# EDGAR Filing Document

**Accession Number:** 0001944664
**File Stem:** 0000910472-26-003420
**Filing Date:** 2026-2
**Character Count:** 60342
**Document Hash:** dcd18336fc4c08c984e5317ea6d1e02c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-003420.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000910472-26-003420

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nomura Alternative Income Fund
- **CENTRAL INDEX KEY:** 0001944664

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23826
- **FILM NUMBER:** 26699458

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 2126679131

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Nport-Ex

 **Nomura Alternative Income Fund**<br> **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**<br> **December 31, 2025**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Index + Spread <br>(%)** | **Coupon <br>(%)** | **Acquisition <br>Date** | **Maturity** | **Principal <br>Amount <br>($)** | **Amortized <br>Cost <br>($)** | **Fair Value <br>($)** |
|  **LOANS — 20.0%** |  |  |  |  |  |  |  |
|  ***ASSET-BASED — 2.1%*** |  |  |  |  |  |  |  |
|  PFF, LLC<sup>(a)(b)</sup> |  | 12.00 | 12/19/2024 | 12/20/2027 | 3000000 | 3000000 | 3003000 |
|  PFF, LLC<sup>(a)(b)</sup> |  | 12.00 | 1/15/2025 | 1/15/2028 | 3000000 | 3000000 | 3003000 |
|  PFF, LLC<sup>(a)(b)</sup> |  | 14.50 | 5/23/2025 | 5/23/2029 | 2000000 | 2000000 | 2000000 |
|  |  |  |  |  | 8000000 | 8000000 | 8006000 |
|  ***CORPORATE — 5.6%*** |  |  |  |  |  |  |  |
| A. Stucki Company<sup>(a)(b)(c)</sup> | 3M SOFR + 4.75 | 8.68 | 3/27/2025 | 3/27/2030 | 1091750 | 1091750 | 1083562 |
|  A. Stucki Company — First Lien Delay Draw<sup>(a)(b)(c)(d)</sup> | 3M SOFR + 4.75 |  | 3/27/2025 | 3/27/2030 | 399000 | 399000 | 396008 |
|  ABC Technologies, Inc.<sup>(a)(b)(c)(e)(n)</sup> | 1M SOFR + 8.25 | Blended | 9/17/2025 | 8/30/2031 | 3137005 | 3137005 | 3047005 |
|  Cirkul, Inc.<sup>(a)(b)(c)(e)(l)</sup> | 3M SOFR + 7.50 | 15.39, PIK 3.50 | 4/23/2025 | 4/23/2028 | 2539282 | 2539282 | 2456755 |
|  Fullsteam Holdco, L.P.<sup>(a)(b)(e)</sup> |  | PIK 13.00 | 8/7/2025 | 8/8/2032 | 1000000 | 1000000 | 985000 |
|  LEARN Midco, LLC<sup>(a)(b)(e)</sup> |  | PIK 15.50 | 9/5/2025 | 1/10/2032 | 1074917 | 1074917 | 1049917 |
|  OD Intermediate SUBI Holdco VII LLC<sup>(a)(b)</sup> |  | 12.50 | 2/21/2025 | 11/1/2027 | 1500000 | 1500000 | 1500000 |
|  OSP Lakeside Intermediate Holdings 2, LLC<sup>(a)(b)(c)(e)</sup> | 1M SOFR + 9.50 | 12.72, PIK 9.54 | 10/31/2025 | 10/31/2031 | 2034300 | 2034300 | 2009300 |
|  Premier Food Concepts LLC<sup>(a)(b)(e)</sup> |  | 14.0 Fixed<br>(10.5 cash, 3.5 PIK) | 10/31/2025 | 11/15/2027 | 3010466 | 3010466 | 3019508 |
|  Siguler Guff Straine Dental Holdings, LLC<sup>(a)(b)(c)</sup> | 1M SOFR + 7.42 | 11.39 | 11/25/2025 | 11/25/2030 | 2967595 | 2967595 | 2937919 |
|  Siguler Guff Straine Dental Holdings, LLC — First Lien Delay Draw<sup>(a)(b)(c)(d)(m)</sup> |  | 0.25 | 11/25/2025 | 11/25/2030 |  |  | (5420) |
|  Synchronoss Technologies, Inc.<sup>(a)(b)(c</sup><sup>)</sup> | 3M SOFR + 7.00 | 10.87 | 10/31/2025 | 4/24/2029 | 3000000 | 3000000 | 3000000 |
|  |  |  |  |  | 21754314 | 21754315 | 21479554 |
|  ***REAL ESTATE — 6.2%*** |  |  |  |  |  |  |  |
|  28 Pearl Street Development LLC<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 6.23 | 10.50 | 12/17/2024 | 6/18/2026 | 1000000 | 1000000 | 1000000 |
|  40 Connecticut Ave Associates LLC & GR Realty Associates, LLC<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 6.66 | 11.00 | 10/15/2024 | 10/16/2026 | 400000 | 400000 | 400000 |
|  61 West Street Associates LLC<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 6.50 | 11.00 | 7/29/2024 | 3/16/2026 | 700000 | 700000 | 695800 |
|  7023 Broward LLC<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 6.70 | 11.00 | 7/23/2025 | 1/25/2027 | 2000000 | 2000000 | 2000000 |
|  Almeda Holdings TX, LLC<sup>(</sup><sup>a)(b)</sup> |  | 13.00 | 8/22/2025 | 2/28/2026 | 969231 | 969231 | 969231 |
|  Armory Market SS, LLC<sup>(</sup><sup>a)(b)</sup> |  | 16.00 | 4/25/2025 | 5/1/2026 | 2000000 | 2000000 | 2000000 |
|  BDP Bloomfield Avenue, LLC<sup>(</sup><sup>a)(b)(c)</sup> | WSJ Prime + 4.50 | 13.75 | 1/8/2025 | 7/1/2026 | 800000 | 800000 | 800000 |

