# EDGAR Filing Document

**Accession Number:** 0002073537
**File Stem:** 0001193125-26-224075
**Filing Date:** 2026-5
**Character Count:** 233529
**Document Hash:** 855b5450a508a3fbd987416f8529d151
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-224075.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001193125-26-224075

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 64

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO Asset-Based Lending Co LLC
- **CENTRAL INDEX KEY:** 0002073537
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 334188434
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56764
- **FILM NUMBER:** 26979221

**BUSINESS ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** (949) 720-6000

**MAIL ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

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

##### [**Table of Contents**](#toc)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

#### For the quarterly period ended March 31, 2026
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

#### For the transition period from to

#### COMMISSION FILE NUMBER: 000-56764

## PIMCO Asset-Based Lending Company LLC

#### (Exact name of registrant as specified in its charter)
Delaware 33-4188434 <br> (State or other jurisdiction ofincorporation or organization) (I.R.S. EmployerIdentification No.)

#### 650 Newport Center Drive

#### Newport Beach, CA 92660

#### (Address of principal executive offices) (zip code)
(949) 720-6000

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

#### Not Applicable

#### (Former name, former address and former fiscal year, if changed since last report)

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

---

| | | |
|:---|:---|:---|
| Title of each class | Trading<br>Symbol(s) | Name of each exchange<br>on which registered |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
| Emerging Growth Company | ☒ |  |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2026, the registrant had, with respect to Series I limited liability company interests, 73,617 Anchor I Shares, 1,416,620 Anchor II Shares, 110 Anchor II-B Shares, 43,273 Standard A Shares, 110 Standard B Shares, 216,102 E Shares and 40 V Shares outstanding, and with respect to Series II limited liability company interests, 14,247,433 Anchor I Shares, 802,280 Anchor I-B Shares, 13,185,685 Anchor II Shares, 110 Anchor II-B Shares, 10,061,591 Anchor III Shares, 1,514,077 Standard A Shares, 110 Standard B Shares, 4,396,753 E Shares and 40 V Shares outstanding. The number of Shares outstanding excludes May 1, 2026 subscriptions since the issuance price is not yet finalized as of the date of this filing.

------

##### [**Table of Contents**](#toc)

#### **Table of Contents**

---

| | | |
|:---|:---|:---|
|  | **INDEX** | **PAGE<br>NO.** |
|  **PART I.** | **[<u>FINANCIAL INFORMATION</u>](#fin34275_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1. | [Combined Financial Statements](#fin34275_2) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Combined Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and as of December 31, 2025](#fin34275_3) | 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Combined Statements of Operations for the three months ended March 31, 2026 and the period March 11, 2025 (date of formation) to March 31, 2025 (Unaudited)](#fin34275_4) | 8 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Combined Statements of Changes in Net Assets for the three months ended March 31, 2026 and the period March 11, 2025 (date of formation) to March 31, 2025 (Unaudited)](#fin34275_5) | 9 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Combined Statements of Cash Flows for the three months ended March 31, 2026 and the period March 11, 2025 (date of formation) to March 31, 2025 (Unaudited)](#fin34275_6) | 10 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Combined Condensed Schedule of Investments as of March 31, 2026 (Unaudited)](#fin34275_7) | 11 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Combined Condensed Schedule of Investments as of December 31, 2025](#fin34275_8) | 14 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Combined Financial Statements (Unaudited)](#fin34275_9) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#fin34275_10) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#fin34275_11) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. | [Controls and Procedures](#fin34275_12) | 47 |
|  **PART II.** | **[<u>OTHER INFORMATION</u>](#fin34275_13)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1. | [Legal Proceedings](#fin34275_14) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1A. | [Risk Factors](#fin34275_15) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#fin34275_16) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. | [Defaults Upon Senior Securities](#fin34275_17) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. | [Mine Safety Disclosures](#fin34275_18) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. | [Other Information](#fin34275_19) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. | [Exhibits](#fin34275_20) | 49 |
|  **[SIGNATURES](#fin34275_21)** |  |  |

---

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##### [**Table of Contents**](#toc)

#### CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
*References herein to "we," "us," "our," the "Company" and "PALCO" refer to PIMCO Asset-Based Lending Company LLC, or, where applicable, Series I and/or Series II (each as defined below). The term "Series I" refers to PIMCO Asset-Based Lending Company LLC - Series I, a registered series of the Company; the term "Series II" refers to PIMCO Asset-Based Lending Company LLC - Series II, a registered series of the Company; and the term "Series" refers collectively to Series I and Series II. Each of the terms "Anchor I Shares," "Anchor I-B Shares," "Anchor II Shares," "Anchor II-B Shares," "Anchor III Shares," "Standard A Shares," "Standard B Shares," "E Shares" and "V Shares," unless otherwise indicated, refers collectively to the applicable class (each, a "Class") of limited liability company interests (the "Shares") of both Series I and Series II. The Company's Classes of Shares offered to third-party investors (which, for the avoidance of doubt, exclude the E Shares and V Shares (as described below)) are the "Investor Shares." Other than Anchor I-B Shares and Anchor III Shares, which represent Classes of limited liability company interests only in Series II, each Class of Shares described herein represents the applicable Class of limited liability company interest in each of Series I and Series II. The same Class of each Series will have the same terms with respect to each Series unless otherwise indicated.* 

Some of the statements in this Quarterly Report on Form 10-Q (this "Report") constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this Report may include statements as to:

• our future operating results;

• our business prospects and the prospects of the Portfolio Assets (as defined below) we acquire, control and manage;

• our ability to raise sufficient capital to execute our acquisition and lending strategies;

• the ability of the Pacific Investment Management Company LLC ("PIMCO" or the "Operating Manager") to source adequate acquisition and lending opportunities to efficiently deploy capital;

• the ability of our Portfolio Assets to achieve their objectives;

• our current and expected financing arrangements;

• changes in the general interest rate environment;

• the adequacy of our cash resources, financing sources and working capital;

• the timing and amount of cash flows, distributions and dividends, if any, from our Portfolio Assets;

• our contractual arrangements and relationships with third parties;

• actual and potential conflicts of interest with the Operating Manager or any of its affiliates;

• the dependence of our future success on the general economy and its effect on the industries in which we acquire, control and manage Portfolio Assets;

• our use of financial leverage;

• the ability of the Operating Manager to identify, acquire and manage our Portfolio Assets;

• the ability of the Operating Manager or its affiliates to attract and retain highly talented professionals;

• our ability to structure acquisitions in a tax-efficient manner and the effect of changes to tax legislation and our tax position; and

• the tax status of the enterprises through which we acquire, control and manage Portfolio Assets.

In addition, words such as "anticipate," "believe," "expect," "plan," "seek" and "intend" and similar words or variations thereof may indicate a forward-looking statement, although not all forward-looking statements include these words. The forward-looking statements contained in this Report involve risks and uncertainties, including factors outside of our control. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in "*Item 1A. Risk Factors*" and elsewhere in this Report and in our other filings with the U.S. Securities and Exchange Commission (the "SEC"), including the Company's latest registration statement on Form 10 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Other factors that could cause actual results to differ materially include, but are not limited to:

• changes in the economy;

------

##### [**Table of Contents**](#toc)
• risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters, epidemics or other events having a broad impact on the economy; and

• future changes in laws or regulations and conditions in our operating areas.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.

------

##### [**Table of Contents**](#toc)
0.19120.16900.19120.2775 PART I. FINANCIAL INFORMATION

#### Item 1. Combined Financial Statements

#### PIMCO Asset-Based Lending Company LLC

#### Combined Statements of Assets and Liabilities

#### As of March 31, 2026

#### (Amounts in thousands, except Share and per Share amounts)
(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Series I | Series II | PIMCO Asset-Based<br> Lending Company LLC |
|  Assets |  |  |  |
|  Investments at fair value (Cost at March 31, 2026 of $20,533, $476,337 and $496,870, respectively)\* | $20386 | $472818 | $493204 |
|  Investments in affiliates at fair value (Cost at March 31, 2026 of $4,758, $109,538 and $114,296, respectively) | 4896 | 113549 | 118445 |
|  Cash |  | 31547 | 31547 |
|  Deposits with counterparty | 120 | 2792 | 2912 |
|  Due from Operating Manager | 896 | 8501 | 9397 |
|  Due from affiliate | 1 | 1 | 2 |
|  Deferred offering expenses | 171 | 1095 | 1266 |
|  Deferred financing costs | 9 | 209 | 218 |
|  Interest receivable | 183 | 4242 | 4425 |
|  Other assets | 4 | 99 | 103 |
|  Total Assets | $26666 | $634853 | $661519 |
|  Liabilities |  |  |  |
|  Derivative liabilities, at fair value<br> Exchange-traded or centrally cleared | 2 | 53 | 55 |
|  Overdraft payable to custodian | 504 |  | 504 |
|  Payable for reverse repurchase agreements | 1879 | 43571 | 45450 |
|  Notes payable and other secured borrowings | 2089 | 48452 | 50541 |
|  Capital subscriptions received in advance |  | 43227 | 43227 |
|  Distributions payable | 99 | 2954 | 3053 |
|  Payable for investments purchased | 3146 | 72982 | 76128 |
|  Offering expenses payable to Operating Manager | 562 | 2998 | 3560 |
|  Organizational expenses payable to Operating Manager | 320 | 1754 | 2074 |
|  Current tax liability | 215 |  | 215 |
|  Performance Fee payable | 23 | 414 | 437 |
|  Management Fee payable | 26 | 306 | 332 |
|  Tax compliance payable | 33 | 646 | 679 |
|  Interest payable | 4 | 105 | 109 |
|  Other accrued expenses and liabilities | 3 | 5465 | 5468 |
|  Total Liabilities | $8905 | $222927 | $231832 |
|  Commitments & Contingencies (Note 7) |  |  |  |
|  Total Net Assets | $17761 | $411926 | $429687 |
|  \*includes repurchase agreements of: | $4567 | $105933 | $110500 |

---

A zero balance may reflect actual amounts rounding to less than one thousand.

See accompanying notes to the combined unaudited financial statements.

------

#### **Table of Contents**

#### PIMCO Asset-Based Lending Company LLC

#### Combined Statements of Assets and Liabilities

#### As of March 31, 2026

#### (Amounts in thousands, except Share and per Share amounts)
(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Series I | Series II | PIMCO Asset-Based<br> Lending Company<br> LLC |
|  Net asset value per share |  |  |  |
|  Anchor I Shares: |  |  |  |
|  Net assets | $754 | $125157 | $125911 |
|  Shares outstanding | 73617 | 12132378 | 12205995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $10.24 | $10.32 | $10.32 |
|  Anchor I-B Shares: |  |  |  |
|  Net assets | $- | $- | $- |
|  Shares outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $- | $- | $- |
|  Anchor II Shares: |  |  |  |
|  Net assets | $14360 | $121916 | $136276 |
|  Shares outstanding | 1409077 | 11848091 | 13257168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $10.19 | $10.29 | $10.28 |
|  Anchor II-B Shares: |  |  |  |
|  Net assets | $1 | $- | $1 |
|  Shares outstanding | 110 |  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $10.22 | $- | $10.22 |
|  Anchor III Shares: |  |  |  |
|  Net assets | $- | $104041 | $104041 |
|  Shares outstanding |  | 10061481 | 10061481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $- | $10.34 | $10.34 |
|  Standard A Shares: |  |  |  |
|  Net assets | $440 | $15553 | $15993 |
|  Shares outstanding | 43129 | 1512723 | 1555852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $10.19 | $10.28 | $10.28 |
|  Standard B Shares: |  |  |  |
|  Net assets | $1 | $- | $1 |
|  Shares outstanding | 110 |  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $10.19 | $- | $10.19 |
|  E Shares: |  |  |  |
|  Net assets | $2204 | $45258 | $47462 |
|  Shares outstanding | 214778 | 4367299 | 4582077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $10.26 | $10.36 | $10.36 |
|  V Shares: |  |  |  |
|  Net assets | $1 | $1 | $2 |
|  Shares outstanding | 40 | 40 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $25.00 | $25.00 | $25.00 |

---

A zero balance may reflect actual amounts rounding to less than one thousand.

See accompanying notes to the combined unaudited financial statements.

------

#### **Table of Contents**

#### PIMCO Asset-Based Lending Company LLC

#### Combined Statements of Assets and Liabilities

#### As of December 31, 2025

#### (Amounts in thousands, except Share and per Share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | Series I | Series II | PIMCO Asset-Based<br>Lending Company LLC |
|  Assets |  |  |  |
|  Investments at fair value (Cost at December 31, 2025 of $11,954, $226,681 and $238,635, respectively)\* | $11940 | $226198 | $238138 |
|  Investments in affiliates at fair value (Cost at December 31, 2025 of $4,772, $89,374 and $94,146, respectively) | 4782 | 90589 | 95371 |
|  Derivative assets, at fair value<br> Exchange-traded or centrally cleared | 2 | 30 | 32 |
|  Cash | 918 | 39362 | 40280 |
|  Receivable for paydowns and sales of investments | 44 | 826 | 870 |
|  Deposits with counterparty | 48 | 916 | 964 |
|  Due from Operating Manager | 652 | 5488 | 6140 |
|  Due from affiliate | 1 | 1 | 2 |
|  Deferred offering expenses | 301 | 1632 | 1933 |
|  Deferred financing costs | 11 | 207 | 218 |
|  Interest receivable | 81 | 1542 | 1623 |
|  Other assets | 2 | 44 | 46 |
|  Total Assets | $18782 | $366835 | $385617 |
|  Liabilities |  |  |  |
|  Notes payable and other secured borrowings | 33 | 621 | 654 |
|  Capital subscriptions received in advance | 900 | 39031 | 39931 |
|  Offering expenses payable to Operating Manager | 552 | 2793 | 3345 |
|  Organizational expenses payable to Operating Manager | 319 | 1732 | 2051 |
|  Current tax liability | 139 |  | 139 |
|  Performance Fee payable | 15 | 415 | 430 |
|  Management Fee payable | 20 | 174 | 194 |
|  Tax compliance payable | 24 | 465 | 489 |
|  Interest payable | 0 | 5 | 5 |
|  Other accrued expenses and liabilities | 16 | 3362 | 3378 |
|  Total Liabilities | $2018 | $48598 | $50616 |
|  Commitments & Contingencies (Note 7) |  |  |  |
|  Total Net Assets | $16764 | $318237 | $335001 |
|  \*includes repurchase agreements of: | $4212 | $79788 | $84000 |

---

A zero balance may reflect actual amounts rounding to less than one thousand.

See accompanying notes to the combined financial statements.

------

#### **Table of Contents**

#### PIMCO Asset-Based Lending Company LLC

#### Combined Statements of Assets and Liabilities

#### As of December 31, 2025

#### (Amounts in thousands, except Share and per Share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | Series I | Series II | PIMCO Asset-Based<br> Lending Company LLC |
|  Net asset value per share |  |  |  |
|  Anchor I Shares: |  |  |  |
|  Net assets | $756 | $84918 | $85674 |
|  Shares outstanding | 73617 | 8213773 | 8287390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $10.27 | $10.34 | $10.34 |
|  Anchor II Shares: |  |  |  |
|  Net assets | $13530 | $83610 | $97140 |
|  Shares outstanding | 1322512 | 8104882 | 9427394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $10.23 | $10.32 | $10.30 |
|  Anchor II-B Shares: |  |  |  |
|  Net assets | $1 | $- | $1 |
|  Shares outstanding | 110 |  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $10.26 | $- | $10.26 |
|  Anchor III Shares: |  |  |  |
|  Net assets | $- | $103583 | $103583 |
|  Shares outstanding |  | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $- | $10.36 | $10.36 |
|  Standard A Shares: |  |  |  |
|  Net assets | $339 | $1768 | $2107 |
|  Shares outstanding | 33060 | 171436 | 204496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $10.24 | $10.31 | $10.30 |
|  Standard B Shares: |  |  |  |
|  Net assets | $1 | $- | $1 |
|  Shares outstanding | 110 |  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $10.24 | $- | $10.24 |
|  E Shares: |  |  |  |
|  Net assets | $2136 | $44357 | $46493 |
|  Shares outstanding | 207585 | 4274290 | 4481875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $10.29 | $10.38 | $10.37 |
|  V Shares: |  |  |  |
|  Net assets | $1 | $1 | $2 |
|  Shares outstanding | 40 | 40 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $25.00 | $25.00 | $25.00 |

---

A zero balance may reflect actual amounts rounding to less than one thousand.

See accompanying notes to the combined financial statements.

------

#### **Table of Contents**

#### PIMCO Asset-Based Lending Company LLC

#### Combined Statements of Operations

#### (Amounts in thousands, except Share and per Share amounts)
(Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the three months ended March 31, 2026 | For the three months ended March 31, 2026 | For the three months ended March 31, 2026 | For the period from March 11, 2025<br> (date of formation) to March 31, 2025 | For the period from March 11, 2025<br> (date of formation) to March 31, 2025 | For the period from March 11, 2025<br> (date of formation) to March 31, 2025 |
|  | Series I | Series II | PIMCO Asset-Based<br> Lending Company LLC | Series I | Series II | PIMCO Asset-Based<br> Lending Company LLC |
| Investment Income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $385 | $8327 | $8712 | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income from affiliates | 23 | 508 | 531 |  |  |  |
| Total investment income | $408 | $8835 | $9243 | $- | $- | $- |
| Expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | $133 | $2947 | $3080 | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational expenses | 1 | 23 | 24 | 278 | 278 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred offering expenses amortization | 140 | 742 | 882 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee | 29 | 504 | 533 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Fee | 21 | 372 | 393 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors fee | 5 | 110 | 115 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 31 | 673 | 704 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related party professional fees | (1) | (10) | (11) |  |  |  |
| Total expenses | $359 | $5361 | $5720 | $278 | $278 | $556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Expense support, waiver and rebate (Note 3) | (245) | (3212) | (3457) | (278) | (278) | (556) |
| Net expenses | $114 | $2149 | $2263 | $- | $- | $- |
| Net investment income (loss) before taxes | $294 | $6686 | $6980 | $- | $- | $- |
| Provision for (benefit from) income taxes | 76 | (5) | 71 |  |  |  |
| Net investment income | $218 | $6691 | $6909 | $- | $- | $- |
| Net realized and change in unrealized gains (losses) on investments and derivatives: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments in affiliates | $0 | $(4) | $(4) | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (133) | (3036) | (3169) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments in affiliates | 128 | 2796 | 2924 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on exchange-traded or centrally cleared derivatives | 16 | 389 | 405 |  |  |  |
| Net realized and change in unrealized gains (losses) | $11 | $145 | $156 | $- | $- | $- |
| Net increase (decrease) in net assets resulting from operations | $229 | $6836 | $7065 | $- | $- | $- |

---

A zero balance may reflect actual amounts rounding to less than one thousand.

See accompanying notes to the combined unaudited financial statements.

------

#### **Table of Contents**

#### PIMCO Asset-Based Lending Company LLC

#### Combined Statements of Changes in Net Assets

#### (Amounts in thousands, except Share and per Share amounts)
(Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the three months ended March 31, 2026 | For the three months ended March 31, 2026 | For the three months ended March 31, 2026 | For the period from March 11, 2025<br>(date of formation) to March 31, 2025 | For the period from March 11, 2025<br>(date of formation) to March 31, 2025 | For the period from March 11, 2025<br>(date of formation) to March 31, 2025 |
|  | Series I | Series II | PIMCO Asset-Based<br>Lending Company LLC | Series I | Series II | PIMCO Asset-Based<br>Lending Company LLC |
|  Operations: |  |  |  |  |  |  |
|  Net investment income | $218 | $6691 | $6909 | $- | $- | $- |
|  Net realized gain (loss) on investments in affiliates | 0 | (4) | (4) |  |  |  |
|  Net change in unrealized appreciation (depreciation) on investments | (133) | (3036) | (3169) |  |  |  |
|  Net change in unrealized appreciation (depreciation) on investments in affiliates | 128 | 2796 | 2924 |  |  |  |
|  Net change in unrealized appreciation (depreciation) on exchange-traded or centrally cleared derivatives | 16 | 389 | 405 |  |  |  |
|  Net increase in net assets resulting from operations | $229 | $6836 | $7065 | $- | $- | $- |
|  Capital Transactions |  |  |  |  |  |  |
|  Proceeds from issuance of Shares | $1073 | $94579 | $95652 | $1 | $1 | $2 |
|  Redemption of Shares | (10) |  | (10) |  |  |  |
|  Distributions declared | (295) | (7726) | (8021) |  |  |  |
|  Net increase in net assets resulting from capital transactions | $768 | $86853 | $87621 | $1 | $1 | $2 |
| Net increase (decrease) in net assets during the period | $997 | $93689 | $94686 | $1 | $1 | $2 |
|  Net assets at beginning of period | 16764 | 318237 | 335001 | $- | $- | $- |
|  Net assets at end of period | $17761 | $411926 | $429687 | $1 | $1 | $2 |

---

A zero balance may reflect actual amounts rounding to less than one thousand.

