# EDGAR Filing Document

**Accession Number:** 0002013536
**File Stem:** 0001049169-26-000674
**Filing Date:** 2026-2
**Character Count:** 100629
**Document Hash:** af66ba061858819c388e77b6dfe86846
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-26-000674.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001049169-26-000674

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eagle Point Defensive Income Trust
- **CENTRAL INDEX KEY:** 0002013536

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23994
- **FILM NUMBER:** 26700660

**BUSINESS ADDRESS:**
- **STREET 1:** 600 STEAMBOAT ROAD, SUITE 202
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 203.340.8500

**MAIL ADDRESS:**
- **STREET 1:** 600 STEAMBOAT ROAD, SUITE 202
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

## Nport-Ex

![](fp0097804-2_01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer/Investment<sup>(1)</sup>** | **Acquisition<br> Date<sup>(2)</sup>** | **Principal<br> Amount/<br> Shares** | **Cost** | **Fair Value<sup>(3)</sup>** |
| **Investments at Fair Value - 148.35% of Net Assets<sup>(4)</sup>** |  |  |  |  |
| **Collateralized Fund Obligation Equity - 4.17% of Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**United States** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Structured Finance** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ALP CFO 2024, L.P.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Note (effective yield 38.50%, maturity 10/15/2036)<sup>(5),(6),(7)</sup> | 10/21/2024 | $814000 | $814000 | $768803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ALP CFO 2025, L.P.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Note (effective yield 39.04%, maturity 7/15/2037)<sup>(5),(6),(7)</sup> | 7/30/2025 | 1896000 | 1896000 | 1898828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Coller Private Equity Backed Notes & Loans II-A L.P.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Equity (effective yield 21.86%, maturity 4/30/2037)<sup>(5),(6),(7)</sup> | 7/28/2025 | 1374097 | 1374097 | 1287568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Glendower Capital Secondaries CFO, LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated Loan (effective yield 44.85%, maturity 7/13/2038)<sup>(5),(6),(7)</sup> | 8/06/2024 | 783052 | 1212531 | 957370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Fund Obligation Equity** |  |  | 5296628 | 4912569 |
| **Equity Securities - 5.85% of Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**United States** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SI Tickets, Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Equity<sup>(5),(7),(8)</sup> | 8/25/2025 | 120000 | 352800 | 352200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Franklin BSP Realty Trust, Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Equity | 9/17/2025 | 48751 | 512687 | 488972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Horizon Technology Finance Corporation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Equity<sup>(9)</sup> | 9/24/2025 | 5193 | 32893 | 33495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oxford Lane Capital Corp.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Equity | 7/24/2025 | 56390 | 852480 | 825550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pasadena Private Lending, Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Equity<sup>(5),(7),(8)</sup> | 12/18/2025 | 5340 | 49889 | 49889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Credit Corp 2022 LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Equity<sup>(7),(10)</sup> | 8/06/2024 | 4548434 | 5168158 | 5048307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XAI Octagon Floating Rate & Alternative Income Trust** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Equity | 9/18/2025 | 17917 | 83784 | 86002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financial Services |  |  | 6699891 | 6532215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Securities** |  |  | 7052691 | 6884415 |
| **Loans and Notes - 121.11% of Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Singapore** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FinAccel Pte Ltd** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Class C Note, 15.00% (due 6/30/2026)<sup>(5),(7),(9)</sup> | 8/06/2024 | 3321697 | 3337942 | 3341627 |
| &nbsp;&nbsp;&nbsp;**United States** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SI Tickets, Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, 10.00% (due 8/30/2026)<sup>(5),(7),(9)</sup> | 11/12/2025 | 289168 | 289168 | 294084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SI Tickets, Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, 10.00% (CD 1M SOFR + 5.75%, due 8/28/2028)<sup>(5),(7),(11)</sup> | 8/25/2025 | 1729816 | 1406280 | 1662353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SI Tickets, Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, 10.00% (CD 1M SOFR + 5.75%, due 8/28/2028)<sup>(5),(7),(11)</sup> | 8/25/2025 | 1293498 | 1237522 | 1243051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Entertainment |  |  | 2932970 | 3199488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Axar Master Fund Ltd.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, 11.00% (due 4/8/2029)<sup>(5),(7),(9)</sup> | 8/06/2024 | 1391864 | 1377514 | 1366114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Blue Owl Technology Income Corporation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 8.64% (3M SOFR + 4.75%, due 1/15/2029)<sup>(5),(7),(11)</sup> | 8/06/2024 | 3450000 | 3520377 | 3574200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BP LPI A-1/A-2 LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bond, 8.48% (1M SOFR + 4.75%, due 12/22/2031)<sup>(5),(7),(11)</sup> | 12/18/2025 | 4137021 | 4050619 | 4050321 |

---

![](fp0097804-2_01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer/Investment<sup>(1)</sup>** | **Acquisition<br> Date<sup>(2)</sup>** | **Principal<br> Amount/<br> Shares** | **Cost** | **Fair Value<sup>(3)</sup>** |
| **Loans and Notes - 121.11% of Net Assets (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**United States (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BP LPI A-1/A-2 LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bond, 13.73% (1M SOFR + 10.00%, due 12/22/2031)<sup>(5),(7),(11)</sup> | 12/18/2025 | $1411964 | $1411964 | $1411964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Braemar Hotels & Resorts Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Senior Unsecured Note, 4.50% (due 6/1/2026)<sup>(7),(9)</sup> | 8/06/2024 | 419000 | 410676 | 412453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Broadmark Realty Capital Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 5.00% (due 11/15/2026)<sup>(7),(9)</sup> | 8/06/2024 | 508000 | 484224 | 486604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BSD Capital Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 6.62% (3M SOFR + 2.66%, due 10/31/2027)<sup>(5),(7),(11)</sup> | 1/16/2025 | 803000 | 708386 | 734745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CION Investment Corporation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 8.60% (3M SOFR + 4.75%, due 11/8/2027)<sup>(5),(7),(11)</sup> | 8/06/2024 | 5320000 | 5307223 | 5402460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Claros Mortgage Trust Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, 8.56% (1M SOFR + 4.5%, due 8/10/2026)<sup>(7),(11)</sup> | 2/25/2025 | 2011777 | 1957190 | 1958968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Great Ajax Operating Partnership L.P.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 9.88% (due 9/1/2027)<sup>(7),(9)</sup> | 5/05/2025 | 488000 | 480669 | 477976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Horizon Technology Finance Corporation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Senior Unsecured Notes, 5.50% (due 9/4/2030)<sup>(5),(7)</sup> | 9/04/2025 | 1420550 | 1306353 | 1371541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco CLO Equity Fund 5, L.P.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 9.00% (due 1/15/2027)<sup>(5),(7),(9)</sup> | 3/20/2025 | 3786719 | 3776397 | 3710985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Logan Ridge Finance Corporation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Senior Unsecured Note, 6.00% (due 4/1/2032)<sup>(5),(7),(9)</sup> | 8/06/2024 | 160625 | 158222 | 157847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metropolitan Financing VII LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, 9.17% (3M SOFR + 5.5%, due 2/12/2026)<sup>(5),(7),(11)</sup> | 8/06/2024 | 3132210 | 3132456 | 3132210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metropolitan Leverage Partners Fund VII LP** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, Tranche 1, 8.67% (3M SOFR + 5%, due 3/10/2027)<sup>(5),(7),(11)</sup> | 8/06/2024 | 5280973 | 5298905 | 5333783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metropolitan Leverage Partners Fund VII LP** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, Tranche 2, 8.67% (3M SOFR + 5%, due 3/10/2027)<sup>(5),(7),(11)</sup> | 8/06/2024 | 1189693 | 1193733 | 1201590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metropolitan Levered Partners Fund VIII LP** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, 9.67% (3M SOFR + 6%, due 2/21/2028)<sup>(5),(7),(11)</sup> | 8/06/2024 | 1322524 | 1325652 | 1329136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metropolitan Levered Partners Fund VIII LP** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, Tranche 1, 9.67% (3M SOFR + 6%, due 2/21/2028)<sup>(5),(7),(11)</sup> | 8/06/2024 | 6305137 | 6333545 | 6336663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MGG Offshore Funding IV LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, 9.52% (3M SOFR + 5.65%, due 2/21/2030)<sup>(5),(7),(11)</sup> | 2/20/2025 | 3375000 | 3283771 | 3283875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MGG Onshore Funding IV LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, 9.54% (3M SOFR + 5.65%, due 2/4/2030)<sup>(5),(7),(11)</sup> | 1/30/2025 | 3375000 | 3284639 | 3285563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Monroe Capital Income Plus Corporation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 9.42% (due 11/15/2028)<sup>(5),(7)</sup> | 8/06/2024 | 1670000 | 1742009 | 1788570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Monroe Capital Private Credit Fund 559 LP** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 8.63% (due 11/14/2028)<sup>(5),(7),(9)</sup> | 8/06/2024 | 1750000 | 1748033 | 1755600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North Haven Private Income Fund LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 8.88% (due 8/10/2028)<sup>(5),(7),(9)</sup> | 8/06/2024 | 1950000 | 1994563 | 2076750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pasadena Private Lending, Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, 13.44% (3M SOFR + 9.75%, due 1/31/2031)<sup>(5),(7),(11)</sup> | 12/18/2025 | 1878000 | 1726705 | 1802086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ready Capital Corporation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 5.50% (due 12/30/2028)<sup>(7),(9)</sup> | 12/27/2024 | 403000 | 331904 | 317370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ready Capital Corporation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 5.75% (due 2/15/2026)<sup>(9)</sup> | 5/30/2025 | 21816 | 532049 | 546491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ready Capital Corporation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 6.20% (due 7/30/2026)<sup>(9)</sup> | 3/11/2025 | 13609 | 324760 | 334781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ready Capital Corporation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 7.38% (due 7/31/2027)<sup>(7),(9)</sup> | 7/30/2025 | 246000 | 233827 | 231302 |