---

 **Nomura Alternative Income Fund**<br> **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**<br> **December 31, 2025**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Index + Spread <br>(%)** | **Coupon <br>(%)** | **Acquisition <br>Date** | **Maturity** | **Principal <br>Amount <br>($)** | **Amortized <br>Cost <br>($)** | **Fair Value <br>($)** |
|  Beezle Azul LLC<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 6.20 | 10.50 | 12/19/2024 | 7/10/2026 | 750000 | 750000 | 731250 |
|  Blueberry Hill II, LLC<sup>(</sup><sup>a)(b)</sup> |  | 12.00 | 1/8/2025 | 1/12/2026 | 800000 | 800000 | 800000 |
|  Bojadzic Construction LLC<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 6.50 | 10.75 | 12/19/2024 | 4/6/2026 | 540000 | 540000 | 540000 |
|  Bristol Industrial Senior Loan<sup>(</sup><sup>a)(b)</sup> |  | 15.00 | 3/13/2024 | 7/1/2026 | 1250000 | 1250000 | 1256250 |
|  Butler Creek Owner, LLC<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 6.90 | 11.00 | 8/6/2025 | 8/1/2026 | 1500000 | 1500000 | 1500000 |
|  Carlsbad 2525, LLC<sup>(</sup><sup>a)(b)</sup> |  | 10.75 | 9/10/2025 | 9/1/2027 | 2000000 | 2000000 | 1990000 |
|  Dorset Crossing, LLC<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 5.86 | 14.00 | 7/29/2024 | 2/4/2026 | 625000 | 625000 | 625250 |
|  LV Petroleum, LLC, et al.<sup>(</sup><sup>a)(</sup><sup>b)</sup> |  | 15.00 | 12/9/2025 | 6/17/2026 | 3300000 | 3300000 | 3300000 |
|  Redd, LLC<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 6.65 | 11.00 | 8/26/2025 | 8/28/2026 | 1500000 | 1500000 | 1500000 |
|  Royersford Industrial Senior Loan<sup>(</sup><sup>a)(b)</sup> |  | 14.00 | 3/13/2024 | 6/23/2026 | 1400000 | 1400000 | 1417500 |
|  Windsor Street Associates, LLC, et al.<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 7.19 | 11.03 | 2/20/2025 | 2/20/2026 | 2000000 | 2000000 | 2012000 |
|  |  |  |  |  | 23534231 | 23534231 | 23537281 |
|  ***SPECIALTY FINANCE — 6.1%*** |  |  |  |  |  |  |  |
|  Cashco Financial, Inc.<sup>(</sup><sup>a)(</sup><sup>b)(c)</sup> | 1M SOFR + 10.25 | 14.09 | 9/20/2024 | 4/16/2027 | 723668 | 723668 | 728951 |
|  CH SPV A Holding LLC<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 10.75 | 14.52 | 9/20/2024 | 2/14/2027 | 1500000 | 1500000 | 1510650 |
|  Cliffhanger 2 Productions, LLC<sup>(a)(b)(j)(</sup><sup>k)</sup> |  |  | 7/29/2024 |  | 750000 | 750000 | 928125 |
|  CR Steak LV LLC<sup>(</sup><sup>a)(b)</sup> |  | 12.00 | 1/10/2024 | 8/4/2026 | 675000 | 675000 | 672705 |
|  EZ Pay SPE, LLC<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 10.55 | 14.11 | 4/30/2025 | 3/24/2027 | 2000000 | 2000000 | 2000000 |
|  FF SPV I LLC, Class A<sup>(</sup><sup>a)(b)</sup> |  | 12.00 | 5/16/2024 | 5/16/2030 | 542613 | 542613 | 554822 |
|  IHC California LLC & Iron Horse Credit LLC<sup>(</sup><sup>a)(b)(c)(d)</sup> | 1M SOFR + 9.50 | 13.37 | 8/9/2024 | 6/30/2026 | 460521 | 460521 | 465127 |
|  Leasepoint Funding Group, LLC<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 7.75 | 10.76 | 2/3/2025 | 9/17/2026 | 2000000 | 2000000 | 1997400 |
|  Neo Finance SPV LLC<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 9.50 | 13.37 | 5/1/2025 | 2/11/2029 | 2500000 | 2500000 | 2500000 |
|  Nexgen Financial<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 12.25 | 16.02 | 9/20/2024 | 3/28/2028 | 1500000 | 1500000 | 1514550 |
|  OnRamp Funding<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 12.50 | 15.77 | 11/27/2024 | 2/28/2027 | 1500000 | 1500000 | 1511250 |
|  Opus Trust I/II<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 9.75 | 13.54 | 9/20/2024 | 2/23/2026 | 2000000 | 2000000 | 2005800 |
|  Raistone Purchasing LLC — Series XXVII<sup>(</sup><sup>a)(b)(j)(k)(</sup><sup>l)</sup> |  | 16.00 | 4/10/2025 |  | 2471943 | 2449372 |  |
|  Riddick 4 Production LLC<sup>(</sup><sup>a)(b)(c)(j)(k)</sup> |  |  | 9/4/2024 |  | 750000 | 750000 | 868125 |
|  Sezzle, Inc.<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 10.19 | 13.96 | 9/20/2024 | 4/19/2027 | 1500000 | 1500000 | 1510950 |
|  Steno Agency Funding I, LLC<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 9.50 | 13.37 | 5/1/2025 | 5/8/2028 | 2500000 | 2500000 | 2500000 |