See accompanying notes to the combined unaudited financial statements.

------

#### **Table of Contents**

#### PIMCO Asset-Based Lending Company LLC

#### Combined Statements of Cash Flows

#### (Amounts in thousands)
(Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Three months ended March 31, 2026 | Three months ended March 31, 2026 | Three months ended March 31, 2026 | For the period March 11, 2025 (date of<br>formation) to March 31, 2025 | For the period March 11, 2025 (date of<br>formation) to March 31, 2025 | For the period March 11, 2025 (date of<br>formation) to March 31, 2025 |
|  | Series I | Series II | PIMCO Asset-Based<br>Lending Company LLC | Series I | Series II | PIMCO Asset-Based<br>Lending Company LLC |
|  Cash Flows From Operating Activities: |  |  |  |  |  |  |
|  Net increase (decrease) in net assets from operations | $229 | $6836 | $7065 | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of long-term securities | (10781) | (276543) | (287324) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of long-term investments in affiliates | (87) | (22323) | (22410) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of long-term securities | 2508 | 51906 | 54414 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of investments in affiliates | 101 | 2155 | 2256 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales (purchases) of short-term portfolio investments, net | (355) | (26145) | (26500) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from (payments on) exchange-traded financial derivative instruments | 20 | 472 | 492 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in deposits with counterparty | (72) | (1876) | (1948) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments | 133 | 3036 | 3169 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) on investments in affiliates | (128) | (2796) | (2924) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) on exchange-traded or centrally cleared derivatives | (16) | (389) | (405) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments in affiliates | 0 | 4 | 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (accretion) on investments | 49 | 1126 | 1175 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred financing costs | 4 | 43 | 47 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred offering costs | 140 | 742 | 882 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense support for amortization of deferred offering costs | (140) | (742) | (882) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in due from Operating Manager | (244) | (3013) | (3257) | (278) | (278) | (556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in due from affiliate |  |  |  | (1) | (1) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in deferred offering expenses | 130 | 537 | 667 | (698) | (698) | (1396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest receivable | (102) | (2700) | (2802) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in receivable for paydowns and sales of investments | 44 | 826 | 870 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | (2) | (55) | (57) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in overdraft due to custodian | 504 |  | 504 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in current tax liablilty | 76 |  | 76 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in interest payable | 4 | 100 | 104 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in payable for investments purchased | 3146 | 72982 | 76128 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in offering expense payable to Operating Manager | 10 | 205 | 215 | 698 | 698 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in organizational expense payable to Operating Manager | 1 | 22 | 23 | 278 | 278 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in Performance Fee payable | 8 | (1) | 7 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in Management Fee payable | 6 | 132 | 138 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in tax compliance payable | 9 | 181 | 190 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in other accrued expenses and liabilities | (13) | 2103 | 2090 |  |  |  |
|  Net cash provided by (used in) operating activities | $(4818) | $(193175) | $(197993) | $(1) | $(1) | $(2) |
|  Cash flows from financing activities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of Shares (net of capital subscriptions received in advance) | $173 | $98775 | $98948 | $1 | $1 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions | (10) |  | (10) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions paid in cash, net of distributions payable | (196) | (4772) | (4968) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on reverse repurchase agreements | (11028) | (255792) | (266820) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reverse repurchase agreements | 12907 | 299363 | 312270 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs paid | (2) | (45) | (47) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on notes payable and other secured borrowings | (93) | (2079) | (2172) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from notes payable and other secured borrowings | 2149 | 49910 | 52059 |  |  |  |
|  Net cash provided by (used in) financing activities | $3900 | $185360 | $189260 | $1 | $1 | $2 |
|  Net increase (decrease) in cash | $(918) | $(7815) | $(8733) | $- | $- | $- |
|  Cash, beginning of period | 918 | 39362 | 40280 |  |  |  |
|  Cash, end of period | $- | $31547 | $31547 | $- | $- | $- |
|  Supplemental disclosure of cash flow information: |  |  |  |  |  |  |
|  Interest paid during the period | $23 | $530 | $553 | $- | $- | $- |
|  Supplemental and Non-Cash Information: |  |  |  |  |  |  |
|  Non-cash issuance of Shares | 58 | 29 | 87 |  |  |  |
|  Distributions reinvested during the period | 114 | 2240 | 2354 |  |  |  |

---

See accompanying notes to the combined unaudited financial statements.

------

#### **Table of Contents**

#### PIMCO Asset-Based Lending Company LLC

#### Combined Condensed Schedule of Investments as of March 31, 2026

#### (Amounts in thousands, except Share amounts)
(Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Series I | Series I | Series I | Series II | Series II | Series II | PIMCO Asset-Based Lending Company LLC | PIMCO Asset-Based Lending Company LLC | PIMCO Asset-Based Lending Company LLC |
| Description | Principal Amount /<br>Shares | Fair Value | % of Net<br>Assets | Principal Amount /<br>Shares | Fair Value | % of Net<br>Assets | Principal Amount /<br>Shares | Fair Value | % of Net<br>Assets |
|  Investments, at fair value\*<sup>(a)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAL CL Trust 1, 6.90%-8.50%, 3/22/2034<sup>(b)</sup> | $2922 | $2722 | 15.32% | $67769 | $63123 | 15.32% | $70691 | $65845 | 15.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recreation Loans |  | $414 | 2.33% |  | $9599 | 2.33% |  | $10013 | 2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Loans (cost of $3,184; $73,898; $77,082 respectively) |  | $3136 | 17.65% |  | $72722 | 17.65% |  | $75858 | 17.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination Platforms |  | $19 | 0.11% |  | $449 | 0.11% |  | $468 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock (cost of $19; $449; $468 respectively) |  | $19 | 0.11% |  | $449 | 0.11% |  | $468 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination Platforms |  | $214 | 1.20% |  | $4975 | 1.21% |  | $5189 | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stock (cost of $216; $4,994; $5,210 respectively) |  | $214 | 1.20% |  | $4975 | 1.21% |  | $5189 | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Consumer Loans |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aircraft Loans |  | $123 | 0.69% |  | $2820 | 0.68% |  | $2943 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-Consumer Loans (cost of $124; $2,865; $2,989 respectively) |  | $123 | 0.69% |  | $2820 | 0.68% |  | $2943 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Loans |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAL RL Trust 1, 9.12%-9.36%, 12/1/2026-4/1/2027<sup>(c)</sup> | $1153 | $1153 | 6.49% | $26732 | $26734 | 6.49% | $27885 | $27887 | 6.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAL RL Trust 2, 7.75%-9.45%, 12/1/2026-9/1/2027<sup>(c)</sup> | $2683 | $2684 | 15.11% | $62221 | $62250 | 15.11% | $64904 | $64934 | 15.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Residential Loans |  | $283 | 1.59% |  | $6553 | 1.59% |  | $6836 | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Residential Loans (cost of $4,100; $95,165; $99,265 respectively) |  | $4120 | 23.19% |  | $95537 | 23.19% |  | $99657 | 23.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitized Loans / Asset Backed Securities |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Loans |  | $78 | 0.44% |  | $1810 | 0.44% |  | $1888 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | $393 | 2.21% |  | $9123 | 2.21% |  | $9516 | 2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Consumer |  | $120 | 0.68% |  | $2787 | 0.68% |  | $2907 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Mortgage Pool, 5.00%-6.00%, 4/1/2053-1/1/2056 | $1913 | $1924 | 10.83% | $44379 | $44634 | 10.84% | $46292 | $46558 | 10.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mr. Cooper, 2.04%-8.79%,<br> 11/25/2060-1/1/2061<sup>(c)</sup> | $22652 | $2185 | 12.30% | $525376 | $50686 | 12.30% | $548028 | $52871 | 12.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket, 3.14%-8.29%, 3/25/2056<sup>(c)</sup> | $23713 | $2406 | 13.55% | $549970 | $55803 | 13.55% | $573683 | $58209 | 13.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verus, 0.00%-4.05%, 2/25/2067-4/25/2067<sup>(c)</sup> | $57112 | $1101 | 6.20% | $1324599 | $25539 | 6.20% | $1381711 | $26640 | 6.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Residential |  | $7616 | 42.88% |  | $176662 | 42.89% |  | $184278 | 42.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Securitized Loans / Asset Backed Securities (cost of $8,323; $193,033; $201,356 respectively) |  | $8207 | 46.21% |  | $190382 | 46.22% |  | $198589 | 46.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements<sup>(k)</sup> |  | $4567 | 25.71% |  | $105933 | 25.72% |  | $110500 | 25.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments (cost of $4,567; $105,933; $110,500 respectively) |  | $4567 | 25.71% |  | $105933 | 25.72% |  | $110500 | 25.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments at fair value (cost of $20,533; $476,337; $496,870 respectively) |  | $20386 | 114.76% |  | $472818 | 114.78% |  | $493204 | 114.78% |

---

See accompanying notes to the combined unaudited financial statements.

------

#### **Table of Contents**

#### PIMCO Asset-Based Lending Company LLC

#### Combined Condensed Schedule of Investments as of March 31, 2026

#### (Amounts in thousands, except Share amounts)
(Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Series I | Series I | Series I | Series II | Series II | Series II | PIMCO Asset-Based Lending Company LLC | PIMCO Asset-Based Lending Company LLC | PIMCO Asset-Based Lending Company LLC |
| Description | Principal Amount /<br>Shares | Fair Value | % of Net<br>Assets | Principal Amount /<br>Shares | Fair Value | % of Net<br>Assets | Principal Amount /<br>Shares | Fair Value | % of Net<br>Assets |
|  Investments, at fair value\*<sup>(a)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aircraft Loans |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phantom Long Ridge Offshore LP Non-US<sup>(d)</sup> | 126113 | $126 | 0.71% | 2924962 | $2925 | 0.71% | 3051075 | $3051 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Loans |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cavendish LLC<sup>(e)</sup> | 226748 | $224 | 1.25% | 5259010 | $5195 | 1.26% | 5485758 | $5419 | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified ABF |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO ABS and Short-Term Investments Portoflio<sup>(f)</sup> | 175352 | $2085 | 11.73% | 4066954 | $48356 | 11.74% | 4242306 | $50441 | 11.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Origination Platforms |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cavendish FF, LLC, Series 1<sup>(g)</sup> | 19987 | $22 | 0.12% | 463564 | $512 | 0.12% | 483551 | $534 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Loans |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPL Aggregator XII LTD<sup>(h)(i)</sup> | 175397 | $209 | 1.18% | 4068010 | $4857 | 1.18% | 4243407 | $5066 | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp; US Residential Real Estate - Mix |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Private Mortgage Opportunities Fund Onshore, L.P.<sup>(j)</sup> | 2092 | $2230 | 12.55% | 48514 | $51704 | 12.55% | 50606 | $53934 | 12.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in affiliates at fair value (cost of $4,758; $109,538; $114,296 respectively) |  | $4896 | 27.54% |  | $113549 | 27.56% |  | $118445 | 27.56% |

---

\* Only issuers that exceed 5% of net assets are presented. 

(a) All investments are U.S. domiciled, unless otherwise indicated.

(b) Represents personal loans held through a joint venture between the Company and multiple funds affiliated with the Operating Manager.

(c) Pool of residential fix-and-flip loans acquired through a domestic common law trust, with a federally chartered bank serving as trustee. The Company accrues interest income at the pool level at the rate indicated, which represents estimated loan interest net of certain service provider fees.

(d) Represents aircraft loans held through a joint venture between the Company and multiple funds affiliated with the Operating Manager. The loan weighted average interest rate is 6.87% and the weighted average maturity is 105.4 months. Through these investments in an affiliate, both Series and the Company indirectly owned other investments in affiliates. In aggregate, each Series proportional share of the market value of individual issuers does not exceed 5% of the respective Series' net assets.

(e) Represents auto loans held through a joint venture between the Company and multiple funds affiliated with the Operating Manager. Weighted average interest rate is 16.06% and weighted average maturity is 54 months. Through these investments in an affiliate, both Series and the Company indirectly owned other investments in affiliates. In aggregate, each Series proportional share of the market value of individual issuers does not exceed 5% of the respective Series' net assets.

(f) Affiliated to the Company. As of March 31, 2026, Series I owned 0.02% and Series II owned 0.56% of the PIMCO ABS and Short-Term Investments Portfolio. Through these investments in an affiliate, both Series and the Company indirectly owned other investments in affiliates. In aggregate, each Series proportional share of the market value of individual issuers does not exceed 5% of the respective Series' net assets.

(g) Represents auto loans held through a joint venture between the Company and multiple funds affiliated with the Operating Manager. Weighted average interest rate is 13.99% and weighted average maturity is 70 months. Through these investments in an affiliate, both Series and the Company indirectly owned other investments in affiliates. In aggregate, each Series proportional share of the market value of individual issuers does not exceed 5% of the respective Series' net assets.

(h) Investment is Cayman Islands domiciled.

(i) Represents personal loans held through a joint venture between the Company and multiple funds affiliated with the Operating Manager. Weighted average interest rate is 12.45% and weighted average maturity is 03/31/2028. Through these investments in an affiliate, both Series and the Company indirectly owned other investments in affiliates. In aggregate, each Series proportional share of the market value of individual issuers does not exceed 5% of the respective Series' net assets.

(j) Affiliated to the Company. As of March 31, 2026, Series I owned 0.40% and Series II owned 9.18% of the PIMCO Private Mortgage Opportunities Fund Onshore, L.P. Through these investments in an affiliate, both Series and the Company indirectly owned other investments in affiliates. In aggregate, each Series proportional share of the market value of individual issuers that exceeds 5% of the respective Series' net assets were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Series I | Series I | Series I | Series II | Series II | Series II |
| US Residential Real Estate - Mix | Shares | Market<br>Value | Proportional<br>Share of Market<br>Value | Shares | Market<br>Value | Proportional<br>Share of<br>Market Value |
| PIMCO Mortgage Investment Trust, Inc. | 528577 | $547328 | $2230 | 528577 | $547328 | $51704 |

---

See accompanying notes to the combined unaudited financial statements.

------

#### **Table of Contents**

#### PIMCO Asset-Based Lending Company LLC

#### Combined Condensed Schedule of Investments as of March 31, 2026

#### (Amounts in thousands, except Share amounts)
(Unaudited)

#### Borrowings and Other Financing Transactions Summary
(k) Repurchase Agreements

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Series I |  |  |  |  |  |  |  |
| Counterparty | Lending<br>Rate | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be Received |
|  Deutsche Bank Securities Inc. | 3.690 | 4/1/2026 | $4758 | U.S. Government Debt | $(4680) | $4567 | $4568 |
|  Total Repurchase Agreements |  |  |  |  | $(4680) | $4567 | $4568 |
| Series II |  |  |  |  |  |  |  |
| Counterparty | Lending<br>Rate | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be Received |
|  Deutsche Bank Securities Inc. | 3.690 | 4/1/2026 | $110346 | U.S. Government Debt | $(108542) | $105933 | $105943 |
|  Total Repurchase Agreements |  |  |  |  | $(108542) | $105933 | $105943 |
| Reverse Repurchase Agreements: | Reverse Repurchase Agreements: | Reverse Repurchase Agreements: | Reverse Repurchase Agreements: |  |  |  |  |
| Description |  |  |  |  | Payable for Reverse Repurchase Agreements<sup>(1)</sup> | Payable for Reverse Repurchase Agreements<sup>(1)</sup> | Payable for Reverse Repurchase Agreements<sup>(1)</sup> |
|  |  |  |  |  | Series 1 | Series 2 | PIMCO Asset-<br>Based Lending<br>Company LLC |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |  |  | $(1879) | $(43571) | $(45450) |

---

(1) Includes accrued interest.

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral (received)/pledged as of March 31, 2026:

#### Global Master Repurchase Agreement

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Repurchase Agreement Proceeds<br>to be Received | Repurchase Agreement Proceeds<br>to be Received | Repurchase Agreement Proceeds<br>to be Received | Total Borrowings and Other<br>Financing Transactions | Total Borrowings and Other<br>Financing Transactions | Total Borrowings and Other<br>Financing Transactions | Collateral (Received)/Pledged | Collateral (Received)/Pledged | Collateral (Received)/Pledged | Net Exposure<sup>(1)</sup> | Net Exposure<sup>(1)</sup> | Net Exposure<sup>(1)</sup> |
| Counterparty | Series 1 | Series 2 | PIMCO Asset-<br>Based Lending<br>Company LLC | Series 1 | Series 2 | PIMCO Asset-<br>Based Lending<br>Company LLC | Series 1 | Series 2 | PIMCO Asset-<br>Based Lending<br>Company LLC | Series 1 | Series 2 | PIMCO Asset-<br>Based Lending<br>Company LLC |
|  Deutsche Bank Securities Inc. | $4568 | $105943 | $110511 | $4568 | $105943 | $110511 | $(4680) | $(108542) | $(113222) | $(112) | $(2599) | $(2711) |
|  | Payable for Reverse Repurchase<br>Agreements | Payable for Reverse Repurchase<br>Agreements | Payable for Reverse Repurchase<br>Agreements | Total Borrowings and Other<br>Financing Transactions | Total Borrowings and Other<br>Financing Transactions | Total Borrowings and Other<br>Financing Transactions | Collateral (Received)/Pledged | Collateral (Received)/Pledged | Collateral (Received)/Pledged | Net Exposure<sup>(1)</sup> | Net Exposure<sup>(1)</sup> | Net Exposure<sup>(1)</sup> |
| Counterparty | Series 1 | Series 2 | PIMCO Asset-<br>Based Lending<br>Company LLC | Series 1 | Series 2 | PIMCO Asset-<br>Based Lending<br>Company LLC | Series 1 | Series 2 | PIMCO Asset-<br>Based Lending<br>Company LLC | Series 1 | Series 2 | PIMCO Asset-<br>Based Lending<br>Company LLC |
|  Crédit Agricole Corporate and Investment Bank | $(1879) | $(43571) | $(45450) | $(1879) | $(43571) | $(45450) | $1946 | $45136 | $47082 | $67 | $1565 | $1632 |

---

(1) Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of a default. Exposure from the Borrowings and Other Financing Transactions can only be netted across transactions governed under the same master agreements with the same legal entity.

#### Financial Derivative Instruments: Exchange-Traded or Centrally Cleared Summary
The following is a summary of the fair value of exchange-traded or centrally cleared financial derivative instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Derivative liabilities, at fair value | Derivative liabilities, at fair value | Derivative liabilities, at fair value | Derivative liabilities, at fair value | Derivative liabilities, at fair value | Derivative liabilities, at fair value | Derivative liabilities, at fair value | Derivative liabilities, at fair value | Derivative liabilities, at fair value |
|  |  |  | Series I | Series I | Series II | Series II | PIMCO Asset-Based<br>Lending Company LLC | PIMCO Asset-Based<br>Lending Company LLC |
| Contract name | Type | Maturity | Fair Value | % of Net<br>Assets | Fair Value | % of Net<br>Assets | Fair Value | % of Net<br>Assets |
|  OIS, Notional amount of $2,548, $59,092 and $61,640, respectively | Overnight Index<br>Swaps | 9/17/2027 -<br>12/17/2027 | $(2) | (0.01)% | $(53) | (0.01)% | $(55) | (0.02)% |
|  Total Derivative liabilities, at fair value | Total Derivative liabilities, at fair value |  | $(2) | (0.01)% | $(53) | (0.01)% | $(55) | (0.02)% |

---

Cash of $53 for Series I, $1,232 for Series II and $1,285 for the Company has been pledged as collateral for exchange-traded or centrally cleared financial derivative instruments as of March 31, 2026.

See accompanying notes to the combined unaudited financial statements.