---

![](fp0097804-2_01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer/Investment<sup>(1)</sup>** | **Acquisition<br> Date<sup>(2)</sup>** | **Principal<br> Amount/<br> Shares** | **Cost** | **Fair Value<sup>(3)</sup>** |
| **Loans and Notes - 121.11% of Net Assets (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**United States (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ready Capital Corporation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 9.00% (due 12/15/2029)<sup>(9)</sup> | 12/03/2024 | $72110 | $1665270 | $1511426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ready Term Holdings, LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, 9.34% (3M SOFR + 5.50%, due 4/12/2029)<sup>(5),(7),(11)</sup> | 8/06/2024 | 1150000 | 1136152 | 1067085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ReadyCap Holdings LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Note, 4.50% (due 10/20/2026)<sup>(7),(9)</sup> | 8/06/2024 | 219000 | 212394 | 214047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ReadyCap Holdings LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Note, 9.38% (due 3/1/2028)<sup>(7),(9)</sup> | 5/15/2025 | 10000 | 9519 | 10039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sachem Capital Corp.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 6.00% (due 12/30/2026)<sup>(9)</sup> | 8/05/2025 | 14653 | 346927 | 356361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sachem Capital Corp.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 6.00% (due 3/30/2027)<sup>(9)</sup> | 8/05/2025 | 7701 | 172224 | 177970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sachem Capital Corp.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 7.13% (due 6/30/2027)<sup>(9)</sup> | 8/05/2025 | 3916 | 87379 | 90898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sachem Capital Corp.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 8.00% (due 9/30/2027)<sup>(9)</sup> | 8/05/2025 | 1872 | 42341 | 43843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Credit Corp 2022 LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 8.50% (due 12/5/2028)<sup>(7),(9),(10)</sup> | 8/06/2024 | 10613013 | 10613013 | 10613013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Steeprock Real Estate Yield Investors LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, 9.17% (3M SOFR + 5.5%, due 4/28/2027)<sup>(5),(7),(11)</sup> | 8/06/2024 | 2388000 | 2360569 | 2367702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Steeprock Real Estate Yield Investors LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured Note, Tranche B, 10.17% (3M SOFR + 6.5%, due 4/28/2027)<sup>(5),(7),(11)</sup> | 8/06/2024 | 2284000 | 2284923 | 2293136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Velocity Commercial Capital, LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Note, 7.13% (due 3/15/2027)<sup>(5),(7),(9)</sup> | 8/06/2024 | 3676000 | 3624051 | 3624536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Velocity Commercial Capital, LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Note, 9.88% (due 2/15/2029)<sup>(5),(7),(9)</sup> | 8/06/2024 | 485000 | 498114 | 498095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Visio - Beach Point Mortgage Trust, LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, 10.00% (due 3/17/2030)<sup>(5),(7),(9)</sup> | 3/14/2025 | 3363000 | 3363000 | 3389904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Waterfall Eden Master Fund LTD** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, Tranche 2, 9.25% (3M SOFR + 5.58%, due 3/7/2027)<sup>(5),(7),(11)</sup> | 8/06/2024 | 4877383 | 4853654 | 4852996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financial Services |  |  | 88705895 | 88982999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Infrastructure** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Circular Services 1L TL TSFR3M+7.00** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, 10.72% (3M SOFR + 7%, due 10/31/2030)<sup>(5),(7),(11)</sup> | 11/26/2025 | 2500000 | 2456816 | 2457500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Heritage Energy Holdings, LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, 15.00% (due 6/30/2027)<sup>(5),(7)</sup> | 12/31/2025 | 1198000 | 1174040 | 1174040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Integrated Modular Data Centers, LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, 11.00% (due 10/19/2026)<sup>(5),(7),(9)</sup> | 9/22/2025 | 1135218 | 1135218 | 1145435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Nexus Apex Holdings, LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, 14.67% (3M SOFR + 11%, due 12/4/2027)<sup>(5),(7),(11)</sup> | 12/01/2025 | 7515227 | 7368723 | 7627955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Infrastructure |  |  | 12134797 | 12404930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Municipal** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California Municipal Finance Authority** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Improvement Revenue Bonds (Aymium Williams Project), Series 2022A, 12.25% (due 12/15/2042)<sup>(5),(7),(9)</sup> | 4/03/2025 | 270270 | 260335 | 267892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California Municipal Finance Authority** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Improvement Revenue Bonds (Aymium Williams Project), Series 2022A, 12.25% (due 12/15/2042)<sup>(5),(7),(9)</sup> | 4/03/2025 | 367568 | 357956 | 364333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California Municipal Finance Authority** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Improvement Revenue Bonds (Aymium Williams Project), Series 2022A, 12.25% (due 12/15/2042)<sup>(5),(7),(9)</sup> | 4/03/2025 | 180180 | 173557 | 178594 |

