, LLC                             | Nancy Jay Industrial Center, LLC                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  15229563 | PA      | $15229563.45  | 0.93%             | 2027-05-31      | Fixed         | 12.95%                | Yes           |                  3 | On Loan: No      |
| MV Cruise Offshore Holdings Ltd.                             | MV Cruise Offshore Holdings Ltd.                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  73338176 | PA      | $73338175.86  | 4.46%             | 2027-11-22      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| MIT45, Inc. 003B                                             | MIT45, Inc. 003B                                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    232500 | PA      | $232500.00    | 0.01%             | 2027-07-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| MIT45, Inc. 003A                                             | MIT45, Inc. 003A                                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |     87000 | PA      | $87000.00     | 0.01%             | 2027-07-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| MIT45, Inc. 003                                              | MIT45, Inc. 003                                              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1377063 | PA      | $1377063.25   | 0.08%             | 2027-06-30      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Carnaby FA, LLC 004                                          | Carnaby FA, LLC 004                                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  20439999 | PA      | $20439998.94  | 1.24%             | 2027-06-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Car Wash Holdco, LLC 002                                     | Car Wash Holdco, LLC 002                                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    254757 | PA      | $254756.65    | 0.02%             | 2028-05-01      | Fixed         | 17.90%                | Yes           |                  3 | On Loan: No      |
| Car Wash Holdco, LLC 001                                     | Car Wash Holdco, LLC 001                                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    393299 | PA      | $393298.53    | 0.02%             | 2028-01-01      | Fixed         | 17.90%                | Yes           |                  3 | On Loan: No      |
| Car Wash Holdco, LLC                                         | Car Wash Holdco, LLC                                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  22668632 | PA      | $22668632.46  | 1.38%             | 2025-10-07      | Fixed         | 15.00%                | Yes           |                  3 | On Loan: No      |
| Capital Miller Pref NewCo, LLC                               | Capital Miller Pref NewCo, LLC                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  16022950 | PA      | $16022949.91  | 0.98%             | 2027-12-05      | Fixed         | 14.00%                | Yes           |                  3 | On Loan: No      |
| Bondit LLC                                                   | Bondit LLC                                                   | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  62561180 | PA      | $62561180.22  | 3.81%             | 2027-05-31      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| BluRoc Mat Financing Draw 5                                  | BluRoc Mat Financing Draw 5                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    752000 | PA      | $752000.00    | 0.05%             | 2027-12-05      | Fixed         | 17.90%                | Yes           |                  3 | On Loan: No      |
| BluRoc Mat Financing Draw 4                                  | BluRoc Mat Financing Draw 4                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1148106 | PA      | $1148106.00   | 0.07%             | 2027-11-05      | Fixed         | 17.90%                | Yes           |                  3 | On Loan: No      |
| BluRoc Mat Financing Draw 3                                  | BluRoc Mat Financing Draw 3                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2789305 | PA      | $2789305.43   | 0.17%             | 2027-09-05      | Fixed         | 17.90%                | Yes           |                  3 | On Loan: No      |
| BluRoc Mat Financing Draw 2                                  | BluRoc Mat Financing Draw 2                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4233694 | PA      | $4233693.92   | 0.26%             | 2027-08-05      | Fixed         | 17.90%                | Yes           |                  3 | On Loan: No      |
| BluRoc Mat Financing Draw 1                                  | BluRoc Mat Financing Draw 1                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1990679 | PA      | $1990678.64   | 0.12%             | 2027-06-05      | Fixed         | 17.90%                | Yes           |                  3 | On Loan: No      |
| BluRoc Intermediate, LLC                                     | BluRoc Intermediate, LLC                                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   8034556 | PA      | $8034556.33   | 0.49%             | 2026-01-15      | Fixed         | 18.00%                | Yes           |                  3 | On Loan: No      |
| BluRoc 002 - Onset                                           | BluRoc 002 - Onset                                           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2508900 | PA      | $2508900.00   | 0.15%             | 2028-04-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Blew Bayou Services LLC                                      | Blew Bayou Services LLC                                      | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    213082 | PA      | $213082.06    | 0.01%             | 2025-09-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| BizFund LLC                                                  | BizFund LLC                                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  56279615 | PA      | $56279614.58  | 3.43%             | 2027-12-30      | Fixed         | 11.85%                | Yes           |                  3 | On Loan: No      |
| BEP CO Springs Hospitality LLC                               | BEP CO Springs Hospitality LLC                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  11991949 | PA      | $11991948.94  | 0.73%             | 2025-11-24      | Fixed         | 11.95%                | Yes           |                  3 | On Loan: No      |
| BD RC Spartanburg, LP                                        | BD RC Spartanburg, LP                                        | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4677832 | PA      | $4677832.24   | 0.28%             | 2025-09-18      | Fixed         | 11.13%                | Yes           |                  3 | On Loan: No      |
| BD RC North Myrtle Beach, LP                                 | BD RC North Myrtle Beach, LP                                 | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5719294 | PA      | $5719294.11   | 0.35%             | 2025-09-18      | Fixed         | 11.13%                | Yes           |                  3 | On Loan: No      |
| BD RC Jacksonville Normandy, LP                              | BD RC Jacksonville Normandy, LP                              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    924291 | PA      | $924290.67    | 0.06%             | 2025-09-18      | Fixed         | 11.13%                | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-12

**Name of Applicant:** Keystone Private Income Fund

**Signature:** /s/ John Earl

**Name of Signer:** John Earl

**Title:** President