---

 **Nomura Alternative Income Fund**<br> **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**<br> **December 31, 2025**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Index + Spread <br>(%)** | **Coupon <br>(%)** | **Acquisition <br>Date** | **Maturity** | **Principal <br>Amount <br>($)** | **Amortized <br>Cost <br>($)** | **Fair Value <br>($)** |
|  Vernance Originations, LLC<sup>(</sup><sup>a)(b)(c)</sup> | 1M SOFR + 11.00 | 14.79 | 11/27/2024 | 7/6/2027 | 1500000 | 1500000 | 1507500 |
|  Yacht Management Services LLC<sup>(</sup><sup>a)(b)(j)(k)(l)</sup> |  | 12.00 | 1/10/2024 |  | 739571 | 739571 | 308401 |
|  |  |  |  |  | 25613316 | 25590745 | 23084356 |
|  **TOTAL LOANS** |  |  |  |  | **78901862** | **78879291** | **76107191** |
|  **COLLATERALIZED LOAN OBLIGATIONS — 1.6%** |  |  |  |  |  |  |  |
|  Allegro Clo VIII-S Ltd. Series 3A E1<sup>(</sup><sup>c)(f)</sup> | 3M SOFR + 6.60 | 10.50 | 10/3/2024 | 10/15/2037 | 400000 | 382593 | 382450 |
|  Allegro Clo VIII-S Ltd. Series 3A E2<sup>(</sup><sup>c)(f)</sup> | 3M SOFR + 8.00 | 11.90 | 10/3/2024 | 10/15/2037 | 600000 | 600000 | 610515 |
|  Babson CLO Ltd. Series 4A ER<sup>(</sup><sup>c)(f)</sup> | 3M SOFR + 6.75 | 10.63 | 9/27/2024 | 10/20/2037 | 750000 | 750000 | 754998 |
|  Dryden 123 CLO Ltd. Series 123A E<sup>(</sup><sup>c)(f)</sup> | 3M SOFR + 4.85 | 8.75 | 7/25/2025 | 4/15/2038 | 1000000 | 995091 | 1001711 |
|  Maranon Loan Funding Ltd. Series 2A D<sup>(</sup><sup>c)(f)</sup> | 3M SOFR + 6.75 | 10.65 | 12/4/2023 | 1/15/2036 | 1500000 | 1500000 | 1515364 |
|  Maranon Loan Funding Ltd. Series 2A E<sup>(</sup><sup>c)(f)</sup> | 3M SOFR + 10.00 | 13.90 | 12/4/2023 | 1/15/2036 | 500000 | 500000 | 504855 |
|  OHA Credit Partners XVII Ltd. Series 17A E<sup>(</sup><sup>c)(f)</sup> | 3M SOFR + 5.00 | 8.88 | 11/1/2024 | 1/18/2038 | 1000000 | 1000000 | 1007077 |
|  Vibrant CLO XIII Ltd. Series 13A ER<sup>(</sup><sup>c)(f)</sup> | 3M SOFR + 7.59 | 11.49 | 10/31/2024 | 1/15/2038 | 500000 | 495421 | 504037 |
|  **TOTAL COLLATERALIZED LOAN OBLIGATIONS** |  |  |  |  | **6250000** | **6223105** | **6281007** |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.5%** |  |  |  |  |  |  |  |
|  Fannie Mae REMICS Series 23-17 JA |  | 5.50 | 6/1/2023 | 6/25/2050 | 1466820 | 1469886 | 1478255 |
|  Government National Mortgage Association Series 2021-49 IP |  | 2.50 | 11/9/2023 | 1/20/2051 | 4501206 | 410983 | 416179 |
|  **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** |  |  |  |  | **5968026** | **1880869** | **1894434** |

---

 **Nomura Alternative Income Fund**<br> **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**<br> **December 31, 2025**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** |  | **<br>Acquisition <br>Date** | **<br>Cost <br>($)** | **<br>Fair Value <br>($)** |
|  **PRIVATE INVESTMENT & <br>CO-INVESTMENT <br>VEHICLES — 12.7%** |  |  |  |  |
|  Cedar Holdings (Offshore) L.P. — Senior Preferred<sup>(</sup><sup>a)(d)(g)</sup> |  | 9/30/2025 | 5539523 | 5869643 |
|  Cedar Holdings (Offshore) L.P. — Subordinate Common<sup>(</sup><sup>a)(g)</sup> |  | 9/30/2025 | 2019950 | 2131887 |
|  Eagle Point Co-Invest II L.P.<sup>(</sup><sup>a)(d)(g)</sup> |  | 9/2/2025 | 250000 | 248955 |
|  Enhanced Mortgage Funding, LLC<sup>(</sup><sup>a)(b)(d)</sup> |  | 10/31/2025 | 9375000 | 9375000 |
|  Fair State Mortgage Holdings, LLC<sup>(</sup><sup>a)(b)(d)</sup> |  | 9/26/2025 | 13700000 | 13700000 |
|  Lake Summit Alternative Loan Trust 2025-1<sup>(</sup><sup>a)(b)(d)</sup> |  | 3/14/2025 | 5325213 | 5252665 |
|  Mavik Special Opportunities VS2 Co-Investment A, L.P.<sup>(</sup><sup>a)(b)(d)</sup> |  | 10/31/2025 | 6016563 | 6016563 |
|  Maycomb CRT Holdings, LLC<sup>(</sup><sup>a)(b)</sup> |  | 10/20/2025 | 2000000 | 2000000 |
|  SP Technology Payments II, LLC<sup>(</sup><sup>a)(g)</sup> |  | 4/4/2024 | 1500000 | 1591919 |
|  Wolfe Pond Park CLO, Ltd.<sup>(</sup><sup>a)(b)(h)</sup> |  | 2/14/2025 | 2000000 | 2134600 |
|  **TOTAL PRIVATE INVESTMENT VEHICLES** |  |  | **47726249** | **48321232** |
|  | **Shares** |  |  |  |
|  **INVESTMENT PARTNERSHIPS — 55.9%** |  |  |  |  |
|  ACORE Credit Partners II, L.P.<sup>(</sup><sup>a)(d)(g)</sup> |  | 3/21/2023 | 9573802 | 9350592 |
|  AG Asset Based Credit Fund, L.P.<sup>(</sup><sup>a)(d)(g)</sup> |  | 9/13/2023 | 18451603 | 19715189 |
|  Alcova Capital Yield Premium Fund, L.P.<sup>(</sup><sup>a)(g)</sup> |  | 3/18/2024 | 6000000 | 6033963 |
|  Altriarch Specialty Finance Fund, L.P.<sup>(</sup><sup>a)(g)</sup> |  | 6/11/2025 | 9500000 | 9458918 |
|  Bastion Funding V L.P.<sup>(</sup><sup>a)(g)</sup> |  | 10/15/2024 | 3000000 | 2993979 |
|  Blue Owl A4 Evergreen (Cayman) L.P.<sup>(</sup><sup>a)(d)(g)</sup> |  | 4/4/2023 | 10591333 | 11046795 |
|  Callodine Perpetual ABL Fund, L.P.<sup>(</sup><sup>a)(d)(g)</sup> |  | 5/1/2025 | 4750000 | 4761296 |