---

![](fp0097804-2_01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer/Investment<sup>(1)</sup>** | **Acquisition<br> Date<sup>(2)</sup>** | **Principal<br> Amount/<br> Shares** | **Cost** | **Fair Value<sup>(3)</sup>** |
| **Loans and Notes - 121.11% of Net Assets (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**United States (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Municipal (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California Municipal Finance Authority** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Improvement Revenue Bonds (Aymium Williams Project), Series 2022A, 12.25% (due 12/15/2042)<sup>(5),(7),(9)</sup> | 4/28/2025 $| 846590 | $846590 | $839140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California Municipal Finance Authority** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Improvement Revenue Bonds (Aymium Williams Project), Series 2022A, 12.25% (due 12/15/2042)<sup>(5),(7),(9)</sup> | 4/28/2025 | 65122 | 65122 | 64549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Municipal |  |  | 1703560 | 1714508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Structured Finance** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ALP CFO 2024, L.P.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Collateralized Fund Obligation Debt, Class B Note, 10.04% (due 10/15/2036)<sup>(5),(7),(9)</sup> | 10/21/2024 | 1788000 | 1788000 | 1851099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ALP CFO 2024, L.P.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Collateralized Fund Obligation Debt, Class C Note, 12.88% (due 10/15/2036)<sup>(5),(7),(9)</sup> | 10/21/2024 | 2000000 | 2000000 | 2070000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ALP CFO 2025, L.P.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Collateralized Fund Obligation Debt, Class C Note, 12.24% (due 7/15/2037)<sup>(5),(7),(9)</sup> | 7/31/2025 | 917000 | 917000 | 934853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ALP CFO 2025, L.P.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Collateralized Fund Obligation Debt, Class M Note, 14.00% (due 7/15/2037)<sup>(5),(7),(9)</sup> | 7/30/2025 | 1033000 | 1033000 | 1047800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ares Secondaries PBN Finance CO IV LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Collateralized Fund Obligation Debt, Class C Loan, 12.29% (3M SOFR + 8.50%, due 4/14/2039)<sup>(5),(7),(11)</sup> | 5/13/2025 | 26042 | 26042 | 26042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASPF II 2022-I, L.P.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Rated Feeder Fund Debt, Class B-2 Note, 11.35% (due 10/15/2034)<sup>(5),(7),(9)</sup> | 8/06/2024 | 5420178 | 5426292 | 5576631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASPF II 2022-I, L.P.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Rated Feeder Fund Debt, Class C-2B Note, 15.60% (due 10/15/2034)<sup>(5),(7),(9)</sup> | 8/06/2024 | 2981098 | 2984514 | 3123481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Brightwood Capital Offshore Fund V-U RN, LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Rated Feeder Fund Debt, Class B Loan, 9.09% (3M SOFR + 5.25%, due 1/27/2036)<sup>(5),(7),(11)</sup> | 1/27/2025 | 564000 | 564000 | 578924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Brightwood Capital Offshore Fund V-U RN, LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Rated Feeder Fund Debt, Class C Loan, 11.34% (3M SOFR + 7.5%, due 1/27/2036)<sup>(5),(7),(11)</sup> | 1/27/2025 | 690000 | 690000 | 698510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Brightwood Capital Offshore Fund V-U RN, LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Rated Feeder Fund Debt, Class D Loan, 13.49% (3M SOFR + 9.65%, due 1/27/2036)<sup>(5),(7),(11)</sup> | 1/27/2025 | 1156989 | 1156989 | 1214878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CVC Structured Solutions 2, LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Collateralized Fund Obligation Debt, Class C Loan, 12.43% (US CMT 5Y + 8.75%, due 9/3/2040)<sup>(5),(7),(11)</sup> | 9/22/2025 | 274831 | 237569 | 279687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dawson Rated Fund 5-R1 LP** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Rated Feeder Fund Debt, Class B-1 Loan, 10.82% (due 12/15/2032)<sup>(5),(7),(9)</sup> | 8/06/2024 | 135107 | 139158 | 140318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dawson Rated Fund 5-R1 LP** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Rated Feeder Fund Debt, Class C Loan, 10.82% (due 12/15/2032)<sup>(5),(7),(9)</sup> | 8/06/2024 | 379010 | 385698 | 398355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dawson Rated Fund 6-R2 LP** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Rated Feeder Fund Debt, Class B Loan, 9.53% (US CMT 3Y 5Y AVG + 6.00%, due 12/15/2034)<sup>(5),(7),(11)</sup> | 12/16/2024 | 756228 | 756228 | 793112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dawson Rated Fund 6-R2 LP** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Rated Feeder Fund Debt, Class C Loan, 12.68% (US CMT 3Y 5Y AVG + 9.15%, due 12/15/2034)<sup>(5),(7),(11)</sup> | 12/16/2024 | 1516165 | 1516165 | 1591489 |

---

![](fp0097804-2_01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer/Investment<sup>(1)</sup>** | **Acquisition<br> Date<sup>(2)</sup>** | **Principal<br> Amount/<br> Shares** | **Cost** | **Fair Value<sup>(3)</sup>** |
| **Loans and Notes - 121.11% of Net Assets (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**United States (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Structured Finance (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dawson Rated Fund 6-R3 LP** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Rated Feeder Fund Debt, Class B Loan, 9.52% (US CMT 3Y 5Y AVG + 6.00%, due 5/15/2035)<sup>(5),(7),(11)</sup> | 4/11/2025 $| 567128 | $567128 | $580762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dawson Rated Fund 6-R3 LP** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Rated Feeder Fund Debt, Class C Loan, 12.52% (US CMT 3Y 5Y AVG + 9.00%, due 5/15/2035)<sup>(5),(7),(11)</sup> | 4/11/2025 | 198796 | 198796 | 206974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**GCM Grosvenor Credit Secondaries Structured Note 2025, LP** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Collateralized Fund Obligation Debt, Class C Note, 11.99% (3M SOFR + 8.00%, due 9/20/2037)<sup>(5),(7),(11)</sup> | 9/22/2025 | 513653 | 513653 | 513633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Glendower Capital Secondaries CFO, LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Collateralized Fund Obligation Debt, Class B Loan, 11.50% (due 7/13/2038)<sup>(5),(7),(9)</sup> | 8/06/2024 | 750164 | 759646 | 770806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Glendower Capital Secondaries CFO, LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Collateralized Fund Obligation Debt, Class C Loan, 14.50% (due 7/13/2038)<sup>(5),(7),(9)</sup> | 8/06/2024 | 343499 | 348501 | 355696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guggenheim Investments Private Debt Fund IV Rated Note Feeder, LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Rated Feeder Fund Debt, Class C Note, 11.34% (3M SOFR + 7.50%, due 4/10/2039)<sup>(5),(7),(11)</sup> | 4/15/2025 | 1792536 | 1792536 | 1812792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MOPAC Issuer, LLC Class C Loan** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Collateralized Fund Obligation Debt, Class C Loan, 11.81% (due 12/30/2050)<sup>(5),(7),(9)</sup> | 11/21/2025 | 342700 | 342700 | 342714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NB Blueprint 2025 LLC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Collateralized Fund Obligation Debt, Class B Loan, 9.74% (due 4/15/2040)<sup>(5),(7),(9)</sup> | 3/28/2025 | 1191600 | 1191600 | 1233307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Mountain Guardian IV Rated Feeder I, Ltd.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Rated Feeder Fund Debt, Class B Note, 10.66% (3M SOFR + 6.35%, due 8/22/2036)<sup>(5),(7),(11)</sup> | 8/06/2024 | 421000 | 419385 | 425141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Mountain Guardian IV Rated Feeder III Ltd.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Rated Feeder Fund Debt, Class B Note, 9.42% (3M SOFR + 5.10%, due 8/28/2037)<sup>(5),(7),(11)</sup> | 10/17/2024 | 970000 | 970000 | 984804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Mountain Guardian IV Rated Feeder III Ltd.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Rated Feeder Fund Debt, Class C Note, 11.82% (3M SOFR + 7.5%, due 8/28/2037)<sup>(5),(7),(11)</sup> | 10/17/2024 | 1582000 | 1582000 | 1586105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Mountain Guardian IV Rated Feeder III Ltd.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Rated Feeder Fund Debt, Class D Note, 12.34% (3M SOFR + 8.02%, due 8/28/2037)<sup>(5),(7),(11)</sup> | 10/17/2024 | 2314000 | 2280161 | 2301358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Vista Credit Partners Fund IV-B, L.P.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Rated Feeder Fund Debt, Class B-1 Loan, 10.95% (3M SOFR + 7.16%, due 11/30/2034)<sup>(5),(7),(11)</sup> | 12/05/2024 | 1472252 | 1472252 | 1479614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Structured Finance |  |  | 32059013 | 32918885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  | 137536235 | 139220810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Loans and Notes** |  |  | 140874177 | 142562437 |
| **Preferred Stock - 16.52% of Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**United States** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adamas Trust Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock, Series F, 6.88%<sup>(9)</sup> | 8/27/2025 | 7854 | 173825 | 175773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adamas Trust Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock, Series M, 11.28%<sup>(9)</sup> | 7/01/2025 | 9437 | 232722 | 232905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arbor Realty Trust Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock, Series F, 6.25%, due on 11/22/2021<sup>(9)</sup> | 1/27/2025 | 12368 | 256875 | 269128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Carlyle Credit Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stock, Series 2030, 7.50%, due on 1/31/2030<sup>(5),(7),(9)</sup> | 1/29/2025 | 1590 | 1478700 | 1519563 |

