# EDGAR Filing Document

**Accession Number:** 0001788420
**File Stem:** 0001145549-23-014345
**Filing Date:** 2023-3
**Character Count:** 86858
**Document Hash:** 3a52a26fbb115582334563e8f2e30aba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-014345.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-014345

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Keystone Private Income Fund
- **CENTRAL INDEX KEY:** 0001788420
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23482
- **FILM NUMBER:** 23692748

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

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

## Nport-Ex

**Keystone Private Income Fund**

**Schedule of Investments**

**December 31, 2022 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  | Original | | |
| Principal |  |  | Maturity | Acquisition |  |  |
| Amount |  | Coupon Rate | Date | Date | Cost | Fair Value |
|  | **Private Credit - 100.8%** |  |  |  |  |  |
|  | **Corporate Finance - 24.0%** |  |  |  |  |  |
| $31436179 | Bigfoot Capital SPV1, LLC<sup>1,2</sup> | 11.75% | 1/15/2024 | 1/15/2021 | $31436179 | $31436179 |
| 63314856 | FilmRise Acquisitions, LLC<sup>1,2</sup> | 13.50% | 8/17/2023 | 7/1/2020 | 63314856 | 63314856 |
| 14312412 | FVP Funding I, LLC<sup>1,2,4</sup> | 10.00% + 2.00% PIK | 2/6/2027 | 2/7/2022 | 14312412 | 14312412 |
| 5000000 | FVP Funding II, LLC<sup>1,2,4</sup> | 10.00% + 2.00% PIK | 10/12/2027 | 10/12/2022 | 5000000 | 5000000 |
| 15000000 | Hall Labs, LLC<sup>1,2</sup> | 14.50% | 2/11/2023 | 8/11/2021 | 15000000 | 15000000 |
| 15224644 | Loop Inc.<sup>1,2,9</sup> | 15.63% (11.75% + <br> 1 year CMT,<br> 13.75% Floor) | 6/14/2025 | 5/17/2022 | 15224644 | 15224644 |
| 10771936 | Onward Partners, LLC<sup>1,2</sup> | 15.00% | 6/17/2026 | 6/18/2021 | 10771936 | 10771936 |
| 2464220 | Paradise Cruise Line Intermediate Holdings, LLC<sup>1,2</sup> | 12.00% | 4/1/2024 | 4/1/2021 | 2464220 | 2464220 |
| 24945697 | SE1 Generation ABM Holdings, LLC<sup>1,2</sup> | 12.00% | 6/8/2023 | 6/8/2022 | 24945697 | 24945697 |
| 10000000 | Vantage Borrower SPV, LLC<sup>1,2</sup> | 11.00% | 4/30/2024 | 3/7/2022 | 10000000 | 10000000 |
|  |  |  |  |  | 192469944 | 192469944 |
|  | **Equipment Leasing - 30.2%** |  |  |  |  |  |
| 3259093 | Accelerate360, LLC<sup>1,2,8</sup> | 14.50% | 4/1/2023 | 3/11/2021 | 3259093 | 3259093 |
| 903738 | Accelerate360, LLC<sup>1,2,8</sup> | 14.50% | 6/30/2023 | 5/25/2021 | 903738 | 903738 |
| 498820 | ARX, Accurate RX Specialty Pharmacy Corp.<sup>1,2</sup> | 12.50% | 1/1/2025 | 6/3/2022 | 498820 | 498820 |
| 617812 | ARX, Accurate RX Specialty Pharmacy Corp.<sup>1,2</sup> | 12.50% | 6/9/2025 | 12/9/2022 | 617812 | 617812 |
| 1344870 | Avensis Energy Services, LLC<sup>1,2</sup> | 12.50% | 3/31/2025 | 9/13/2022 | 1344870 | 1344870 |
| 1670922 | Bay Minette Energy LLC<sup>1,2</sup> | 14.50% | 11/24/2024 | 5/27/2022 | 1670922 | 1670922 |
| 1396542 | Blew Bayou Services LLC<sup>1,2</sup> | 14.50% | 5/1/2025 | 10/28/2022 | 1396542 | 1396542 |
| 2560937 | Bohme, LLC<sup>1,2</sup> | 14.50% | 9/30/2024 | 9/28/2022 | 2560937 | 2560937 |
| 909897 | Carepoint Health Management Associates, LLC<sup>1,2</sup> | 14.50% | 7/1/2023 | 12/2/2020 | 909897 | 909897 |
| 120683 | Carepoint Health Management Associates, LLC<sup>1,2</sup> | 14.50% | 3/31/2023 | 3/30/2022 | 120683 | 120683 |
| 3728182 | Carnaby Inventory I, LLC<sup>1,2</sup> | 14.50% | 8/31/2024 | 2/23/2022 | 3728182 | 3728182 |
| 3728182 | Carnaby Inventory I, LLC<sup>1,2</sup> | 14.50% | 8/31/2024 | 2/23/2022 | 3728182 | 3728182 |
| 1505305 | Carnaby Inventory I, LLC<sup>1,2</sup> | 14.50% | 9/30/2024 | 3/10/2022 | 1505305 | 1505305 |
| 18053995 | Carnaby Inventory IV, LLC<sup>1,2</sup> | 12.00% | 12/31/2024 | 6/30/2022 | 18053995 | 18053995 |
| 3957965 | Carnaby Inventory IV, LLC<sup>1,2</sup> | 14.50% | 3/31/2023 | 9/26/2022 | 3957965 | 3957965 |
| 627565 | Envelope 1, Inc. and E1 Digital Direct, Inc.<sup>1,2</sup> | 12.50% | 1/1/2025 | 5/11/2022 | 627565 | 627565 |
| 382885 | Firstronic, LLC<sup>1,2</sup> | 12.00% | 11/1/2023 | 10/15/2020 | 382885 | 382885 |
| 974071 | Firstronic, LLC<sup>1,2</sup> | 12.00% | 9/30/2024 | 9/21/2021 | 974071 | 974071 |
| 12041331 | FPL Food LLC<sup>1,2</sup> | 11.00% | 12/31/2025 | 1/6/2022 | 12041331 | 12041331 |
| 800000 | Innotec, Corp.<sup>1,2</sup> | 12.50% | 7/1/2025 | 12/30/2022 | 800000 | 800000 |
| 1068637 | J Jets, Inc.<sup>1,2</sup> | 12.50% | 4/30/2025 | 4/8/2022 | 1068637 | 1068637 |
| 147331 | Kitchens Lumber Company LLC<sup>1,2</sup> | 12.50% | 4/18/2024 | 4/1/2022 | 147331 | 147331 |
| 1959651 | KVJ Properties, Inc.<sup>1,2</sup> | 14.50% | 7/1/2023 | 12/4/2020 | 1959651 | 1959651 |
| 3425181 | KVJ Properties, Inc.<sup>1,2</sup> | 12.50% | 8/31/2025 | 2/25/2022 | 3425181 | 3425181 |
| 1025853 | Lux Vending, LLC<sup>1,2</sup> | 14.50% | 4/30/2023 | 4/16/2021 | 1025853 | 1025853 |
| 3570140 | MC Test Service, Inc.<sup>1,2</sup> | 12.00% | 5/31/2024 | 5/3/2021 | 3570140 | 3570140 |
| 5361751 | MC Test Service, Inc.<sup>1,2</sup> | 12.00% | 1/31/2025 | 1/25/2022 | 5361751 | 5361751 |
| 82955 | Metalogic Inspection Services, LLC<sup>1,2</sup> | 14.50% | 6/1/2023 | 11/9/2020 | 82955 | 82955 |