---

 **Nomura Alternative Income Fund**<br> **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**<br> **December 31, 2025**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Shares** | **<br>Acquisition <br>Date** | **<br>Cost <br>($)** | **<br>Fair Value <br>($)** |
|  Clear Haven Ultra Short Investment Grade Bond Fund, L.P.<sup>(</sup><sup>a)(g)</sup> |  | 10/29/2025 | 5500000 | 5493180 |
|  Crescent Cove Opportunity Fund, L.P.<sup>(</sup><sup>a)(b)</sup> |  | 10/31/2025 | 10007192 | 10007192 |
|  Crestline Opportunity Fund V Offshore TE/SWF, L.P.<sup>(</sup><sup>a)(d)(g)</sup> |  | 9/21/2023 | 2942700 | 3349010 |
|  Dawson Portfolio Finance Evergreen L.P.<sup>(</sup><sup>a)(g)</sup> | 16808 | 8/27/2025 | 17000000 | 16917244 |
|  Eagle Point Enhanced Income Fund L.P.<sup>(</sup><sup>a)(b)</sup> |  | 9/30/2025 | 8000000 | 8000000 |
|  Eldridge Senior Credit Strategies Fund XIV, L.P.<sup>(</sup><sup>a)(g)</sup> |  | 6/1/2023 | 20257410 | 19437811 |
|  Evolution Credit Partners Trade Finance Offshore, L.P.<sup>(</sup><sup>a)(g)</sup> |  | 8/1/2025 | 12000000 | 10905289 |
|  Fairbridge Partners L.P.<sup>(</sup><sup>a)(g)</sup> |  | 3/3/2025 | 2500000 | 2473366 |
|  HarbourView Royalties Parallel Fund I, L.P.<sup>(</sup><sup>a)(d)(g)</sup> |  | 8/14/2025 | 8340499 | 10920104 |
|  Kennedy Lewis Residential Property Income Company L.P.<sup>(</sup><sup>a)(d)(g)</sup> |  | 5/1/2025 | 7705977 | 7668115 |
|  Medalist Partners Asset Based Private Credit Fund III L.P. Onshore Feeder, L.P., Class B<sup>(</sup><sup>a)(g)(i)</sup> |  | 3/24/2023 | 20228944 | 19507363 |
|  Mesirow Specialty Finance Fund VII, L.P.<sup>(</sup><sup>a)(b)(d)</sup> |  | 12/17/2025 | 500000 | 500000 |
|  Rivers Investments, LLC<sup>(</sup><sup>a)(d)(g)</sup> | 796 | 8/28/2025 | 841475 | 859021 |
|  Rivonia Road Fund L.P.<sup>(</sup><sup>a)(g)</sup> |  | 5/1/2025 | 9000000 | 9040550 |
|  Saluda Grade Income Fund L.P.<sup>(</sup><sup>a)(g)</sup> |  | 2/3/2025 | 11093209 | 11130258 |
|  Siguler Guff Tactical Credit Evergreen Fund, L.P.<sup>(</sup><sup>a)(b)(d)</sup> |  | 10/31/2025 | 3000000 | 3000000 |
|  Sound Point Discovery Fund LLC<sup>(</sup><sup>a)(g)</sup> |  | 4/3/2024 | 1500000 | 1522527 |
|  The Varde CRE Lending Fund, L.P.<sup>(</sup><sup>a)(g)</sup> |  | 1/6/2025 | 9000000 | 8748452 |
|  **TOTAL INVESTMENT PARTNERSHIPS** |  |  | **211284144** | **212840214** |

---

 **Nomura Alternative Income Fund**<br> **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**<br> **December 31, 2025**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Shares** | **<br>Acquisition <br>Date** | **<br>Cost <br>($)** | **<br>Fair Value <br>($)** |
|  **BUSINESS DEVELOPMENT COMPANY — 3.1%** |  |  |  |  |
|  Stone Point Credit Income Fund<sup>(</sup><sup>a)(g)</sup> | 479214 | 4/30/2025 | **12000000** | **11921417** |
|  **TOTAL BUSINESS DEVELOPMENT COMPANY** |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Expiration<br>Date** | **Exercise<br>Price<br>($)** |  |  |  |
|  **WARRANTS — 0.0%** |  |  |  |  |  |  |
|  Cirkul, Inc. Warrant Equity Value Strike<sup>(</sup><sup>a)(</sup><sup>b)</sup> | 6878 | 4/16/2035 | 35.41 | 4/23/2025 | 32464 | 138 |
|  Cirkul, Inc. Warrant Share Strike<sup>(</sup><sup>a)(b)</sup> | 6706 | 4/16/2035 | 0.01 | 4/23/2025 | 92073 | 75778 |
|  **TOTAL WARRANTS** |  |  |  |  | **124537** | **75916** |
|  |  |  | **Yield <br>(%)** |  |  |  |
|  **SHORT-TERM INVESTMENT — 4.4%** |  |  |  |  |  |  |
|  ***MONEY MARKET FUND — 4.4%*** |  |  |  |  |  |  |
|  First American Treasury Obligations Fund, Class X<sup>(</sup><sup>o)</sup> | 16866216 |  | 3.68 |  | **16866216** | **16866216** |
|  **TOTAL SHORT-TERM INVESTMENT** |  |  |  |  |  |  |
|  **TOTAL INVESTMENTS — 98.2%** |  |  |  |  | **374984411** | **374307627** |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.8%**<sup>(p)</sup> |  |  |  |  |  | 6707918 |
|  **NET ASSETS — 100.0%** |  |  |  |  |  | **381015545** |

---

 **Nomura Alternative Income Fund**<br> **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**<br> **December 31, 2025**<br>

---

| | |
|:---|:---|
|  CLO | — Collateralized Loan Obligation |
|  LLC | — Limited Liability Company |
|  L.P. | — Limited Partnership |
|  Ltd. | — Limited Company |
|  PIK | — Payment in Kind |
|  REMIC | — Real Estate Mortgage Investment Conduit |
|  SOFR | — Secured Overnight Financing Rate |
|  1M SOFR | — 1 Month Term Secured Overnight Financing Rate |
|  3M SOFR | — 3 Month Term Secured Overnight Financing Rate |
|  WSJ Prime | — Wall Street Journal Prime Rate |

---

<sup>(a)</sup>This is a restricted security. Total cost and fair value of restricted securities as of December 31, 2025 was $350,014,221 (91.9% of net assets) and $349,265,970 (91.7% of net assets), respectively.