---

![](fp0097804-2_01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer/Investment<sup>(1)</sup>** | **Acquisition<br> Date<sup>(2)</sup>** | **Principal<br> Amount/<br> Shares** | **Cost** | **Fair Value<sup>(3)</sup>** |
| **Preferred Stock - 16.52% of Net Assets (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**United States (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Granite Point Mortgage Trust Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock, 7.00%<sup>(9)</sup> | 8/06/2024 | 249013 | $4047862 | $5022592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Invesco Senior Secured Management** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock, 8.00%, due on 6/16/2031<sup>(5),(7),(9)</sup> | 8/06/2024 | 5354735 | 5479500 | 5357947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IQHQ, Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock, Series D-1, 10.50%<sup>(5),(7),(9)</sup> | 8/06/2024 | 4000 | 4091075 | 3950800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KKR Real Estate Finance Trust, Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock, 6.50%, due on 12/31/2049<sup>(9)</sup> | 12/05/2025 | 646 | 11448 | 11802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**National Healthcare Properties, Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock, 7.38%<sup>(9)</sup> | 7/08/2025 | 1015 | 17040 | 19458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**National Healthcare Properties, Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock, Series B, 7.13%<sup>(9)</sup> | 7/09/2025 | 5556 | 89202 | 102119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pasadena Private Lending, Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stock, Class C-2, 10.00%, due on 12/22/2031<sup>(5),(7),(9)</sup> | 12/18/2025 | 5340 | 185071 | 185071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pasadena Private Lending, Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock, Class D, 10.00%, due on 4/20/2031<sup>(5),(7),(9)</sup> | 10/17/2025 | 939 | 881076 | 881073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ready Capital Corporation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Equity, Series E, 6.50%<sup>(9)</sup> | 3/03/2025 | 8211 | 124538 | 114708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rithm Capital Corp.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock, 10.22% (3M SOFR + 5.90%)<sup>(11)</sup> | 4/04/2025 | 50 | 1254 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rithm Capital Corp.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock, Series E, 8.75%<sup>(9)</sup> | 9/19/2025 | 255 | 6309 | 6513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rithm Property Trust Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Equity, 9.88%<sup>(9)</sup> | 2/27/2025 | 62724 | 1552862 | 1583781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sachem Capital Corp.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock, Series A, 7.75%<sup>(9)</sup> | 8/05/2025 | 383 | 6082 | 6798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock** |  |  | 18635441 | 19441309 |
| **Warrants - 0.70% of Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Singapore** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FinAccel Pte Ltd** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Warrant<sup>(5),(7),(8)</sup> | 8/06/2024 | 3471 | 82402 | 126560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FinAccel Pte Ltd** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Warrant<sup>(5),(7),(8),(12)</sup> | 8/06/2024 | 12235 | 503588 | 582044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Singapore** |  |  | 585990 | 708604 |
| &nbsp;&nbsp;&nbsp;**United States** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pasadena Private Lending, Inc.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Warrant<sup>(5),(7),(8)</sup> | 12/19/2025 | 12400 | 115847 | 115847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Warrants** |  |  | 701837 | 824451 |
| **Total investments at fair value as of December 31, 2025** |  |  | **172560774** | **174625181** |
| **Liabilities at Fair Value - (0.07%) of Net Assets<sup>(13)</sup>** |  |  |  |  |
| **Unfunded Loan Commitments - (0.07)% of Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**United States** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pasadena Private Lending, Inc. (Unfunded)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loan, 13.44% (3M SOFR, + 9.75%, due 1/31/2031)<sup>(5),(7),(11)</sup> | 12/18/2025 | $(1878000) | – | (75914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Unfunded Loan Commitments** |  |  | – | (75914) |
| **Total Liabilities at Fair Value as of December 31, 2025** |  |  | **–** | **(75914)** |

---

![](fp0097804-2_01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer/Investment<sup>(1)</sup>** | **Acquisition<br> Date<sup>(2)</sup>** | **Principal<br> Amount/<br> Shares** | **Cost** | **Fair Value<sup>(3)</sup>** |
| **Unfunded Loan Commitments - (0.07)% of Net Assets (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**United States (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services (continued)** |  |  |  |  |
| **Net assets above (below) fair value of investments** |  |  |  | **(56837161)** |
| **Net assets as of December 31, 2025** |  |  |  | $**117712106** |

---

*<sup>(1)</sup>* *Unless otherwise noted, the Fund is neither affiliated with, nor does it "control" (as such term is defined in the Investment Company Act of 1940, as amended (the "1940 Act")), any of the issuers listed. In general, under the 1940 Act, the Fund would be presumed to "control" an issuer if it owned 25% or more of its voting securities.*

*<sup>(2)</sup>* *Acquisition date represents the initial of purchase or the date the investment was acquired by the Fund.*

*<sup>(3)</sup>* *Fair value is determined by Eagle Point Defensive Income Management LLC in accordance with written valuation policies and procedures, subject to oversight by the Fund's Board of Trustees, in accordance with Rule 2a-5 under the 1940 Act.*

*<sup>(4)</sup>* *Country represents the principal country of risk where the investment has exposure.*

*<sup>(5)</sup>* *Classified as Level III investment.*

*<sup>(6)</sup>* *Collateralized Loan Obligation ("CLO") Equity, Collateralized Fund Obligation Equity and certain other investments are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying assets less contractual payments to debt holders and fund expenses. The effective yield is estimated based on the current projection of the amount and timing of these recurring distributions in addition to the estimated amount of terminal principal payment. The effective yield and investment cost may ultimately not be realized.*

*<sup>(7)</sup>* *Securities exempt from registration under the Securities Act of 1933, and are deemed to be "restricted securities". As of December 31, 2025, the aggregate fair value of these securities is $162.5 million, or 138.04% of the Fund's net assets.*

*<sup>(8)</sup>* *Non-income producing security.*

*<sup>(9)</sup>* *Fixed rate investment.*

*<sup>(10)</sup>* *The following investment is an affiliated investment as defined under the 1940 act, which represents investments in which the Trust owns 5% or more of the outstanding voting securities under common ownership or control.*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***ISSUER*** | ***Investment Description*** | ***Fair Value*** | ***Fund<br> Commitment*** | ***Unfunded<br> Commitment*** |
| *Senior Credit Corp 2022 LLC* | *Common Equity* | $*5048307* | $*5168158* | $*–* |
| *Senior Credit Corp 2022 LLC* | *Senior Unsecured Note, 8.50% (due 12/5/2028)* | *10613013* | *10613013* | *–* |
|  |  | $*15661320* | $*15781171* | $*–* |

---

*<sup>(11)</sup>* *Variable rate investment. Interest rate shown reflects the rate in effect at the reporting date. Investment description includes the reference rate and spread.*

*<sup>(12)</sup>* *As of December 31, 2025, the investment includes interest income capitalized as additional investment principal, referred to as "PIK" interest. The PIK interest rate represents the interest rate at payment date when PIK interest is received.*

*<sup>(13)</sup>* *This investment has an unfunded commitment as of December 31, 2025.* 

Reference Key:

CD Compounded Daily <br> SOFR Secured Overnight Financing Rate <br> US CMT United States Constant Maturity Treasury Rate

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Eagle Point Defensive Income Trust

- **b. Investment Company Act file number:** 811-23994

- **c. CIK number of Registrant:** 0002013536

- **d. LEI of Registrant:** 254900J2H3BOAUD0N649

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

  - **Street Address 1:** 600 Steamboat Road Suite 202

  - **City:** Greenwich

  - **State:** CT

  - **Foreign country:** US

  - **Zip / Postal Code:** 06830

  - **Telephone number:** 2033408500

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

- **a. Name of Series:** Eagle Point Defensive Income Trust

- **c. LEI of Series:** 254900J2H3BOAUD0N649

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

- **a. Date of fiscal year-end:** 2026-09-30

- **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:** $182192296.81

**Total Liabilities:** $64480191.09

**Net Assets:** $117712105.72

**Delayed Delivery Securities:** $38815561.00

**Cash Not Reported:** $3283393.18

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -4387.52000000 | **5-Year:** -12071.37000000 | **10-Year:** -9495.46000000 | **30-Year:** -726.77000000