---

**Keystone Private Income Fund**

**Schedule of Investments**

**December 31, 2022 (Unaudited) (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  | Original | | |
| Principal |  |  | Maturity | Acquisition |  |  |
| Amount |  | Coupon Rate | Date | Date | Cost | Fair Value |
|  | **Private Credit - 100.8% (continued)** |  |  |  |  |  |
|  | **Equipment Leasing - 30.2% (continued)** |  |  |  |  |  |
| $249208 | Metalogic Inspection Services, LLC<sup>1,2</sup> | 14.50% | 10/1/2023 | 3/15/2021 | $249208 | $249208 |
| 537910 | Metalogic Inspection Services, LLC<sup>1,2</sup> | 14.50% | 2/28/2024 | 8/9/2021 | 537910 | 537910 |
| 4851310 | Navajo Transitional Energy Company, LLC<sup>1,2</sup> | 9.50% | 1/1/2026 | 12/9/2022 | 4851310 | 4851310 |
| 1280392 | NWC Services LLC |  | 11/1/2025 | 10/20/2022 | 1280392 | 1280392 |
| 3515604 | Onset Financial, Inc.<sup>1,2</sup> | 14.50% | 5/31/2026 | 12/11/2020 | 3515604 | 3515604 |
| 117363 | Onset Financial, Inc.<sup>1,2</sup> | 12.50% | 9/30/2024 | 9/9/2021 | 117363 | 117363 |
| 10000000 | Onset Financial, Inc.<sup>1,2,9</sup> | 10.74%<br> (SOFR + 7.75%) | 3/31/2029 | 9/26/2022 | 10000000 | 10000000 |
| 1130832 | Onset Financial, Inc. Progress Funding Line<sup>1,2</sup> | 14.00% | 9/30/2025 | 10/4/2022 | 1130832 | 1130832 |
| 6420891 | Orbital Power, Inc.<sup>1,2</sup> | 12.00% | 4/1/2024 | 3/31/2021 | 6420891 | 6420891 |
| 3445182 | Orbital Power, Inc.<sup>1,2</sup> | 12.00% | 7/31/2024 | 8/17/2021 | 3445182 | 3445182 |
| 1934585 | Orbital Power, Inc.<sup>1,2</sup> | 12.00% | 1/31/2024 | 7/23/2021 | 1934585 | 1934585 |
| 848304 | Petroleum Distribution Transportation, LLC<sup>1,2</sup> | 12.50% | 3/31/2025 | 9/27/2022 | 848304 | 848304 |
| 293775 | Pierce Powerline Co., LLC<sup>1,2</sup> | 12.50% | 3/31/2025 | 9/16/2022 | 293775 | 293775 |
| 59028 | Raw Farm, LLC<sup>1,2</sup> | 12.50% | 6/29/2024 | 4/1/2022 | 59028 | 59028 |
| 1057765 | RK Pharma Inc.<sup>1,2</sup> | 14.50% | 2/28/2024 | 2/2/2022 | 1057765 | 1057765 |
| 2593508 | RK Pharma Inc.<sup>1,2</sup> | 14.50% | 3/31/2024 | 3/9/2022 | 2593508 | 2593508 |
| 756699 | RK Pharma Inc.<sup>1,2</sup> | 14.50% | 9/30/2024 | 9/1/2022 | 756699 | 756699 |
| 2988142 | Rokstad Power (East), Inc.<sup>1,2</sup> | 10.50% | 3/31/2026 | 3/1/2022 | 2988142 | 2988142 |
| 2739130 | Rokstad Power (East), Inc.<sup>1,2</sup> | 10.50% | 3/31/2026 | 3/1/2022 | 2739130 | 2739130 |
| 3270260 | Saint Jean Industries, Inc.<sup>1,2</sup> | 14.50% | 6/30/2024 | 12/30/2021 | 3270260 | 3270260 |
| 3562741 | SandP Solutions, LLC DBA Bitcoin of America<sup>1,2</sup> | 12.50% | 7/31/2025 | 7/28/2022 | 3562741 | 3562741 |
| 3420734 | Steelman Aviation, Inc.<sup>1,2</sup> | 14.50% | 12/31/2023 | 12/13/2021 | 3420734 | 3420734 |
| 5788958 | Steelman Aviation, Inc.<sup>1,2</sup> | 12.00% | 11/1/2024 | 10/13/2022 | 5788958 | 5788958 |
| 997038 | Sun-Tech Leasing of Texas, L.P.<sup>1,2</sup> | 12.00% | 10/1/2025 | 9/18/2020 | 997038 | 997038 |
| 1198688 | Sun-Tech Leasing of Texas, L.P.<sup>1,2</sup> | 12.00% | 7/31/2024 | 8/25/2021 | 1198688 | 1198688 |
| 1676566 | Sun-Tech Leasing of Texas, L.P.<sup>1,2</sup> | 12.00% | 7/1/2026 | 11/15/2022 | 1676566 | 1676566 |
| 7357397 | Sustainable Green Team<sup>1,2</sup> | 14.50% | 2/28/2025 | 8/19/2022 | 7357397 | 7357397 |
| 289541 | Thunderbird Field Services LLC<sup>1,2</sup> | 14.50% | 12/31/2023 | 12/14/2021 | 289541 | 289541 |
| 5433792 | TrialAssure Inc.<sup>1,2</sup> | 12.00% | 9/30/2024 | 3/22/2022 | 5433792 | 5433792 |
| 103216 | Trico Products Corporation<sup>1,2</sup> | 12.50% | 4/1/2023 | 7/23/2020 | 103216 | 103216 |
| 11729129 | Trico Products Corporation<sup>1,2</sup> | 12.50% | 10/31/2024 | 4/22/2021 | 11729129 | 11729129 |
| 20423822 | Trico Products Corporation<sup>1,2</sup> | 12.50% | 10/31/2024 | 4/12/2021 | 20423822 | 20423822 |
| 17313447 | Trico Products Corporation<sup>1,2</sup> | 12.50% | 12/31/2025 | 6/30/2022 | 17313447 | 17313447 |
| 10558610 | United Auto Supply of Syracuse, West, Inc.<sup>1,2</sup> | 12.00% | 12/31/2025 | 6/30/2022 | 10558610 | 10558610 |
| 1983439 | United Auto Supply of Syracuse, West, Inc.<sup>1,2</sup> | 12.00% | 12/31/2025 | 6/30/2022 | 1983439 | 1983439 |
| 756223 | Vensure Employer Services, Inc.<sup>1,2</sup> | 14.50% | 1/31/2024 | 7/16/2021 | 756223 | 756223 |
| 2124644 | Vensure Employer Services, Inc.<sup>1,2</sup> | 14.50% | 12/1/2023 | 5/18/2021 | 2124644 | 2124644 |
| 3081126 | Vensure Employer Services, Inc.<sup>1,2</sup> | 14.50% | 7/31/2024 | 1/14/2022 | 3081126 | 3081126 |
| 3552603 | Vensure Employer Services, Inc.<sup>1,2</sup> | 14.50% | 11/13/2024 | 5/13/2022 | 3552603 | 3552603 |
| 8591068 | Vensure Employer Services, Inc.<sup>1,2</sup> | 14.50% | 12/31/2024 | 6/1/2022 | 8591068 | 8591068 |