<sup>(b)</sup>Value was determined using significant unobservable inputs.

<sup>(c)</sup>Floating rate investment. Interest rate shown reflects the rate in effect at December 31, 2025.

<sup>(d)</sup>This investment has an unfunded commitment as of December 31, 2025.

<sup>(e)</sup>This investment has payment-in-kind (PIK) component.

<sup>(f)</sup>Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2025, the total market value of 144A securities is $6,281,007 or 1.6% of net assets.

<sup>(g)</sup>Investment is valued using the Fund's pro rata net asset value (or its equivalent) as a practical expedient.

<sup>(h)</sup>Investment is a Collateralized Loan Obligation Warehouse.

<sup>(i)</sup>This investment is held through a wholly-owned subsidiary of the Fund, NAIF Splitter LLC.

<sup>(j)</sup>This security is in wind-down with no specific maturity date.

<sup>(k)</sup>This security's accrual rate is set to zero as it is non-income producing. The rate disclosed is as of December 31, 2025.

<sup>(l)</sup>This security is in restructuring.

<sup>(m)</sup>The rate disclosed is equal to the commitment fee. The negative cost and/or fair value, if applicable, is due to the discount received in excess of the principal amount of the unfunded commitment.

<sup>(n)</sup>This security has an interest rate of 3.72% + 1M SOFR on $766,823 and 3.67% + 1M SOFR on $2,370,181.

<sup>(o)</sup>Rate disclosed is the seven day effective yield as of December 31, 2025.

<sup>(p)</sup>Includes cash held as collateral for futures contracts.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Nomura Alternative Income Fund