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

- **3-Month:** 0.00000000 | **1-Year:** -3464.40000000 | **5-Year:** -5282.77000000 | **10-Year:** -15465.21000000 | **30-Year:** -7727.90000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.70%                | 0.96%                | 1.91%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-13736.85               | $-325097.82                                |
| Month 2  | $-35417.28               | $25913.31                                  |
| Month 3  | $-34425.06               | $956988.13                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| IQHQ, Inc.                                                         | Preferred Stock, Series D-1                                                     | CUSIP: 44988Q403<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      4000 | NS      | $3950800.00   | 3.36%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Pasadena Private Lending, Inc.                                     | Convertible Preferred Stock, Class C-2                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      5340 | NS      | $185071.00    | 0.16%             |  |  |  | Yes           | 3                  | On Loan: No      |
| ALP CFO 2024, L.P.                                                 | Senior Secured CFO Debt, Class B Note                                           | CUSIP: 00165VAC6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1788000 | PA      | $1851098.88   | 1.57%             | 2036-10-15      | Fixed         | 10.04%                | Yes           | 3                  | On Loan: No      |
| Sachem Capital Corp.                                               | Senior Unsecured Note                                                           | CUSIP: 78590A604<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     14653 | NS      | $356360.96    | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Dawson Rated Fund 5-R1 LP                                          | Senior Secured Rated Feeder Fund Debt, Class C Loan                             | CUSIP: 96524KAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    379010 | PA      | $398355.38    | 0.34%             | 2032-12-15      | Floating      | 0.00%                 | Yes           | 3                  | On Loan: No      |
| CVC Structured Solutions 2, LLC                                    | Senior Secured CFO Debt, Class C Loan                                           | CUSIP: 12690KAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4725168 | PA      | $0.00         | 0.00%             | 2040-09-03      | Fixed         | 12.50%                | Yes           | 3                  | On Loan: No      |
| Ready Capital Corporation                                          | Senior Unsecured Note                                                           | CUSIP: 75574UAD3<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | DBT              | CORP              | US        |    246000 | PA      | $231301.72    | 0.20%             | 2027-07-31      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| Brightwood Capital Offshore Fund V-U RN, LLC                       | Senior Secured Rated Feeder Fund Debt, Class D Loan                             | CUSIP: 10950DAG5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1156989 | PA      | $1214878.35   | 1.03%             | 2036-01-27      | Floating      | 13.49%                | Yes           | 3                  | On Loan: No      |
| Sachem Capital Corp.                                               | Senior Unsecured Note                                                           | CUSIP: 78590A877<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      1872 | NS      | $43842.24     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Dawson Rated Fund 6-R2 LP                                          | Senior Secured Rated Feeder Fund Debt, Class B Loan                             | CUSIP: 23942LAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    756228 | PA      | $793111.58    | 0.67%             | 2034-12-15      | Floating      | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Senior Credit Corp 2022 LLC                                        | Common Equity                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   4548434 | NS      | $5048307.03   | 4.29%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Rithm Property Trust Inc.                                          | Preferred Stock                                                                 | CUSIP: 38983D862<br>LEI: 5493004ID2QQWNGDYC18 | Long             | EP               | CORP              | US        |     62724 | NS      | $1583781.00   | 1.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Ready Term Holdings, LLC                                           | Senior Secured Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1150000 | PA      | $1067085.00   | 0.91%             | 2029-04-12      | Floating      | 9.34%                 | Yes           | 3                  | On Loan: No      |
| National Healthcare Properties, Inc.                               | Preferred Stock, Series B                                                       | CUSIP: 42226B303<br>LEI: 549300Z2NSUGF5NF2Y30 | Long             | EP               | CORP              | US        |      5556 | NS      | $102119.28    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Coller Private Equity Backed Notes & Loans II-A L.P.               | Preferred Equity                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |   1374097 | PA      | $1287568.25   | 1.09%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Great Ajax Operating Partnership L.P.                              | Senior Unsecured Note                                                           | CUSIP: 38982GAA4<br>LEI: 549300IMX0KE8QJMZ613 | Long             | DBT              | CORP              | US        |    488000 | PA      | $477975.94    | 0.41%             | 2027-09-01      | Fixed         | 9.88%                 | Yes           | 2                  | On Loan: No      |
| BP LPI A-1/A-2 LLC                                                 | Senior Secured Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    197979 | PA      | $0.00         | 0.00%             | 2031-12-22      | Fixed         | 8.48%                 | Yes           | 3                  | On Loan: No      |
| SI Tickets, Inc.                                                   | Common Equity                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    120000 | NS      | $352200.00    | 0.30%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Metropolitan Levered Partners Fund VIII LP                         | Senior Secured Loan, Tranche 1                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6305137 | PA      | $6336662.69   | 5.38%             | 2028-02-21      | Floating      | 9.67%                 | Yes           | 3                  | On Loan: No      |
| Steeprock Real Estate Yield Investors LLC                          | Senior Unsecured Note, Tranche B                                                | CUSIP: 85833DAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2284000 | PA      | $2293136.00   | 1.95%             | 2027-04-28      | Floating      | 10.17%                | Yes           | 3                  | On Loan: No      |
| NB Blueprint 2025 LLC                                              | Senior Secured CFO Debt, Class B Loan                                           | CUSIP: 62879VAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    794400 | PA      | $0.00         | 0.00%             | 2040-04-15      | Floating      | 9.74%                 | Yes           | 3                  | On Loan: No      |
| Nexus Apex Holdings, LLC                                           | Senior Secured Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7515227 | PA      | $7627955.06   | 6.48%             | 2027-12-04      | Floating      | 14.72%                | Yes           | 3                  | On Loan: No      |
| Pasadena Private Lending, Inc.                                     | Senior Secured Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1878000 | PA      | $1802086.33   | 1.53%             | 2031-01-31      | Floating      | 13.44%                | Yes           | 3                  | On Loan: No      |
| Broadmark Realty Capital Inc.                                      | Senior Unsecured Note                                                           | CUSIP: 11135BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    508000 | PA      | $486603.80    | 0.41%             | 2026-11-15      | Fixed         | 5.00%                 | Yes           | 2                  | On Loan: No      |
| Axar Master Fund Ltd.                                              | Senior Secured Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1391864 | PA      | $1366114.43   | 1.16%             | 2029-04-08      | Fixed         | 11.00%                | Yes           | 3                  | On Loan: No      |
| Ready Capital Corporation                                          | Senior Unsecured Note                                                           | CUSIP: 75574U838<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               | CORP              | US        |     72110 | NS      | $1511425.60   | 1.28%             |  |  |  | No            | 1                  | On Loan: No      |
| BP LPI A-1/A-2 LLC                                                 | Senior Secured Note                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   1411964 | PA      | $1411964.40   | 1.20%             | 2031-12-22      | Fixed         | 13.73%                | Yes           | 3                  | On Loan: No      |
| New Mountain Guardian IV Rated Feeder I, Ltd.                      | Senior Secured Rated Feeder Fund Debt, Class B Note                             | CUSIP: 647558AE5<br>LEI: 254900B3U37FTIF31Z78 | Long             | ABS-CBDO         | CORP              | US        |    421000 | PA      | $425140.83    | 0.36%             | 2036-08-22      | Floating      | 10.87%                | Yes           | 3                  | On Loan: No      |
| North Haven Private Income Fund LLC                                | Senior Unsecured Note                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   1950000 | PA      | $2076750.00   | 1.76%             | 2028-08-10      | Fixed         | 8.88%                 | Yes           | 3                  | On Loan: No      |
| SI Tickets, Inc.                                                   | Senior Secured Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1729816 | PA      | $1662353.13   | 1.41%             | 2028-08-28      | Floating      | 10.00%                | Yes           | 3                  | On Loan: No      |
| Waterfall Eden Master Fund LTD                                     | Senior Secured Loan, Tranche 2                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4877383 | PA      | $4852996.09   | 4.12%             | 2027-03-07      | Floating      | 9.25%                 | Yes           | 3                  | On Loan: No      |
| Granite Point Mortgage Trust Inc.                                  | Preferred Stock                                                                 | CUSIP: 38741L305<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    249013 | NS      | $5022592.21   | 4.27%             |  |  |  | No            | 1                  | On Loan: No      |