---

**Keystone Private Income Fund**

**Schedule of Investments**

**December 31, 2022 (Unaudited) (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  | Original | | |
| Principal |  |  | Maturity | Acquisition |  |  |
| Amount |  | Coupon Rate | Date | Date | Cost | Fair Value |
|  | **Private Credit - 100.8% (continued)** |  |  |  |  |  |
|  | **Equipment Leasing - 30.2% (continued)** |  |  |  |  |  |
| $4963140 | Vensure Employer Services, Inc.<sup>1,2</sup> | 14.50% | 2/28/2025 | 8/2/2022 | $4963140 | $4963140 |
| 2722700 | Vensure Employer Services, Inc.<sup>1,2</sup> | 14.50% | 7/1/2025 | 11/3/2022 | 2722700 | 2722700 |
| 693360 | Vensure Employer Services, Inc.<sup>1,2</sup> | 14.50% | 7/1/2025 | 12/22/2022 | 693360 | 693360 |
|  |  |  |  |  | 242136164 | 242136164 |
|  | **Receivables Finance - 9.9%** |  |  |  |  |  |
| 10234813 | CapitalPlus Construction Services, LLC<sup>1,2</sup> | 12.00% | 10/1/2023 | 9/2/2020 | 10234813 | 10234813 |
| 4250000 | CapitalPlus Supply Chain Partners, LLC<sup>1,2</sup> | 12.00% | 7/31/2024 | 8/31/2021 | 4250000 | 4250000 |
| 4080831 | Coign CC Account SPV, LLC<sup>1,2</sup> | 14.50% | 4/12/2024 | 10/12/2022 | 4080831 | 4080831 |
| 8057656 | DNF Associates, LLC<sup>1,2</sup> | 12.75% | 10/31/2024 | 12/28/2020 | 8057656 | 8057656 |
| 10036139 | Elevation Capital Group, LLC<sup>1,2</sup> | 12.50% | 8/1/2024 | 12/30/2021 | 10036139 | 10036139 |
| 8885636 | Simply Funding SPV, LLC<sup>1,2</sup> | 13.50% | 6/23/2024 | 6/23/2021 | 8885636 | 8885636 |
| 325770 | Sprout Funding SPV II, LLC<sup>1,2</sup> | 13.00% | 2/23/2024 | 2/24/2021 | 325770 | 325770 |
| 7479729 | Triton Credit Funding SPV, LLC<sup>1,2</sup> | 13.00% | 3/28/2026 | 9/2/2020 | 7479729 | 7479729 |
| 26039480 | Viva Funding SPV, LLC<sup>1,2</sup> | 13.00% | 12/22/2024 | 12/23/2020 | 26039480 | 26039480 |
|  |  |  |  |  | 79390054 | 79390054 |
|  | **Specialty Real Estate Finance - 36.7%** |  |  |  |  |  |
| 2713488 | 1413 Calle Joaquin SLO, LLC<sup>1,2,4</sup> | 8.00% PIK | 5/16/2023 | 5/16/2022 | 2713488 | 2713488 |
| 4906390 | 750 Main Street LP<sup>1,2,4</sup> | 9.69% PIK | 2/6/2024 | 5/9/2022 | 4906390 | 4906390 |
| 1308668 | Atomic Orchard Experiment, LLC<sup>1,2,4</sup> | 9.75% PIK | 4/10/2024 | 11/10/2022 | 1308668 | 1308668 |
| 4300000 | Capital Miller Pref NewCo, LLC,<sup>1,2,4</sup> | 14.00% PIK | 12/5/2027 | 12/5/2022 | 4300000 | 4300000 |
| 581991 | Cartier Industrial Center LLC<sup>1,2,4</sup> | 7.95% PIK | 10/24/2023 | 5/25/2022 | 581991 | 581991 |
| 7260173 | CC Development LP Series I, LLC<sup>1,2,4</sup> | 9.95% PIK | 5/18/2023 | 11/18/2021 | 7260173 | 7260173 |
| 1053894 | Chesapeake Pines VA, LLC<sup>1,2,4</sup> | 12.50% PIK | 1/19/2025 | 1/19/2022 | 1053894 | 1053894 |
| 237698 | Cheyenne Industrial Partners, LLC,<sup>1,2,4</sup> | 9.00% PIK | 12/20/2023 | 12/19/2022 | 237698 | 237698 |
| 2943902 | Circolo Villas, LLC<sup>1,2</sup> | 13.00% | 6/30/2023 | 10/13/2021 | 2943902 | 2943902 |
| 7469133 | CP Maryland 1, LLC<sup>1,2,4</sup> | 8.00% PIK | 2/24/2023 | 8/20/2021 | 7469133 | 7469133 |
| 1953493 | Dollar Tree Stores, Inc.<sup>1,2,4</sup> | 10.00% PIK | 4/12/2023 | 4/12/2022 | 1953493 | 1953493 |
| 5013417 | Endeavor Investments IX, LLC<sup>1,2,4</sup> | 10.50% PIK | 11/12/2025 | 9/15/2022 | 5013417 | 5013417 |
| 4079019 | Endeavor Investments V, LLC<sup>1,2,4</sup> | 10.50% PIK | 8/24/2025 | 2/23/2022 | 4079019 | 4079019 |
| 3544910 | Endeavor Investments VIII, LLC<sup>1,2,4</sup> | 10.50% PIK | 8/4/2025 | 2/4/2022 | 3544910 | 3544910 |
| 4780660 | Endeavor Investments X, LLC<sup>1,2,4</sup> | 10.50% PIK | 1/1/2027 | 12/15/2021 | 4780660 | 4780660 |
| 5037608 | ETV Holdings, LLC<sup>1,2,4</sup> | 10.50% PIK | 7/12/2023 | 7/14/2021 | 5037608 | 5037608 |
| 1159786 | Fruition California Holdings LLC<sup>1,2,4</sup> | 8.49% +3.00% PIK | 12/30/2023 | 12/30/2021 | 1159786 | 1159786 |
| 1910843 | Galaxy Management Company, LLC<sup>1,2,3</sup> | 14.00% | 9/25/2023 | 11/18/2020 | 1910843 | 1910843 |
| 564705 | Gilroy Partner,s LLC<sup>1,2,4</sup> | 9.00% PIK | 3/15/2024 | 12/15/2022 | 564705 | 564705 |
| 4000000 | Gracielo at Wolf Creek Ranch, LLC<sup>1,2</sup> | 12.50% | 12/31/2023 | 2/1/2022 | 4000000 | 4000000 |
| 9899536 | Grind Ventures, LLC<sup>1,2,4</sup> | 9.65% PIK | 4/1/2023 | 10/20/2021 | 9899536 | 9899536 |
| 2327 | HD Post Buffalo, LLC<sup>1,2,4</sup> | 9.95% PIK | 6/6/2024 | 12/7/2022 | 2327 | 2327 |
| 181864 | Lex Apartments 102B, LLC<sup>1,2,4</sup> | 9.95% PIK | 9/9/2024 | 9/9/2022 | 181864 | 181864 |
| 11752566 | Lex Apartments, LLC<sup>1,2,4</sup> | 10.50% PIK | 8/31/2024 | 8/31/2022 | 11752566 | 11752566 |
| 5108350 | MAP Logistics Center Lot 33, LLC<sup>1,2</sup> | 10.95% | 6/17/2025 | 6/13/2022 | 5108350 | 5108350 |