------

#### **Table of Contents**

#### PIMCO Asset-Based Lending Company LLC

#### Combined Condensed Schedule of Investments as of December 31, 2025

#### (Amounts in thousands, except Share amounts)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Series I | Series I | Series I | Series II | Series II | Series II | PIMCO Asset-Based Lending Company<br>LLC | PIMCO Asset-Based Lending Company<br>LLC | PIMCO Asset-Based Lending Company<br>LLC |
| Description | Principal Amount /<br>Shares | Fair Value | % of Net<br>Assets | Principal Amount /<br>Shares | Fair<br>Value | % of Net<br>Assets | Principal Amount /<br>Shares | Fair Value | % of Net<br>Assets |
|  Investments, at fair value\*<sup>(a)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Loans |  | $97 | 0.58% |  | $1838 | 0.58% |  | $1935 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset Backed Securities (cost of $96; $1,811; $1,907 respectively) |  | $97 | 0.58% |  | $1838 | 0.58% |  | $1935 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Loans |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAL CL Trust 1, 8.50%, 3/22/2034<sup>(b)</sup> | $1982 | $1871 | 11.16% | $37538 | $35446 | 11.14% | $39520 | $37317 | 11.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Loans (cost of $1,892; $35,844; $37,736 respectively) |  | $1871 | 11.16% |  | $35446 | 11.14% |  | $37317 | 11.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination Platforms |  | $23 | 0.14% |  | $445 | 0.14% |  | $468 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock (cost of $23; $445; $468 respectively) |  | $23 | 0.14% |  | $445 | 0.14% |  | $468 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination Platforms |  | $226 | 1.34% |  | $4274 | 1.34% |  | $4500 | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stock (cost of $227; $4,292; $4,519 respectively) |  | $226 | 1.34% |  | $4274 | 1.34% |  | $4500 | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Loans |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mr. Cooper, 2.04%-8.79%, 11/25/2060<sup>(c)</sup> |  | $1331 | 7.93% |  | $25215 | 7.92% |  | $26546 | 7.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAL RL Trust 1, 9.12%-9.36%, 12/1/2026-4/1/2027<sup>(c)</sup> |  | $1779 | 10.60% |  | $33691 | 10.59% |  | $35470 | 10.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Residential Loans |  | $665 | 3.96% |  | $12595 | 3.96% |  | $13260 | 3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Residential Loans (cost of $3,770; $71,651; $75,421 respectively) |  | $3775 | 22.49% |  | $71501 | 22.47% |  | $75276 | 22.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitized Loans |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | $100 | 0.60% |  | $1898 | 0.60% |  | $1998 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Consumer |  | $150 | 0.90% |  | $2849 | 0.90% |  | $2999 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Mortgage Pool, 5.00%-6.00%, 4/1/2053-12/1/2055 |  | $1486 | 8.86% |  | $28159 | 8.85% |  | $29645 | 8.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Securitized Loans (cost of $1,734; $32,850; $34,584 respectively) |  | $1736 | 10.36% |  | $32906 | 10.35% |  | $34642 | 10.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements<sup>(k)</sup> |  | $4212 | 25.12% |  | $79788 | 25.07% |  | $84000 | 25.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments (cost of $4,212; $79,788; $84,000 respectively) |  | $4212 | 25.12% |  | $79788 | 25.07% |  | $84000 | 25.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments at fair value (cost of $11,954; $226,681; $238,635 respectively) |  | $11940 | 71.19% |  | $226198 | 71.09% |  | $238138 | 71.09% |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aircraft Loans |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phantom Long Ridge Offshore LP Non-US<sup>(d)</sup> | 84217 | $84 | 0.50% | 1595432 | $1595 | 0.50% | 1679649 | $1679 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Loans |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cavendish LLC<sup>(e)</sup> | 308324 | $308 | 1.83% | 5840998 | $5837 | 1.83% | 6149322 | $6145 | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified ABF |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO ABS and Short-Term Investments Portoflio<sup>(f)</sup> | 127360 | $1508 | 8.99% | 2412750 | $28567 | 8.98% | 2540110 | $30075 | 8.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination Platforms |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cavendish FF, LLC, Series 1<sup>(g)</sup> | 6803 | $7 | 0.04% | 128872 | $130 | 0.04% | 135675 | $137 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Loans |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPL Aggregator XII LTD<sup>(h)(i)</sup> | 266677 | $269 | 1.60% | 5052029 | $5097 | 1.60% | 5318706 | $5366 | 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Residential Real Estate - Mix |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Private Mortgage Opportunities Fund Onshore, L.P.<sup>(j)</sup> | 2549 | $2606 | 15.55% | 48285 | $49363 | 15.51% | 50834 | $51969 | 15.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments in affiliates at fair value (cost of $4,772; $89,374; $94,146 respectively) |  | $4782 | 28.50% |  | $90589 | 28.46% |  | $95371 | 28.46% |

---

See accompanying notes to the combined financial statements.

------

#### **Table of Contents**

#### PIMCO Asset-Based Lending Company LLC

#### Combined Condensed Schedule of Investments as of December 31, 2025

#### (in thousands)
(a) All investments are U.S. domiciled, unless otherwise indicated.

(b) Represents personal loans held through a joint venture between the Company and multiple funds affiliated with the Operating Manager.

(c) Pool of residential fix-and-flip loans acquired through a domestic common law trust, with a federally chartered bank serving as trustee. The Company accrues interest income at the pool level at the rate indicated, which represents estimated loan interest net of certain service provider fees.

(d) Represents aircraft loans held through a joint venture between the Company and multiple funds affiliated with the Operating Manager. Loan interest rates range from 6.78% to 6.91% and loan maturity dates range from 12/13/2033 to 12/18/2037. Through these investments in an affiliate, both Series and the Company indirectly owned other investments in affiliates. In aggregate, each Series proportional share of the market value of individual issuers does not exceed 5% of the respective Series' net assets.

(e) Represents auto loans held through a joint venture between the Company and multiple funds affiliated with the Operating Manager. Weighted average interest rate is 15.94% and weighted average maturity is 57 months. Through these investments in an affiliate, both Series and the Company indirectly owned other investments in affiliates. In aggregate, each Series proportional share of the market value of individual issuers that exceed 5% of the respective Series' net assets were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | Series I | Series I | Series I | Series II | Series II | Series II |
| Auto Loans | Interest Rate | Maturity | Principal | Market<br>Value | Proportional<br>Share of Market<br>Value | Principal | Market<br>Value | Proportional<br>Share of<br>Market Value |
|  Project Cavendish | 6.20% | 12/31/2033 | $1802105 | $1879855 | $1895 | $1802105 | $1879855 | $35890 |

---

(f) Affiliated to the Company. As of December 31, 2025, Series I owned 0.02% and Series II owned 0.35% of the PIMCO ABS and Short-Term Investments Portfolio. Through these investments in an affiliate, both Series and the Company indirectly owned other investments in affiliates. In aggregate, each Series proportional share of the market value of individual issuers does not exceed 5% of the respective Series' net assets.

(g) Represents auto loans held through a joint venture between the Company and multiple funds affiliated with the Operating Manager. Weighted average interest rate is 14.40% and weighted average maturity is 73 months. Through these investments in an affiliate, both Series and the Company indirectly owned other investments in affiliates. In aggregate, each Series proportional share of the market value of individual issuers does not exceed 5% of the respective Series' net assets.

(h) Investment is Cayman Islands domiciled.

(i) Represents personal loans held through a joint venture between the Company and multiple funds affiliated with the Operating Manager. Weighted average interest rate is 12.29% and weighted average maturity is 12/10/2027. Through these investments in an affiliate, both Series and the Company indirectly owned other investments in affiliates. In aggregate, each Series proportional share of the market value of individual issuers does not exceed 5% of the respective Series' net assets.

(j) Affiliated to the Company. As of December 31, 2025, Series I owned 1.07% and Series II owned 20.19% of the PIMCO Private Mortgage Opportunities Fund Onshore, L.P. Through these investments in an affiliate, both Series and the Company indirectly owned other investments in affiliates. In aggregate, each Series proportional share of the market value of individual issuers does not exceed 5% of the respective Series' net assets.

#### Borrowings and Other Financing Transactions Summary
(k) Repurchase Agreements

#### Series I

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending Rate | Maturity Date | Principal Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement Proceeds<br>to be Received |
|  BofA Securities, Inc. | 3.900% | 1/2/2026 | $4235 | U.S. Government Debt | $(4263) | $4212 | $4212 |
|  Total Repurchase Agreements |  |  |  |  | $(4263) | $4212 | $4212 |

---

#### Series II

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending Rate | Maturity Date | Principal Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement Proceeds<br>to be Received |
|  BofA Securities, Inc. | 3.900% | 1/2/2026 | $80223 | U.S. Government Debt | $(80752) | $79788 | $79797 |
|  Total Repurchase Agreements |  |  |  |  | $(80752) | $79788 | $79797 |

---

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral (received)/pledged as of December 31, 2025:

#### Global Master Repurchase Agreement

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Repurchase Agreement Proceeds to be<br>Received | Repurchase Agreement Proceeds to be<br>Received | Repurchase Agreement Proceeds to be<br>Received | Total Borrowings and Other Financing<br>Transactions | Total Borrowings and Other Financing<br>Transactions | Total Borrowings and Other Financing<br>Transactions | Collateral (Received)/Pledged | Collateral (Received)/Pledged | Collateral (Received)/Pledged | Net Exposure<sup>(1)</sup> | Net Exposure<sup>(1)</sup> | Net Exposure<sup>(1)</sup> |
| Counterparty | Series 1 | Series 2 | PIMCO Asset-Based<br>Lending Company LLC | Series 1 | Series 2 | PIMCO Asset-Based<br>Lending Company LLC | Series 1 | Series 2 | PIMCO Asset-Based<br>Lending Company LLC | Series 1 | Series 2 | PIMCO Asset-Based<br>Lending Company LLC |
|  Bank of Scotland | $4212 | $79797 | $84009 | $4212 | $79788 | $84000 | $(4263) | $(80752) | $(85015) | $(51) | $(964) | $(1015) |

---

(1) Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of a default. Exposure from the Borrowings and Other Financing Transactions can only be netted across transactions governed under the same master agreements with the same legal entity.

See accompanying notes to the combined financial statements.

------

#### **Table of Contents**

#### PIMCO Asset-Based Lending Company LLC

#### Combined Condensed Schedule of Investments as of December 31, 2025

#### (in thousands)

#### Financial Derivative Instruments: Exchange-Traded or Centrally Cleared Summary
The following is a summary of the fair value of exchange-traded or centrally cleared financial derivative instruments as of December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Derivative assets, at fair value | Derivative assets, at fair value | Derivative assets, at fair value | Derivative assets, at fair value | Derivative assets, at fair value | Derivative assets, at fair value | Derivative assets, at fair value | Derivative assets, at fair value | Derivative assets, at fair value |
|  |  |  | Series I | Series I | Series II | Series II | PIMCO Asset-Based<br>Lending Company LLC | PIMCO Asset-Based<br>Lending Company LLC |
| Contract name | Type | Maturity | Fair Value | % of Net<br>Assets | Fair Value | % of Net<br>Assets | Fair Value | % of Net<br>Assets |
|  OIS, Notional amount of $2,462, $46,648 and $49,110, respectively | Overnight Index<br>Swaps | 9/17/2027 -<br>12/17/2027 | $2 | 0.01% | $30 | 0.01% | $32 | 0.01% |
|  Total Derivative assets |  |  | $2 | 0.01% | $30 | 0.01% | $32 | 0.01% |

---

Cash of $48 for Series I, $916 for Series II and $964 for the Company has been pledged as collateral for exchange-traded or centrally cleared financial derivative instruments as of December 31, 2025.

See accompanying notes to the combined financial statements.

------

#### **Table of Contents**

#### PIMCO Asset-Based Lending Company LLC

#### Notes to Combined Financial Statements (Unaudited)
**(Amounts in thousands, except Share and per Share amounts, percentages and as otherwise indicated; there was no relevant activity for the period March 11, 2025 (date of formation) to March 31, 2025)** 

#### March 31, 2026
1. Organization

PIMCO Asset-Based Lending Company LLC (together with its subsidiaries, "PALCO", the "Company", "we" or "us") was formed on March 11, 2025 as a Delaware limited liability company. On March 11, 2025, the Company established two registered series of limited liability company interests, PIMCO Asset-Based Lending Company LLC - Series I ("Series I") and PIMCO Asset-Based Lending Company LLC - Series II ("Series II" and, together with Series I, the "Series"). Series I and Series II are treated as separate entities for U.S. federal income tax purposes with segregated assets and liabilities. Each Series conducts its business and enters into contracts in its own name to the extent such activities are undertaken with respect to a particular Series and title to the relevant property is held by or for the benefit of, the relevant Series. Under the Delaware Limited Liability Company Act, as amended, if certain conditions are met, to the extent the records maintained for a Series account for the assets associated with such Series separately from the other assets of the Company or any other Series, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to such Series are segregated and enforceable only against the assets of such Series and not against the assets of the Company generally or any other Series. Notwithstanding the foregoing, any agreement or arrangement may be reallocated between the Series in the Company's discretion to reflect the relative benefits and obligations of such arrangements. The Company conducts its operations so that it does not fall within the definition of an "investment company" under the Investment Company Act of 1940, as amended. Pacific Investment Management Company LLC ("PIMCO" or the "Operating Manager") has established the Company as a lending platform that intends to fund, finance and structure Asset-Backed Instruments. "Asset-Backed Instruments" refers to loans and other instruments that are collateralized by, or payable from a stream of payments generated by, a specified pool of real assets, financial assets, insurance assets or other assets.

The Company's objective is to build a diversified portfolio of Asset-Backed Instruments through its wholly or majority-owned subsidiaries. The Company seeks opportunities in Asset-Backed Instruments, focusing on assets outside the traditional corporate and commercial real estate lending markets. The Company's strategy is structured to offer access to differentiated Asset-Backed Instruments, including consumer loans (e.g., student loans, auto loans, credit card receivables and mortgages) and non-consumer loans (e.g., nonperforming loan financing, trade financing, asset-based lending, royalties, small and medium-sized enterprise lending and risk transfer), as well as select platform acquisitions of specialty lenders, servicers, insurers or reinsurers. The Company acquires primarily private income producing assets from the aforementioned areas.

The business strategy of the Company is to acquire loans, mortgages, leases, hard assets, royalties, insurance assets and other forms of credit provision or contractual cash flow. The Company principally seeks to acquire (or otherwise gain exposure to) individual income streams where risk of capital loss is deemed low or in pools of loans where returns adjusted for expected losses are attractive, even under stress scenarios. Over the long term, the returns of the Company's strategy are expected to consist of a combination of capital gains and income.

The Company is conducting a continuous private offering of its limited liability company interests ("Shares") to (i) "accredited investors" (as defined in Regulation D under the Securities Act of 1933, as amended (the "Securities Act")) and (ii) in the case of Shares sold outside of the United States, to persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act. As of March 31, 2026, the Company offers six classes (each, a "Class") of Shares in Series I and eight Classes of Shares in Series II. For Series I, there are: Anchor I Shares, Anchor II Shares, Anchor II-B Shares, Standard A Shares, Standard B Shares and E Shares (collectively, the "Series I Shares"). For Series II, there are: Anchor I Shares, Anchor I-B Shares, Anchor II Shares, Anchor II-B Shares, Anchor III Shares, Standard A Shares, Standard B Shares and E Shares (collectively, the "Series II Shares"). The Classes of Shares offered to third-party investors (which, for the avoidance of doubt, exclude the E Shares and V Shares (as described below)) are the "Investor Shares".

Shares are offered on a monthly basis at net asset value ("NAV") per Share (generally measured as of the end of the month immediately preceding the date of the allocation of Shares to subscribing shareholders of the Company (the "Shareholders")), plus any applicable upfront commissions and fees payable to the Company's dealer manager, PIMCO Investments LLC (the "Dealer Manager").

The Company may offer additional types of Shares in the future. The Classes have different upfront selling commissions and ongoing distribution and shareholder servicing fees.

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#### **Table of Contents**
PIMCO, as an investment adviser registered under the Investment Advisers Act of 1940, as amended, serves as the Operating Manager for the Company on a day-to-day basis subject to the directions of the Company's acquisition committee (the "Acquisition Committee") and to the supervision of the Company's board of directors (the "Board"). The Operating Manager provides certain management, administrative and advisory services to the Company related to funding, financing and/or structuring the assets acquired by the Company (the "Portfolio Assets") (including Asset-Backed Instruments); *provided*, *however*, that the Acquisition Committee (pursuant to a delegation of authority from the Board and, in certain instances, a committee of the Board, as applicable) is responsible for making capital allocation and acquisition decisions proposed by the Operating Manager.

The initial meeting of the Board was held on June 2, 2025. The Company issued V Shares (the "V Shares") of Series I and Series II at the aggregate issue prices of $1 and $1, respectively, to PIMCO GP LXXXII, LLC on March 11, 2025 (date of formation) and Anchor II Shares of Series I and Series II at the aggregate issue prices of $15 and $15, respectively, on July 1, 2025 to affiliated entities of PIMCO. V Shares have special rights and privileges, including entitling the holders thereof to the exclusive right to appoint and remove directors of the Company, increase or decrease the number of directors of the Company and fill any vacancies on the Board. V Shares do not have economic participation in the Company. V Shares are held only by PIMCO GP LXXXII, LLC and/or its affiliates, and are not being offered to other investors. The purchase of Shares in a Series of the Company is an investment only in that particular Series and not an investment in the Company as a whole. The Company may issue additional Classes of Shares in its sole discretion for each of its two series: Series I and Series II. The Company commenced operations on July 15, 2025.

2. Significant Accounting Policies

#### Basis of Accounting
The combined financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and are presented in U.S. dollars, which is the Company's functional currency. The Company's fiscal year end is December 31.

The Company's combined financial statements are prepared using the accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (ASC) 946, Financial Services – Investment Companies.

#### Basis of Presentation
Series I and Series II are treated as separate entities for U.S. federal income tax purposes with segregated assets, liabilities, and expenses. Allocation to each Series is based on attributable investment activity, NAV, or other equitable allocation methodologies as determined by the Operating Manager. These combined financial statements incorporate the assets and liabilities, and results of operations, of the Company as a whole, as well as each Series of interest in the Company. Series I and Series II reflect their pro rata share of assets and liabilities of the Company's wholly-owned subsidiaries on the Combined Statements of Assets and Liabilities. Series I and Series II record their allocable share of profits and losses each month based on their relative ownership of the wholly-owned subsidiaries on the Combined Statements of Operations.

#### Use of Estimates
The preparation of the combined financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts in the combined financial statements and accompanying notes. Actual results could differ from those estimates.

#### Basis of Combination & Consolidation
Series I and Series II combine to form the Company and present the results of its wholly-owned subsidiaries. As provided under Regulation S-X and ASC 946, the Series I, Series II and the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business primarily consists of providing services to the Company. All intercompany balances and transactions have been eliminated in combination and/or consolidation.

#### Calculation of NAV
The NAV per Share of each Series is determined by dividing the total assets of the Company (the value of investments, plus cash or other assets) attributable to such Series less the value of any liabilities of such Series, by the total number of Shares outstanding of such Series.

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#### **Table of Contents**

#### Organizational Expenses
Organizational expenses to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company. The Operating Manager may elect to pay certain organizational costs on behalf of the Company and each Series and for which the Company or the Series, as applicable, may reimburse the Operating Manager pursuant to the Expense Support and Conditional Reimbursement Agreement (Note 3) between the Company and Operating Manager. If the Company is dissolved prior to the full reimbursement of the organizational expenses, the Operating Manager shall not seek reimbursement of any remaining amounts upon dissolution. As of March 31, 2026, Series I, Series II and the Company incurred organizational expenses of $0.3 million, $1.8 million and $2.1 million, respectively. As of December 31, 2025, Series I, Series II and the Company incurred organizational expenses of $0.3 million, $1.7 million and $2.0 million, respectively.

#### Offering Expenses
Offering expenses in connection with the offering of common stock in each Series of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from July 15, 2025 (commencement of operations). The Operating Manager may elect to pay certain offering expenses of the Company and each Series on the Company's and each Series behalf and for which the Company or the Series, as applicable, may reimburse the Operating Manager pursuant to the Expense Support and Conditional Reimbursement Agreement (Note 3) between the Company and Operating Manager. If the Company is dissolved prior to the full reimbursement of the offering expenses, the Operating Manager shall not seek reimbursement of any remaining amounts upon dissolution. The offering expenses incurred shall be recognized as a deferred charge in accordance with ASC 946. As of March 31, 2026, Series I, Series II and the Company had capitalized deferred offering expenses of $0.2 million, $1.1 million and $1.3 million, respectively. For the three months ended March 31, 2026, Series I, Series II and the Company have amortized $0.1 million, $0.7 million and $0.8 million, respectively, of these deferred offering expenses. As of December 31, 2025, Series I, Series II and the Company had capitalized deferred offering expenses of $0.3 million, $1.6 million and $1.9 million, respectively. As of December 31, 2025, Series I, Series II and the Company had amortized $0.3 million, $1.1 million and $1.4 million, respectively, of these deferred offering expenses.