| ASPF II 2022-I, L.P.                                               | Senior Secured Rated Feeder Fund Debt, Class B-2 Note                           | CUSIP: 00218FAF1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5420178 | PA      | $5576630.91   | 4.74%             | 2034-10-15      | Fixed         | 11.35%                | Yes           | 3                  | On Loan: No      |
| Carlyle Credit Income Fund                                         | Convertible Preferred Stock, Series 2030                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      1590 | NS      | $1519563.00   | 1.29%             |  |  |  | Yes           | 3                  | On Loan: No      |
| GUGGENHEIM INVESTMENTS PRIVATE DEBT FUND IV RATED NOTE FEEDER, LLC | Senior Secured Rated Feeder Fund Debt, Class C Note                             | CUSIP: 40190AAU7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1792536 | PA      | $1812791.57   | 1.54%             | 2039-04-10      | Floating      | 11.34%                | Yes           | 3                  | On Loan: No      |
| Dawson Rated Fund 6-R3 LP                                          | Senior Secured Rated Feeder Fund Debt, Class B Loan                             | CUSIP: 23942MAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    434170 | PA      | $0.00         | 0.00%             | 2035-05-15      | Floating      | 9.52%                 | Yes           | 3                  | On Loan: No      |
| ReadyCap Holdings LLC                                              | Senior Secured Note                                                             | CUSIP: 755763AC3<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |    219000 | PA      | $214046.61    | 0.18%             | 2026-10-20      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| BSD Capital Inc.                                                   | Senior Unsecured Note                                                           | CUSIP: 05603CAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    803000 | PA      | $734745.00    | 0.62%             | 2027-10-31      | Variable      | 6.62%                 | Yes           | 3                  | On Loan: No      |
| Sachem Capital Corp.                                               | Preferred Stock, Series A                                                       | CUSIP: 78590A505<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       383 | NS      | $6798.25      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| XAI Octagon Floating Rate & Alternative Income Trust               | Common Equity                                                                   | CUSIP: 98400T106<br>LEI: 549300XT617P63BLW552 | Long             | EC               | RF                | US        |     17917 | NS      | $86001.60     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Ares Secondaries PBN Finance CO IV LLC                             | Senior Secured CFO Debt, Class C Loan                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2473958 | PA      | $0.00         | 0.00%             | 2039-04-14      | Fixed         | 12.29%                | Yes           | 3                  | On Loan: No      |
| Ready Capital Corporation                                          | Preferred Stock, Series E                                                       | CUSIP: 75574U887<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               | CORP              | US        |      8211 | NS      | $114707.67    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Adamas Trust Inc.                                                  | Preferred Stock, Series M                                                       | CUSIP: 649604873<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      9437 | NS      | $232905.16    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Claros Mortgage Trust Inc.                                         | Senior Secured Loan                                                             | CUSIP: 18269PAC6<br>LEI: 549300Z9LU2CZ3K30C16 | Long             | LON              | CORP              | US        |   2011777 | PA      | $1958968.04   | 1.66%             | 2026-08-10      | Floating      | 8.56%                 | Yes           | 2                  | On Loan: No      |
| ALP CFO 2024, L.P.                                                 | Senior Secured CFO Debt, Class C Note                                           | CUSIP: 00165VAE2<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |   2000000 | PA      | $2070000.00   | 1.76%             | 2036-10-15      | Fixed         | 12.88%                | Yes           | 3                  | On Loan: No      |
| Visio - Beach Point Mortgage Trust, LLC                            | Senior Unsecured Loan                                                           | CUSIP: 92842BAA2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3363000 | PA      | $3389904.00   | 2.88%             | 2030-03-17      | Fixed         | 10.00%                | Yes           | 3                  | On Loan: No      |
| Pasadena Private Lending, Inc.                                     | Warrants                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | US        |     12400 | NS      | $115847.12    | 0.10%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Dawson Rated Fund 6-R3 LP                                          | Senior Secured Rated Feeder Fund Debt, Class B Loan                             | CUSIP: 23942MAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    567128 | PA      | $580762.15    | 0.49%             | 2035-05-15      | Floating      | 9.52%                 | Yes           | 3                  | On Loan: No      |
| Dawson Rated Fund 6-R3 LP                                          | Senior Secured Rated Feeder Fund Debt, Class C Loan                             | CUSIP: 23942MAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    152191 | PA      | $0.00         | 0.00%             | 2035-05-15      | Floating      | 12.52%                | Yes           | 3                  | On Loan: No      |
| National Healthcare Properties, Inc.                               | Preferred Stock                                                                 | CUSIP: 42226B204<br>LEI: 549300Z2NSUGF5NF2Y30 | Long             | EP               | CORP              | US        |      1015 | NS      | $19457.55     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| INTEGRATED MODULAR DATA CENTERS, LLC                               | Senior Secured Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1135218 | PA      | $1145435.34   | 0.97%             | 2026-10-19      | Fixed         | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Velocity Commercial Capital, LLC                                   | Senior Secured Note                                                             | CUSIP: 92259RAC9<br>LEI: 549300TA4MQM8WN2XG31 | Long             | DBT              | CORP              | US        |    485000 | PA      | $498095.00    | 0.42%             | 2029-02-15      | Fixed         | 9.88%                 | Yes           | 3                  | On Loan: No      |
| Braemar Hotels & Resorts Inc.                                      | Convertible Senior Unsecured Note                                               | CUSIP: 10482BAB7<br>LEI: 549300JDUUEBN868C776 | Long             | DBT              | CORP              | US        |    419000 | PA      | $412453.13    | 0.35%             | 2026-06-01      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| California Municipal Finance Authority                             | Environmental Improvement Revenue Bonds (Aymium Williams Project), Series 2022A | CUSIP: 130488AE9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    270270 | PA      | $267891.62    | 0.23%             | 2042-12-15      | Fixed         | 12.25%                | Yes           | 3                  | On Loan: No      |
| Brightwood Capital Offshore Fund V-U RN, LLC                       | Senior Secured Rated Feeder Fund Debt, Class B Loan                             | CUSIP: 10950DAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    564000 | PA      | $578923.89    | 0.49%             | 2036-01-27      | Floating      | 9.09%                 | Yes           | 3                  | On Loan: No      |
| Glendower Capital Secondaries CFO, LLC                             | Subordinated Loan                                                               | CUSIP: 378654AG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    783052 | PA      | $957369.43    | 0.81%             | 2038-07-13      | Fixed         | 0.00%                 | Yes           | 3                  | On Loan: No      |
| FinAccel Pte Ltd                                                   | Senior Secured Loan, Class C Note                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | SG        |   3321697 | PA      | $0.00         | 0.00%             | 2026-06-30      | Fixed         | 15.00%                | Yes           | 3                  | On Loan: No      |
| Rithm Capital Corp.                                                | Preferred Stock                                                                 | CUSIP: 64828T409<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |        50 | NS      | $1278.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| ReadyCap Holdings LLC                                              | Senior Secured Note                                                             | CUSIP: 755763AE9<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10039.57     | 0.01%             | 2028-03-01      | Fixed         | 9.38%                 | Yes           | 2                  | On Loan: No      |
| Heritage Energy Holdings, LLC                                      | Senior Secured Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1198000 | PA      | $1174040.00   | 1.00%             | 2027-06-30      | Floating      | 0.00%                 | Yes           | 3                  | On Loan: No      |
| ALP CFO 2025, L.P.                                                 | Subordinated Note                                                               | CUSIP: 020529AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1896000 | PA      | $1898828.23   | 1.61%             | 2037-07-15      | Variable      | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Dawson Rated Fund 6-R3 LP                                          | Senior Secured Rated Feeder Fund Debt, Class C Loan                             | CUSIP: 23942MAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    198797 | PA      | $206974.18    | 0.18%             | 2035-05-15      | Floating      | 12.52%                | Yes           | 3                  | On Loan: No      |
| Ready Capital Corporation                                          | Senior Unsecured Note                                                           | CUSIP: 75574U606<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               | CORP              | US        |     21816 | NS      | $546490.80    | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| MGG Onshore Funding IV LLC                                         | Senior Secured Term Loan, DD                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3375000 | PA      | $3285562.50   | 2.79%             | 2030-02-04      | Floating      | 9.54%                 | Yes           | 3                  | On Loan: No      |