---

**Keystone Private Income Fund**

**Schedule of Investments**

**December 31, 2022 (Unaudited) (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  | Original | | |
| Principal |  |  | Maturity | Acquisition |  |  |
| Amount |  | Coupon Rate | Date | Date | Cost | Fair Value |
|  | **Private Credit - 100.8% (continued)** |  |  |  |  |  |
|  | **Specialty Real Estate Finance - 36.7% (continued)** |  |  |  |  |  |
| $10655504 | MC Oslo Aurora, LLC<sup>1,2,4</sup> | 11.25% PIK | 10/11/2023 | 7/11/2022 | $10655504 | $10655504 |
| 3079911 | MC Oslo Hermitage, LLC<sup>1,2,4</sup> | 13.00% PIK | 6/1/2025 | 5/19/2022 | 3079911 | 3079911 |
| 2231293 | MC Oslo SFM Two, LLC<sup>1,2,4</sup> | 13.00% PIK | 6/1/2025 | 5/19/2022 | 2231293 | 2231293 |
| 6989701 | MC Oslo SFQ, LLC<sup>1,2,4</sup> | 11.25% PIK | 10/11/2023 | 7/11/2022 | 6989701 | 6989701 |
| 9721195 | MC Rye Katy, LLC<sup>1,2,4</sup> | 10.25% PIK | 5/9/2023 | 8/10/2022 | 9721195 | 9721195 |
| 8072675 | MC Rye Northwest, LLC<sup>1,2,4</sup> | 10.25% PIK | 5/9/2023 | 8/9/2022 | 8072675 | 8072675 |
| 9538554 | MC Rye Westchase, LLC<sup>1,2,4</sup> | 10.25% PIK | 5/9/2023 | 8/9/2022 | 9538554 | 9538554 |
| 8682926 | Meridian Hotel Holdings, LLC<sup>1,2,4</sup> | 9.90% PIK | 6/1/2024 | 6/21/2021 | 8682926 | 8682926 |
| 1478242 | MLab International, LLC<sup>1,2,4</sup> | 9.25% PIK | 1/30/2024 | 7/22/2022 | 1478242 | 1478242 |
| 33000000 | MPI Group, LLC<sup>1,2</sup> | 12.00% | 2/25/2023 | 5/6/2021 | 33000000 | 33000000 |
| 3205320 | Nancy Jay Industrial Center, LLC<sup>1,2,4</sup> | 12.00% PIK | 6/3/2024 | 6/3/2022 | 3205320 | 3205320 |
| 12735970 | Olympus Bluffs 2, LLC<sup>1,2</sup> | 7.95% | 3/9/2023 | 9/9/2022 | 12735970 | 12735970 |
| 6542129 | Olympus Bluffs 3, LLC<sup>1,2</sup> | 7.95% | 3/9/2023 | 9/9/2022 | 6542129 | 6542129 |
| 1120726 | Olympus Bluffs 4, LLC<sup>1,2,4</sup> | 11.95% PIK | 9/9/2025 | 9/9/2022 | 1120726 | 1120726 |
| 576020 | Olympus Palms 1, LLC<sup>1,2,4</sup> | 12.50% PIK | 6/30/2025 | 7/1/2022 | 576020 | 576020 |
| 1392251 | Olympus Palms 3, LLC<sup>1,2,4</sup> | 11.95% PIK | 8/3/2025 | 8/3/2022 | 1392251 | 1392251 |
| 8744229 | Olympus Palms 4, LLC<sup>1,2</sup> | 7.95% | 4/4/2023 | 10/4/2022 | 8744229 | 8744229 |
| 7917888 | Olympus Palms 5, LLC<sup>1,2</sup> | 7.95% | 4/4/2023 | 10/4/2022 | 7917888 | 7917888 |
| 8290626 | Olympus Palms 6, LLC<sup>1,2</sup> | 7.95% | 4/4/2023 | 10/4/2022 | 8290626 | 8290626 |
| 6158012 | Olympus Peaks 1, LLC<sup>1,2</sup> | 7.95% | 3/29/2023 | 9/29/2022 | 6158012 | 6158012 |
| 1816357 | Olympus Pines FF Wash, LLC<sup>1,2,4</sup> | 6.25% + 6.25% PIK | 7/15/2024 | 7/15/2021 | 1816357 | 1816357 |
| 869045 | Pierce Street Holdings LLC<sup>1,2,4</sup> | 9.75% PIK | 9/15/2023 | 3/15/2022 | 869045 | 869045 |
| 1656655 | SAG El Camino, LLC<sup>1,2,4</sup> | 9.95% PIK | 8/11/2023 | 2/11/2022 | 1656655 | 1656655 |
| 598851 | Salinas Rossi Partners, LLC<sup>1,2</sup> | 9.00% PIK | 3/15/2024 | 12/15/2022 | 598851 | 598851 |
| 823962 | San Antonio Partners, LLC<sup>1,2,4</sup> | 9.00% PIK | 3/15/2024 | 12/15/2022 | 823962 | 823962 |
| 15743479 | Shiraz I-215 Logistics Center, LLC<sup>1,2,4</sup> | 6.25% + 6.25 PIK | 7/27/2023 | 12/22/2021 | 15743479 | 15743479 |
| 654608 | Sonora Plum Industrial Partners, LLC<sup>1,2,4</sup> | 9.00% PIK | 3/15/2024 | 12/15/2022 | 654608 | 654608 |
| 3562423 | Universal Development Group, LLC<sup>1,2,4</sup> | 10.00% PIK | 1/11/2023 | 1/11/2022 | 3562423 | 3562423 |
| 2523946 | VG Burlington Storage LLC<sup>1,2,4</sup> | 9.25% | 10/4/2023 | 5/4/2022 | 2523946 | 2523946 |
| 4964757 | VG Clayton Storage LLC<sup>1,2,4</sup> | 8.95% | 2/12/2023 | 5/12/2022 | 4964757 | 4964757 |
| 9848718 | Vivo Living Durham LLC<sup>1,2,4</sup> | 9.50% PIK | 10/14/2023 | 10/14/2022 | 9848718 | 9848718 |
| 10433541 | Vivo Living Raleigh 1 LLC<sup>1,2,4</sup> | 9.50% PIK | 11/18/2023 | 11/18/2022 | 10433541 | 10433541 |
|  |  |  |  |  | 295393935 | 295393935 |
|  | **Total Private Credit** |  |  |  | $**809390097** | $**809390097** |

---

**Keystone Private Income Fund**

**Schedule of Investments**

**December 31, 2022 (Unaudited) (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  |  | Original | | |
| Number of |  | Maturity | Acquisition |  |  |
| Shares |  | Date | Date | Cost | Fair Value |
|  | **Private Investment Funds - 1.7%** |  |  |  |  |
| N/A | Structural Keystone VL LLC - Series KS Manscaped<sup>1,2,5</sup> | 12/24/2024 | 12/17/2021 | $11839500 | $11839500 |
| N/A | Structural Keystone VL LLC - Series KS Sovrn<sup>1,2,5,7</sup> | 7/12/2025 | 7/13/2021 | 1992267 | 1992267 |
|  | **Total Private Investment Funds** |  |  | 13831767 | 13831767 |
|  | **Warrants - 0.0%** |  |  |  |  |
| 73274 | Sovrn Holdings, Inc<sup>1,2,5</sup> |  |  | - | - |
|  | **Total Investments - 102.5%⁶** |  |  | $**823221864** | $**823221864** |
|  | Liabilities in excess of other assets - (2.5%) |  |  |  | (20379822) |
|  | **Net Assets - 100%** |  |  |  | $**802842042** |

---

<sup>1</sup> Restricted security. The total value of these securities is $823,221,864, which represents 102.5% of total net assets of the Fund.

<sup>2</sup> Level 3 securities fair valued under procedures established by the Board of Trustees. The total value of these securities is $823,221,864, which represents 102.5% of total net assets of the Fund.

<sup>3</sup> This investment was made through a participation.

<sup>4</sup> Principal includes accumulated payment in kind ("PIK") interest and is net of repayments, if any.

<sup>5</sup> The single purpose investment fund's strategy is to invest in only one isolated and preidentified secured credit investment with no discretion for any other additional investments beyond this single purpose holding for which the single purpose investment fund was formed. The single purpose investment fund shall continue until the one holding is realized in full. Given the single purpose nature of the investment holding, there is no redemption of any portion of the Fund's investment prior to the realization in full of the underlying single investment.