#### Cash
As of March 31, 2026 and December 31, 2025, cash was comprised of cash at the custodian bank. As of March 31, 2026, Series I, Series II and the Company held $0, $31.5 million and $31.5 million, respectively, in cash. As of December 31, 2025, Series I, Series II and the Company held $0.9 million, $39.4 million and $40.3 million, respectively, in cash.

Cash balances may be negative due to overdrafts with the custodian; such amounts are recorded as an overdraft payable to custodian under liabilities on the Combined Statements of Assets and Liabilities. As of March 31, 2026, Series I, Series II and the Company held $0.5 million, $0 million and $0.5 million, respectively in overdraft payable to custodian. As of December 31, 2025, there was no overdraft payable to custodian for Series I, Series II or the Company.

#### Fair Value of Investments
The Company applies fair value to all its financial instruments in accordance with ASC Topic 820 - Fair Value Measurement ("ASC Topic 820"). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company's own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

#### Revenue Recognition
The Company records dividend income and accrues interest income pursuant to the terms of the respective Asset-Backed Instruments, unless, in the case of dividend income, the Company determines that the Asset-Backed Instruments do not have positive earnings in which case such dividend income is treated as a return of capital. In the case of proceeds received from investments in a partnership investment vehicle and limited partnerships, the Company determines the character of such proceeds and records any interest income, dividend income, realized gains or returns of capital accordingly. For the three months ended March 31, 2026, investment income was comprised of interest income from Asset-Backed Instruments, as well as dividend income from affiliates and cash.

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgement. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management's judgement, principal and interest or dividend payments are likely to remain current. The Company may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection.

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#### **Table of Contents**

#### Net Realized Gain (Loss) and Net Change in Unrealized Gain (Loss)
Without regard to unrealized gain (loss) previously recognized, realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset. Net change in unrealized gain (loss) will reflect the change in investment values during the reporting period, including the reversal of any previously recorded unrealized gain (loss) when gains or losses are realized.

#### Payment In-Kind Interest
The Company may have investments that contain Payment-In-Kind ("PIK") provisions. PIK income, computed at the contractual rate specified in the Company investment agreement, is added to the principal balance of the investment and recorded as PIK interest on the Combined Statements of Operations. The Company prospectively ceases recognition of PIK income and the associated principal balance if such amounts and balances are deemed to be doubtful of collection. For investments with PIK income, the Company calculates income accruals based on the principal balance including any PIK.

#### General and Administrative Expenses
All costs associated with consummated investments are included in the cost of such investments. Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of general and administrative expenses on the Combined Statements of Operations. In addition, valuation, insurance, filing, research, consulting, subscriptions, directors' out-of-pocket expenses and other costs, are included as components of general and administrative expenses on Combined Statements of Operations and other accrued expenses and liabilities on the Combined Statements of Assets and Liabilities.

#### Legal Expense
Legal expenses are primarily for legal guidance related to organizational, reporting, investments, financing, co-investment matters and Board member advice. These expenses are included as general and administrative expenses on the Combined Statements of Operations and other accrued expenses and liabilities on the Combined Statements of Assets and Liabilities.

#### Derivatives
The Company recognizes all derivative instruments as assets or liabilities at fair value in its combined financial statements. The Company does not utilize hedge accounting with respect to derivative instruments and as such, the Company recognizes its derivative instruments at fair value with changes included in net change in unrealized gain (loss) on derivatives on the Combined Statements of Operations.

Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments, including market, credit, liquidity, interest rate, foreign currency and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives.

The Company enters into various swap contracts as part of its investment strategies. Cash flows are exchanged based on the underlying assets or index of the swap. The terms of swap contracts can vary greatly. Swap agreements are carried at fair value in the accompanying Combined Statements of Assets and Liabilities and changes in fair value are reflected in the accompanying Combined Statements of Operations as net change in unrealized gain (loss) on derivatives. Any cash collateral amounts posted to or received from the counterparty to cover collateral obligations under the terms of the swap contracts are included in "Deposits with or from counterparty" on the Combined Statements of Assets and Liabilities.

#### Income Taxes
Series I has elected to be taxed as a corporation for U.S. federal income tax purposes. Series I is liable for income taxes, if any, on its net taxable income.

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#### **Table of Contents**
Series II operates so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code and not a publicly traded partnership treated as a corporation. As such, it will not be subject to any U.S. federal, state and/or local income taxes. In any year, it is possible that Series II will not meet the qualifying income exception, which would result in Series II being treated as a publicly traded partnership taxed as a corporation, rather than a partnership. If Series II does not meet the qualifying income exception, the holders of interest in Series II would then be treated as stockholders in a corporation, and the Series II would become taxable as a corporation for U.S. federal income tax purposes. In such case, Series II would be required to pay income tax at corporate rates on its net taxable income. In addition, Series II holds interests in Portfolio Assets, through subsidiaries that are treated as corporations for U.S. or non-U.S. tax purposes and therefore may be subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level.

Deferred taxes are provided for the effects of potential future tax liabilities in future years resulting from differences between the tax basis of an asset and liability and its reported valuation in the accompanying combined financial statements. Income taxes for both Series I and Series II are accounted for under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the combined financial statements. Under this method, deferred tax assets and liabilities are determined on the temporary differences in the basis of assets and liabilities for income tax and financial reporting purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the Combined Statements of Operations in the period that includes the enactment date. For a particular tax-paying component of an entity and within a particular tax jurisdiction, deferred tax assets and liabilities are offset and presented as a single amount within prepaid expenses and other assets or other accrued expenses and liabilities, as applicable, in the accompanying Combined Statements of Assets and Liabilities.

Both Series I and Series II recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Both Series I and Series II review and evaluate tax positions in their major jurisdictions and determine whether or not there are uncertain tax positions that require financial statement recognition. The reserve for uncertain tax positions is recorded in other accrued expenses and liabilities, as applicable, in the accompanying Combined Statements of Assets and Liabilities. Based on this review, both Series I and Series II have determined the major tax jurisdictions to be where both Series I and Series II are organized, where both Series I and Series II hold interests in Portfolio Assets, and where the Operating Manager is located; however, no reserves for uncertain tax positions were recorded for Series I and Series II for the three months ended March 31, 2026. Both Series I and Series II are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Generally, both Series I and Series II's returns may be subject to examination for a period of three to five years from when they are filed under varying statutes of limitations. For the three months ended March 31, 2026, there were tax provisions (benefits) of $76, $(5) and $71 for Series I, Series II and the Company, respectively.

3. Related Party Transactions and Agreements

Operating Agreement

Pursuant to the Second Amended and Restated Operating Agreement, dated March 4, 2026 with the Operating Manager (as further amended, restated, supplemented or otherwise modified from time to time, the "Operating Agreement"), the Operating Manager is responsible for sourcing, evaluating and monitoring the Company's investment opportunities and making recommendations to the Company related to the acquisition, management, financing and disposition of the Company's assets, in accordance with the Company's investment objectives, guidelines, policies and limitations. The Operating Manager or an affiliate may rebate, waive or reduce the management fee charged to certain Shareholders at the sole discretion of the Operating Manager or such affiliate. Any such rebate, waiver or reduction may be effected either by way of purchase of additional Shares by the Operating Manager or such affiliate for the Shareholder or by way of rebate to the relevant Shareholder's account. For the three months ended March 31, 2026, there were rebates of $3, $69 and $72 for Series I, Series II and the Company, respectively. For the three months ended March 31, 2026, there were waivers of $0, $129 and $129 for Series I, Series II and the Company, respectively.

Pursuant to the Operating Agreement, the Operating Manager is entitled to receive a management fee (the "Management Fee"). The Management Fee is payable monthly in arrears in an amount equal to (i) 0.50% per annum of the month-end NAV attributable to the Anchor I Shares, Anchor I-B Shares and Anchor III Shares; (ii) 0.75% per annum of the month-end NAV attributable to the Anchor II Shares and Anchor II-B Shares; and 1.25% per annum of the month-end NAV attributable to Standard A Shares and Standard B Shares; provided that this Management Fee is reduced by any applicable Special Fees (as defined below); provided, however, that this Management Fee is not reduced for any Other Fees (as described in the Operating Agreement). In calculating the Management Fee, the Company uses NAV before giving effect to accruals for the Management Fee, Performance Fee (as defined below), combined annual distribution fee and shareholder servicing fee or distributions payable on the Shares. E Shares are not subject to the Management Fee.

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The Management Fee is payable by the Company and may, in the Operating Manager's discretion, be paid in whole or in part by the Company's subsidiaries. Such payments do not affect the total combined management fee expense.

100% of any net consulting (including management consulting) or monitoring fees (including any early termination fee or acceleration of any such management consulting fee on a one-time basis that is approved by the Board), advisory fees related to the negotiation of the structuring of a Portfolio Asset (other than debt investments or investments with respect to which the Operating Manager does not exercise direct control with respect to the decision to engage the services giving rise to the relevant fees, costs and expenses) and similar fees (including bridge financing fees), whether in cash or in kind, including options, warrants and other non-cash consideration paid to the Operating Manager or any of its affiliates or any employees of the foregoing in connection with actual or contemplated acquisitions or investments (and allocable to the Company) (collectively, "Special Fees") that are allocable to those Shareholders who bear Management Fees, are applied to reduce the Management Fees paid by such management fee-bearing Shareholders.

For the three months ended March 31, 2026, the Operating Manager earned gross Management Fees of $29, $504 and $533 from Series I, Series II and the Company, respectively, with no Special Fees offsets.

So long as the Operating Agreement has not been terminated, the Operating Manager will continue to be entitled to receive a performance fee (the "Performance Fee") equal to:

(i) First, if the Total Return (as defined below) with respect to Shares for the applicable period exceeds the sum, with respect to such relevant type of Shares, of (i) the Hurdle Amount (as defined below) for that period, and (ii) the Loss Carryforward Amount (as defined below) (any such excess, "Excess Profits"), 100% of such Excess Profits until the total amount allocated to the Operating Manager equals 12.5% for Standard A and Standard B Shares, 5.0% for Anchor I Shares, Anchor I-B Shares and Anchor III Shares, and 7.5% for Anchor II Shares and Anchor II-B Shares of the sum of (x) the Hurdle Amount with respect to such type of Shares for that period and (y) any amount allocated to the Operating Manager with respect to such type of Shares pursuant to this clause (any such amount, the "Catch-Up"); and

(ii) Second, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits for Standard A Shares and Standard B Shares, 5.0% for Anchor I Shares , Anchor I-B Shares and Anchor III Shares of such remaining Excess Profits, and 7.5% of such remaining Excess Profits for Anchor II Shares and Anchor II-B Shares.

"Total Return" with respect to any Shares for any period since the end of the prior Reference Period (as defined below) shall equal the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all distributions accrued or paid (without duplication) on such Shares outstanding at the end of such period since the beginning of the then-current Reference Period; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the change in aggregate NAV of such Shares since the beginning of the Reference Period before giving effect to (x) changes resulting solely from the proceeds of issuances of additional Shares, (y) any fee/accrual to the Performance Fee and (z) applicable expenses for the servicing fee (including any payments made to the Company for payment of such expenses).

For the avoidance of doubt, the calculation of Total Return (i) includes any appreciation or depreciation in the NAV of any relevant Shares issued during the then-current Reference Period, (ii) excludes the proceeds from the initial issuance of such Shares, (iii) treats any withholding tax on distributions paid by or received by the Company generally or the Series as part of the distributions accrued or paid on Shares and (iv) excludes any taxes (whether paid, payable, accrued or otherwise) of any intermediate entities, and may be calculated without taking into account certain deferred tax liabilities of such intermediate entities, as determined in the good faith judgment of the Operating Manager.

"Hurdle Amount" for any period during a Reference Period means that amount that results in a 5.0% of annualized rate of return for such period on the NAV of the Investor Shares outstanding at the beginning of the then-current Reference Period and all Investor Shares issued since the beginning of the then-current Reference Period, calculated in accordance with recognized industry practices and taking into account the timing and amount of all distributions accrued or paid (without duplication) on all such Shares but excluding applicable expenses for the servicing fee.

The ending NAV of Investor Shares used in calculating the annualized rate of return is calculated before giving effect to any allocation/accrual to the Performance Fees and applicable expenses for the servicing fee. For the avoidance of doubt, the calculation of the Hurdle Amount for any period excludes any Investor Shares repurchased during such period, which are subject to the Performance Fees upon repurchase as described above.

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Except as described in the definition of "Loss Carryforward Amount" below, any amount by which the Total Return falls below the Hurdle Amount does not carry forward to subsequent periods.

The Operating Manager or its affiliate, as applicable, is not obligated to return any portion of the Performance Fees paid due to the subsequent performance of the Company.

"Loss Carryforward Amount" shall initially equal zero and shall cumulatively increase by the absolute value(s) of any negative annual Total Returns and decrease by any positive annual Total Returns; provided, that the Loss Carryforward Amount shall at no time be less than zero; provided, further, that the calculation of the Loss Carryforward Amount excludes the Total Return related to any Shares repurchased during the applicable Reference Period, which Shares are subject to the Performance Fees upon repurchase as described above. For the avoidance of doubt, with respect to Shares repurchased during the applicable Reference Period, the Loss Carryforward Amount shall not include amounts that would have been attributable to such repurchased Shares had such Shares not been repurchased during the applicable Reference Period. The effect of the Loss Carryforward Amount is that the recoupment of past annual Total Return losses offsets the positive annual Total Return gain of the applicable Reference Period for purposes of the calculation of the Performance Fees. This is referred to as a "High Water Mark."

"Reference Period" means each fiscal year commencing on January 1 and ending on December 31; provided, that the initial Reference Period shall be the period ending on December 31, 2025.

E Shares are not subject to the Performance Fee.

For the three months ended March 31, 2026, the Operating Manager earned Performance Fees of $21, $372 and $393 from Series I, Series II and the Company, respectively.

Dealer Manager Agreement

The Dealer Manager may receive a dealer manager fee up to 3.5% of the transaction price of the Anchor I Shares, Anchor I-B Shares, Anchor II Shares, Anchor II-B Shares, Anchor III Shares, Standard A Shares and Standard B Shares.

Prior to March 4, 2026, the Dealer Manager was entitled to receive a distribution and servicing fee from the Company or its affiliates in the amount of 0.75% per annum of the aggregate NAV for the Anchor II-B Shares and Standard B Shares, in each case, payable monthly. However, the Dealer Manager has waived the distribution and servicing fee effective from October 1, 2025 until such date as determined in its sole discretion. In addition, notwithstanding the ongoing waiver, on March 4, 2026, the Company and the Dealer Manager agreed to an increase in the distribution and servicing fees for Anchor II-B Shares and Standard B Shares from 0.75% to 0.85% per annum of the outstanding Anchor II-B Shares and Standard B Shares.

The Dealer Manager anticipates that all or a portion of selling commissions and dealer manager fees will be reallowed to participating broker-dealers. The E Shares and V Shares will not incur any upfront selling costs or ongoing servicing costs.

For the three months ended March 31, 2026, Series I, Series II and the Company did not incur any distribution fees, shareholder servicing fees or dealer manager fees.

Special Fees

Various affiliates of the Operating Manager are potentially involved in transactions with the Company's investments in Portfolio Assets, and whereby affiliates of the Operating Manager may earn fees in, including but not limited to, structuring, underwriting, arrangement, placement, syndication, advisory or similar services (collectively, "Capital Solution" services).

For the three months ended March 31, 2026, no fees were paid by the Portfolio Assets to affiliates of the Operating Manager for Capital Solution services.

Related Party Professional Fees

Company expenses may be paid to service providers owned by, employed by or otherwise related to the Company, the Operating Manager, affiliates and/or their respective personnel ("Related Party Professional Fees"). Related Party Professional Fees do not offset Management Fees.

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Company Expense Support and Conditional Reimbursement Agreement

As discussed in Note 2, the Operating Manager may elect to pay certain of the Company's expenses, including certain organizational and offering expenses (the "Organizational and Offering Expenses") on the Company's behalf (the "Expense Support").

The Company's right to receive an Expense Support shall be an asset of the Company upon the Operating Manager's commitment in writing to pay the Expense Support. Any Expense Support that the Operating Manager has committed to pay must be paid by the Operating Manager to the Company in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against the amounts due from the Company to the Operating Manager or its affiliates.

To the extent an Expense Support is made, following any calendar month in which the Specified Expenses (as defined below) are below 0.75% of the Company's net assets on an annualized basis, the Company shall reimburse the Operating Manager, fully or partially, for the Expense Support, but only if and to the extent that Specified Expenses plus any Reimbursement Payments (as defined below) do not exceed 0.75% of the Company's net assets at the end of each calendar month on an annualized basis, until such time as all Expense Support made by the Operating Manager to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company in the prior sentence shall be referred to herein as a "Reimbursement Payment."

"Specified Expenses" is defined to include all expenses incurred in the business of the Company with the exception of (i) the Management Fee, (ii) the Performance Fee, (iii) the combined annual distribution fees and shareholder servicing fees of the Company and the Related Acquisition Vehicles (as defined below), (iv) the dealer manager fees (including selling commissions), (v) expenses related to any assets acquired by the Company and the Related Acquisition Vehicles, including, without limitation, brokerage costs or other acquisition-related out-of-pocket expenses (regardless of whether the transactions are consummated), (vi) ordinary corporate operating expenses of the Company and the Related Acquisition Vehicles, (vii) interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company, (viii) taxes, (ix) certain insurance costs, (x) Organizational and Offering Expenses, (xi) certain non-routine items (as determined in the sole discretion of the Operating Manager) and (xii) extraordinary expenses (as determined in the sole discretion of the Operating Manager).

"Related Acquisition Vehicle" is defined to include certain U.S. and non-U.S. partnerships or other entities which the Company has created, and may continue to create in the future, that will serve as "feeder" entities (the "Feeder Entities") or parallel entities, as well as other entities or structures through which investors will indirectly invest in or obtain exposure to the Company or some portion or all of its assets (collectively with Feeder Entities, "Related Acquisition Vehicles"). The Company has not used or created any such vehicles as of March 31, 2026.

Subject to the limitations set forth above, the Operating Manager in its sole discretion included certain ordinary operating expenses in Specified Expenses and, as a result, voluntarily impacted the amount the Company may reimburse the Operating Manager in current and future periods.

For the three months ended March 31, 2026, the Operating Manager agreed to provide Expense Support of $0.2 million, $3.0 million and $3.2 million for expenses incurred by Series I, Series II and the Company, respectively. As of March 31, 2026 and December 31, 2025, Series I, Series II and the Company had no outstanding amounts payable to the Operating Manager related to expense support reimbursements.

The Expense Support and Conditional Reimbursement Agreement may require the Company to repay the Operating Manager for previously waived reimbursement of expense payments under certain circumstances. The previously waived expenses are potentially subject to repayment by the Company, if at all, within a period not to exceed three years from the date of the relevant waiver.

The below table breaks out the year in which expense support provided by the Operating Manager to Series I, Series II and the Company, respectively, expires subject to the three-year rolling window.

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Expires by December 31, 2026 | Expires by December 31, 2026 | Expires by December 31, 2026 | Expires by December 31, 2027 | Expires by December 31, 2027 | Expires by December 31, 2027 | Expires by December 31, 2028 | Expires by December 31, 2028 | Expires by December 31, 2028 | Expires by December 31, 2029 | Expires by December 31, 2029 | Expires by December 31, 2029 | Total | Total | Total |
| Series I | Series II | PIMCO<br> Asset-Based<br> Lending<br> Company<br> LLC | Series I | Series II | PIMCO<br> Asset-Based<br> Lending<br> Company<br> LLC | Series I | Series II | PIMCO<br> Asset-Based<br> Lending<br> Company<br> LLC | Series I | Series II | PIMCO<br> Asset-Based<br> Lending<br> Company<br> LLC | Series I | Series II | PIMCO<br> Asset-Based<br> Lending<br> Company<br> LLC |
| $- | $- | $- | $- | $- | $- | $652 | $5488 | $6140 | $244 | $3013 | $3257 | $896 | $8501 | $9397 |

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Investment Transactions

In connection with its investment activities, the Company may, from time to time, engage in certain transactions including purchases and sales from or with affiliates of the Operating Manager. For the three months ended March 31, 2026, the Company purchased $22.4 million of investments in affiliates of the Operating Manager.

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On November 26, 2025, the Company entered into an uncommitted unsecured line of credit (the "Line") with PIMCO Asset Based Lending Trust (USD) 1 (the "Fund"). Under the Line, the aggregate borrowing amount is $1.0 million (the "Line Amount"), which may be increased from time to time up to a maximum aggregate amount of $20.0 million in the Company's sole discretion, subject to the terms of the agreement (the "Line of Credit Agreement"). The Line has a 12 month maturity, subject to extension, as set forth in the Line of Credit Agreement. As of March 31, 2026, the Line had unfunded commitments of $0.2 million, $5.1 million and $5.3 million, from Series I, Series II and the Company, respectively.