| New Mountain Guardian IV Rated Feeder III Ltd.                     | Senior Secured Rated Feeder Fund Debt, Class C Note                             | CUSIP: 647907AJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1582000 | PA      | $1586104.66   | 1.35%             | 2037-08-28      | Floating      | 11.82%                | Yes           | 3                  | On Loan: No      |
| Vista Credit Partners Fund IV-B, L.P.                              | Senior Secured Rated Feeder Fund Debt, Class B-1 Loan                           | CUSIP: 92841UAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1467000 | PA      | $0.00         | 0.00%             | 2034-11-30      | Floating      | 10.95%                | Yes           | 3                  | On Loan: No      |
| BP LPI A-1/A-2 LLC                                                 | Senior Secured Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   4137021 | PA      | $4050321.01   | 3.44%             | 2031-12-22      | Fixed         | 8.48%                 | Yes           | 3                  | On Loan: No      |
| Pasadena Private Lending, Inc.                                     | Common Equity, Class A-2                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      5340 | NS      | $49889.00     | 0.04%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Horizon Technology Finance Corporation                             | Common Equity                                                                   | CUSIP: 44045A102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5193 | NS      | $33494.85     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Metropolitan Levered Partners Fund VIII LP                         | Senior Secured Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1322524 | PA      | $1329136.62   | 1.13%             | 2028-02-21      | Floating      | 9.67%                 | Yes           | 3                  | On Loan: No      |
| Adamas Trust Inc.                                                  | Preferred Stock, Series F                                                       | CUSIP: 649604865<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EP               | CORP              | US        |      7854 | NS      | $175772.52    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Monroe Capital Income Plus Corporation                             | Senior Unsecured Note                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   1670000 | PA      | $1788570.00   | 1.52%             | 2028-11-15      | Fixed         | 9.42%                 | Yes           | 3                  | On Loan: No      |
| Metropolitan Leverage Partners Fund VII LP                         | Senior Secured Loan, Tranche 2                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1189693 | PA      | $1201589.83   | 1.02%             | 2027-03-10      | Floating      | 8.67%                 | Yes           | 3                  | On Loan: No      |
| Ready Capital Corporation                                          | Senior Unsecured Note                                                           | CUSIP: 75574U408<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               | CORP              | US        |     13609 | NS      | $334781.40    | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco CLO Equity Fund 5, L.P.                                    | Senior Unsecured Note                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   3786720 | PA      | $3710985.19   | 3.15%             | 2035-03-14      | Fixed         | 9.00%                 | Yes           | 3                  | On Loan: No      |
| Circular Services Organics, LLC                                    | Senior Secured Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2500000 | PA      | $2457500.00   | 2.09%             | 2030-10-31      | Floating      | 10.72%                | Yes           | 3                  | On Loan: No      |
| SI Tickets, Inc.                                                   | Senior Secured Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    289168 | PA      | $294084.01    | 0.25%             | 2026-08-30      | Floating      | 10.00%                | Yes           | 3                  | On Loan: No      |
| Steeprock Real Estate Yield Investors LLC                          | Senior Unsecured Note                                                           | CUSIP: 85833DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2388000 | PA      | $2367702.00   | 2.01%             | 2027-04-28      | Floating      | 9.17%                 | Yes           | 3                  | On Loan: No      |
| FinAccel Pte Ltd                                                   | FinAccel C Note PIK Warrants                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | SG        |     12235 | NS      | $582044.40    | 0.49%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Rithm Capital Corp.                                                | Preferred Stock, Series E                                                       | CUSIP: 64828T805<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       255 | NS      | $6512.70      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Glendower Capital Secondaries CFO, LLC                             | Senior Secured CFO Debt, Class B Loan                                           | CUSIP: 378654AC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    750164 | PA      | $770806.19    | 0.65%             | 2038-07-13      | Fixed         | 11.50%                | Yes           | 3                  | On Loan: No      |
| California Municipal Finance Authority                             | Environmental Improvement Revenue Bonds (Aymium Williams Project), Series 2022A | CUSIP: 130488AF6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    367568 | PA      | $364333.40    | 0.31%             | 2042-12-15      | Fixed         | 12.25%                | Yes           | 3                  | On Loan: No      |
| Logan Ridge Finance Corporation                                    | Convertible Senior Unsecured Note                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    160625 | PA      | $157846.45    | 0.13%             | 2032-04-01      | Fixed         | 6.00%                 | Yes           | 3                  | On Loan: No      |
| Monroe Capital Private Credit Fund 559 LP                          | Senior Unsecured Note                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1755600.00   | 1.49%             | 2028-11-14      | Fixed         | 8.62%                 | Yes           | 3                  | On Loan: No      |
| MGG Offshore Funding IV LLC                                        | Senior Secured Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3375000 | PA      | $3283875.00   | 2.79%             | 2030-02-21      | Floating      | 9.52%                 | Yes           | 3                  | On Loan: No      |
| Dawson Rated Fund 5-R1 LP                                          | Senior Secured Rated Feeder Fund Debt, Class B-1 Loan                           | CUSIP: 96524KAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    135107 | PA      | $140317.44    | 0.12%             | 2032-12-15      | Floating      | 0.00%                 | Yes           | 3                  | On Loan: No      |
| BP LPI A-1/A-2 LLC                                                 | Senior Secured Note                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    653036 | PA      | $0.00         | 0.00%             | 2031-12-22      | Fixed         | 13.73%                | Yes           | 3                  | On Loan: No      |
| Sachem Capital Corp.                                               | Senior Unsecured Note                                                           | CUSIP: 78590A802<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3916 | NS      | $90898.19     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Oxford Lane Capital Corp.                                          | Common Equity                                                                   | CUSIP: 691543847<br>LEI: 549300G3KO4JNQQD7Z72 | Long             | EC               | RF                | US        |     56390 | NS      | $825549.60    | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| New Mountain Guardian IV Rated Feeder III Ltd.                     | Senior Secured Rated Feeder Fund Debt, Class D Note                             | CUSIP: 647907AL8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2314000 | PA      | $2301357.92   | 1.96%             | 2037-08-28      | Floating      | 12.34%                | Yes           | 3                  | On Loan: No      |
| Vista Credit Partners Fund IV-B, L.P.                              | Senior Secured Rated Feeder Fund Debt, Class B-2 Loan                           | CUSIP: 92841UAE3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1196000 | PA      | $0.00         | 0.00%             | 2034-11-30      | Floating      | 10.95%                | Yes           | 3                  | On Loan: No      |
| Ares Secondaries PBN Finance CO IV LLC                             | Senior Secured CFO Debt, Class C Loan                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     26042 | PA      | $26041.66     | 0.02%             | 2039-04-14      | Floating      | 12.29%                | Yes           | 3                  | On Loan: No      |
| Sachem Capital Corp.                                               | Senior Unsecured Note                                                           | CUSIP: 78590A703<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      7701 | NS      | $177970.11    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco CLO Equity Fund 5, L.P.                                    | Senior Unsecured Note                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   1458280 | PA      | $0.00         | 0.00%             | 2035-03-14      | Fixed         | 9.00%                 | Yes           | 3                  | On Loan: No      |
| New Mountain Guardian IV Rated Feeder III Ltd.                     | Senior Secured Rated Feeder Fund Debt, Class B Note                             | CUSIP: 647907AG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    970000 | PA      | $984804.63    | 0.84%             | 2037-08-28      | Floating      | 9.42%                 | Yes           | 3                  | On Loan: No      |
| Metropolitan Leverage Partners Fund VII LP                         | Senior Secured Loan, Tranche 1                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5280973 | PA      | $5333782.99   | 4.53%             | 2027-03-10      | Floating      | 8.67%                 | Yes           | 3                  | On Loan: No      |
| California Municipal Finance Authority                             | Environmental Improvement Revenue Bonds (Aymium Williams Project), Series 2022A | CUSIP: 130488AK5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     65122 | PA      | $64548.93     | 0.05%             | 2042-12-15      | Fixed         | 12.25%                | Yes           | 3                  | On Loan: No      |