<sup>6</sup> Entire portfolio is pledged as collateral for line of credit.

<sup>7</sup> The Fund held unfunded commitments in the investments as of December 31, 2022.

<sup>8</sup> In default.

<sup>9</sup> Variable rate.

**Keystone Private Income Fund, LLC**

**Notes to Schedule of Investments**

**December 31, 2022 (Unaudited)**

**Note 1 - Valuation of Investments**

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

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

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

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

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

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

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

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

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

The Fund's assets recorded at fair value have been categorized based on a fair value hierarchy as described in the Fund's significant accounting policies. The following table presents information about the Fund's assets and liabilities measured at fair value as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Private Credit | $— | $— | $809390097 | $809390097 |
| &nbsp;&nbsp;&nbsp;Private Investment Funds |  |  | 13831767 | 13831767 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  |  |  |
| Total Investments, at fair value | $**—** | $**—** | $**823221864** | $**823221864** |

---

The following table presents the changes in assets and transfers in and out which are classified in Level 3 of the fair value hierarchy for the period ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Private Credit** | **Private Investment Funds** | **Warrants** |
| **Balance as of October 1, 2022** | $755752353 | $13933504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Transfers In |  |  |  |
| Transfers Out |  |  |  |
| Purchases | 164309171 |  |  |
| Sales |  |  |  |
| Principal reductions received | (110671427) | (101737) |  |
| Realized gains (losses) |  |  |  |
| Change in unrealized appreciation (depreciation) |  |  |  |
| **Balance as of December 31, 2022** | $**809390097** | $**13831767** |  |

---

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Range of<br> Inputs** |
| Private Credit | $809390095 | Cost | &nbsp;&nbsp;&nbsp;&nbsp;Price | N/A |
| Private Investment Funds | 13831767 | Cost | &nbsp;&nbsp;&nbsp;&nbsp;Price | N/A |
| Warrants |  | Cost | &nbsp;&nbsp;&nbsp;&nbsp;Price | N/A |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 4142992270

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

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

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

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $869885250.27

**Total Liabilities:** $67043208.16

**Net Assets:** $802842042.11

**Cash Not Reported:** $39155835.78

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.00%                | 0.74%                | 0.74%                |
| Class ID N/A | 0.86%                | 0.74%                | 0.75%                |
| Class ID N/A | 0.92%                | 0.80%                | 0.81%                |
| Class ID N/A | 0.92%                | 0.80%                | 0.81%                |
| Class ID N/A | 0.94%                | 0.82%                | 0.83%                |