Investments in Affiliates held at NAV

The Company invests in Cavendish LLC, Cavendish FF, LLC, Series I, PIMCO ABS and Short-Term Investments Portfolio, MPL Aggregator XVII Ltd and PIMCO Private Mortgage Opportunities Fund Onshore, L.P. These investments can be redeemed at any time, with the exception of PIMCO Private Mortgage Opportunities Fund Onshore, L.P., which can only be redeemed monthly.

4. Borrowings

The following disclosures contain information on the Company's ability to lend or borrow cash or securities, which may be viewed as borrowing or financing transactions by the Company.

#### Repurchase Agreements
Under the terms of a typical repurchase agreement, the Company purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Company to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Company or counterparty at any time. The underlying securities for all repurchase agreements are held by the Company's custodian or designated subcustodians (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, the Company has used bilateral repurchase agreements wherein the underlying securities will be held by the Company's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Combined Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Combined Statements of Operations. In periods of increased demand for collateral, the Company may pay a fee for the receipt of collateral, which may result in interest expense to the Company. Refer to the Combined Condensed Schedule of Investments for the repurchase agreements held as of March 31, 2026 and December 31, 2025.

#### Reverse Repurchase Agreements
The Company may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Company delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. The Company is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Company to counterparties is reflected as a liability on the Combined Statements of Assets and Liabilities. Interest payments made by the Company to counterparties are recorded as a component of interest expense on the Combined Statements of Operations. In periods of increased demand for the security, the Company may receive a fee for use of the security by the counterparty, which may result in interest income to the Company. The Company will segregate assets determined to be liquid by the Operating Manager or will otherwise cover its obligations under reverse repurchase agreements. Refer to the Combined Condensed Schedule of Investments for the reverse repurchase agreements held as of March 31, 2026. The Company did not hold any reverse repurchase agreements as of December 31, 2025.

#### Sale-Buybacks
The Company may enter into financing transactions referred to as 'sale-buybacks.' A sale-buyback transaction consists of a sale of a security by the Company to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Company is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Company are reflected as a payable net of the price drop on the Combined Statements of Assets and Liabilities. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Combined Statements of Operations. Net interest payments based upon negotiated financing terms made between the Company and counterparties are recorded as a component of interest expense on the Combined Statements of Operations. In periods of increased demand for the security, the Company may receive a fee for use of the security by the counterparty, which may result in interest income to the Company. The Company will segregate assets determined to be liquid by the Operating Manager or will otherwise cover its obligations under sale-buyback transactions. The Company did not hold any sale-buybacks as of March 31, 2026 and December 31, 2025.

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#### **Table of Contents**

#### Notes Payable
The Company's outstanding debt obligations as of March 31, 2026, were as follows:

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Aggregated Principal Committed | Aggregated Principal Committed | Aggregated Principal Committed | Outstanding Principal | Outstanding Principal | Outstanding Principal | Unused Portion | Unused Portion | Unused Portion | Carrying Value | Carrying Value | Carrying Value | Fair Value<sup>(1)</sup> | Fair Value<sup>(1)</sup> | Fair Value<sup>(1)</sup> |
|  | Series I | Series II | PIMCO<br>Asset-Based<br>Lending<br>Company<br>LLC | Series I | Series II | PIMCO<br>Asset-Based<br>Lending<br>Company<br>LLC | Series I | Series II | PIMCO<br>Asset-Based<br>Lending<br>Company<br>LLC | Series I | Series II | PIMCO<br>Asset-Based<br>Lending<br>Company<br>LLC | Series I | Series II | PIMCO<br>Asset-Based<br>Lending<br>Company<br>LLC |
| Promissory Notes | $27 | $633 | $660 | $27 | $633 | $660 | $- | $- | $- | $27 | $626 | $653 | $27 | $626 | $653 |
| Total | $27 | $633 | $660 | $27 | $633 | $660 | $- | $- | $- | $27 | $626 | $653 | $27 | $626 | $653 |

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(1) The carrying amount outstanding under these debt obligations approximate their fair value as of March 31, 2026.

The Company's outstanding debt obligations as of December 31, 2025, were as follows:

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Aggregated Principal Committed | Aggregated Principal Committed | Aggregated Principal Committed | Outstanding Principal | Outstanding Principal | Outstanding Principal | Unused Portion | Unused Portion | Unused Portion | Carrying Value | Carrying Value | Carrying Value | Fair Value<sup>(1)</sup> | Fair Value<sup>(1)</sup> | Fair Value<sup>(1)</sup> |
|  | Series I | Series II | PIMCO<br>Asset-Based<br>Lending<br>Company<br>LLC | Series I | Series II | PIMCO<br>Asset-Based<br>Lending<br>Company<br>LLC | Series I | Series II | PIMCO<br>Asset-Based<br>Lending<br>Company<br>LLC | Series I | Series II | PIMCO<br>Asset-Based<br>Lending<br>Company<br>LLC | Series I | Series II | PIMCO<br>Asset-Based<br>Lending<br>Company<br>LLC |
| Promissory Notes | $33 | $627 | $660 | $33 | $627 | $660 | $- | $- | $- | $33 | $621 | $654 | $33 | $621 | $654 |
| Total | $33 | $627 | $660 | $33 | $627 | $660 | $- | $- | $- | $33 | $621 | $654 | $33 | $621 | $654 |

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(1) The carrying amount outstanding under these debt obligations approximate their fair value as of December 31, 2025.

Promissory Notes

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| | | | |
|:---|:---|:---|:---|
| As of March 31, 2026 | As of March 31, 2026 | As of March 31, 2026 | As of March 31, 2026 |
| Fair Value | Fair Value | Fair Value | Fair Value |
| Legal<br> Maturity | Series I | Series II | PIMCO Asset-<br> Based Lending<br> Company LLC |
| 10/1/2055 | $27 | $626 | $653 |
| Total | $27 | $626 | $653 |

---

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| | | | |
|:---|:---|:---|:---|
| As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 |
| Fair Value | Fair Value | Fair Value | Fair Value |
| Legal<br> Maturity | Series I | Series II | PIMCO Asset-<br> Based Lending<br> Company LLC |
| 10/1/2055 | $33 | $621 | $654 |
| Total | $33 | $621 | $654 |

---

The Company has elected the fair value option, or "FVO," for its promissory notes and they are reflected within notes payable on the Company's Combined Statements of Assets and Liabilities. The promissory notes pay interest on the principal balances at a rate of 12.0% per annum. Fair value was estimated based on current rates available to the Company for debt of the same maturities and which would be considered Level 2 in the fair value hierarchy. Change in unrealized gains and losses on the Company's Notes Payable are included in Unrealized gains (losses) on Notes Payable, at fair value, on the Combined Statement of Operations.

#### Lines of Credit
Barclays Facility

On September 9, 2025, Series I and Series II on behalf of PALCO LVS 4 LP, a subsidiary of the Company through Series I and Series II, entered into a TBMA/ISMA Global Master Repurchase Agreement with Barclays Bank PLC ("Barclays"), with PIMCO acting in its own capacity and as manager of the accounts party thereto (the "Barclays Repo Facility"). The Barclays Repo Facility provides for a maximum aggregate purchase price of $5,000 for all PIMCO accounts party thereto. Borrowings under the facility bear interest at the rate defined in the applicable confirmation annex. The facility matures in March 2027. In connection with the Barclays Repo Facility, the Company provided guarantees in favor of Barclays (the "Guarantee Agreement"), under which the Company guarantees all existing and future payment obligations of PALCO LVS 4 LP to Barclays solely arising out of the Barclays Repo Facility. The Company is also liable under the Guarantee Agreement for all fees and out of pocket expenses relating to the enforcement or protection of the rights of Barclays arising thereunder. The Barclays Repo Facility and the Guarantee Agreement contain representations, warranties, covenants, events of default and indemnities that are customary for similar agreements. As of March 31, 2026 and December 31, 2025, the Company had no outstanding repurchase obligations and was in compliance with all covenants under the Barclays Repo Facility and the Guarantee Agreement.

Santander Facility

On December 12, 2025, PALCO LVS 6, a subsidiary of the Company through Series I and Series II, through its fully owned entity, PAL CL Trust 1, a New York common law trust (the "Trust") entered a revolving credit facility with Banco Santander S.A. (the "Santander Facility"). UMB Bank, National Association is the trustee of the Trust. The Santander Facility's maximum borrowing limit is $200,000 with a borrowing buffer of $2,500 as defined in the credit and security agreement. The Company pays an unused fee of 0.40% of the borrowing buffer and an interest rate of SOFR+1.5% on the outstanding principal of the Santander Facility. The maturity date of this facility is December 12, 2026. The Company provides limited guarantees in favor of Banco Santander in accordance with limited guaranty and indemnity agreement.

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#### **Table of Contents**
The Trust drew down proceeds from the Santander Facility as of March 31, 2026 and the Company had outstanding borrowings on lines of credit as of March 31, 2026 as follows:

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Aggregated Principal Committed | Aggregated Principal Committed | Aggregated Principal Committed | Outstanding Principal | Outstanding Principal | Outstanding Principal | Unused Portion | Unused Portion | Unused Portion | Carrying Value | Carrying Value | Carrying Value | Fair Value<sup>(1)</sup> | Fair Value<sup>(1)</sup> | Fair Value<sup>(1)</sup> |
|  | Series I | Series II | PIMCO<br> Asset-Based<br> Lending<br> Company<br> LLC | Series I | Series II | PIMCO<br> Asset-Based<br> Lending<br> Company<br> LLC | Series I | Series II | PIMCO<br> Asset-Based<br> Lending<br> Company<br> LLC | Series I | Series II | PIMCO<br> Asset-Based<br> Lending<br> Company<br> LLC | Series I | Series II | PIMCO<br> Asset-Based<br> Lending<br> Company<br> LLC |
| Santander | $3095 | $71792 | $74887 | $2062 | $47826 | $49888 | $1033 | $23967 | $25000 | $2062 | $47826 | $49888 | $2062 | $47826 | $49888 |
| Total | $3095 | $71792 | $74887 | $2062 | $47826 | $49888 | $1033 | $23967 | $25000 | $2062 | $47826 | $49888 | $2062 | $47826 | $49888 |

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(1) The carrying amount outstanding under these debt obligations approximate their fair value as of March 31, 2026.

The following table represents interest expense, unfunded commitment fees and deferred financing amortization for the Santander Facility, as components of interest expense on the accompanying Combined Statements of Operations, for the three months ended March 31, 2026:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Interest Expense | Interest Expense | Interest Expense | Unfunded Commitment Fees | Unfunded Commitment Fees | Unfunded Commitment Fees | Deferred Financing Amortization | Deferred Financing Amortization | Deferred Financing Amortization |
|  | Series I | Series II | PIMCO<br> Asset-Based<br> Lending<br> Company<br> LLC | Series I | Series II | PIMCO<br> Asset-Based<br> Lending<br> Company<br> LLC | Series I | Series II | PIMCO<br> Asset-Based<br> Lending<br> Company<br> LLC |
| Santander | $20 | $445 | $465 | $1 | $24 | $25 | $1 | $20 | $21 |
| Total | $20 | $445 | $465 | $1 | $24 | $25 | $1 | $20 | $21 |

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At December 31, 2025, the Trust had not drawn down any proceeds from the Santander Facility. The Company also did not have any outstanding borrowings on lines of credit as of December 31, 2025. The aggregated principal committed and unused portion of the Santander Facility for Series I, Series II and the Company as of December 31, 2025 were as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Aggregated Principal Committed | Aggregated Principal Committed | Aggregated Principal Committed | Outstanding Principal | Outstanding Principal | Outstanding Principal | Unused Portion | Unused Portion | Unused Portion |
|  | Series I | Series II | PIMCO<br>Asset-Based<br>Lending<br>Company<br>LLC | Series I | Series II | PIMCO<br>Asset-Based<br>Lending<br>Company<br>LLC | Series I | Series II | PIMCO<br>Asset-Based<br>Lending<br>Company<br>LLC |
| Santander | $1253 | $23747 | $25000 | $- | $- | $- | $1253 | $23747 | $25000 |
| Total | $1253 | $23747 | $25000 | $- | $- | $- | $1253 | $23747 | $25000 |

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5. Fair Value Measurement

In accordance with ASC Topic 820, fair value is defined as the price that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability as of the reporting date.

Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

• Level 1 – Quoted prices in active markets for identical investments.

• Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 – Significant unobservable inputs (including the Company's own assumptions in determining the fair value of investments at the reporting date).

The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. If a fair value measurement uses price data vendors or observable market price quotations, that measurement may be a Level 2 or Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability.

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Investments in certain funds for which fair value is measured using NAV per Share (or its equivalent) as a practical expedient are not categorized within the fair value hierarchy.

The determination of what constitutes "observable" requires significant judgment by the Company. The Company considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

#### Valuation of Investments
The Portfolio Assets are valued at fair value in a manner consistent with U.S. GAAP, and ASC Topic 820. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each acquisition while employing a valuation process that is consistently followed. Determinations of fair value involve subjective judgments and estimates.

When making fair value determinations for Portfolio Assets that do not have readily available market prices, the Company considers industry- accepted valuation methodologies, primarily consisting of an income approach and market approach. The income approach derives fair value based on the present value of cash flows that a business or security is expected to generate in the future. The market approach relies upon valuations for comparable public companies, transactions or assets, and includes making judgments about which companies, transactions or assets are comparable. A blend of approaches may be relied upon in arriving at an estimate of fair value, though there may be instances where it is more appropriate to utilize one approach. The Company also considers a range of additional factors that it deems relevant, including a potential sale of the Portfolio Assets, macro and local market conditions, industry information and the relevant Portfolio Assets' historical and projected financial data.

The Board has adopted the Operating Manager's valuation policy as the valuation policy of the Company. At least annually, the Board, including the independent directors, reviews the appropriateness of the Company's valuation policy and guidelines. From time to time, the Board, including the independent directors, may adopt material changes to the valuation policy on occasions in which it has determined or in the future determines that such changes are likely to result in a more accurate reflection of estimated fair value. Any other, non-material, changes may be made by the Company or the Operating Manager.

The following table summarizes the fair value of the Company's investments as of March 31, 2026:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Series I | Series I | Series I | Series I | Series II | Series II | Series II | Series II | PIMCO Asset-Based Lending Company LLC | PIMCO Asset-Based Lending Company LLC | PIMCO Asset-Based Lending Company LLC | PIMCO Asset-Based Lending Company LLC |
| Description | Level I | Level II | Level III | NAV\* | Level I | Level II | Level III | NAV\* | Level I | Level II | Level III | NAV\* |
| Investments, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |
| Consumer Loans | $- | $- | $3136 | $- | $- | $- | $72722 | $- | $- | $- | $75858 | $- |
| Common Stock |  |  | 19 |  |  |  | 449 |  |  |  | 468 |  |
| Preferred Stock |  |  | 214 |  |  |  | 4975 |  |  |  | 5189 |  |
| Non-Consumer Loans |  | 123 |  |  |  | 2820 |  |  |  | 2943 |  |  |
| Residential Loans | 331 | 283 | 3506 |  | 7669 | 6553 | 81315 |  | 8000 | 6836 | 84821 |  |
| Securitized Loans / Asset Backed Securities |  | 5723 | 2484 |  |  | 132769 | 57613 |  |  | 138492 | 60097 |  |
| Short-Term Investments |  | 4567 |  |  |  | 105933 |  |  |  | 110500 |  |  |
| Total Investments, at fair value | $331 | $10696 | $9359 | $- | $7669 | $248075 | $217074 | $- | $8000 | $258771 | $226433 | $- |
| Investments in affiliates |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments in affiliates | $2085 | $- | $2230 | $581 | $48356 | $- | $51704 | $13489 | $50441 | $- | $53934 | $14070 |
| Total Investments in affiliates | $2085 | $- | $2230 | $581 | $48356 | $- | $51704 | $13489 | $50441 | $- | $53934 | $14070 |
| Derivative Liabilities, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |
| Overnight Index Swaps | $- | $2 | $- | $- | $- | $53 | $- | $- | $- | $55 | $- | $- |
| Total Derivative Liabilities, at fair value | $- | $2 | $- | $- | $- | $53 | $- | $- | $- | $55 | $- | $- |

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\* Investments for which fair value is measured using NAV per Share (or its equivalent) as a practical expedient are not categorized within the fair value hierarchy. The fair value presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Combined Statements of Assets and Liabilities and Combined Statements of Changes in Net Assets. 

Cash at Series I, Series II and the Company include $0, $31.5 million and $31.5 million, respectively, which are considered Level I Assets.

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#### **Table of Contents**
The following table summarizes the fair value of the Company's investments as of December 31, 2025:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Series I | Series I | Series I | Series I | Series II | Series II | Series II | Series II | PIMCO Asset-Based Lending Company LLC | PIMCO Asset-Based Lending Company LLC | PIMCO Asset-Based Lending Company LLC | PIMCO Asset-Based Lending Company LLC |
| Description | Level I | Level II | Level III | NAV\* | Level I | Level II | Level III | NAV\* | Level I | Level II | Level III | NAV\* |
| Investments, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |
| Asset Backed Securities | $- | $- | $97 | $- | $- | $- | $1838 | $- | $- | $- | $1935 | $- |
| Consumer Loans |  |  | 1871 |  |  |  | 35446 |  |  |  | 37317 |  |
| Common Stock |  |  | 23 |  |  |  | 445 |  |  |  | 468 |  |
| Preferred Stock |  |  | 226 |  |  |  | 4274 |  |  |  | 4500 |  |
| Residential Loans |  | 1331 | 2444 |  |  | 25215 | 46286 |  |  | 26546 | 48730 |  |
| Securitized Loans |  | 1736 |  |  |  | 32906 |  |  |  | 34642 |  |  |
| Short-Term Investments |  | 4212 |  |  |  | 79788 |  |  |  | 84000 |  |  |
| Total Investments, at fair value | $- | $7279 | $4661 | $- | $- | $137909 | $88289 | $- | $- | $145188 | $92950 | $- |
| Investments in affiliates |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments in affiliates | $1508 | $- | $2606 | $668 | $28567 | $- | $49363 | $12659 | $30075 | $- | $51969 | $13327 |
| Total Investments in affiliates | $1508 | $- | $2606 | $668 | $28567 | $- | $49363 | $12659 | $30075 | $- | $51969 | $13327 |
| Derivative Assets, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |
| Overnight Index Swaps | $- | $2 | $- | $- | $- | $30 | $- | $- | $- | $32 | $- | $- |
| Total Derivative Assets, at fair value | $- | $2 | $- | $- | $- | $30 | $- | $- | $- | $32 | $- | $- |

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\* Investments for which fair value is measured using NAV per Share (or its equivalent) as a practical expedient are not categorized within the fair value hierarchy. The fair value presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Combined Statements of Assets and Liabilities and Combined Statements of Changes in Net Assets. 

Cash at Series I, Series II and the Company include $0.9 million, $39.4 million and $40.3 million, respectively, which are considered Level I Assets.