- **b. Investment Company Act file number:** 811-23826

- **c. CIK number of Registrant:** 0001944664

- **d. LEI of Registrant:** 549300A59FYTUHL9TJ86

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

  - **Street Address 1:** Worldwide Plaza

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** 212-667-9000

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

- **a. Name of Series:** Nomura Alternative Income Fund

- **c. LEI of Series:** 549300A59FYTUHL9TJ86

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $385868222.18

**Total Liabilities:** $10865204.29

**Net Assets:** $375003017.89

**Cash Not Reported:** $5285.51

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.07%               | 1.33%                | 0.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2172.38                | $-2775801.32                               |
| Month 2  | $-156.62                 | $1945668.86                                |
| Month 3  | $6287.45                 | $-269764.59                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Allegro Clo VIII-S Ltd                             | Allegro Clo VIII-S Ltd                             | CUSIP: 01751KAA2<br>LEI: 254900BLBBH53NYTY183 | Long             | ABS-CBDO         | CORP              | US        |    400000 | PA      | $382449.92    | 0.10%             | 2037-10-15      | Floating      | 10.50%                | Yes           | 2                  | On Loan: No      |
| Allegro Clo VIII-S Ltd                             | Allegro Clo VIII-S Ltd                             | CUSIP: 01751KAL8<br>LEI: 254900BLBBH53NYTY183 | Long             | ABS-CBDO         | CORP              | US        |    600000 | PA      | $610514.94    | 0.16%             | 2037-10-15      | Floating      | 11.90%                | Yes           | 2                  | On Loan: No      |
| BABSN 2022-4A ER                                   | Babson CLO Ltd                                     | CUSIP: 06763JAE2<br>LEI: 549300NRFNRCBGSJ3239 | Long             | ABS-CBDO         | CORP              | US        |    750000 | PA      | $754998.04    | 0.20%             | 2037-10-20      | Floating      | 10.63%                | Yes           | 2                  | On Loan: No      |
| DRYDEN 123 CLO LTD                                 | Dryden 123 CLO Ltd                                 | CUSIP: 26253PAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1001710.85   | 0.27%             | 2038-04-15      | Floating      | 8.75%                 | Yes           | 2                  | On Loan: No      |
| Federal National Mortgage Association              | Fannie Mae REMICS                                  | CUSIP: 3136BPX48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1466820 | PA      | $1478254.91   | 0.39%             | 2050-06-25      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| First American Funds Inc.                          | First American Treasury Obligations Fund           | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  16889214 | PA      | $16889214.20  | 4.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association           | Government National Mortgage Association           | CUSIP: 38382P2H4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   4501206 | PA      | $416178.85    | 0.11%             | 2051-01-20      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Maranon Loan Funding Ltd                           | Maranon Loan Funding Ltd                           | CUSIP: 565926AG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1500000 | PA      | $1515363.90   | 0.40%             | 2036-01-15      | Floating      | 10.65%                | Yes           | 2                  | On Loan: No      |
| Maranon Loan Funding Ltd                           | Maranon Loan Funding Ltd                           | CUSIP: 565926AJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $504854.85    | 0.13%             | 2036-01-15      | Floating      | 13.90%                | Yes           | 2                  | On Loan: No      |
| OHA Credit Partners XVII Ltd.                      | OHA Credit Partners XVII Ltd                       | CUSIP: 67120NAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1007077.20   | 0.27%             | 2038-01-18      | Floating      | 8.88%                 | Yes           | 2                  | On Loan: No      |
| Vibrant CLO XIII Ltd                               | Vibrant CLO XIII Ltd                               | CUSIP: 92557CAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $504037.10    | 0.13%             | 2038-01-15      | Floating      | 11.49%                | Yes           | 2                  | On Loan: No      |
| Eldridge Senior Credit Strategies Fund XIV, L.P.   | Eldridge Senior Credit Strategies Fund XIV, L.P.   | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  19437811 | NS      | $19437811.26  | 5.18%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Blue Owl A4 Evergreen (Cayman) LP                  | Blue Owl A4 Evergreen (Cayman) LP                  | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  11046795 | NS      | $11046794.77  | 2.95%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Medalist Partners, L.P.                            | Medalist Partners, L.P.                            | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  19507363 | NS      | $19507362.84  | 5.20%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ACORE Credit Partners II, LP                       | ACORE Credit Partners II, LP                       | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   9350592 | NS      | $9350591.69   | 2.49%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Crestline Opportunity Fund V Offshore TE/SWF, L.P. | Crestline Opportunity Fund V Offshore TE/SWF, L.P. | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   3349010 | NS      | $3349010.02   | 0.89%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AG Asset Based Credit Fund LP                      | AG Asset Based Credit Fund LP                      | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  19715189 | NS      | $19715188.88  | 5.26%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CR Steak LV LLC                                    | CR STEAK LV LLC                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    675000 | PA      | $672705.00    | 0.18%             | 2026-08-04      | Fixed         | 12.00%                | Yes           | 3                  | On Loan: No      |
| Yacht Management Services                          | Yacht Management Services                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    739571 | PA      | $308400.98    | 0.08%             | 2026-07-21      | Fixed         | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Royersford Industrial Senior Loan                  | Royersford Industrial Senior Loan                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1400000 | PA      | $1417500.00   | 0.38%             | 2026-06-23      | Fixed         | 14.00%                | Yes           | 3                  | On Loan: No      |
| Bristol Industrial Senior Loan                     | Bristol Industrial Senior Loan                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1250000 | PA      | $1256250.00   | 0.33%             | 2026-07-01      | Fixed         | 15.00%                | Yes           | 3                  | On Loan: No      |
| Alcova Capital Yield Premium Fund, L.P.            | Alcova Capital Yield Premium Fund, L.P.            | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   6033963 | NS      | $6033963.42   | 1.61%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sound Point Discovery Fund LLC                     | Sound Point Discovery Fund LLC                     | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   1522527 | NS      | $1522527.48   | 0.41%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SP Technology Payments II, LLC                     | SP Technology Payments II, LLC                     | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   1591919 | NS      | $1591918.84   | 0.42%             |  |  |  | Yes           | N/A                | On Loan: No      |
| FF SPV LLC                                         | Future Family Loan Portfolio Class A               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    542613 | PA      | $554821.82    | 0.15%             | 2030-05-16      | Fixed         | 12.00%                | Yes           | 3                  | On Loan: No      |
| Cliffhanger 2 Productions, LLC                     | Cliffhanger 2 Productions, LLC                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    750000 | PA      | $928125.00    | 0.25%             | 2026-10-31      | Fixed         | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Dorset Crossing, LLC                               | Dorset Crossing, LLC                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    625000 | PA      | $625250.00    | 0.17%             | 2026-02-04      | Floating      | 14.00%                | Yes           | 3                  | On Loan: No      |
| 61 West Street Associates LLC                      | 61 West Street Associates LLC                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    700000 | PA      | $695800.00    | 0.19%             | 2026-03-16      | Floating      | 11.00%                | Yes           | 3                  | On Loan: No      |
| IHC California LLC and Iron Horse Credit LLC       | IHC California LLC and Iron Horse Credit LLC       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    460521 | PA      | $465126.69    | 0.12%             | 2026-06-30      | Floating      | 13.37%                | Yes           | 3                  | On Loan: No      |
| Riddick 4 Production LLC                           | Riddick 4 Production LLC                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    750000 | PA      | $868125.00    | 0.23%             | 2026-01-31      | Floating      | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Cashco Financial Inc.                              | Cashco Financial Inc.                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    723668 | PA      | $728950.73    | 0.19%             | 2027-04-16      | Floating      | 14.09%                | Yes           | 3                  | On Loan: No      |