**Monthly Gains & Losses**

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

### Schedule of Portfolio Investments

| Name                                            | Title                                           | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MC Oslo Aurora, LLC                             | MC Oslo Aurora, LLC                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  10655504 | PA      | $10655503.61  | 1.33%             | 2023-10-11      | Fixed         | 11.25%                | Yes           |                  3 | On Loan: No      |
| MC Oslo SFM Two, LLC                            | MC Oslo SFM Two, LLC                            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2231293 | PA      | $2231292.74   | 0.28%             | 2025-06-01      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| MC Oslo Hermitage, LLC                          | MC Oslo Hermitage, LLC                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3079911 | PA      | $3079910.79   | 0.38%             | 2025-06-01      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| MC Rye Westchase, LLC                           | MC Rye Westchase, LLC                           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   9538554 | PA      | $9538554.43   | 1.19%             | 2023-05-09      | Fixed         | 10.25%                | Yes           |                  3 | On Loan: No      |
| MC Rye Northwest, LLC                           | MC Rye Northwest, LLC                           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   8072675 | PA      | $8072674.92   | 1.01%             | 2023-05-09      | Fixed         | 10.25%                | Yes           |                  3 | On Loan: No      |
| MC Rye Katy, LLC                                | MC Rye Katy, LLC                                | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   9721195 | PA      | $9721194.77   | 1.21%             | 2023-05-09      | Fixed         | 10.25%                | Yes           |                  3 | On Loan: No      |
| MC Oslo SFQ, LLC                                | MC Oslo SFQ, LLC                                | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   6989701 | PA      | $6989701.17   | 0.87%             | 2023-10-11      | Fixed         | 11.25%                | Yes           |                  3 | On Loan: No      |
| Navajo Transitional Energy Company, LLC         | Navajo Transitional Energy Company, LLC         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4851310 | PA      | $4851309.59   | 0.60%             | 2026-01-01      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| Nancy Jay Industrial Center, LLC                | Nancy Jay Industrial Center, LLC                | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3205320 | PA      | $3205320.09   | 0.40%             | 2024-06-03      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Trico Products Corporation 019                  | Trico Products Corporation 019                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  20423822 | PA      | $20423822.05  | 2.54%             | 2024-10-31      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Metalogic Inspection Services LLC 004           | Metalogic Inspection Services LLC 004           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    249208 | PA      | $249207.77    | 0.03%             | 2023-10-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Innotec, Corp.                                  | Innotec, Corp.                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    800000 | PA      | $800000.00    | 0.10%             | 2025-07-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| KVJ Properties, Inc. 002                        | KVJ Properties, Inc. 002                        | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3425181 | PA      | $3425181.46   | 0.43%             | 2025-08-31      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| MC Test Service, Inc. 003                       | MC Test Service, Inc. 003                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5361751 | PA      | $5361750.73   | 0.67%             | 2025-01-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| MC Test Service, Inc. 002                       | MC Test Service, Inc. 002                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3570140 | PA      | $3570140.43   | 0.44%             | 2024-05-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Onset Financial, Inc. Progress Funding Line     | Onset Financial, Inc. Progress Funding Line     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1130832 | PA      | $1130831.68   | 0.14%             | 2025-09-30      | Fixed         | 14.00%                | Yes           |                  3 | On Loan: No      |
| Onset Financial, Inc. 003                       | Onset Financial, Inc. 003                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10000000.00  | 1.25%             | 2029-03-31      | Fixed         | 10.74%                | Yes           |                  3 | On Loan: No      |
| Onset Financial, Inc. 002                       | Onset Financial, Inc. 002                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    117363 | PA      | $117362.92    | 0.01%             | 2024-09-30      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Olympus Palms 3, LLC                            | Olympus Palms 3, LLC                            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1392251 | PA      | $1392250.99   | 0.17%             | 2025-08-03      | Fixed         | 11.95%                | Yes           |                  3 | On Loan: No      |
| Onset Financial, Inc. 001                       | Onset Financial, Inc. 001                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3515604 | PA      | $3515603.65   | 0.44%             | 2026-05-31      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Olympus Pines FF Wash 1 LLC                     | Olympus Pines FF Wash 1 LLC                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1816357 | PA      | $1816356.98   | 0.23%             | 2024-07-15      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Olympus Peaks 1, LLC                            | Olympus Peaks 1, LLC                            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   6158012 | PA      | $6158011.56   | 0.77%             | 2023-03-29      | Fixed         | 7.95%                 | Yes           |                  3 | On Loan: No      |
| Olympus Palms 6, LLC                            | Olympus Palms 6, LLC                            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   8290626 | PA      | $8290625.76   | 1.03%             | 2023-04-04      | Fixed         | 7.95%                 | Yes           |                  3 | On Loan: No      |
| Olympus Palms 5, LLC                            | Olympus Palms 5, LLC                            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   7917888 | PA      | $7917888.45   | 0.99%             | 2023-04-04      | Fixed         | 7.95%                 | Yes           |                  3 | On Loan: No      |
| Olympus Palms 4, LLC                            | Olympus Palms 4, LLC                            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   8744229 | PA      | $8744228.71   | 1.09%             | 2023-04-04      | Fixed         | 7.95%                 | Yes           |                  3 | On Loan: No      |
| Olympus Palms 1, LLC                            | Olympus Palms 1, LLC                            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    576020 | PA      | $576020.14    | 0.07%             | 2025-06-30      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| MPI Group, LLC                                  | MPI Group, LLC                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  33000000 | PA      | $33000000.00  | 4.11%             | 2023-02-25      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Olympus Bluffs 4, LLC                           | Olympus Bluffs 4, LLC                           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1120726 | PA      | $1120726.16   | 0.14%             | 2025-09-09      | Fixed         | 11.95%                | Yes           |                  3 | On Loan: No      |
| Olympus Bluffs 3, LLC                           | Olympus Bluffs 3, LLC                           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   6542129 | PA      | $6542129.04   | 0.81%             | 2023-03-09      | Fixed         | 7.95%                 | Yes           |                  3 | On Loan: No      |
| Olympus Bluffs 2, LLC                           | Olympus Bluffs 2, LLC                           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  12735970 | PA      | $12735969.88  | 1.59%             | 2023-03-09      | Fixed         | 7.95%                 | Yes           |                  3 | On Loan: No      |
| NWC Services LLC                                | NWC Services LLC                                | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1280392 | PA      | $1280392.19   | 0.16%             | 2025-11-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Thunderbird Field Services LLC 001              | Thunderbird Field Services LLC 001              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    289541 | PA      | $289540.97    | 0.04%             | 2023-12-31      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Sustainable Green Team 001                      | Sustainable Green Team 001                      | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   7357397 | PA      | $7357397.29   | 0.92%             | 2025-02-28      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Sun-Tech Leasing of Texas, L.P. 005             | Sun-Tech Leasing of Texas, L.P. 005             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1676566 | PA      | $1676566.27   | 0.21%             | 2026-07-01      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Sun-Tech Leasing of Texas, L.P. 003             | Sun-Tech Leasing of Texas, L.P. 003             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1198688 | PA      | $1198688.36   | 0.15%             | 2024-07-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Sun-Tech Leasing of Texas, L.P. 002             | Sun-Tech Leasing of Texas, L.P. 002             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    997038 | PA      | $997038.30    | 0.12%             | 2025-10-01      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Structural Keystone VL LLC                      | Structural Keystone VL LLC                      | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1992267 | PA      | $1992266.67   | 0.25%             | 2025-07-12      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Steelman Aviation, Inc. 003                     | Steelman Aviation, Inc. 003                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5788958 | PA      | $5788958.22   | 0.72%             | 2024-11-01      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Steelman Aviation, Inc. 001                     | Steelman Aviation, Inc. 001                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3420734 | PA      | $3420733.94   | 0.43%             | 2023-12-31      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Sonora Plum Industrial Partners, LLC            | Sonora Plum Industrial Partners, LLC            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    654608 | PA      | $654608.37    | 0.08%             | 2024-03-15      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| Simply Funding SPV, LLC                         | Simply Funding SPV, LLC                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   8885636 | PA      | $8885636.45   | 1.11%             | 2024-06-23      | Fixed         | 13.50%                | Yes           |                  3 | On Loan: No      |
| Shiraz I-215 Logistics Center, LLC              | Shiraz I-215 Logistics Center, LLC              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  15743479 | PA      | $15743479.43  | 1.96%             | 2023-07-27      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Series KS Manscaped                             | Series KS Manscaped                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  11839500 | PA      | $11839500.27  | 1.47%             | 2024-12-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| SE1 Generation ABM Holdings, LLC                | SE1 Generation ABM Holdings, LLC                | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  24945697 | PA      | $24945696.71  | 3.11%             | 2023-06-08      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| SandP Solutions, LLC DBA Bitcoin of America     | SandP Solutions, LLC DBA Bitcoin of America     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3562741 | PA      | $3562741.34   | 0.44%             | 2025-07-31      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| San Antonio Partners, LLC                       | San Antonio Partners, LLC                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    823962 | PA      | $823962.29    | 0.10%             | 2024-03-15      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| Salinas Rossi Partners, LLC                     | Salinas Rossi Partners, LLC                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    598851 | PA      | $598850.83    | 0.07%             | 2024-03-15      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| Saint Jean Industries, Inc. 006                 | Saint Jean Industries, Inc. 006                 | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3270260 | PA      | $3270260.49   | 0.41%             | 2024-06-30      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Raw Farm, LLC                                   | Raw Farm, LLC                                   | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |     59028 | PA      | $59027.59     | 0.01%             | 2024-06-29      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| SAG El Camino, LLC                              | SAG El Camino, LLC                              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1656655 | PA      | $1656654.83   | 0.21%             | 2023-08-11      | Fixed         | 9.95%                 | Yes           |                  3 | On Loan: No      |