The below table presents a summary of changes in fair value of Level 3 assets by investment type for the three months ended March 31, 2026 (amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
| Description | Series I | Series II | PIMCO Asset-Based<br> Lending Company LLC |
| Balance at December 31, 2025 | $7267 | $137652 | $144919 |
| Purchases | 4900 | 144550 | 149450 |
| Sales | (658) | (15282) | (15940) |
| Accrued Discounts/ (Premiums) | 2 | 57 | 59 |
| Change in unrealized gain (loss) | 78 | 1801 | 1879 |
| Balance as of March 31, 2026 | $11589 | $268778 | $280367 |

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The below table presents a summary of changes in fair value of Level 3 assets by investment type for the period from March 11, 2025 (date of formation) to December 31, 2025 (amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
| Description | Series I | Series II | PIMCO Asset-Based<br> Lending Company LLC |
| Balance at March 11, 2025 (date of formation) | $- | $- | $- |
| Purchases | 7605 | 144083 | 151688 |
| Sales | (415) | (7862) | (8277) |
| Accrued Discounts/ (Premiums) | 1 | 24 | 25 |
| Change in unrealized gain (loss) | 76 | 1407 | 1483 |
| Balance as of December 31, 2025 | $7267 | $137652 | $144919 |

---

------

The following table presents quantitative information about the significant unobservable inputs of the Company's Level 3 financial instruments as of March 31, 2026. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company's determination of fair value (amounts in thousands).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Level III Fair Value | Level III Fair Value | Level III Fair Value |  |  |  |  |
| Asset Type | Series I | Series II | PIMCO Asset-Based<br> Lending Company LLC | Valuation Technique | Unobservable Inputs | Range | Weighted Average |
| Consumer Loans | $2722 | $63123 | $65845 | Discounted Cash Flow | Discount Rate | 8.62% - 8.85% | 8.74% |
| Consumer Loans | 414 | 9599 | 10013 | Proxy Pricing | Base Price | 100.00% | 100.00% |
| Common Stock | 19 | 449 | 468 | Recent Transaction | Purchase Price | n/a | n/a |
| Preferred Stock | 214 | 4975 | 5189 | Recent Transaction | Purchase Price | n/a | n/a |
| Residential Loans | 3506 | 81315 | 84821 | Discounted Cash Flow | Discount Rate | 7.95% - 9.76% | 8.74% |
| Securitized Loans / Asset Backed Securities | 78 | 1810 | 1888 | Discounted Cash Flow | Discount Rate | 20.00% - 26.00% | 24.17% |
| Securitized Loans / Asset Backed Securities | 2406 | 55803 | 58209 | Proxy Pricing | Base Price | 6.97% - 99.67% | 37.63% |
| Investments in Affiliates | 2230 | 51704 | 53934 | Sum of the Parts | Discount Rate | 5.33% - 12.28% | 6.42% |
| Total | $11589 | $268778 | $280367 |  |  |  |  |

---

The following table presents quantitative information about the significant unobservable inputs of the Company's Level 3 financial instruments as of December 31, 2025. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company's determination of fair value (amounts in thousands).

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Level III Fair Value | Level III Fair Value | Level III Fair Value |  |  |  |  |
| Asset Type | Series I | Series II | PIMCO Asset-Based<br> Lending Company LLC | Valuation Technique | Unobservable Inputs | Input Value(s) | Weighted Average |
| Asset Backed Securities | $97 | $1838 | $1935 | Discounted Cash Flow | Discount Rate | 20.00% - 26.25% | 24.34% |
| Consumer Loans | 1871 | 35446 | 37317 | Discounted Cash Flow | Discount Rate | 8.55% | 8.55% |
| Common Stock | 23 | 445 | 468 | Recent Transaction | Purchase Price | n/a | n/a |
| Preferred Stock | 226 | 4274 | 4500 | Recent Transaction | Purchase Price | n/a | n/a |
| Residential Loans | 2444 | 46286 | 48730 | Discounted Cash Flow | Discount Rate | 8.42% - 9.74% | 9.40% |
| Investments in Affiliates | 2606 | 49363 | 51969 | Sum of the Parts | Discount Rate | 5.08% - 24.36% | 6.42% |
| Total | $7267 | $137652 | $144919 |  |  |  |  |

---

6. Derivatives

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

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from the counterparty, if any, is included on the Combined Statements of Assets and Liabilities as "Deposits with or from counterparty." The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be in good standing and by monitoring the financial stability of those counterparties.

The following table presents the fair value of the derivative liabilities of Series I, Series II and the Company as reflected in the Combined Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivative Liabilities, at fair value | Derivative Liabilities, at fair value | Derivative Liabilities, at fair value | Derivative Liabilities, at fair value | Derivative Liabilities, at fair value |
|  |  | Fair Value | Fair Value | Fair Value |
| Primary underlying Risk | Derivative | Series I | Series II | PIMCO Asset-Based<br> Lending Company LLC |
| Interest Rate Risk | Overnight Index Swaps | $(2) | $(53) | $(55) |

---

The following table presents the fair value of the derivative assets of Series I, Series II and the Company as reflected in the Combined Statements of Assets and Liabilities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivative Assets, at fair value | Derivative Assets, at fair value | Derivative Assets, at fair value | Derivative Assets, at fair value | Derivative Assets, at fair value |
|  |  | Fair Value | Fair Value | Fair Value |
| Primary underlying Risk | Derivative | Series I | Series II | PIMCO Asset-Based<br> Lending Company LLC |
| Interest Rate Risk | Overnight Index Swaps | $2 | $30 | $32 |

---

------

The following table presents the gains (losses) recognized on derivatives, by contract type, included in the Combined Statements of Operations for the three months ended March 31, 2026:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Average Notional / Contracts | Average Notional / Contracts | Average Notional / Contracts | Net Realized gain (loss) in derivatives | Net Realized gain (loss) in derivatives | Net Realized gain (loss) in derivatives | Change in unrealized gain (loss) on derivatives | Change in unrealized gain (loss) on derivatives | Change in unrealized gain (loss) on derivatives |
| Primary underlying Risk | Derivative | Series I | Series II | PIMCO Asset-<br>Based Lending<br>Company LLC | Series I | Series II | PIMCO Asset-<br>Based Lending<br>Company LLC | Series I | Series II | PIMCO Asset-<br>Based Lending<br>Company LLC |
|  Interest Rate Risk | Overnight Index Swaps | $2548 | $59092 | $61640 | $- | $- | $- | $16 | $389 | $405 |

---

7. Commitments & Contingencies

#### Commitments
The Company may enter into commitments to fund investments. As of March 31, 2026, the management team believed that the Company had adequate financial resources to satisfy its unfunded commitments, if any. The fair value of the amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Company's Combined Statement of Assets and Liabilities unless determined to be material. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement.

As of March 31, 2026, Series I, Series II and the Company had no unfunded commitments on its investment portfolio.

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

#### Litigation
The Company is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it. The foregoing speaks only as of the date of this report.

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#### **Table of Contents**
8. Shareholders' Equity

#### Equity Issuance
The following table summarizes the total Shares transactions during the three months ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Series I | Series I | Series II | Series II | PIMCO Asset-Based Lending<br> Company LLC | PIMCO Asset-Based Lending<br> Company LLC |
|  | Shares | Consideration<br> Amount | Shares | Consideration<br> Amount | Shares | Consideration<br> Amount |
|  Anchor I Shares: |  |  |  |  |  |  |
|  Proceeds from issuance of Shares |  | $- | 3849891 | $39818 | 3849891 | $39818 |
|  Shares issued under the DRIP |  |  | 68714 | 711 | 68714 | 711 |
|  Shares repurchased or exchanged |  |  |  |  |  |  |
|  Net increase (decrease) |  | $- | 3918605 | $40529 | 3918605 | $40529 |
|  Anchor I-B Shares: |  |  |  |  |  |  |
|  Proceeds from issuance of Shares |  | $- |  | $- |  | $- |
|  Shares issued under the DRIP |  |  |  |  |  |  |
|  Shares repurchased or exchanged |  |  |  |  |  |  |
|  Net increase (decrease) |  | $- |  | $- |  | $- |
|  Anchor II Shares: |  |  |  |  |  |  |
|  Proceeds from issuance of Shares | 78197 | $800 | 3705614 | $38232 | 3783811 | $39032 |
|  Shares issued under the DRIP | 8368 | 85 | 37594 | 388 | 45962 | 473 |
|  Shares repurchased or exchanged |  |  |  |  |  |  |
|  Net increase (decrease) | 86565 | $885 | 3743208 | $38620 | 3829773 | $39505 |
|  Anchor II-B Shares: |  |  |  |  |  |  |
|  Proceeds from issuance of Shares |  | $- |  | $- |  | $- |
|  Shares issued under DRIP |  |  |  |  |  |  |
|  Shares repurchased or exchanged |  |  |  |  |  |  |
|  Net increase (decrease) |  | $- |  | $- |  | $- |
|  Anchor III Shares: |  |  |  |  |  |  |
|  Proceeds from issuance of Shares |  | $- |  | $- |  | $- |
|  Shares issued under the DRIP |  |  | 61481 | 638 | 61481 | 638 |
|  Shares repurchased or exchanged |  |  |  |  |  |  |
|  Net increase (decrease) |  | $- | 61481 | $638 | 61481 | $638 |
|  Standard A Shares: |  |  |  |  |  |  |
|  Proceeds from issuance of Shares | 9766 | $100 | 1341205 | $13825 | 1350971 | $13925 |
|  Shares issued under DRIP | 303 | 3 | 83 | 1 | 386 | 4 |
|  Shares repurchased or exchanged |  |  |  |  |  |  |
|  Net increase (decrease) | 10069 | $103 | 1341288 | $13826 | 1351357 | $13929 |
|  Standard B Shares: |  |  |  |  |  |  |
|  Proceeds from issuance of Shares |  | $- |  | $- |  | $- |
|  Shares issued under DRIP |  |  |  |  |  |  |
|  Shares repurchased or exchanged |  |  |  |  |  |  |
|  Net increase (decrease) |  | $- |  | $- |  | $- |
|  E Shares: |  |  |  |  |  |  |
|  Proceeds from issuance of Shares | 5668 | $59 | 44694 | $464 | 50362 | $523 |
|  Shares issued under the DRIP | 2496 | 26 | 48315 | 502 | 50811 | 528 |
|  Shares repurchased or exchanged | (972) | (10) |  |  | (972) | (10) |
|  Net increase (decrease) | 7192 | $75 | 93009 | $966 | 100201 | $1041 |
|  V Shares: |  |  |  |  |  |  |
|  Proceeds from issuance of Shares |  | $- |  | $- |  | $- |
|  Shares issued under the DRIP |  |  |  |  |  |  |
|  Shares repurchased or exchanged |  |  |  |  |  |  |
|  Net increase (decrease) |  | $- |  | $- |  | $- |
|  Total net increase (decrease) | 103826 | $1063 | 9157591 | $94579 | 9261417 | $95642 |

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#### **Table of Contents**
The Company issued 40 V Shares for Series I and 40 V Shares for Series II to PIMCO GP LXXXII, LLC on March 11, 2025 (date of formation).

#### Distribution Reinvestment Plan
The Company adopted a distribution reinvestment plan (the "DRIP") in which cash distributions to Shareholders will automatically be reinvested in additional whole and fractional Shares attributable to the type of Shares that a Shareholder owns unless and until an election is made by, or on behalf of, such participating Shareholder to withdraw from the DRIP and receive distributions in cash. The number of Shares to be received when distributions are reinvested will be determined by dividing the amount of the distribution, net of any applicable withholding taxes, by the Series' NAV per Share as of the end of the prior month. Shares will be distributed in proportion to the Series and types of Shares held by the Shareholder under the DRIP. There will be no sales load charges on Shares issued to a Shareholder under the DRIP.

#### Distributions
Beginning February 2026, the Company started paying distributions to its Shareholders. The Company intends to declare, accrue and pay distributions on a monthly basis. However, there is no guarantee that Series I, Series II or the Company will pay monthly distributions consistently and at a specific rate, or at all.

On February 13, 2026, the Company declared distributions on the following Classes of Shares for each Series, in the amounts per Share set forth below:

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| | |
|:---|:---|
| Class | Distribution |
| Series I |  |
| Anchor I Shares | $0.0633 |
| Anchor II Shares | 0.0630 |
| Anchor II-B Shares | 0.0632 |
| E Shares | 0.0634 |
| Standard A Shares | 0.0631 |
| Standard B Shares | 0.0630 |
| Series II |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anchor I Shares | $0.0637 |
| Anchor II Shares | 0.0635 |
| Anchor III Shares | 0.0638 |
| E Shares | 0.0639 |
| Standard A Shares | 0.0635 |

---

The distributions for each Class of Shares were payable to holders of record at the close of business on January 31, 2026 and were paid on February 20, 2026. The distributions were paid in cash or reinvested in Shares of the Company for Shareholders participating in the DRIP.

On February 28, 2026, the Company declared distributions on the following Classes of Shares for each Series, in the amounts per Share set forth below:

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| | |
|:---|:---|
| Class | Distribution |
| Series I |  |
| Anchor I Shares | $0.0525 |
| Anchor II Shares | 0.0486 |
| Anchor II-B Shares | 0.0490 |
| E Shares | 0.0601 |
| Standard A Shares | 0.0417 |
| Standard B Shares | 0.0418 |
| Series II |  |
| Anchor I Shares | $0.0694 |
| Anchor II Shares | 0.0656 |
| Anchor III Shares | 0.0732 |
| E Shares | 0.0772 |
| Standard A Shares | 0.0586 |

---

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#### **Table of Contents**
The distributions for each Class of Shares were payable to holders of record at the close of business on February 28, 2026 and were paid on March 20, 2026. The distributions were paid in cash or reinvested in Shares of the Company for Shareholders participating in the DRIP.

On March 31, 2026, the Company declared distributions on the following Classes of Shares for each Series, in the amounts per Share set forth below:

---

| | |
|:---|:---|
| Class | Distribution |
| Series I |  |
| Anchor I Shares | $0.0591 |
| Anchor II Shares | 0.0555 |
| Anchor II-B Shares | 0.0556 |
| E Shares | 0.0664 |
| Standard A Shares | 0.0491 |
| Standard B Shares | 0.0491 |
| Series II |  |
| Anchor I Shares | $0.0736 |
| Anchor II Shares | 0.0700 |
| Anchor III Shares | 0.0777 |
| E Shares | 0.0811 |
| Standard A Shares | 0.0635 |

---

The distributions for each Class of Shares were payable to holders of record at the close of business on March 31, 2026 and were paid on April 20, 2026. The distributions were paid in cash or reinvested in Shares of the Company for Shareholders participating in the DRIP.

#### Share Repurchase Program
The Company offers a quarterly Share Repurchase (each, a "Share Repurchase") for up to 5.0% of the aggregate NAV (measured collectively across both Series) of outstanding Shares at a price based on the NAV per Share as of the last calendar day of the calendar quarter prior to the commencement of the applicable Share Repurchase (the "Repurchase Plan"); provided that the Company may further limit the number of Shares subject to the quarterly repurchases of the Shares in accordance with the Company's second amended and restated limited liability company agreement (as further amended, restated, supplemented or otherwise modified from time to time) (the "LLC Agreement") and applicable securities law. The Company commenced its Share Repurchases beginning February 2026. Due to differential fees (including accrued, but unpaid Performance Fees) and other factors, the NAV of each type of Shares will differ, but all NAV calculations are expected to be based on the joint underlying economic interests of the Company in the assets underlying its Portfolio Assets.

Until the second anniversary of July 14, 2025, Shares requested to be repurchased shall be subject to an early repurchase fee (the "Early Repurchase Fee") of 5.0% of the NAV of the Anchor I Shares, Anchor I-B Shares, Anchor II Shares, Anchor II-B Shares and Anchor III Shares repurchased.

#### Compensation of Directors
The Company's directors who are not independent directors may receive compensation from the Company in the form of E Shares but will not otherwise receive direct compensation from the Company. The Company pays each independent director: (i) an annual fee (prorated for any partial year) which is at a market rate in an amount to be determined by the Board, or committee thereof, at a later date and (ii) an additional annual fee which is at a market rate in an amount to be determined by the Board, or committee thereof, at a later date for the Chair of the Audit Committee. On an annual basis, pursuant to the Director Compensation Program, each independent director shall receive a portion of his or her annual compensation in Series I E Shares or Series II E Shares (as may be elected by such independent director) (the "Share Grants") equivalent to $50,000 (prorated for any partial year of service) and subject to such other terms as the Board may approve from time to time. Share grants will generally vest upon issuance.

There were no E Shares redeemed or exchanged in relation to Directors for the three months ended March 31, 2026.

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#### **Table of Contents**
9. Income Taxes

Series I has elected to be treated as a corporation and is subject to current and deferred U.S. federal, state and/or local income taxes. Series II holds interests in Portfolio Assets, through subsidiaries that are treated as corporations for U.S. and non-U.S. tax purposes and therefore are subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level.

In evaluating the realizability of deferred tax assets, the Company assesses whether it is more likely than not that some portion, or all, of the deferred tax assets, will be realized. The Company considers, among other things, the generation of future taxable income (including reversals of deferred tax assets) during the periods in which the related temporary differences will become deductible.

As of March 31, 2026, the Company's open tax year under the general statute of limitations provision that could be subjected to examination is the year 2025. Currently, there are no audits in process.

10. Indemnification

Under the LLC Agreement, members of the Board, PIMCO, holders of the V Shares, the members of the Acquisition Committee, their respective affiliates, directors, officers, representatives, agents, shareholders, members, managers, partners and employees, and any other person who serves at the request of PIMCO or its affiliates as a director, officer, agent, member, manager, partner, shareholder, trustee or employee of the Company, Series I or Series II or any other person (each such person being an "Indemnified Party") are indemnified against any and all claims, liabilities, damages, losses, costs and expenses of any kind, including legal fees and amounts paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal or other costs and expenses of investigating or defending against any claim or alleged claim, of any nature whatsoever, known or unknown, liquidated or unliquidated, that are incurred by any Indemnified Party and arise out of or in connection with the business of the Company or the performance by the Indemnified Party of any of its responsibilities under the LLC Agreement or the Operating Agreement, so long as the Indemnified Party did not act with actual fraud, willful misconduct, gross negligence, bad faith, a willful material and adverse breach of the LLC Agreement or applicable law. Thus, one or more of the foregoing persons could be indemnified for its negligent acts if it met the requirements set forth above.

11. Administration Fees and Other Agreements

Company Administration Fees

The Company has entered into an administration agreement with SEI Global Services (the "Administrator"), pursuant to which the Administrator maintains the Company's official books and records and provides accounting services and audit support. The Administrator receives customary fees from the Company for such services. The Administrator is also reimbursed by the Company for certain out of pocket expenses. Administrator fees are included in the general and administrative expenses on the Combined Statements of Operations.

Transfer Agency Fees, Custody Fees and Expenses

State Street Bank and Trust Company serves as transfer, distribution and shareholder servicing agent for the Company and is the Company's custodian and receives customary fees from the Company for such services.

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12. Financial Highlights

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Series I | Series I | Series I | Series I | Series I | Series I |
|  | Anchor I Shares | Anchor II Shares | Anchor II-B Shares | Standard A Shares | Standard B Shares | E Shares |
|  Per share data: |  |  |  |  |  |  |
|  Net asset value, beginning of period | $10.27 | $10.23 | $10.26 | $10.24 | $10.24 | $10.29 |
|  Distributions declared | (0.17) | (0.17) | (0.17) | (0.15) | (0.15) | (0.19) |
|  Net investment income<sup>(1)</sup> | 0.32 | 0.29 | 0.29 | 0.23 | 0.23 | 0.38 |
|  Net realized and unrealized gain/(loss)<sup>(2)</sup> | (0.18) | (0.16) | (0.16) | (0.13) | (0.13) | (0.22) |
|  Net increase (decrease) in net assets from operations | (0.03) | (0.04) | (0.04) | (0.05) | (0.05) | (0.03) |
|  Net asset value, end of period | $10.24 | $10.19 | $10.22 | $10.19 | $10.19 | $10.26 |
|  Shares outstanding, end of period | 73617 | 1409077 | 110 | 43129 | 110 | 214778 |
|  Weighted average shares outstanding | 73617 | 1404124 | 110 | 42987 | 110 | 213548 |
|  Ratios / supplemental data<sup>(6)</sup>: |  |  |  |  |  |  |
|  Net assets, end of period | $754 | $14360 | $1 | $440 | $1 | $2204 |
|  Total expenses before expense support, waiver and rebate, after Performance Fee<sup>(3)(4)(5)</sup> | 5.24% | 5.61% | 5.52% | 6.49% | 6.11% | 4.68% |
|  Total expenses after expense support, waiver and rebate, after Performance Fee <sup>(3)(4)(5)</sup> | 2.07% | 2.40% | 2.34% | 3.12% | 2.94% | 1.48% |
|  Total expenses after expense support, waiver and rebate, before Performance<br> Fee <sup>(3)(4)(5)</sup> | 1.97% | 2.26% | 2.21% | 2.90% | 2.73% | 1.48% |
|  Net investment income<sup>(4)(5)(6)</sup> | 3.14% | 2.89% | 2.85% | 2.40% | 2.27% | 3.76% |
|  Total return<sup>(7)</sup> | 1.36% | 1.25% | 1.26% | 1.05% | 1.05% | 1.58% |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Series II | Series II | Series II | Series II | Series II |
|  | Anchor I Shares | Anchor II Shares | Anchor III Shares | Standard A Shares | E Shares |
|  Per share data: |  |  |  |  |  |
|  Net asset value, beginning of period | $10.34 | $10.32 | $10.36 | $10.31 | $10.38 |
|  Distributions declared | (0.21) | (0.20) | (0.21) | (0.19) | (0.22) |
|  Net investment income<sup>(1)</sup> | 0.50 | 0.47 | 0.49 | 0.38 | 0.56 |
|  Net realized and unrealized gain/(loss)<sup>(2)</sup> | (0.31) | (0.30) | (0.30) | (0.22) | (0.36) |
|  Net increase (decrease) in net assets from operations | (0.02) | (0.03) | (0.02) | (0.03) | (0.02) |
|  Net asset value, end of period | $10.32 | $10.29 | $10.34 | $10.28 | $10.36 |
|  Shares outstanding, end of period | 12132378 | 11848091 | 10061481 | 1512723 | 4367299 |
|  Weighted average shares outstanding | 11157669 | 10806553 | 10040304 | 732947 | 4322011 |
|  Ratios / supplemental data<sup>(6)</sup>: |  |  |  |  |  |
|  Net assets, end of period | $125157 | $121916 | $104041 | $15553 | $45258 |
|  Total expenses before expense support, waiver and rebate, after Performance<br> Fee<sup>(3)(4)(5)</sup> | 5.08% | 5.36% | 4.69% | 7.46% | 4.10% |
|  Total expenses after expense support, waiver and rebate, after Performance Fee <sup>(3)(4)(5)</sup> | 2.23% | 2.53% | 1.57% | 3.81% | 1.47% |
|  Total expenses after expense support, waiver and rebate, before Performance Fee <sup>(3)(4)(5)</sup> | 2.13% | 2.39% | 1.47% | 3.60% | 1.47% |
|  Net investment income<sup>(4)(5)(6)</sup> | 5.16% | 4.82% | 4.84% | 4.58% | 5.45% |
|  Total return<sup>(7)</sup> | 1.79% | 1.69% | 1.91% | 1.49% | 2.01% |

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V Shares are not presented as they do not have economic participation in the Company.