| Pasadena Private Lending, Inc.                                     | Preferred Stock, Class D                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       939 | NS      | $881072.66    | 0.75%             |  |  |  | Yes           | 3                  | On Loan: No      |
| California Municipal Finance Authority                             | Environmental Improvement Revenue Bonds (Aymium Williams Project), Series 2022A | CUSIP: 130488AJ8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    846590 | PA      | $839140.01    | 0.71%             | 2042-12-15      | Fixed         | 12.25%                | Yes           | 3                  | On Loan: No      |
| KKR Real Estate Finance Trust Inc.                                 | Preferred Stock                                                                 | CUSIP: 48251K209<br>LEI: 549300K23AYZDZ2REL62 | Long             | EP               | CORP              | US        |       646 | NS      | $11802.42     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| ALP CFO 2025, L.P.                                                 | Senior Secured CFO Debt, Class C Note                                           | CUSIP: 020529AC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    917000 | PA      | $934853.16    | 0.79%             | 2037-07-15      | Fixed         | 12.24%                | Yes           | 3                  | On Loan: No      |
| Vista Credit Partners Fund IV-B, L.P.                              | Senior Secured Rated Feeder Fund Debt, Class A-2 Loan                           | CUSIP: 92841UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3608000 | PA      | $0.00         | 0.00%             | 2034-11-30      | Floating      | 8.83%                 | Yes           | 3                  | On Loan: No      |
| Glendower Capital Secondaries CFO, LLC                             | Senior Secured CFO Debt, Class C Loan                                           | CUSIP: 378654AE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    343499 | PA      | $355695.52    | 0.30%             | 2038-07-13      | Fixed         | 14.50%                | Yes           | 3                  | On Loan: No      |
| Pasadena Private Lending, Inc.                                     | Senior Secured Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |  -1878000 | PA      | $-75913.67    | -0.06%            | 2031-01-31      | Floating      | 13.44%                | Yes           | 3                  | On Loan: No      |
| Brightwood Capital Offshore Fund V-U RN, LLC                       | Senior Secured Rated Feeder Fund Debt, Class C Loan                             | CUSIP: 10950DAE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    690000 | PA      | $698509.84    | 0.59%             | 2036-01-27      | Floating      | 11.34%                | Yes           | 3                  | On Loan: No      |
| NB Blueprint 2025 LLC                                              | Senior Secured CFO Debt, Class B Loan                                           | CUSIP: 62879VAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1191600 | PA      | $1233307.07   | 1.05%             | 2040-04-15      | Fixed         | 9.74%                 | Yes           | 3                  | On Loan: No      |
| Blue Owl Technology Income Corporation                             | Senior Unsecured Note                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   3450000 | PA      | $3574200.00   | 3.04%             | 2029-01-15      | Floating      | 8.64%                 | Yes           | 3                  | On Loan: No      |
| FinAccel Pte Ltd                                                   | Senior Secured Loan, Class C Note                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SG        |   3321697 | PA      | $3341627.18   | 2.84%             | 2026-06-30      | Fixed         | 15.00%                | Yes           | 3                  | On Loan: No      |
| Invesco Senior Secured Management                                  | Preferred Stock                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |   5354735 | NS      | $5357947.44   | 4.55%             |  |  |  | Yes           | 3                  | On Loan: No      |
| ALP CFO 2024, L.P.                                                 | Subordinated Note                                                               | CUSIP: 00165VAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    814000 | PA      | $768803.23    | 0.65%             | 2036-10-15      | Variable      | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Metropolitan Financing VII LLC                                     | Senior Secured Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3132210 | PA      | $3132210.06   | 2.66%             | 2026-08-12      | Floating      | 9.17%                 | Yes           | 3                  | On Loan: No      |
| Velocity Commercial Capital, LLC                                   | Senior Secured Note                                                             | CUSIP: 92259RAA3<br>LEI: 549300TA4MQM8WN2XG31 | Long             | DBT              | CORP              | US        |   3676000 | PA      | $3624536.00   | 3.08%             | 2027-03-15      | Fixed         | 7.12%                 | Yes           | 3                  | On Loan: No      |
| MOPAC Issuer, LLC                                                  | Senior Secured CFO Debt, Class C Loan                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    342700 | PA      | $342713.50    | 0.29%             | 2050-12-30      | Floating      | 11.81%                | Yes           | 3                  | On Loan: No      |
| Horizon Technology Finance Corporation                             | Convertible Senior Unsecured Note                                               | CUSIP: HRZNCNVP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1420550 | PA      | $1371541.03   | 1.17%             | 2030-09-04      | Fixed         | 5.50%                 | Yes           | 3                  | On Loan: No      |
| GCM Grosvenor Credit Secondaries Structured Note 2025, LP          | Senior Secured CFO Debt, Class C Note                                           | CUSIP: 36164SAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    513653 | PA      | $513632.80    | 0.44%             | 2037-09-20      | Floating      | 11.99%                | Yes           | 3                  | On Loan: No      |
| Arbor Realty Trust Inc.                                            | Preferred Stock, Series F                                                       | CUSIP: 038923850<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     12368 | NS      | $269127.68    | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Franklin BSP Realty Trust, Inc.                                    | Common Equity                                                                   | CUSIP: 35243J101<br>LEI: 549300LH3QNZK9Y1KC93 | Long             | EC               | CORP              | US        |     48751 | NS      | $488972.53    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Senior Credit Corp 2022 LLC                                        | Senior Unsecured Note                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  10613013 | PA      | $10613012.95  | 9.02%             | 2028-12-05      | Fixed         | 8.50%                 | Yes           | N/A                | On Loan: No      |
| SI Tickets, Inc.                                                   | Senior Secured Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1293498 | PA      | $1243051.22   | 1.06%             | 2028-08-28      | Fixed         | 10.00%                | Yes           | 3                  | On Loan: No      |
| California Municipal Finance Authority                             | Environmental Improvement Revenue Bonds (Aymium Williams Project), Series 2022A | CUSIP: 130488AH2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    180180 | PA      | $178594.42    | 0.15%             | 2042-12-15      | Fixed         | 12.25%                | Yes           | 3                  | On Loan: No      |
| Vista Credit Partners Fund IV-B, L.P.                              | Senior Secured Rated Feeder Fund Debt, Class B-1 Loan                           | CUSIP: 92841UAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1472252 | PA      | $1479613.52   | 1.26%             | 2034-11-30      | Floating      | 10.95%                | Yes           | 3                  | On Loan: No      |
| CVC Structured Solutions 2, LLC                                    | Senior Secured CFO Debt, Class C Loan                                           | CUSIP: 12690KAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    274832 | PA      | $279687.39    | 0.24%             | 2040-09-03      | Fixed         | 12.50%                | Yes           | 3                  | On Loan: No      |
| Ready Capital Corporation                                          | Senior Unsecured Note                                                           | CUSIP: 75574UAB7<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | DBT              | CORP              | US        |    403000 | PA      | $317370.56    | 0.27%             | 2028-12-30      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| FinAccel Pte Ltd                                                   | FinAccel C Note Warrants                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | SG        |      3471 | NS      | $126559.84    | 0.11%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Dawson Rated Fund 6-R2 LP                                          | Senior Secured Rated Feeder Fund Debt, Class C Loan                             | CUSIP: 23942LAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1516165 | PA      | $1591488.96   | 1.35%             | 2034-12-15      | Floating      | 12.68%                | Yes           | 3                  | On Loan: No      |
| ASPF II 2022-I, L.P.                                               | Senior Secured Rated Feeder Fund Debt, Class C-2B Note                          | CUSIP: 00218FAG9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2981098 | PA      | $3123481.45   | 2.65%             | 2034-10-15      | Fixed         | 15.60%                | Yes           | 3                  | On Loan: No      |
| ALP CFO 2025, L.P.                                                 | Senior Secured CFO Debt, Class M Note                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1033000 | PA      | $1047799.79   | 0.89%             | 2037-07-15      | Fixed         | 14.00%                | Yes           | 3                  | On Loan: No      |
| CION Investment Corporation                                        | Senior Unsecured Note                                                           | CUSIP: N/A<br>LEI: 549300XN70JLF94XKX80       | Long             | DBT              | CORP              | US        |   5320000 | PA      | $5402460.00   | 4.59%             | 2027-11-08      | Floating      | 8.60%                 | Yes           | 3                  | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Eagle Point Defensive Income Trust

**Signature:** Thomas P. Majewski

**Name of Signer:** Thomas P. Majewski

**Title:** Chief Executive Officer