| Rokstad Power (East), Inc. 002                  | Rokstad Power (East), Inc. 002                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2739130 | PA      | $2739130.29   | 0.34%             | 2026-03-31      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| Rokstad Power (East), Inc. 001                  | Rokstad Power (East), Inc. 001                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2988142 | PA      | $2988142.12   | 0.37%             | 2026-03-31      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| RK Pharma Inc. 003                              | RK Pharma Inc. 003                              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    756699 | PA      | $756699.35    | 0.09%             | 2024-09-30      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| RK Pharma Inc. 002                              | RK Pharma Inc. 002                              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2593508 | PA      | $2593508.30   | 0.32%             | 2024-03-31      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| RK Pharma Inc. 001                              | RK Pharma Inc. 001                              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1057765 | PA      | $1057765.10   | 0.13%             | 2024-02-28      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Pierce Street Holdings LLC                      | Pierce Street Holdings LLC                      | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    869045 | PA      | $869044.88    | 0.11%             | 2023-09-15      | Fixed         | 9.75%                 | Yes           |                  3 | On Loan: No      |
| Onward Partners, LLC                            | Onward Partners, LLC                            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  10771936 | PA      | $10771935.87  | 1.34%             | 2026-06-17      | Fixed         | 15.00%                | Yes           |                  3 | On Loan: No      |
| Pierce Powerline Co. LLC                        | Pierce Powerline Co. LLC                        | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    293775 | PA      | $293774.67    | 0.04%             | 2025-03-31      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Petroleum Distribution Transportation, LLC      | Petroleum Distribution Transportation, LLC      | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    848304 | PA      | $848304.45    | 0.11%             | 2025-03-31      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Paradise Cruise Line Intermediate Holdings, LLC | Paradise Cruise Line Intermediate Holdings, LLC | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2464220 | PA      | $2464219.65   | 0.31%             | 2024-04-01      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Orbital Power, Inc. 005                         | Orbital Power, Inc. 005                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1934585 | PA      | $1934584.77   | 0.24%             | 2024-01-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Orbital Power, Inc. 004                         | Orbital Power, Inc. 004                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3445182 | PA      | $3445181.99   | 0.43%             | 2024-07-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Orbital Power, Inc. 001                         | Orbital Power, Inc. 001                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   6420891 | PA      | $6420891.01   | 0.80%             | 2024-04-01      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| MAP Logistics Center Lot 33, LLC                | MAP Logistics Center Lot 33, LLC                | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5108350 | PA      | $5108350.17   | 0.64%             | 2025-06-17      | Fixed         | 10.95%                | Yes           |                  3 | On Loan: No      |
| Lux Vending, LLC 005                            | Lux Vending, LLC 005                            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1025853 | PA      | $1025853.17   | 0.13%             | 2023-04-30      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Loop Inc.                                       | Loop Inc.                                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  15224644 | PA      | $15224644.35  | 1.90%             | 2025-06-14      | Fixed         | 15.44%                | Yes           |                  3 | On Loan: No      |
| Lex Apartments LLC                              | Lex Apartments LLC                              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  11752566 | PA      | $11752565.60  | 1.46%             | 2024-08-31      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| Lex Apartments 102B, LLC                        | Lex Apartments 102B, LLC                        | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    181864 | PA      | $181864.02    | 0.02%             | 2024-09-09      | Fixed         | 9.95%                 | Yes           |                  3 | On Loan: No      |
| Envelope 1, Inc. and E1 Digital Direct, Inc.    | Envelope 1, Inc. and E1 Digital Direct, Inc.    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    627565 | PA      | $627565.23    | 0.08%             | 2025-01-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Meridian Hotel Holdings, LLC                    | Meridian Hotel Holdings, LLC                    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   8682926 | PA      | $8682926.42   | 1.08%             | 2024-06-01      | Fixed         | 9.90%                 | Yes           |                  3 | On Loan: No      |
| Endeavor Investments X, LLC                     | Endeavor Investments X, LLC                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4780660 | PA      | $4780659.65   | 0.60%             | 2027-01-01      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| Metalogic Inspection Services LLC 003           | Metalogic Inspection Services LLC 003           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |     82955 | PA      | $82955.06     | 0.01%             | 2023-06-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| KVJ Properties, Inc. 001                        | KVJ Properties, Inc. 001                        | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1959651 | PA      | $1959650.59   | 0.24%             | 2023-07-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| HD Post Buffalo LLC                             | HD Post Buffalo LLC                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |      2327 | PA      | $2326.75      | 0.00%             | 2024-06-06      | Fixed         | 9.95%                 | Yes           |                  3 | On Loan: No      |
| Hall Labs, LLC                                  | Hall Labs, LLC                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15000000.00  | 1.87%             | 2023-02-11      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Grind Ventures, LLC                             | Grind Ventures, LLC                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   9899536 | PA      | $9899536.02   | 1.23%             | 2023-04-01      | Fixed         | 9.65%                 | Yes           |                  3 | On Loan: No      |
| Gracielo at Wolf Creek Ranch, LLC               | Gracielo at Wolf Creek Ranch, LLC               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4000000.00   | 0.50%             | 2023-12-31      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Gilroy Partners LLC                             | Gilroy Partners LLC                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    564705 | PA      | $564704.93    | 0.07%             | 2024-03-15      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| Galaxy Management Company, LLC                  | Galaxy Management Company, LLC                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1910843 | PA      | $1910843.21   | 0.24%             | 2023-09-25      | Fixed         | 14.00%                | Yes           |                  3 | On Loan: No      |
| FVP Funding II, LLC                             | FVP Funding II, LLC                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5000000.00   | 0.62%             | 2027-10-12      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| FVP Funding I, LLC                              | FVP Funding I, LLC                              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  14312412 | PA      | $14312412.42  | 1.78%             | 2027-02-06      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Fruition California Holdings LLC                | Fruition California Holdings LLC                | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1159786 | PA      | $1159786.22   | 0.14%             | 2023-12-30      | Fixed         | 11.49%                | Yes           |                  3 | On Loan: No      |
| FPL Food LLC                                    | FPL Food LLC                                    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  12041331 | PA      | $12041331.24  | 1.50%             | 2025-12-31      | Fixed         | 11.00%                | Yes           |                  3 | On Loan: No      |
| Firstronic, LLC 006                             | Firstronic, LLC 006                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    974070 | PA      | $974070.44    | 0.12%             | 2024-09-30      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Firstronic, LLC 004                             | Firstronic, LLC 004                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    382885 | PA      | $382885.41    | 0.05%             | 2023-11-01      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| FilmRise Acquisitions, LLC                      | FilmRise Acquisitions, LLC                      | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  63314856 | PA      | $63314855.50  | 7.89%             | 2023-08-17      | Fixed         | 13.50%                | Yes           |                  3 | On Loan: No      |
| ETV Holdings, LLC                               | ETV Holdings, LLC                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5037608 | PA      | $5037608.35   | 0.63%             | 2023-07-12      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| J Jets, Inc                                     | J Jets, Inc                                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1068637 | PA      | $1068637.49   | 0.13%             | 2025-04-30      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Endeavor Investments VIII, LLC                  | Endeavor Investments VIII, LLC                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3544910 | PA      | $3544909.80   | 0.44%             | 2025-08-04      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| Vivo Living Raleigh 1 LLC                       | Vivo Living Raleigh 1 LLC                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  10433541 | PA      | $10433541.13  | 1.30%             | 2023-11-18      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| Carepoint Health Management Associates, LLC 007 | Carepoint Health Management Associates, LLC 007 | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    120683 | PA      | $120683.26    | 0.02%             | 2023-03-31      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| CapitalPlus Supply Chain Partners               | CapitalPlus Supply Chain Partners               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4250000 | PA      | $4250000.00   | 0.53%             | 2024-07-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Endeavor Investments IX, LLC                    | Endeavor Investments IX, LLC                    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5013416 | PA      | $5013416.42   | 0.62%             | 2025-11-12      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| Elevation Capital Group, LLC                    | Elevation Capital Group, LLC                    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  10036139 | PA      | $10036138.55  | 1.25%             | 2024-08-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Dollar Tree Stores, Inc                         | Dollar Tree Stores, Inc                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1953493 | PA      | $1953493.29   | 0.24%             | 2023-04-12      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| DNF Associates, LLC                             | DNF Associates, LLC                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   8057656 | PA      | $8057655.95   | 1.00%             | 2024-10-31      | Fixed         | 12.75%                | Yes           |                  3 | On Loan: No      |