| Opus Trust I/II                                    | Opus Trust I/II                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2000000 | PA      | $2005800.00   | 0.53%             | 2026-02-23      | Floating      | 13.54%                | Yes           | 3                  | On Loan: No      |
| Nexgen Financial                                   | Nexgen Financial                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1500000 | PA      | $1514550.00   | 0.40%             | 2028-03-28      | Floating      | 15.90%                | Yes           | 3                  | On Loan: No      |
| CH SPV A Holding LLC                               | CH SPV A Holding LLC                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1500000 | PA      | $1510650.00   | 0.40%             | 2027-02-14      | Floating      | 14.52%                | Yes           | 3                  | On Loan: No      |
| Sezzle Inc.                                        | Sezzle Inc.                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1500000 | PA      | $1510950.00   | 0.40%             | 2027-04-19      | Floating      | 13.96%                | Yes           | 3                  | On Loan: No      |
| Bastion Funding V LP                               | Bastion Funding V LP                               | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   2993979 | NS      | $2993979.30   | 0.80%             |  |  |  | Yes           | N/A                | On Loan: No      |
| 40 Connecticut Ave Associates LLC                  | 40 Connecticut Ave Associates LLC                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    400000 | PA      | $400000.00    | 0.11%             | 2026-10-16      | Floating      | 11.00%                | Yes           | 3                  | On Loan: No      |
| OnRamp Funding                                     | OnRamp Funding                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1500000 | PA      | $1511250.00   | 0.40%             | 2027-02-28      | Floating      | 15.77%                | Yes           | 3                  | On Loan: No      |
| Vernance Originations, LLC                         | Vernance Originations, LLC                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1500000 | PA      | $1507500.00   | 0.40%             | 2027-07-06      | Floating      | 14.79%                | Yes           | 3                  | On Loan: No      |
| 28 Pearl Street Development LLC                    | 28 Pearl Street Development LLC                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.27%             | 2026-06-18      | Floating      | 10.50%                | Yes           | 3                  | On Loan: No      |
| PFF, LLC                                           | PFF, LLC                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3000000 | PA      | $3003000.00   | 0.80%             | 2027-12-20      | Fixed         | 12.00%                | Yes           | 3                  | On Loan: No      |
| Beezle Azul LLC                                    | Beezle Azul LLC                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    750000 | PA      | $731250.00    | 0.19%             | 2026-07-10      | Floating      | 10.50%                | Yes           | 3                  | On Loan: No      |
| Bojadzic Construction LLC                          | Bojadzic Construction LLC                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    540000 | PA      | $540000.00    | 0.14%             | 2026-04-06      | Floating      | 10.75%                | Yes           | 3                  | On Loan: No      |
| The Varde CRE Lending Fund, L.P.                   | The Varde CRE Lending Fund, L.P.                   | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   8748452 | NS      | $8748451.79   | 2.33%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BDP BLOOMFIELD AVENUE, LLC                         | BDP BLOOMFIELD AVENUE, LLC                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    800000 | PA      | $800000.00    | 0.21%             | 2026-07-01      | Floating      | 13.75%                | Yes           | 3                  | On Loan: No      |
| BLUEBERRY HILL II, LLC                             | BLUEBERRY HILL II, LLC                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    800000 | PA      | $800000.00    | 0.21%             | 2026-01-12      | Fixed         | 12.00%                | Yes           | 3                  | On Loan: No      |
| PFF, LLC                                           | PFF, LLC                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3000000 | PA      | $3003000.00   | 0.80%             | 2028-01-15      | Fixed         | 12.00%                | Yes           | 3                  | On Loan: No      |
| Saluda Grade Income Fund LP                        | Saluda Grade Income Fund LP                        | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  11130258 | NS      | $11130257.53  | 2.97%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Fairbridge Partners L.P.                           | Fairbridge Partners L.P.                           | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   2473366 | NS      | $2473365.68   | 0.66%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Wolfe Pond Park CLO                                | Wolfe Pond Park CLO                                | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   2134600 | NS      | $2134600.00   | 0.57%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Leasepoint Funding Group, LLC                      | Leasepoint Funding Group, LLC                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2000000 | PA      | $1997400.00   | 0.53%             | 2026-09-17      | Floating      | 10.76%                | Yes           | 3                  | On Loan: No      |
| OD Intermediate SUBI Holdco VII LLC                | OD Intermediate SUBI Holdco VII LLC                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1500000 | PA      | $1500000.00   | 0.40%             | 2027-11-01      | Fixed         | 12.50%                | Yes           | 3                  | On Loan: No      |
| Windsor Street Associates, LLC, et al.             | Windsor Street Associates, LLC, et al.             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2000000 | PA      | $2012000.00   | 0.54%             | 2026-02-20      | Floating      | 11.03%                | Yes           | 3                  | On Loan: No      |
| Lake Summit Alternative Loan Trust 2025-1          | Lake Summit Alternative Loan Trust 2025-1          | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   5252665 | NS      | $5252664.62   | 1.40%             |  |  |  | Yes           | 3                  | On Loan: No      |
| A. Stucki Company                                  | A. Stucki Company                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1091750 | PA      | $1083561.88   | 0.29%             | 2030-03-27      | Floating      | 8.68%                 | Yes           | 3                  | On Loan: No      |
| A. Stucki Company                                  | A. Stucki Company DDTL - UNFND                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    399000 | PA      | $396007.50    | 0.11%             | 2030-03-27      | Floating      | 8.68%                 | Yes           | 3                  | On Loan: No      |
| Cirkul, Inc.                                       | Cirkul, Inc.                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2539282 | PA      | $2456755.29   | 0.66%             | 2028-04-23      | Floating      | 15.09%                | Yes           | 3                  | On Loan: No      |
| Raistone Purchasing LLC - Series XXVIII            | Raistone Purchasing LLC - Series XXVIII            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2471943 | PA      | $0.00         | 0.00%             | N/A             | Floating      | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Cirkul, Inc.                                       | Cirkul, Inc. Warrant Share Strike                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      6706 | NS      | $75777.80     | 0.02%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Cirkul, Inc.                                       | Cirkul, Inc. Warrant Equity Value Strike           | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      6878 | NS      | $137.56       | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Armory Market SS LLC                               | Armory Market SS LLC                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2000000 | PA      | $2000000.00   | 0.53%             | 2026-05-01      | Fixed         | 16.00%                | Yes           | 3                  | On Loan: No      |
| EZ PAY SPE, LLC                                    | EZ PAY SPE, LLC                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2000000 | PA      | $2000000.00   | 0.53%             | 2027-03-24      | Floating      | 14.11%                | Yes           | 3                  | On Loan: No      |
| CALLODINE PERPETUAL ABL FUND, LP                   | CALLODINE PERPETUAL ABL FUND, LP                   | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   4761296 | NS      | $4761295.79   | 1.27%             |  |  |  | Yes           | N/A                | On Loan: No      |
| RIVONIA ROAD FUND LP                               | RIVONIA ROAD FUND LP                               | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   9040550 | NS      | $9040549.90   | 2.41%             |  |  |  | Yes           | N/A                | On Loan: No      |
| STONE POINT CREDIT INCOME FUND                     | STONE POINT CREDIT INCOME FUND                     | CUSIP: N/A<br>LEI: N/A                        | Long             |  | RF                | US        |    479214 | NS      | $11921416.61  | 3.18%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KENNEDY LEWIS RESIDENTIAL PROPERTY INCOME CO LP    | KENNEDY LEWIS RESIDENTIAL PROPERTY INCOME CO LP    | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   7668115 | NS      | $7668115.32   | 2.04%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Steno Agency Funding I, LLC                        | Steno Agency Funding I, LLC                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2500000 | PA      | $2500000.00   | 0.67%             | 2028-05-08      | Floating      | 13.37%                | Yes           | 3                  | On Loan: No      |