(1) The per Share data was derived by using the weighted average Shares outstanding during the applicable period.

(2) The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a Share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Shares in relation to fluctuating market value for the portfolio.

(3) Actual results may not be indicative of future results. Additionally, a Shareholder's ratio may vary from the ratios presented for a Share Class as a whole. For the applicable period, operating expenses are annualized except for Organizational and Offering Expenses and Performance Fees.

(4) The ratios were derived using the simple average net assets during the applicable period.

(5) Ratios do not reflect Series I and Series II's proportionate share of income and expenses of the underlying investments in affiliates. See Note 3, Related Party Transactions and Agreements, in the Notes to Combined Financial Statements (Unaudited) for additional information.

(6) For the applicable period, investment income and operating expenses are annualized except for Organizational and Offering Expenses and Performance Fees.

(7) The total return is calculated for each Share Class as the change in the NAV for such Share Class during the period plus any distributions per Share declared in the period, and assumes any distributions are reinvested in accordance with the DRIP. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Fees as described in Note 3. The Company, Series I and Series II's performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Company, Series I and Series II's Shares.

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13. Segment Reporting

An operating segment is defined in FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The executive officers of the Company act as the Company's CODM. Series I, Series II and the Company represent a single operating segment, as the CODM monitors the operating results of the Company as a whole and the Company's long-term strategic asset allocation, based on a defined investment strategy which is executed by the Company's portfolio managers as a team. The CODM uses net increase (decrease) in net asset values and returns to assess financial performance and make key strategic decisions, such as identifying attractive Portfolio Assets to allocate capital. The financial information reflected in the Company's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Company's comparative benchmarks and to make resource allocation decisions for the Company's single segment, is consistent with that presented within the Company's combined financial statements. Segment assets are reflected on the accompanying Combined Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Combined Statements of Operations.

14. Subsequent Events

Subsequent events after the Statements of Assets and Liabilities date have been evaluated through the date the combined financial statements were issued. The Company has evaluated subsequent events and determined to disclose the following subsequent events and transactions.

April Financial Update

On April 1, 2026, the Company issued and sold the following Shares to third party investors for cash:

---

| | | |
|:---|:---|:---|
|  | Number of Shares Sold<sup>(1)</sup> | Aggregate Consideration<sup>(1)</sup> ($) |
|  Class |  |  |
|  Series I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor I Shares |  | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor II Shares | 7543 | 76870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor II-B Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E Shares | 1325 | 13593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard A Shares | 144 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard B Shares |  |  |
|  Series II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor I Shares | 2115055 | $21818877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor I-B Shares | 802280 | 8278136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor II Shares | 1337594 | 13763734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor II-B Shares | 110 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor III Shares | 110 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E Shares | 29455 | 305232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard A Shares | 1355 | 13922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard B Shares | 110 | 1136 |

---

<sup>(1)</sup> Inclusive of Shares issued pursuant to the DRIP.

Series I Liquidation

On March 12, 2026, the Board approved management's proposal that Series I liquidate its assets, wind up its business and subsequently dissolve as a legal entity, and, in connection therewith, offer Series I Shareholders the opportunity to reinvest in corresponding Classes of Series II using the proceeds they are credited with in connection with the liquidation of their Series I Shares (the "Liquidation Proposal"). In connection with the Liquidation Proposal, management provided Series I Shareholders the opportunity to reinvest in corresponding Classes of Series II and, for those Series I Shareholders who elected to reinvest, the reinvestments in Series II occurred in the Company's regular monthly subscription window effective as of May 1, 2026. Series I liquidated its portfolio assets and unwound its affairs on May 1, 2026 and management expects to dissolve Series I on or around June 1, 2026.

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#### Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the combined financial statements and notes thereto appearing elsewhere in this Report and the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "Annual Report"). In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. *See "Cautionary Note Regarding Forward-Looking Statements."* Our actual results may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed in "*Item 1A. Risk Factors*" in our Annual Report.

#### Overview
The Company was formed on March 11, 2025 as a Delaware limited liability company. The Company commenced operations on July 15, 2025 and was formed to build a diversified portfolio of Asset-Backed Instruments through its wholly or majority-owned subsidiaries. The Company seeks to achieve its investment objectives by investing primarily in Asset-Backed Instruments. "Asset-Backed Instruments" refers to loans and other instruments that are collateralized by, or payable from a stream of payments generated by, a specified pool of real assets, financial assets, insurance assets or other assets. To accomplish this, the Company plans to focus on assets outside the traditional corporate and commercial real estate lending markets.

The Company formed separate Series pursuant to Sections 18-215(c) and 18-218(c)(1) of the Delaware Limited Liability Company Act, as amended, and although the Internal Revenue Service ("IRS") has only issued proposed regulations relating to series entities, each Series is intended to be treated as a separate entity for U.S. federal income tax purposes. Although the Series are separate legal entities, they are expected to invest, directly or indirectly, in the same assets acquired by the Company (the "Portfolio Assets") on a pro rata basis, with equal voting rights with respect thereto. While it is the Company's intention that the Series will generally hold pro rata economic interests in each Asset-Backed Instruments, such economic interests may not be pro rata in all instances. The Company expects that deviations from this pro rata holding intention would be a result of cash flows into the Series and different tax obligations between the Series. The Series conduct the business of the Company jointly and although they have the ability and intention to contract in their own names, they expect to do so jointly and in coordination with one another. Each Series is overseen by the Company's board of directors (the "Board") and managed by PIMCO. As a Delaware limited liability company with two different series, to the extent the records maintained for a Series account for the assets associated with a Series separately from the assets of the Company or any other Series, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to such Series are segregated and enforceable only against the assets of such Series and not the assets of the Company generally or of any other Series, as provided under Delaware law. Each of Series I and Series II has elected to be treated as a separate entity for U.S. federal income tax purposes. Series I has elected to be treated as a corporation for U.S. federal income tax purposes and Series II has elected to be treated as a partnership for U.S. federal income tax purposes. The state tax treatment of a limited liability company, and of different series in a series limited liability company, depends on the laws of each state. Although there is no direct authority on point, the Company generally expects that the vast majority of states will follow the U.S. federal tax treatment. However, it is possible that a state may classify Series I and/or Series II differently than the IRS does for U.S. federal income tax purposes. The state tax treatment of a series limited liability company depends on the laws of each state, and it is possible that a particular state may treat Series I and Series II as a single entity for state tax purposes or may treat Series I or Series II as separate entities but classified differently than the IRS does for U.S. federal income tax purposes.

The Company is conducting a continuous private offering of its Shares in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), to (i) accredited investors (as defined in Regulation D under the Securities Act) and (ii) in the case of Shares sold outside of the United States, to persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act). The Company currently offers six types of Shares in Series I and eight types of Shares in Series II. For Series I, there are: Anchor I Shares, Anchor II Shares, Anchor II-B Shares, Standard A Shares, Standard B Shares and E Shares (collectively, the "Series I Shares"). For Series II, there are: Anchor I Shares, Anchor I-B Shares, Anchor II Shares, Anchor II-B Shares, Anchor III Shares, Standard A Shares, Standard B Shares and E Shares (collectively, the "Series II Shares"). The Company may offer additional types of Shares in the future. The Share Classes have different upfront selling commissions and ongoing distribution and shareholder servicing fees.

#### Basis of Presentation
Our combined financial statements are prepared in accordance with U.S. GAAP, which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. Our combined financial statements are prepared using the accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services-Investment Companies ("ASC Topic 946").

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#### Results of Operations
The Company was formed on March 11, 2025 and commenced operations in July 2025. As a result, the Company does not have a meaningful corresponding prior year period with which to compare its operating results.

The Company is dependent upon the proceeds from the offering of its Shares in order to conduct its business. The Company intends to acquire Portfolio Assets with the capital received from such proceeds and any indebtedness that the Company may incur in connection with such activities.

#### Combined Results of Operations
The following is a discussion of our combined results of operations for the three months ended March 31, 2026. You should read this discussion in conjunction with the combined financial statements and related notes included elsewhere in this Report.

#### Revenues
The Company generates revenues primarily from the management of its Portfolio Assets held through the Company's subsidiaries and to a lesser extent strategic opportunities in Asset-Backed Instruments, which may consist of interest income, net realized gains or losses and net change in unrealized appreciation or depreciation of Portfolio Assets.

Series I, Series II and the Company generated revenues of $0.2 million, $6.8 million and $7.0 million, respectively, for the quarter-ended March 31, 2026, which includes interest income of $0.4 million, $8.3 million and $8.7 million, respectively, $11, $149 and $160 of net unrealized appreciation/(depreciation), respectively, and $0, $(4) and $(4) of net realized gains/(losses), respectively, on Portfolio Assets and derivatives over the period. Such revenues were generated from our Portfolio Assets.

See Note 2 to the unaudited combined financial statements included herein for additional information regarding revenue recognition.

#### Investment Income
The Company's level of investment activity can, does, and will vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments the Company makes.

Investment income for the three months ended March 31, 2026 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Series I** | **Series II** | **PIMCO Asset-Based<br>Lending Company LLC** |
|  **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $385 | $8327 | $8712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliates | 23 | 508 | 531 |
|  **Total Investment Income** | $**408** | $**8835** | $**9243** |

---

For the three months ended March 31, 2026, total investment income was driven by the Company's deployment of capital and invested balance of investments. The size of the Company's investment portfolio at fair value was $611.6 million as of March 31, 2026 and, as of such date, all of the Company's investments were income-producing.

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#### Expenses
The Company's primary operating expenses include the payment of the: (i) management fee (the "Management Fee") to the Operating Manager pursuant to the Second Amended and Restated Operating Agreement, dated March 4, 2026 between the Company and the Operating Manager (as further amended, restated, supplemented or otherwise modified from time to time, the "Operating Agreement") (unless waived); (ii) performance fee ("Performance Fee") payable to the Operating Manager pursuant to the Operating Agreement between the Company and the Operating Manager; and (iii) other operating expenses as detailed below:

• salaries and other compensation or expenses, including travel expenses, of any of the Company's executive officers, directors and employees, if any, who are not officers, directors, stockholders, members, partners or employees of PIMCO or its subsidiaries or affiliates;

• taxes and governmental fees, if any, levied against the Company;

• payments, fees, costs, expenses and other liabilities, allocable overhead or other amounts or compensation (such as arranger, brokerage, placement, syndication, solicitation, underwriting, agency, origination, sourcing, group purchasing, structuring, collateral management, special purpose vehicle (including any special purpose vehicle of a Portfolio Asset), capital markets syndication and advisory fees (including underwriting and debt advisory fees) or subsidiary management or administration, operation, asset service, advisory, commitment, facility, float, insurance, reinsurance or other fees, discounts, retainers, spreads, commissions and concessions or other fees associated with the effectuation of any securities or financing transactions, but not merger and acquisition transaction advisory services fees related to the negotiation of the acquisition of a Portfolio Asset (including, for the avoidance of doubt, collateralized loan obligations, collateralized debt obligations, residential mortgage-backed securities and other structures acquired by the Company) earned by or paid (whether in cash or in kind) to an affiliated service provider, or another person with respect to services rendered by such affiliated service provider or other person); provided that if such affiliated service provider is engaged in the relevant activity or service on a for-profit basis, as determined by the Operating Manager in good faith, then, unless approved by the Board, the applicable fees paid to it for such services will be on terms as determined by the Operating Manager which the Operating Manager determines are not materially less favorable to the Company or the applicable Portfolio Asset than the fees that could be paid to a third party with commensurate skill, expertise or experience (to the extent applicable), in each case, as determined by the Operating Manager in good faith; expenses related to special purpose vehicles (including, without limitation, overhead expenses related thereto);

• costs, including interest expenses, of borrowing money or engaging in other types of leverage financing including, without limitation, through the use by the Company of reverse repurchase agreements, dollar rolls/buy backs, bank borrowings, credit facilities and tender option bonds;

• fees and expenses of any underlying funds or other pooled vehicles in which the Company invests;

• expenses of any third party valuation agent engaged to assist in valuing the Company's assets;

• extraordinary expenses, including extraordinary legal expenses, as may arise, including, without limitation, expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Company to indemnify its directors, officers, employees, stockholders, distributors, and agents with respect thereto;

• fees and expenses, including legal, printing and mailing, solicitation and other fees and expenses associated with and incident to stockholder meetings and proxy solicitations;

• allocated costs incurred by PIMCO in providing managerial assistance to those companies in which the Company has invested who request it;

• the Company's pro rata portion of insurance premiums (including costs relating to directors' and officers' liability insurance and errors and omissions insurance);

• all fees, costs, expenses, and liabilities relating to currency hedging and portfolio hedging transactions;

• all fees, costs, expenses and liabilities of liquidating the Company;

• all fees, costs, expenses and liabilities that are specific to the operations of the Company; and

• all expenses of the Company that are capitalized in accordance with generally accepted accounting principles.

The Company reimburses the Operating Manager or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Operating Agreement or otherwise. The Company expects its general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

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Expenses for the three months ended March 31, 2026 were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Series I** | **Series II** | **PIMCO Asset-Based<br>Lending Company LLC** |
|  Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses | $133 | $2947 | $3080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organizational expenses | 1 | 23 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred offering expenses amortization | 140 | 742 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management Fee | 29 | 504 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance Fee | 21 | 372 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors fee | 5 | 110 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 31 | 673 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party professional fees | (1) | (10) | (11) |
|  Total expenses | $**359** | $**5361** | $**5720** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense support, waiver and rebate | (245) | (3212) | (3457) |
|  **Net expenses** | $**114** | $**2149** | $**2263** |

---

General and administrative expenses include valuation, insurance, filing, research, subscriptions and other costs. Organizational and Offering Expenses include organizational and offering expenses incurred in the Company's initial formation and the Company's offering of Shares.

Going forward, we expect the Company's primary expenses to be the payment of the Management Fee pursuant to the Operating Agreement, as well as the Performance Fee to the Operating Manager. We will also bear other capital and operating expenses.

For further information on the Company's expenses, see Notes 2, 3 and 11 to the unaudited combined financial statements included herein.

#### Portfolio, Investment Activity and Consolidated Results of Operations
As of March 31, 2026, the Company's Asset-Backed Instruments were comprised of 100.0% fixed rate investments with fair values of $15.6 million, $361.4 million and $377.0 million for Series I, Series II and the Company, respectively.

#### Net Investment Income (Loss)
Net investment income (loss) for the three months ended March 31, 2026, before income taxes was $294, $6,686 and $6,980 for Series I, Series II and the Company, respectively.

Net investment income (loss) for the three months ended March 31, 2026, after income taxes was $218, $6,691 and $6,909 for Series I, Series II and the Company, respectively.

#### Income Taxes
Series I and Series II are treated as separate entities for U.S. federal income tax purposes with segregated assets and liabilities. Series I is treated as a corporation for U.S. federal income tax purposes, and Series II is treated as a partnership for U.S. federal income tax purposes. For the three months ended March 31, 2026 the Company recorded a net expense of $114, $2,149 and $2,263 for Series I, Series II and the Company, respectively, before income taxes.

#### Net Realized Gain (Loss) and Net Change in Unrealized Gain (Loss)
Without regard to unrealized gain (loss) previously recognized, realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset. Net change in unrealized gain (loss) will reflect the change in investment values during the reporting period, including the reversal of any previously recorded unrealized gain (loss) when gains or losses are realized.

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Net realized gains (losses) on investments in affiliates, and net unrealized appreciation (depreciation) on investments generally, on investments in affiliates, and on exchange-traded or centrally cleared derivatives are reported separately on the Combined Statements of Operations.

The Company recorded a net realized gain (loss) on investments in affiliates of $0, $(4) and $(4) for the three months ended March 31, 2026, for Series I, Series II and the Company, respectively. The Company did not record any net realized appreciation (depreciation) on exchange-traded or centrally cleared derivatives for Series I, Series II or the Company for the three months ended March 31, 2026. The Company recorded net unrealized appreciation (depreciation) on investments of $(133), $(3,036) and $(3,169) for the three months ended March 31, 2026, for Series I, Series II and the Company, respectively. The Company recorded net unrealized appreciation (depreciation) on investments in affiliates of $128, $2,796 and $2,924 for the three months ended March 31, 2026, for Series I, Series II and the Company, respectively. The Company recorded net unrealized appreciation (depreciation) on exchange-traded or centrally cleared derivatives of $16, $389 and $405 the three months ended March 31, 2026, for Series I, Series II and the Company, respectively.

#### Hedging
The Company has created, and may continue to create in the future, certain U.S. and non-U.S. partnerships or other entities that will serve as "feeder" entities (the "Feeder Entities") or parallel entities, as well as other entities or structures through which investors will indirectly invest in or obtain exposure to the Company or some portion or all of its assets (collectively with Feeder Entities, "Related Acquisition Vehicles"). The Company, the Related Acquisition Vehicles and/or subsidiaries thereof employ hedging in support of financing techniques or that is designed to reduce the risks of adverse movements in interest rates, securities prices, commodities prices and currency exchange rates, as well as other risks. While such transactions may reduce certain risks, such transactions themselves may entail certain other risks, including counterparty default, convergence and other related risks. Thus, while the Company and/or its subsidiaries may benefit from the use of these hedging mechanisms, unanticipated changes in interest rates, securities prices, commodities prices or currency exchange rates or other events related to hedging activities could result in a poorer overall performance for the Company and/or its subsidiaries than had they not entered into such hedging transactions.

Certain non-United States domiciled Feeder Entities entered, or intend to enter, into currency hedging arrangements in order to mitigate currency fluctuations from negatively affecting the value of such Feeder Entities' investment in the Company. In connection with such currency hedging arrangements, the Company is expected to provide guarantees, issue letters of credit and/or provide other credit support in support of such Feeder Entities' obligations under any such currency hedging arrangements of such Feeder Entities to the extent necessary. While gains and losses on the currency hedging transactions undertaken in connection with, and the expenses of, a Feeder Entity's currency hedging arrangements are expected to be allocated to the applicable Feeder Entity only, the Company as a whole may be liable for obligations in connection with currency hedging transactions undertaken by a specific Feeder Entity*.*

The Company enters into various swap contracts as part of its investment strategies. Cash flows are exchanged based on the underlying assets or index of the swap. The terms of swap contracts can vary greatly. Swap agreements are carried at fair value in the accompanying Combined Statement of Assets and Liabilities and changes in fair value are reflected in the accompanying Combined Statements of Operations as net change in unrealized gain (loss) on derivatives. Any cash collateral amounts posted to or received from the counterparty to cover collateral obligations under the terms of the swap contracts are included in "Deposits with or from counterparty" on the Combined Statement of Assets and Liabilities. See *"Item 1. Financial Statements - Notes to Combined Financial Statements (Unaudited) - Note 2. Significant Accounting Policies - Derivatives", "Item 1. Financial Statements - Notes to Combined Financial Statements (Unaudited) - Note 6. Derivative"* and our combined condensed schedule of investments for additional disclosure regarding our accounting for derivative instruments.