| Dallas Growth Capital and Funding, LLC          | Dallas Growth Capital and Funding, LLC          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    325770 | PA      | $325770.03    | 0.04%             | 2024-02-23      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| CP Maryland 1 LLC                               | CP Maryland 1 LLC                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   7469133 | PA      | $7469132.67   | 0.93%             | 2023-02-24      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| Coign CC Account SPV, LLC                       | Coign CC Account SPV, LLC                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4080831 | PA      | $4080831.16   | 0.51%             | 2024-04-12      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Circolo Villas, LLC                             | Circolo Villas, LLC                             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2943902 | PA      | $2943902.00   | 0.37%             | 2023-06-30      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| Cheyenne Industrial Partners, LLC               | Cheyenne Industrial Partners, LLC               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    237698 | PA      | $237698.37    | 0.03%             | 2023-12-20      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| Chesapeake Pines VA 1, LLC                      | Chesapeake Pines VA 1, LLC                      | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1053894 | PA      | $1053893.87   | 0.13%             | 2025-01-19      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| CC Development LP Series I, LLC                 | CC Development LP Series I, LLC                 | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   7260173 | PA      | $7260173.25   | 0.90%             | 2023-05-18      | Fixed         | 9.95%                 | Yes           |                  3 | On Loan: No      |
| Cartier Industrial Center LLC                   | Cartier Industrial Center LLC                   | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    581991 | PA      | $581991.14    | 0.07%             | 2023-10-24      | Fixed         | 7.95%                 | Yes           |                  3 | On Loan: No      |
| Carnaby Inventory IV, LLC 003                   | Carnaby Inventory IV, LLC 003                   | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3957965 | PA      | $3957965.31   | 0.49%             | 2023-03-31      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Carnaby Inventory IV, LLC                       | Carnaby Inventory IV, LLC                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  18053995 | PA      | $18053994.90  | 2.25%             | 2024-12-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Carnaby Inventory I, LLC 01F                    | Carnaby Inventory I, LLC 01F                    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1505305 | PA      | $1505304.78   | 0.19%             | 2024-09-30      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Carnaby Inventory I, LLC 01D                    | Carnaby Inventory I, LLC 01D                    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3728182 | PA      | $3728182.02   | 0.46%             | 2024-08-31      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Endeavor Investments V, LLC                     | Endeavor Investments V, LLC                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4079019 | PA      | $4079018.51   | 0.51%             | 2025-08-24      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| Carnaby Inventory I, LLC 01C                    | Carnaby Inventory I, LLC 01C                    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3728182 | PA      | $3728182.02   | 0.46%             | 2024-08-31      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Avensis Energy Services, LLC                    | Avensis Energy Services, LLC                    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1344870 | PA      | $1344870.17   | 0.17%             | 2025-03-31      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| CapitalPlus Construction Services, LLC          | CapitalPlus Construction Services, LLC          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  10234813 | PA      | $10234813.05  | 1.27%             | 2023-10-01      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Capital Miller Pref NewCo, LLC                  | Capital Miller Pref NewCo, LLC                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4300000 | PA      | $4300000.00   | 0.54%             | 2027-12-05      | Fixed         | 14.00%                | Yes           |                  3 | On Loan: No      |
| Bohme LLC                                       | Bohme LLC                                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2560937 | PA      | $2560937.02   | 0.32%             | 2024-09-30      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Blew Bayou Services LLC                         | Blew Bayou Services LLC                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1396542 | PA      | $1396542.30   | 0.17%             | 2025-05-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Bigfoot Capital SPV1, LLC                       | Bigfoot Capital SPV1, LLC                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  31436179 | PA      | $31436179.00  | 3.92%             | 2024-01-15      | Fixed         | 11.75%                | Yes           |                  3 | On Loan: No      |
| Bay Minette Energy LLC 001                      | Bay Minette Energy LLC 001                      | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1670922 | PA      | $1670921.73   | 0.21%             | 2024-11-24      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Atomic Orchard Experiment LLC                   | Atomic Orchard Experiment LLC                   | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1308668 | PA      | $1308667.99   | 0.16%             | 2024-04-10      | Fixed         | 9.75%                 | Yes           |                  3 | On Loan: No      |
| Carepoint Health Management Associates, LLC 004 | Carepoint Health Management Associates, LLC 004 | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    909897 | PA      | $909897.30    | 0.11%             | 2023-07-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| ARX, Accurate RX Specialty Pharmacy Corp. 002   | ARX, Accurate RX Specialty Pharmacy Corp. 002   | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    617812 | PA      | $617812.00    | 0.08%             | 2025-06-09      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| ARX, Accurate RX Specialty Pharmacy Corp.       | ARX, Accurate RX Specialty Pharmacy Corp.       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    498820 | PA      | $498819.50    | 0.06%             | 2025-01-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Arena Vantage SPV, LLC                          | Arena Vantage SPV, LLC                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10000000.00  | 1.25%             | 2024-04-30      | Fixed         | 11.00%                | Yes           |                  3 | On Loan: No      |
| Accelerate360, LLC 002                          | Accelerate360, LLC 002                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    903738 | PA      | $903737.65    | 0.11%             | 2023-06-30      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Accelerate360, LLC 001                          | Accelerate360, LLC 001                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3259092 | PA      | $3259092.50   | 0.41%             | 2023-04-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| 750 Main Street LP                              | 750 Main Street LP                              | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4906390 | PA      | $4906389.62   | 0.61%             | 2024-02-06      | Fixed         | 9.69%                 | Yes           |                  3 | On Loan: No      |
| Zoe Lakeview, LLC                               | Zoe Lakeview, LLC                               | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   -239033 | PA      | $-239033.10   | -0.03%            | 2024-11-21      | Fixed         | 10.45%                | Yes           |                  3 | On Loan: No      |
| 1413 Calle Joaquin SLO, LLC                     | 1413 Calle Joaquin SLO, LLC                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2713488 | PA      | $2713487.64   | 0.34%             | 2023-05-16      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| TrialAssure Inc.                                | TrialAssure Inc.                                | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5433792 | PA      | $5433791.57   | 0.68%             | 2024-09-30      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Trico Products Corporation 016                  | Trico Products Corporation 016                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  11729129 | PA      | $11729128.64  | 1.46%             | 2024-10-31      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Trico Products Corporation 011                  | Trico Products Corporation 011                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    103216 | PA      | $103216.24    | 0.01%             | 2023-04-01      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| United Auto Supply of Syracuse, West, Inc. 001  | United Auto Supply of Syracuse, West, Inc. 001  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  10558610 | PA      | $10558610.44  | 1.32%             | 2025-12-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Triton Credit Funding SPV, LLC                  | Triton Credit Funding SPV, LLC                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   7479729 | PA      | $7479728.68   | 0.93%             | 2026-03-28      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| Trico Products Corporation 022                  | Trico Products Corporation 022                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  17313447 | PA      | $17313447.01  | 2.16%             | 2025-12-31      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| Metalogic Inspection Services LLC 006           | Metalogic Inspection Services LLC 006           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    537910 | PA      | $537909.98    | 0.07%             | 2024-02-28      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 006             | Vensure Employer Services, Inc. 006             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4963140 | PA      | $4963140.15   | 0.62%             | 2025-02-28      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 005             | Vensure Employer Services, Inc. 005             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   8591068 | PA      | $8591067.65   | 1.07%             | 2024-12-31      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 004             | Vensure Employer Services, Inc. 004             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3552603 | PA      | $3552602.93   | 0.44%             | 2024-11-13      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 003             | Vensure Employer Services, Inc. 003             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3081126 | PA      | $3081126.20   | 0.38%             | 2024-07-31      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 002             | Vensure Employer Services, Inc. 002             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2124644 | PA      | $2124643.55   | 0.26%             | 2023-12-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 001             | Vensure Employer Services, Inc. 001             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    756223 | PA      | $756223.40    | 0.09%             | 2024-01-31      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Universal Development Group, LLC                | Universal Development Group, LLC                | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   3562423 | PA      | $3562423.15   | 0.44%             | 2023-01-11      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| United Auto Supply of Syracuse, West, Inc. 002  | United Auto Supply of Syracuse, West, Inc. 002  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1983439 | PA      | $1983439.32   | 0.25%             | 2025-12-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| Kitchens Lumber Company LLC                     | Kitchens Lumber Company LLC                     | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    147331 | PA      | $147331.20    | 0.02%             | 2024-04-18      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| MLab International LLC                          | MLab International LLC                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1478242 | PA      | $1478242.25   | 0.18%             | 2024-01-30      | Fixed         | 9.25%                 | Yes           |                  3 | On Loan: No      |
| Vivo Living Durham LLC                          | Vivo Living Durham LLC                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   9848718 | PA      | $9848717.62   | 1.23%             | 2023-10-14      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| Viva Funding SPV, LLC                           | Viva Funding SPV, LLC                           | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |  26039480 | PA      | $26039479.52  | 3.24%             | 2024-12-22      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| VG Clayton Storage LLC                          | VG Clayton Storage LLC                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   4964757 | PA      | $4964757.34   | 0.62%             | 2023-02-12      | Fixed         | 8.95%                 | Yes           |                  3 | On Loan: No      |
| VG Burlington Storage LLC                       | VG Burlington Storage LLC                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2523946 | PA      | $2523945.94   | 0.31%             | 2023-10-04      | Fixed         | 9.25%                 | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 008             | Vensure Employer Services, Inc. 008             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |    693360 | PA      | $693360.31    | 0.09%             | 2025-07-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |
| Vensure Employer Services, Inc. 007             | Vensure Employer Services, Inc. 007             | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2722700 | PA      | $2722699.59   | 0.34%             | 2025-07-01      | Fixed         | 14.50%                | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-03

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

**Signature:** /s/ John Earl

**Name of Signer:** John Earl

**Title:** President