| Neo Finance SPV LLC                                | Neo Finance SPV LLC                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2500000 | PA      | $2500000.00   | 0.67%             | 2029-02-11      | Floating      | 13.37%                | Yes           | 3                  | On Loan: No      |
| PFF, LLC                                           | PFF, LLC                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2000000 | PA      | $2000000.00   | 0.53%             | 2029-05-23      | Fixed         | 14.50%                | Yes           | 3                  | On Loan: No      |
| Altriarch Specialty Finance Fund, LP               | Altriarch Specialty Finance Fund, LP               | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   9458918 | NS      | $9458918.17   | 2.52%             |  |  |  | Yes           | N/A                | On Loan: No      |
| HarbourView Royalties Parallel Fund I, LP          | HarbourView Royalties Parallel Fund I, LP          | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  10920104 | NS      | $10920103.78  | 2.91%             |  |  |  | Yes           | N/A                | On Loan: No      |
| 7023 Broward LLC Loan                              | 7023 Broward LLC Loan                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2000000 | PA      | $2000000.00   | 0.53%             | 2027-01-25      | Floating      | 11.05%                | Yes           | 3                  | On Loan: No      |
| Evolution Credit Partners Trade Finance Offshore   | Evolution Credit Partners Trade Finance Offshore   | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  10905289 | NS      | $10905289.12  | 2.91%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Rivers Investments, LLC                            | Rivers Investments, LLC                            | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |       796 | NS      | $859020.92    | 0.23%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Fullsteam Holdco, L.P.                             | Fullsteam Holdco, L.P.                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1000000 | PA      | $985000.00    | 0.26%             | 2032-08-08      | Fixed         | 13.00%                | Yes           | 3                  | On Loan: No      |
| Butler Creek Owner, LLC                            | Butler Creek Owner, LLC                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1500000 | PA      | $1500000.00   | 0.40%             | 2026-08-01      | Floating      | 11.25%                | Yes           | 3                  | On Loan: No      |
| Siguler Guff Tactical Credit Evergreen Fund, LP    | Siguler Guff Tactical Credit Evergreen Fund, LP    | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   3000000 | NS      | $3000000.00   | 0.80%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Dawson Portfolio Finance Evergreen LP              | Dawson Portfolio Finance Evergreen LP              | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |     16515 | NS      | $16917243.52  | 4.51%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ABC Technologies Inc.                              | ABC Technologies Inc.                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3137005 | PA      | $3047004.91   | 0.81%             | 2031-08-30      | Floating      | 12.17%                | Yes           | 3                  | On Loan: No      |
| Eagle Point Co-Invest II LP                        | Eagle Point Co-Invest II LP                        | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |    248955 | NS      | $248954.91    | 0.07%             |  |  |  | Yes           | N/A                | On Loan: No      |
| LEARN Midco, LLC                                   | LEARN Midco, LLC                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1074917 | PA      | $1049916.67   | 0.28%             | 2032-01-10      | Fixed         | 15.50%                | Yes           | 3                  | On Loan: No      |
| Almeda Holdings TX, LLC, LV Petroleum, LLC         | Almeda Holdings TX, LLC, LV Petroleum, LLC         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    969231 | PA      | $969230.76    | 0.26%             | 2026-02-28      | Fixed         | 13.00%                | Yes           | 3                  | On Loan: No      |
| REDD, LLC                                          | REDD, LLC                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1500000 | PA      | $1500000.00   | 0.40%             | 2026-08-28      | Floating      | 11.00%                | Yes           | 3                  | On Loan: No      |
| Eagle Point Enhanced Income Fund US LP             | Eagle Point Enhanced Income Fund US LP             | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   8000000 | NS      | $8000000.00   | 2.13%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Carlsbad 2525, LLC                                 | Carlsbad 2525, LLC                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2000000 | PA      | $1990000.00   | 0.53%             | 2027-09-01      | Fixed         | 10.75%                | Yes           | 3                  | On Loan: No      |
| Crescent Cove Opportunity Fund B, LP               | Crescent Cove Opportunity Fund B, LP               | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  10007192 | NS      | $10007191.78  | 2.67%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Cedar Holdings (Offshore) LP - Senior Preferred    | Cedar Holdings (Offshore) LP - Senior Preferred    | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   5869643 | NS      | $5869642.91   | 1.57%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Cedar Holdings (Offshore) LP - Subordinate Common  | Cedar Holdings (Offshore) LP - Subordinate Common  | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   2131887 | NS      | $2131887.13   | 0.57%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Clear Haven Ultra Short Investment Grade Bd Fd, LP | Clear Haven Ultra Short Investment Grade Bd Fd, LP | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   5493180 | NS      | $5493180.39   | 1.46%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Fair State Mortgage Holdings, LLC                  | Fair State Mortgage Holdings, LLC                  | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  13700000 | NS      | $13700000.00  | 3.65%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Mavik Special Opportunities VS2 Co-Inv A, LP       | Mavik Special Opportunities VS2 Co-Inv A, LP       | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   6016563 | NS      | $6016563.22   | 1.60%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Maycomb CRT Holdings, LLC                          | Maycomb CRT Holdings, LLC                          | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   2000000 | NS      | $2000000.00   | 0.53%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Enhanced Mortgage Funding, LLC                     | Enhanced Mortgage Funding, LLC                     | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   9375000 | NS      | $9375000.00   | 2.50%             |  |  |  | Yes           | 3                  | On Loan: No      |
| OSP LAKESIDE INTERMEDIATE HOLDINGS 2, LLC          | OSP LAKESIDE INTERMEDIATE HOLDINGS 2, LLC          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2034300 | PA      | $2009300.21   | 0.54%             | 2031-10-31      | Floating      | 13.46%                | Yes           | 3                  | On Loan: No      |
| SYNCHRONOSS TECHNOLOGIES, INC.                     | SYNCHRONOSS TECHNOLOGIES, INC.                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3000000 | PA      | $3000000.00   | 0.80%             | 2029-04-24      | Floating      | 10.87%                | Yes           | 3                  | On Loan: No      |
| PREMIER FOOD CONCEPTS LLC                          | PREMIER FOOD CONCEPTS LLC                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3010466 | PA      | $3019507.71   | 0.81%             | 2027-11-15      | Fixed         | 14.00%                | Yes           | 3                  | On Loan: No      |
| Siguler Guff Tactical Credit Evergreen Fund, LP    | Siguler Guff Straine Dental Holdings, LLC          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2967595 | PA      | $2937918.57   | 0.78%             | 2030-11-25      | Floating      | 11.24%                | Yes           | 3                  | On Loan: No      |
| Siguler Guff Tactical Credit Evergreen Fund, LP    | Siguler Guff Straine Dental Holdings, LLC          | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |  -1032405 | PA      | $-5420.13     | -0.00%            | 2030-11-25      | Fixed         | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Siguler Guff Tactical Credit Evergreen Fund, LP    | Siguler Guff Straine Dental Holdings, LLC          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1032405 | PA      | $0.00         | 0.00%             | 2030-11-25      | Floating      | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Mesirow Specialty Finance Fund VII, L.P.           | Mesirow Specialty Finance Fund VII, L.P.           | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |    500000 | NS      | $500000.00    | 0.13%             |  |  |  | Yes           | 3                  | On Loan: No      |
| LV PETROLEUM, LLC, et al.                          | LV PETROLEUM, LLC, et al.                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3300000 | PA      | $3300000.00   | 0.88%             | 2026-06-09      | Fixed         | 15.00%                | Yes           | 3                  | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

**Name of Applicant:** Nomura Alternative Income Fund

**Signature:** Madeline Arment

**Name of Signer:** Madeline Arment

**Title:** Treasurer