For the three months ended March 31, 2026, Series I, Series II and the Company did not generate any net realized gain (loss) on derivatives and generated net change in unrealized gain (loss) on derivatives of $16, $389 and $405, respectively, reflected on the Combined Statements of Operations.

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#### Financial Condition, Liquidity and Capital Resources
The Company generates cash from the net proceeds of offerings of its Shares, and from cash flows from interest and fees earned from its investments and principal repayments and proceeds from sales of its investments. The Company may also fund a portion of its investments through borrowings from banks and issuances of senior securities, including before the Company has fully invested the proceeds of any closing of the Company's continuous private offering of its Shares. The Company believes that cash provided by such means will be sufficient to satisfy its anticipated cash requirements for the next twelve months and foreseeable future. The Company uses cash primarily for investments in portfolio companies, payments of Company expenses and payment of cash distributions to shareholders of the Company (the "Shareholders").

#### Financing Transactions
As of March 31, 2026, the Company had outstanding borrowings of $2.1 million, $48.4 million and $50.5 million for Series I, Series II and the Company, respectively.

See Note 4 to the unaudited combined financial statements included herein for additional information regarding the Company's borrowings.

The Company may also from time to time enter into new credit facilities, increase the size of existing credit facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, the Company's liquidity requirements, contractual and regulatory restrictions and other factors.

#### Revolving Credit Facilities
*Barclays Facility* 

On September 9, 2025, PAL RL REI I LLC, a wholly owned subsidiary of PALCO LVS 4 LP (a subsidiary of the Company, Series I and Series II), entered a TBMA/ISMA Global Master Repurchase Agreement with Barclays Bank PLC ("Barclays"), with PIMCO acting in its own capacity and as manager of the accounts party thereto (the "Barclays Repo Facility"). The Barclays Repo Facility provides for a maximum aggregate purchase price of $5.0 million for all PIMCO accounts party thereto. Borrowings under the facility bear interest at the rate defined in the applicable confirmation annex. The facility matures in March 2027. In connection with the Barclays Repo Facility, the Company provided guarantees in favor of Barclays (the "Guarantee Agreement"), under which the Company guarantees all existing and future payment obligations of PALCO LVS 4 LP to Barclays solely arising out of the Barclays Repo Facility. The Company is also liable under the Guarantee Agreement for all fees and out of pocket expenses relating to the enforcement or protection of the rights of Barclays arising thereunder. The Barclays Repo Facility and the Guarantee Agreement contain representations, warranties, covenants, events of default and indemnities that are customary for similar agreements. As of March 31, 2026, the Company had no outstanding repurchase obligations and was in compliance with all covenants under the Barclays Repo Facility and the Guarantee Agreement.

*Santander Facility* 

On December 12, 2025, PALCO LVS 6, a subsidiary of the Company, Series I and Series II, through its fully owned entity, PAL CL Trust 1, a New York common law trust (the "Trust") entered a revolving credit facility with Banco Santander S.A. (the "Santander Facility"). UMB Bank, National Association is the trustee of the Trust. The Santander Facility's maximum borrowing limit is $200.0 million with a borrowing buffer of $25.0 million as defined in the credit and security agreement. The Company pays an unused fee of 0.40% of the borrowing buffer and an interest rate of SOFR+1.5% on the outstanding principal of the Santander Facility. The maturity date of this facility is December 12, 2026. The Company provides limited guarantees in favor of Banco Santander in accordance with limited guaranty and indemnity agreement.

See Note 4 to the unaudited combined financial statements included herein for additional information regarding the Company's revolving credit facilities.

#### Off-Balance Sheet Arrangements
The Company may become a party to investment commitments and to financial instruments with off-balance sheet risk in the normal course of its business to fund investments and to meet the financial needs of its portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the Combined Statements of Assets and Liabilities. As of March 31, 2026, Series I, Series II and the Company had no unfunded commitments on its investment portfolio.

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#### Distributions and Distribution Reinvestment

#### Distribution Reinvestment Plan
The Company adopted a distribution reinvestment plan (the "DRIP") in which cash distributions to Shareholders will automatically be reinvested in additional whole and fractional Shares attributable to the type of Shares that a Shareholder owns unless and until an election is made by, or on behalf of, such participating Shareholder to withdraw from the DRIP and receive distributions in cash. The number of Shares to be received when distributions are reinvested will be determined by dividing the amount of the distribution, net of any applicable withholding taxes, by the Series' NAV per Share as of the end of the prior month. Shares will be distributed in proportion to the Series and types of Shares held by the Shareholder under the DRIP. There will be no sales load charges on Shares issued to a Shareholder under the DRIP.

#### Distributions
Beginning February 2026, the Company started paying distributions to its Shareholders. The Company intends to declare, accrue and pay distributions on a monthly basis. However, there is no guarantee that Series I, Series II or the Company will pay monthly distributions consistently and at a specific rate, or at all.

On February 13, 2026, the Company declared distributions on the following Classes of Shares for each Series, in the amounts per Share set forth below:

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| | |
|:---|:---|
| **Class** | **Distribution** |
|  **Series I** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor I Shares | $0.0633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor II Shares | 0.0630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor II-B Shares | 0.0632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E Shares | 0.0634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard A Shares | 0.0631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard B Shares | 0.0630 |
|  **Series II** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor I Shares | $0.0637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor II Shares | 0.0635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor III Shares | 0.0638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E Shares | 0.0639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard A Shares | 0.0635 |

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The distributions for each Class of Shares were payable to holders of record at the close of business on January 31, 2026 and were paid on February 20, 2026. The distributions were paid in cash or reinvested in Shares of the Company for Shareholders participating in the DRIP.

On February 28, 2026, the Company declared distributions on the following Classes of Shares for each Series, in the amounts per Share set forth below:

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| | |
|:---|:---|
| **Class** | **Distribution** |
|  **Series I** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor I Shares | $0.0525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor II Shares | 0.0486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor II-B Shares | 0.0490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E Shares | 0.0601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard A Shares | 0.0417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard B Shares | 0.0418 |
|  **Series II** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor I Shares | $0.0694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor II Shares | 0.0656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor III Shares | 0.0732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E Shares | 0.0772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard A Shares | 0.0586 |

---

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##### [**Table of Contents**](#toc)
The distributions for each Class of Shares were payable to holders of record at the close of business on February 28, 2026 and were paid on March 20, 2026. The distributions were paid in cash or reinvested in Shares of the Company for Shareholders participating in the DRIP.

On March 31, 2026, the Company declared distributions on the following Classes of Shares for each Series, in the amounts per Share set forth below:

---

| | |
|:---|:---|
| **Class** | **Distribution** |
|  **Series I** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor I Shares | $0.0591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor II Shares | 0.0555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor II-B Shares | 0.0556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E Shares | 0.0664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard A Shares | 0.0491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard B Shares | 0.0491 |
|  **Series II** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor I Shares | $0.0736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor II Shares | 0.0700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor III Shares | 0.0777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E Shares | 0.0811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard A Shares | 0.0635 |

---

The distributions for each Class of Shares were payable to holders of record at the close of business on March 31, 2026 and were paid on April 20, 2026. The distributions were paid in cash or reinvested in Shares of the Company for Shareholders participating in the DRIP.

#### Share Repurchases
The Company offers a quarterly Share Repurchase (each, a "Share Repurchase") for up to 5.0% of the aggregate NAV (measured collectively across both Series) of outstanding Shares at a price based on the NAV per Share as of the last calendar day of the calendar quarter prior to the commencement of the applicable Share Repurchase (the "Repurchase Plan"); provided that the Company may further limit the number of Shares subject to the quarterly repurchases of the Shares in accordance with the Company's second amended and restated limited liability company agreement (as further amended, restated, supplemented or otherwise modified from time to time) (the "LLC Agreement") and applicable securities law. The Company commenced its Share Repurchases beginning February 2026. Due to differential fees (including accrued, but unpaid Performance Fees) and other factors, the NAV of each type of Shares will differ, but all NAV calculations are expected to be based on the joint underlying economic interests of the Company in the assets underlying its portfolio assets.

Until the second anniversary of July 14, 2025, Shares requested to be repurchased shall be subject to an early repurchase fee (the "Early Repurchase Fee") of 5.0% of the NAV of the Anchor I Shares, Anchor I-B Shares, Anchor II Shares, Anchor II-B Shares and Anchor III Shares repurchased.

The following table summarizes the Shares repurchased during the three months ended March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Share Class** | **Repurchase Price<br>per Share** | **Number of Shares<br>Repurchased** | **Gross<br>Consideration** | **5% Early<br>Repurchase Fee** | **Net<br>Consideration** |
|  **Series I** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E Shares | $10.29 | 971.72 | $10 | $- | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** |  |  | $10 | $- | $10 |

---

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##### [**Table of Contents**](#toc)

#### Cash Flows
The following table summarizes the changes to our cash flows for the three months ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Cash flows provided by (used in):** | **Series I** | **Series II** | **PIMCO Asset-Based<br>Lending Company LLC** |
|  Operating activites | $(4818) | $(193175) | $(197993) |
|  Financing activities | 3900 | 185360 | 189260 |
|  Net increase/(decrease) in cash and cash equivalents | $(918) | $(7815) | $(8733) |

---

*Cash used in operating activities* 

The Company's net cash used in operating activities was $198.5 million for the three months ended March 31, 2026, which mostly relates to the acquisition of Portfolio Assets.

*Cash provided by financing activities* 

The Company's net cash provided by financing activities was $189.8 million for three months ended March 31, 2026, which reflects the proceeds from issuance of Shares.

#### Critical Accounting Estimates
The preparation of the Company's combined financial statements requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. The Company's critical accounting policies, including those relating to the valuation of its investment portfolio, should be read in connection with the Company's "*Unaudited Combined Financial Statements*" in Part I, Item 1 of this Report.

See Notes 2 and 5 to the unaudited combined financial statements included herein for additional information regarding the fair value of the Company's investments.

#### Related Party Transactions
The Company has entered into a number of business relationships with affiliated or related parties, including the following (which are defined in the notes to the accompanying unaudited combined financial statements if not defined herein):

• the Operating Agreement;

• the Expense Limitation and Reimbursement Agreement; and

• the Dealer Manager Agreement.

See "*Item 1. Financial Statements - Notes to Combined Financial Statements (Unaudited) - Note 3. Related Party Transactions and Agreements.*"

#### Item 3. Quantitative and Qualitative Disclosures About Market Risk
The Company is subject to, among other risks, financial market risks, interest rate risk, credit risk and market risk with respect to the Asset-Backed Instruments. Subject to oversight by the Board, the Operating Manager is responsible for the oversight of risks to the Company's business.

#### Changes in Market Interest Rates
With respect to the Company's business operations, general decreases in interest rates over time may cause the interest income associated with the Company's Asset-Backed Instruments to decrease. Conversely, general increases in interest rates over time may cause the interest income associated with the Company's Asset-Backed Instruments to increase. General increases or decreases in interest rates over time may have an impact on the value of the Company's Asset-Backed Instruments.

------

##### [**Table of Contents**](#toc)
The Company's Asset-Backed Instruments were comprised of 100.0% fixed rate investments with fair values of $15.6 million, $361.4 million and $377.0 million for Series I, Series II and the Company, respectively, as of March 31, 2026. The Company's Asset-Backed Instruments were comprised of 100.0% fixed rate investments with fair values of $7.5 million, $141.7 million and $149.2 million for Series I, Series II and the Company, respectively, as of December 31, 2025. All positions currently held by the Company are fixed rate and contractually determined, changes in market interest rates would not have an effect on interest income.

#### Credit Risk
Credit risk is the failure of the counterparty to perform under the terms of the applicable agreement. If the fair value of an agreement is positive, the counterparty will owe the Company, which creates credit risk for the Company. If the fair value of an agreement is negative, the Company will owe the counterparty and, therefore, do not have credit risk. The Company seeks to minimize the credit risk in its agreements by entering into transactions with high-quality counterparties. See "*Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations - Hedging*" for a discussion of the Company's hedging transactions.

#### Market Risk
Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates. The market risk associated with contracts bearing interest rates is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. With regard to floating rate assets, the Company assesses its interest rate cash flow risk by continually identifying and monitoring changes in interest rate exposures that may adversely impact expected future cash flows and by evaluating hedging opportunities. The Company maintains risk management control systems to monitor interest rate cash flow risk attributable to both the Company's then-existing and expected Portfolio Assets as well as the Company's potential offsetting hedge positions. While this hedging strategy will be designed to minimize the impact on the Company's net income and funds from operations from changes in interest rates, the overall returns on your investment may be reduced.

#### Exchange Rate Risk
In addition, although the Company does not currently intend to make investments that are denominated in a foreign currency, to the extent it does, the Company will be subject to risks associated with changes in currency exchange rates. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved.

#### Item 4. Controls and Procedures
*Evaluation of Disclosure Controls and Procedures* 

The Company and each Series maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) that are designed to ensure that the information required to be disclosed by the Company in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and such information is accumulated and communicated to management, including the Principal Executive Officer and the Principal Financial Officer of the Company, as appropriate, to allow timely decisions regarding required disclosure. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurances of achieving the desired control objectives. As of the end of the period covered by this Report, the Company carried out an evaluation, under the supervision and with the participation of the Series and Company's management, including the Company's Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based on that evaluation, the Company's Principal Executive Officer and Principal Financial Officer have concluded that as of March 31, 2026, the disclosure controls and procedures of the Company and each Series were effective to accomplish their objectives at the reasonable assurance level.

*Changes in Internal Control over Financial Reporting* 

There have been no changes in the Company's internal control over financial reporting that occurred during the Company's most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

*Certifications* 

The Certifications of the Principal Executive Officer and Principal Financial Officer of the Company required by Section 302 and Section 906 of The Sarbanes–Oxley Act of 2002, as amended, which are filed or furnished as Exhibits 31.1, 31.2 and 32.1 to this Report, are applicable to each Series individually and to the Company as a whole.

------

##### [**Table of Contents**](#toc)

#### PART II. OTHER INFORMATION

#### Item 1. Legal Proceedings
The Company is not currently subject to any material legal proceedings, nor, to the Company's knowledge, is any material legal proceeding threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company's rights under contracts with our Portfolio Assets. We may also be subject to regulatory proceedings.

#### Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A. "Risk Factors" in the Annual Report, which could materially affect the Company's business, financial condition and/or operating results. The risks described in the Annual Report are not the only risks the Company faces. Additional risks and uncertainties that are not currently known to the Company or that the Company currently deems to be immaterial also may materially adversely affect the Company's business, financial condition and/or operating results. There have been no material changes from the risk factors set forth in the Annual Report.

#### Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
During the three months ended March 31, 2026, the Company repurchased Shares in the following amounts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Period | Total Number of<br>Shares Purchased | Average<br>Price Paid<br>per Share | Total Number of Shares<br>Purchased as Part of Publicly<br>Announced Plans or Programs | Maximum Number (or Approximate Dollar<br>Value) of Shares that May Yet Be Purchased<br>Under the Plans or Programs <sup>(1)</sup> |
| January 1, 2026 to January 31, 2026 | 971.72 | $10.29 | 971.72 |  |
| February 1, 2026 to February 28, 2026 |  |  |  |  |
| March 1, 2026 to March 31, 2026 |  |  |  |  |
| Total | 971.72 | $10.29 | 971.72 |  |

---

(1) The Company offers a quarterly Share Repurchase for up to 5.0% of the aggregate NAV (measured collectively across both Series) of outstanding Shares at a price based on the NAV per Share as of the last calendar day of the calendar quarter prior to the commencement of the applicable Share Repurchase (the "Repurchase Plan"); provided that the Company may further limit the number of Shares subject to the quarterly repurchases of the Shares in accordance with the LLC Agreement and applicable securities law.

#### Item 3. Defaults Upon Senior Securities
None.

#### Item 4. Mine Safety Disclosures
Not applicable.

#### Item 5. Other Information
None.

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##### [**Table of Contents**](#toc)

#### Item 6. Exhibits
The following exhibits are filed as part of this Report or are hereby incorporated by reference to exhibits previously filed with the SEC:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [Certificate of Formation (incorporated by reference to Exhibit 3.1 to the Registrant's Form 10 filed with the SEC on July 21, 2025).](http://www.sec.gov/Archives/edgar/data/2073537/000119312525161296/d893291dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [Second Amended and Restated Limited Liability Company Agreement (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed with the SEC on March 5, 2026).](http://www.sec.gov/Archives/edgar/data/2073537/000119312526094186/d61154dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 | [Series Agreement of PIMCO Asset-Based Lending Company LLC - Series I (incorporated by reference to Exhibit 3.3 to the Registrant's Form 10 filed with the SEC on July 21, 2025).](http://www.sec.gov/Archives/edgar/data/2073537/000119312525161296/d893291dex33.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.4 | [Series Agreement of PIMCO Asset-Based Lending Company LLC - Series II (incorporated by reference to Exhibit 3.4 to the Registrant's Form 10 filed with the SEC on July 21, 2025).](http://www.sec.gov/Archives/edgar/data/2073537/000119312525161296/d893291dex34.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.5 | [Certificate of Registered Series of PIMCO Asset-Based Lending Company LLC – Series I (incorporated by reference to Exhibit 3.2 to the Registrant's Quarterly Report on Form 10-Q filed with the SEC on November 14, 2025).](http://www.sec.gov/Archives/edgar/data/2073537/000119312525283334/d17660dex32.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.6 | [Certificate of Registered Series of PIMCO Asset-Based Lending Company LLC – Series II (incorporated by reference to Exhibit 3.3 to the Registrant's Quarterly Report on Form 10-Q filed with the SEC on November 14, 2025).](http://www.sec.gov/Archives/edgar/data/2073537/000119312525283334/d17660dex33.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | [Form of Subscription Agreement for US Investors (incorporated by reference to Exhibit 4.2 to the Registrant's Annual Report on Form 10-K filed with the SEC on March 31, 2026).](http://www.sec.gov/Archives/edgar/data/2073537/000119312526133933/d112132dex42.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | [Form of Subscription Agreement for non-US Investors (incorporated by reference to Exhibit 4.3 to the Registrant's Annual Report on Form 10-K filed with the SEC on March 31, 2026).](http://www.sec.gov/Archives/edgar/data/2073537/000119312526133933/d112132dex43.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 | [Share Repurchase Plan (incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed with the SEC on March 5, 2026).](http://www.sec.gov/Archives/edgar/data/2073537/000119312526094186/d61154dex103.htm) |
| 10.1 | [Second Amended and Restated Operating Agreement (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the SEC on March 5, 2026).](http://www.sec.gov/Archives/edgar/data/2073537/000119312526094186/d61154dex101.htm) |
| 10.2 | [Second Amended and Restated Dealer Manager Agreement (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed with the SEC on March 5, 2026).](http://www.sec.gov/Archives/edgar/data/2073537/000119312526094186/d61154dex102.htm) |
| 31.1\* | [Certification of Principal Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.](d34275dex311.htm) |
| 31.2\* | [Certification of Principal Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.](d34275dex312.htm) |
| 32.1\* | [Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d34275dex321.htm) |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

\* Filed herewith.

The agreements and other documents filed as exhibits to this Report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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##### [**Table of Contents**](#toc)

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | **PIMCO Asset-Based Lending Company LLC** |
| **Date:** May 14, 2026 | By: | /s/ Jason Mandinach |
|  |  | Jason Mandinach |
|  |  | Principal Executive Officer |
| **Date:** May 14, 2026 | By: | /s/ Crystal Porter |
|  |  | Crystal Porter |
|  |  | Principal Financial Officer and Principal Accounting Officer |

---

## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER UNDER** 

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Jason Mandinach, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of PIMCO Asset-Based
Lending Company LLC;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Intentionally omitted];

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: May 14, 2026 | By: | /s/ Jason Mandinach |
|  |  | Jason Mandinach |
|  |  | Principal Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER UNDER** 

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Crystal Porter, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of PIMCO Asset-Based
Lending Company LLC;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Intentionally omitted];

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: May 14, 2026 | By: | /s/ Crystal Porter |
|  |  | Crystal Porter |
|  |  | Principal Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1** 

**Certification of Principal Executive Officer and Principal Financial Officer** 

**Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the Quarterly Report on Form 10-Q of PIMCO Asset-Based Lending Company LLC (the "Company") for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Jason Mandinach, as Principal Executive Officer of the Company, and Crystal Porter, as Principal Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of such officer's knowledge:

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

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

---

| | |
|:---|:---|
| Date: May 14, 2026 | /s/ Jason Mandinach |
|  | Jason Mandinach |
|  | Principal Executive Officer |
| Date: May 14, 2026 | /s/ Crystal Porter |
|  | Crystal Porter |
|  | Principal Financial Officer |

---

\* The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.